general and
administrative 9,505 17,652 21,860 21,345
Research and
development 4,751 4,946 8,542 10,206
Impairment and
other charges 4,128 -- 4,160 1,480
--------- --------- --------- ---------
Operating loss (20,052) (22,726) (36,179) (33,604)
--------- --------- --------- ---------
Interest
income, net 675 270 1,358 553
Gain (loss) on
warrant
remeasurement 45 (52) 21 252
Other income,
net 52 827 297 574
--------- --------- --------- ---------
Net loss before
taxes (19,280) (21,681) (34,503) (32,225)
Provision for
income taxes (2) (2) (4) (2)
--------- --------- --------- ---------
Net loss $ (19,282) $ (21,683) $ (34,507) $ (32,227)
========= ========= ========= =========
Loss per share:
Loss per share --
Basic and Diluted
(1) $ (3.19) $ (3.79) $ (5.72) $ (5.68)
Weighted average
number of shares
outstanding --
Basic and Diluted
(1) 6,045,324 5,728,261 6,033,158 5,676,134
________________
(1) Periods presented have been adjusted to reflect the 1-for-35 reverse
stock split on August 31, 2023.
Heliogen, Inc.
Condensed Consolidated Balance Sheets
($ in thousands)
(unaudited)
June 30, 2024 December 31, 2023
--------------- ---------------------
ASSETS
Cash and cash equivalents $ 51,839 $ 62,715
Investments -- 12,386
Other current assets 7,009 8,365
---------- --------------
Total current assets 58,848 83,466
Non-current assets 10,439 23,567
---------- --------------
Total assets $ 69,287 $ 107,033
========== ==============
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
Trade payables $ 1,403 $ 746
Contract liabilities 19,259 17,008
Contract loss provisions 74,763 75,340
Other current liabilities 9,015 8,907
---------- --------------
Total current liabilities 104,440 102,001
Long-term liabilities 5,326 13,047
---------- --------------
Total liabilities 109,766 115,048
Stockholders' equity (deficit) (40,479) (8,015)
---------- --------------
Total liabilities and
stockholders' equity (deficit) $ 69,287 $ 107,033
========== ==============
Heliogen, Inc.
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
($ in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ----------------------
2024 2023 2024 2023
--------- --------- --------- -----------
Net loss $(19,282) $(21,683) $(34,507) $(32,227)
Interest
income, net (675) (270) (1,358) (553)
Provision for
income taxes 2 2 4 2
Depreciation
and
amortization 349 592 795 1,193
------- ------- ------- -------
EBITDA $(19,606) $(21,359) $(35,066) $(31,585)
Impairment
charges (1) 3,354 -- 3,354 1,008
Gain (loss) on
warrant
remeasurement
(2) (45) 52 (21) (252)
Share-based
compensation
(3) 681 2,816 1,967 (6,383)
Contract loss
provisions
(4) -- 20 -- 390
Contract
losses
incurred (4) 247 (877) (577) (1,324)
Change in fair
value of
contingent
consideration
(5) -- 112 -- 1,237
Severance
costs (6) 613 -- 645 472
Manufacturing
Facility
closing costs
(7) 161 -- 161 --
Employee
retention
credit (8) -- (41) -- (41)
------- ------- ------- -------
Adjusted EBITDA $(14,595) $(19,277) $(29,537) $(36,478)
======= ======= ======= =======
________________
(1) Impairment charges for the three and six months ended June 30, 2024 are
associated with impairments to property, plant and equipment related to
leasehold improvements, machinery and equipment and other fixed assets
located at our manufacturing facility in Long Beach, California.
Impairment charges for the six months ended June 30, 2023 are
associated with goodwill.
(2) Represents the change in fair value on our outstanding warrant
liabilities.
(3) Share-based compensation for the six months ended June 30, 2023
includes a one-time reversal of $12.5 million of expense as a result of
stock options forfeited in connection with the termination of our
former Chief Executive Officer.
(4) Represents contract loss provisions with customers for which estimated
costs to satisfy performance obligations exceeded considerations
expected to be realized. The contract loss provision is reduced and
recognized in cost of revenue as expenditures are incurred and related
revenue is recognized.
(5) Represents the change in fair value of our contingent consideration
associated with the acquisition of HelioHeat GmbH.
(6) Represents severance costs related to employee severance and related
benefits.
(7) Represents reorganization costs associated with closing our
manufacturing facility in Long Beach, California.
(8) Represents an adjustment to the employee tax credit pursuant to the
Coronavirus Aid, Relief and Economic Security Act (CARES Act) recorded
as grant revenue in the fourth quarter of 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806595264/en/
CONTACT: Heliogen Investors Contact:
Phelps Morris
Chief Financial Officer
Phelps.Morris@heliogen.com
Heliogen Media Contact:
Sam Padreddii
Manager, Corporate Communications
media@heliogen.com
(END) Dow Jones Newswires
August 06, 2024 18:53 ET (22:53 GMT)
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