Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today provided its fourth quarter and full year 2022 financial and operational results.
Recent Highlights
- Completed the preliminary design and secured a site for the “Proxima” green hydrogen project in Lancaster, CA
- Achieved successful accumulation of over 125 hours of operational life and 25 miles travelled on the ChariotAV, Heliogen’s autonomous cleaning vehicle
- Following the leadership transition of Heliogen’s CEO in February 2023, announced Strategic Plan and formed Board-level Corporate Strategy Committee to oversee the implementation of Heliogen’s long-range strategic plan and specific strategic initiatives
Full-Year 2022 Highlights
- Signed full project agreement with Woodside Energy (USA) Inc. (“Woodside”) for the commercial-scale demonstration and deployment of Heliogen’s AI-enabled concentrated solar energy technology; this project will also demonstrate other novel elements through application of Heliogen’s $39 million U.S. Department of Energy (“DOE”) award
- Finalized and executed a lease in the Brenda Solar Energy Zone with U.S. Bureau of Land Management for a green hydrogen production project that is under development
- Successfully performed automated installation of prototype Generation 5 heliostats at Lancaster demonstration facility
- Successfully completed initial field testing of ChariotAV
- Selected to receive an additional $4.1 million award from the DOE to accelerate the large-scale development and deployment of a solar thermal calciner to decarbonize cement production
- Completed the build-out of Heliogen’s automated, high-volume heliostat production facility in Long Beach, CA
Executive Commentary
“Our journey in 2022 was marked by many significant strides forward but also some humbling setbacks. While we made progress on our technical and execution goals, we fell short of our commercial contract goals,” said Christie Obiaya, who in February 2023 was appointed by Heliogen’s Board of Directors to succeed Bill Gross as Heliogen’s Chief Executive Officer.
Ms. Obiaya continued, “Upon stepping into the CEO role last month, I have been taking swift action with a renewed focus on growing sales through improving our product-market fit; on deployment of our commercial scale projects; and on extending our cash runway. We’ve already made meaningful progress on these initiatives, and we will continue to execute on this roadmap.”
Fourth Quarter 2022 Financial Results
For the fourth quarter 2022, Heliogen reported total revenue of $4.7 million and net loss of $35.0 million. Heliogen’s net loss was driven primarily by the growth of Heliogen’s operations to support its commercial-scale demonstration agreement with Woodside, including personnel costs such as a non-cash share-based compensation expense of $8.2 million and a non-cash asset impairment charge of $6.9 million. Heliogen’s Adjusted EBITDA, which excludes the non-cash share-based compensation expense and other impacts, was negative $25.8 million for the fourth quarter 2022.
Full Year 2022 Financial Results
For the full year 2022, Heliogen reported total revenue of $13.8 million and net loss of $142.0 million. Heliogen’s net loss was driven primarily by a non-cash share-based compensation expense of $42.6 million, the recognition of a provision for contract losses of $33.8 million and a non-cash asset impairment charge of $6.9 million, partially offset by non-cash, remeasurement impacts of $13.9 million related to our warrants. Heliogen’s Adjusted EBITDA, which excludes these and other impacts, was negative $81.0 million for full year 2022.
As Heliogen focuses on growing its revenue backlog, progressing its commercial projects and reducing its cost structure, the Company has decided not to issue financial guidance at this time.
Conference Call Information
The Heliogen management team will host a conference call to discuss its fourth quarter and full year 2022 financial results on Wednesday, March 29, 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’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 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.
Open Conference Call Question Submission
Members of the investor community may submit questions before the start of the conference call for consideration via email to louis.baltimore@heliogen.com.
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.