remeasurement 53 74 45 74 326
Other income,
net 223 767 52 520 1,341
--------- --------- --------- --------- ---------
Net loss before
taxes (11,814) (18,569) (19,280) (46,317) (50,794)
Provision for
income taxes (1) (1) (2) (5) (3)
--------- --------- --------- --------- ---------
Net loss $ (11,815) $ (18,570) $ (19,282) $ (46,322) $ (50,797)
========= ========= ========= ========= =========
Loss per share:
Loss per share --
Basic and Diluted $ (1.94) $ (3.13) $ (3.19) $ (7.66) $ (8.81)
Weighted average
number of shares
outstanding --
Basic and Diluted 6,086,382 5,935,823 6,045,324 6,051,029 5,765,356
Heliogen, Inc.
Condensed Consolidated Balance Sheets
($ in thousands)
(unaudited)
September 30, December 31,
2024 2023
--------------- ----------------
ASSETS
Cash and cash equivalents $ 44,631 $ 62,715
Investments -- 12,386
Other current assets 4,129 8,365
---------- ---------
Total current assets 48,760 83,466
Non-current assets 9,232 23,567
---------- ---------
Total assets $ 57,992 $ 107,033
========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Trade payables $ 1,073 $ 746
Accrued expenses and other
current liabilities 9,795 8,907
Contract liabilities 19,818 17,008
Contract loss provisions 74,271 75,340
---------- ---------
Total current liabilities 104,957 102,001
Long-term liabilities 4,627 13,047
---------- ---------
Total liabilities 109,584 115,048
Stockholders' equity (deficit) (51,592) (8,015)
---------- ---------
Total liabilities and stockholders'
equity (deficit) $ 57,992 $ 107,033
========== =========
Heliogen, Inc.
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
($ in thousands)
(unaudited)
Three Months Ended Nine Months Ended
-------------------------------
September 30, June 30, September 30,
-------------------- ----------------------
2024 2023 2024 2024 2023
------- ------- ------- ------- -------
Net loss $(11,815) $(18,570) $(19,282) $(46,322) $(50,797)
Interest
income, net (535) (335) (675) (1,893) (888)
Provision for
income taxes 1 1 2 5 3
Depreciation
and
amortization 107 499 349 902 1,692
------- ------- ------- ------- -------
EBITDA $(12,242) $(18,405) $(19,606) $(47,308) $(49,990)
Impairment
charges (1) -- -- 3,354 3,354 1,008
Gain (loss) on
warrant
remeasurement
(2) (53) (74) (45) (74) (326)
Share-based
compensation
(3) 709 305 681 2,676 (6,078)
Contract loss
(adjustment)
provisions
(4) -- (538) -- -- (148)
Contract losses
incurred (4) (492) (304) 247 (1,069) (1,628)
Change in fair
value of
contingent
consideration
(5) -- 52 -- -- 1,289
Severance costs
(6) 202 115 613 847 587
Manufacturing
Facility
closing costs
(7) -- -- 161 161 --
Employee
retention
credit (8) -- -- -- -- (41)
------- ------- ------- ------- -------
Adjusted EBITDA $(11,876) $(18,849) $(14,595) $(41,413) $(55,327)
======= ======= ======= ======= =======
________________
(1) Impairment charges for the three months ended June 30, 2024 and nine
months ended September 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 nine months ended September 30, 2023 are associated with
goodwill.
(2) Represents the change in fair value on our outstanding warrant
liabilities.
(3) Share-based compensation for the nine months ended September 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 (adjustments) provisions with customers for
which estimated costs to satisfy performance obligations exceeded
considerations expected to be realized. The contract loss (adjustment)
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/20241108628949/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
November 08, 2024 17:41 ET (22:41 GMT)
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