\nHeliogen, Inc. (\u201cHeliogen\u201d) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its first quarter 2023 financial and operational results.<\/p>\n
Recent Highlights<\/b><\/p>\n First Quarter 2023 Highlights<\/b><\/p>\n Executive Commentary<\/b><\/p>\n \n\u201cDuring the first quarter of 2023, we embraced a new chapter of growth and resilience at Heliogen. After introducing our strategic initiatives aimed at delivering significant value to our shareholders and customers, we devised our cost reduction program and began to implement it at the end of March,\u201d said Christie Obiaya, Heliogen\u2019s Chief Executive Officer.<\/p>\n \nMs. Obiaya continued, \u201cWe are committed to accelerating our sales and establishing stronger relationships with our commercial partners, as well as leveraging research and development opportunities that validate important applications for decarbonization. Our focus on perfecting our product-market fit, expediting the deployment of large-scale projects, and ensuring financial stability will help drive Heliogen\u2019s success in the coming quarters. In a short time, we have made great progress on our strategic initiatives, and we will continue to forge ahead with determination to deliver on the promise of our groundbreaking technology.\u201d<\/p>\n First Quarter 2023 Financial Results<\/b><\/p>\n \nFor the first quarter 2023, Heliogen reported total revenue of $1.9 million and net loss of $10.5 million. Heliogen\u2019s net loss in the fourth quarter 2022 was $35.0 million. The change in net loss for the first quarter 2023 compared to the fourth quarter 2022 was driven primarily by a non-cash reduction of share-based compensation expense of $17.5 million and a $6.6 million decrease of R&D expenses. Heliogen\u2019s Adjusted EBITDA was negative $17.8 million for first quarter 2023.<\/p>\n Conference Call Information<\/b><\/p>\n \nThe Heliogen management team will host a conference call to discuss its first quarter 2023 financial results on Wednesday, May 10, 2023, at 10:00 a.m. EDT. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen\u2019s website at www.heliogen.com<\/a>. The call can also be accessed live via telephone by dialing 1-877-300-8521 (1-412-317-6026 for international callers) and referencing Heliogen.<\/p>\n \nAn archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen\u2019s website.<\/p>\n Open Conference Call Question Submission<\/b><\/p>\n Heliogen, Inc. \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,937<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,539<\/p>\n<\/td>\n<\/tr>\n \nCost of revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,382<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37,824<\/p>\n<\/td>\n<\/tr>\n Gross loss<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(445)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34,285)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating expenses:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,165<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,062<\/p>\n<\/td>\n<\/tr>\n \nResearch and development<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,260<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,375<\/p>\n<\/td>\n<\/tr>\n \nImpairment charges<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,433<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,437<\/p>\n<\/td>\n<\/tr>\n Operating loss<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,878)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(63,722)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest income, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n194<\/p>\n<\/td>\n<\/tr>\n \nGain on warrant remeasurement<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,026<\/p>\n<\/td>\n<\/tr>\n \nOther expense, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(253)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(76)<\/p>\n<\/td>\n<\/tr>\n Net loss before taxes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,544)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(59,578)<\/p>\n<\/td>\n<\/tr>\n \nBenefit for income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n610<\/p>\n<\/td>\n<\/tr>\n Net loss<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(10,544)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(58,968)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Loss per share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoss per share \u2013 Basic and Diluted<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.05)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.32)<\/p>\n<\/td>\n<\/tr>\n \nWeighted average number of shares outstanding \u2013 Basic and Diluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n196,899,292<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n184,031,015<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Heliogen, Inc. \n\u00a0<\/p>\n<\/td>\n March 31, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n39,215<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n45,719<\/p>\n<\/td>\n<\/tr>\n \nInvestments, available-for-sale<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n80,700<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n97,504<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,166<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,598<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n139,081<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n158,821<\/p>\n<\/td>\n<\/tr>\n \nNon-current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,889<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,798<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n169,970<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n191,619<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND SHAREHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTrade payables<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,285<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,921<\/p>\n<\/td>\n<\/tr>\n \nContract liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,966<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,348<\/p>\n<\/td>\n<\/tr>\n \nContract loss provisions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,360<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,418<\/p>\n<\/td>\n<\/tr>\n \nOther current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,945<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,602<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48,556<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,289<\/p>\n<\/td>\n<\/tr>\n \nLong-term liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,386<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,006<\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63,942<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n66,295<\/p>\n<\/td>\n<\/tr>\n Shareholders\u2019 equity<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n106,028<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n125,324<\/p>\n<\/td>\n<\/tr>\n Total liabilities and shareholders\u2019 equity<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n169,970<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n191,619<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Heliogen, Inc. \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet loss<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(10,544)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(58,968)<\/p>\n<\/td>\n<\/tr>\n \nInterest income, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(283)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(194)<\/p>\n<\/td>\n<\/tr>\n \nBenefit for income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(610)<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n601<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n760<\/p>\n<\/td>\n<\/tr>\n EBITDA<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(10,226)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(59,012)<\/p>\n<\/td>\n<\/tr>\n \nImpairment charges (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,008<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nGain on warrant remeasurement (2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(304)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,026)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,306)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,982<\/p>\n<\/td>\n<\/tr>\n \nProvision for contract losses (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n370<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,737<\/p>\n<\/td>\n<\/tr>\n \nContract losses incurred (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(447)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of contingent consideration (5)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(17,780)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(16,276)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n________________<\/p>\n\n
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Condensed Consolidated Statements of Operations
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<\/b>($ in thousands, except per share and share data)
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<\/i>(unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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Condensed Consolidated Balance Sheets
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<\/b>($ in thousands)
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<\/i>(unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
\n
<\/b>($ in thousands)
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<\/i>(unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230509006234\/en\/1788691\/3\/Heliogen_logo_main_web-1080x675.jpg\"){kind=logo}
<\/td>\n<\/tr>\n