Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a
leading provider of AI-enabled concentrated solar energy, today
announced full year 2021 financial and operational results.
Full-Year 2021 Highlights
- Finalized $39 million U.S. Department of Energy award for
deployment of AI-enabled concentrated solar technology
- Completed first field test of autonomous robots designed to
reduce installation and maintenance costs
- Announced start of equipment procurement for first
commercial-scale facility collaboration with Woodside Energy to
deploy Heliogen’s power technology
- Held successful demonstration of green hydrogen production
using the Company’s core concentrated solar technology in
partnership with Bloom Energy
- Closed business combination with Athena Technology Acquisition
Corp. (“Athena”); began trading on the NYSE on December 31,
2021
Recent Highlights
- Began site preparation and setup for first full-scale
manufacturing facility in Long Beach, California
- Awarded exclusive lease rights to Brenda Solar Energy Zone by
the U.S. Bureau of Land Management for the purposes of green
hydrogen production
Executive Commentary
“Our mission is bold but simple,” said Bill Gross, Founder and
Chief Executive Officer of Heliogen. “We aim to decarbonize heavy
industry, using artificial intelligence, scalable, repeatable
manufacturing techniques, and the power of the sun. Our patented
closed-loop tracking system for our mirrors will allow us to
generate temperatures up to 1,000 degrees Celsius, and efficiently
store that heat to create industrial process steam, power and green
hydrogen – without the intermittency problems of other renewable
energy sources.”
Heliogen Progress in 2021 Continues into 2022
During 2021, Heliogen launched negotiations regarding deployment
of its AI-enabled solar energy systems, and began engineering work
on one of its first commercial scale facilities. The Company also
continued to develop its infrastructure and set the foundation for
its commercial-scale operations, to support its prospective project
pipeline.
“The past year has been transformational in many ways for
Heliogen,” said Mr. Gross. “We debuted on the New York Stock
Exchange at the end of the year and, on the commercial side our
company announced commercial relationships with Rio Tinto and
Woodside Energy, two of the world’s largest resources firms, and
partnered with Bloom Energy for the successful demonstration scale
production of green hydrogen. We also finalized a cooperative
agreement with the Department of Energy for the deployment of our
new concentrated solar thermal energy technology. In addition, we
expanded our manufacturing and operational capabilities, announcing
a successful field test of our ICARUS autonomous robot which we
designed with the goal of reducing installation and maintenance
costs for our facilities.”
“As you can tell, the team at Heliogen has been busy,” continued
Gross. “We intend to carry this momentum through 2022 and have
already begun the initial work on our Long Beach manufacturing
facility, as well as our green hydrogen production facility in the
Brenda Solar Energy Zone in Arizona. Having made exceptional
progress in 2021 toward our goals, we are excited about what the
future holds for Heliogen.”
Full-Year 2021 Financial and Operational Results
For the full year 2021, Heliogen reported total revenue of $8.8
million, total operating expenses of $43.9 million and net loss of
$142.2 million. The company’s net loss was driven primarily by
non-cash, remeasurement impacts of $93.6 million related to our
legacy SAFE instruments and warrants prior to and through the date
of closing of the business combination with Athena and share-based
compensation expense of $11.4 million. The Company’s Adjusted
EBITDA, which excludes these and other impacts, was negative $32.1
million for full year 2021.
As of December 31, 2021, the Company had approximately $190.1
million in cash and cash equivalents and $32.3 million of
available-for-sale investments, for a total of over $222.4 million
available to fund its future scaling and development efforts.
Heliogen currently has no material debt outstanding.
2022 Guidance
For full-year 2022, Heliogen expects to have between two and
three modules contracted and is introducing revenue guidance of $20
- $25 million. The Company believes this metric of modules
contracted is the most useful indicator of the demand for
Heliogen’s products and technology at this stage in its lifecycle.
Over time, it expects these contracts to be converted to revenue as
the projects are installed, although there is no assurance as to
the time period for such conversion.
Conference Call Information
The Heliogen management team will host a conference call to
discuss its full year 2021 financial results on Tuesday, March 29,
2022, at 8:30 a.m. Eastern Time. The call can be accessed via a
live webcast accessible on the Events & Presentations page in
the Investor Relations section of Heliogen’s website at
www.heliogen.com. The call can also be accessed live via telephone
by dialing 877-407-0789 (201-689-8562 for international callers)
and referencing Heliogen.
An archive of the webcast will also be available shortly after
the call on the Investor Relations section of Heliogen’s website
and will remain available for twelve months.
About Heliogen
Heliogen is a renewable energy technology company focused on
eliminating the need for fossil fuels in heavy industry and
powering a sustainable future. The company’s AI-enabled, modular
concentrated solar technology aims to cost-effectively deliver near
24/7 carbon-free energy in the form of heat, power, or green
hydrogen fuel at scale – for the first time in history. Heliogen
was created at Idealab, the leading technology incubator founded by
Bill Gross in 1996. For more information about Heliogen, please
visit Heliogen.com
Use of Non-GAAP Financial Information
Management uses certain financial measures, including EBITDA and
Adjusted EBITDA, to evaluate our financial and operating
performance that are calculated and presented on the basis of
methodologies other than in accordance with GAAP. We believe these
non-GAAP financial measures are useful to investors and analysts to
assess our ongoing financial performance because, when reconciled
to their most comparable GAAP financial measures, they provide
improved comparability between periods through the exclusion of
certain items that we believe are not indicative of our core
operating performance, enhances the overall understanding of past
financial performance and future prospects, and that may obscure
our underlying business results and trends. These measures should
not be considered a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP, and our
calculations thereof may not be comparable to similarly titled
measures reported by other companies. Please see the accompanying
tables for reconciliations of the following non-GAAP financial
measures for Heliogen’s current and historical results: EBITDA and
Adjusted EBITDA.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not historical in nature, including
the words “anticipate,” “expect,” “suggests,” “plan,” “believe,”
“intend,” “estimates,” “targets,” “projects,” “should,” “could,”
“would,” “may,” “will,” “forecast” and other similar expressions
are intended to identify forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding our guidance for full-year 2022, the
development of our manufacturing and green hydrogen production
facilities and future growth opportunities. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) our financial and
business performance, including risk of uncertainty in our
financial projections and business metrics and any underlying
assumptions thereunder; (ii) our ability to execute our business
model, including market acceptance of our planned products and
services and achieving sufficient production volumes at acceptable
quality levels and prices; (iii) our ability to access sources of
capital to finance operations, growth and future capital
requirements; (iv) our ability to maintain and enhance our products
and brand, and to attract and retain customers; (v) our ability to
scale in a cost-effective manner; (vi) changes in applicable laws
or regulations; (vii) the ongoing impacts of the COVID-19 pandemic
and the potential impacts of Russia’s invasion of Ukraine on our
business; (viii) developments and projections relating to our
competitors and industry; (ix) our ability to access sources of
capital to finance operations, growth and future capital
requirements; and (x) our ability to protect our intellectual
property. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section in the prospectus filed with the SEC pursuant to Rule
424(b), dated December 3, 2021 and in our Annual Report on Form
10-K that will be filed for the annual period ended December 31,
2021 and other documents filed by the Company from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Heliogen assumes no obligation and
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Heliogen, Inc.
($ in thousands, except share
data)
Condensed Consolidated Balance
Sheets
(unaudited)
December 31,
2021
2020
ASSETS
Cash and cash equivalents
$
190,081
$
18,334
Investments, available-for-sale
32,332
—
Other current assets
4,770
241
Total current assets
227,183
18,575
Non-current assets
30,265
1,187
Total assets
$
257,448
$
19,762
LIABILITIES, CONVERTIBLE PREFERRED
STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT)
Trade payables
$
4,645
$
307
Contract liabilities
513
—
Contract loss provisions
5,180
—
Other current liabilities
6,974
849
Total current liabilities
17,312
1,156
Long-term liabilities
30,861
536
Total liabilities
48,173
1,692
Convertible preferred stock
—
45,932
Shareholders’ equity (deficit)
209,275
(27,862
)
Total liabilities, convertible
preferred stock, and shareholders’ equity (deficit)
$
257,448
$
19,762
Heliogen, Inc.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
($ in thousands, except per
share and share data)
(unaudited)
Years ended December
31,
2021
2020
Revenue
$
8,804
$
200
Cost of revenue
13,688
417
Gross loss
(4,884
)
(217
)
Operating expenses:
Selling, general, and administrative
30,386
3,713
Research and development
13,478
3,583
Total operating expenses
43,864
7,296
Operating loss
(48,748
)
(7,513
)
Interest income (expense)
634
(3
)
SAFE instruments remeasurement
(86,907
)
—
Warrant remeasurement
(6,651
)
(7
)
Other (expense) income, net
(517
)
86
Net loss before taxes
(142,189
)
(7,437
)
Provision for income taxes
(2
)
—
Net loss
(142,191
)
(7,437
)
Other comprehensive income (loss), net
of taxes
Unrealized losses on available-for-sale
securities
(17
)
—
Cumulative translation adjustment
13
—
Total comprehensive loss
$
(142,195
)
$
(7,437
)
Loss per share – Basic and Diluted
$
(11.88
)
$
(0.93
)
Weighted average number of shares
outstanding – Diluted
11,970,550
7,978,512
Non-GAAP Financial Measures
EBITDA represents consolidated net loss before (i) interest
(income) expense, net, (ii) income tax expense (benefit) and (iii)
depreciation and amortization expense.
Adjusted EBITDA represents EBITDA adjusted for certain
significant non-cash items and items that management believes are
not attributable to or indicative of our on-going operations or
that may obscure our underlying results and trends.
The following reconciles net loss to EBITDA and Adjusted EBITDA
for the periods as shown:
Years ended December
31,
$ in
thousands
2021
2020
Net loss
$
(142,191
)
$
(7,437
)
Adjustments
Interest (income) expense, net
(634
)
3
Provision for income taxes
2
—
Depreciation and amortization
562
139
EBITDA
$
(142,261
)
$
(7,295
)
Adjustments
SAFE instruments remeasurement
86,907
—
Warrant remeasurement
6,651
7
Share-based compensation
11,380
278
Provision for contract losses, net
5,180
—
Adjusted EBITDA
$
(32,143
)
$
(7,010
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220328005922/en/
Heliogen Media Contact: Cory Ziskind ICR, Inc.
HeliogenPR@icrinc.com
Heliogen Investor Contact Caldwell Bailey ICR, Inc.
HeliogenIR@icrinc.com
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