Heliogen, Inc. (HLGN) Bundle
A Brief History of Heliogen, Inc.
Company Overview
Heliogen, Inc. is a renewable energy technology company focused on harnessing solar energy to reduce carbon emissions. Founded in 2013, the company has developed a proprietary technology that uses concentrated solar power (CSP) to generate heat, which can be used for various applications including electricity generation and industrial processes.
Financial Performance
As of September 30, 2024, Heliogen reported a total revenue of $1.05 million, a decline from $2.27 million in the same period of 2023. This decrease was driven by reduced services revenue and grant revenue. The breakdown of revenue is as follows:
| Revenue Type | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|
| Services Revenue | 434 | 1,096 |
| Grant Revenue | 616 | 1,177 |
| Total Revenue | 1,050 | 2,273 |
The company's net loss for the three months ended September 30, 2024, was $11.82 million, compared to a net loss of $18.57 million for the same period in 2023. The loss per share for Q3 2024 was $1.94, down from $3.13 in Q3 2023.
Operating Expenses
For the three months ended September 30, 2024, total operating expenses were $12.57 million, which included:
| Expense Type | Q3 2024 ($ in thousands) | Q3 2023 ($ in thousands) |
|---|---|---|
| Selling, General and Administrative | 7,854 | 14,882 |
| Research and Development | 4,509 | 5,162 |
| Impairment and Other Charges | 202 | 115 |
| Total Operating Expenses | 12,565 | 20,159 |
Liquidity and Capital Resources
As of September 30, 2024, Heliogen had liquidity of $44.6 million, consisting entirely of cash and cash equivalents, with no debt. However, the company reported an accumulated deficit of $484.5 million, indicating ongoing financial challenges.
Strategic Developments
On May 16, 2024, Heliogen announced a strategic plan that included a workforce reduction and the closure of its manufacturing facility in Long Beach, California. This plan aimed to reduce operational costs and better align the company with a technology-centric business model. The closure of the facility resulted in an impairment charge of $3.4 million for the second quarter of 2024.
Research and Development
For the nine months ended September 30, 2024, Heliogen incurred $13.1 million in research and development expenses, which was a decrease compared to $15.4 million for the same period in 2023. The reduction was primarily due to headcount reductions and decreased share-based compensation expenses.
Stock Performance
As of September 30, 2024, the weighted average number of shares outstanding for basic and diluted earnings per share was 6,086,382. The company continued to issue stock options and restricted stock units as part of its equity incentive plan, which aims to attract and retain talent.
Conclusion of Financial Data
The financial trajectory of Heliogen highlights the challenges faced by the company in achieving profitability while navigating a competitive renewable energy landscape. The strategic decisions made in 2024, including the closure of its manufacturing facility, reflect management's response to the need for cost reductions and operational efficiencies.
A Who Owns Heliogen, Inc. (HLGN)
Major Shareholders
As of 2024, the ownership structure of Heliogen, Inc. includes significant institutional and individual shareholders. The largest shareholders are as follows:
| Shareholder | Ownership Percentage | Shares Owned |
|---|---|---|
| Nant Capital, LLC | Approximately 5.2% | 315,000 |
| BlackRock, Inc. | Approximately 4.9% | 295,000 |
| Vanguard Group, Inc. | Approximately 4.5% | 270,000 |
| Other Institutional Investors | Approximately 20% | 1,200,000 |
| Insider Ownership (Executives and Directors) | Approximately 10% | 600,000 |
Current Financial Performance
Heliogen, Inc. reported a net loss of $46.3 million for the nine months ended September 30, 2024, with total revenue of $4.8 million compared to $5.6 million for the same period in 2023. The company's accumulated deficit stood at $484.5 million as of September 30, 2024.
Stock Performance
The stock performance of Heliogen, Inc. (HLGN) has been volatile. As of November 2024, the stock price was approximately $1.50 per share, down from a high of $5.25 earlier in the year.
| Period | Stock Price | Market Capitalization |
|---|---|---|
| January 2024 | $4.00 | $24 million |
| April 2024 | $5.25 | $31 million |
| September 2024 | $1.80 | $11 million |
| November 2024 | $1.50 | $9 million |
Recent Developments
In a strategic move, Heliogen announced the closure of its manufacturing facility in Long Beach, California, in May 2024. This decision was part of a broader effort to reduce operational costs and streamline its business model.
Liquidity Position
As of September 30, 2024, Heliogen reported liquidity of $44.6 million, consisting entirely of cash and cash equivalents, with no outstanding debt. This position reflects a decrease from $50 million at the beginning of the year due to ongoing operational losses.
Future Outlook
Heliogen's management has expressed intentions to explore various avenues for raising capital, including potential equity financing, to support ongoing projects and operational needs. The company remains focused on commercializing its solar technology while navigating the challenges posed by market conditions.
Heliogen, Inc. (HLGN) Mission Statement
Mission Overview
Heliogen, Inc. is committed to transforming the energy landscape by providing innovative solar energy solutions that deliver clean, low-cost energy. The company aims to harness the power of the sun to make renewable energy accessible and affordable for all.
Core Values
- Sustainability: Focused on reducing carbon emissions through renewable energy technologies.
- Innovation: Pioneering advanced solar technology to improve energy efficiency.
- Accessibility: Striving to make solar energy solutions available to a broader audience.
- Collaboration: Partnering with industry leaders to enhance technological capabilities and market reach.
Strategic Goals for 2024
- Expand Project Portfolio: Increase the number of commercial projects utilizing Heliogen's technology.
- Enhance Technology: Invest in research and development to refine solar thermal energy systems.
- Increase Revenue Streams: Generate additional income through engineering services and government grants.
Financial Overview
As of September 30, 2024, Heliogen reported a net loss of $46.32 million for the nine months ending on that date, a slight improvement from a net loss of $50.80 million for the same period in 2023 . The company's total revenue for the nine months ended September 30, 2024, was $4.84 million, down from $5.60 million in the same period of the previous year . This revenue was derived from services revenue of $2.17 million and grant revenue of $2.67 million .
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $11.82 million | $18.57 million | Improvement of 36.5% |
| Total Revenue | $1.05 million | $2.27 million | Decrease of 53.8% |
| Services Revenue | $434,000 | $1.10 million | Decrease of 60.5% |
| Grant Revenue | $616,000 | $1.18 million | Decrease of 47.5% |
| Accumulated Deficit | $484.50 million | $438.18 million | Increase of 10.6% |
Recent Developments
In May 2024, Heliogen announced a strategic decision to close its manufacturing facility to improve operational efficiency, resulting in a reduction of workforce and a focus on a capital-light model . The company is actively seeking to secure additional capital through various means, including debt and equity financing .
Liquidity Position
As of September 30, 2024, Heliogen reported liquidity of $44.6 million, consisting of cash and cash equivalents, with no outstanding debt . This liquidity is critical for supporting ongoing project development and operational expenses.
Conclusion
Heliogen, Inc. continues to pursue its mission of delivering sustainable energy solutions while navigating financial challenges and operational restructuring. The company's commitment to innovation and accessibility in solar energy remains steadfast as it adapts to market conditions.
How Heliogen, Inc. (HLGN) Works
Business Model
Heliogen, Inc. primarily generates revenue by contracting with owner-operators to build turnkey facilities that deploy its concentrated solar energy technology. The company’s revenue is derived from two main sources: services revenue and grant revenue.
Revenue Breakdown
| Revenue Source | 2024 Q3 Revenue ($ in thousands) | 2023 Q3 Revenue ($ in thousands) | 2024 YTD Revenue ($ in thousands) | 2023 YTD Revenue ($ in thousands) |
|---|---|---|---|---|
| Services Revenue | 434 | 1,096 | 2,174 | 2,874 |
| Grant Revenue | 616 | 1,177 | 2,665 | 2,730 |
| Total Revenue | 1,050 | 2,273 | 4,839 | 5,604 |
Cost Structure
The costs associated with revenue include direct material, labor, subcontractor costs, and indirect costs related to contract performance. The total cost of revenue is broken down as follows:
| Cost Type | 2024 Q3 Cost ($ in thousands) | 2023 Q3 Cost ($ in thousands) | 2024 YTD Cost ($ in thousands) | 2023 YTD Cost ($ in thousands) |
|---|---|---|---|---|
| Cost of Services Revenue | 494 | 1,220 | 3,851 | 3,221 |
| Cost of Grant Revenue | 616 | 1,177 | 2,665 | 2,690 |
| Total Cost of Revenue | 1,110 | 1,859 | 6,516 | 5,763 |
Operating Expenses
Operating expenses consist of selling, general and administrative (SG&A) expenses and research and development (R&D) costs. The breakdown for these expenses is as follows:
| Expense Type | 2024 Q3 Expense ($ in thousands) | 2023 Q3 Expense ($ in thousands) | 2024 YTD Expense ($ in thousands) | 2023 YTD Expense ($ in thousands) |
|---|---|---|---|---|
| SG&A Expenses | 7,854 | 14,882 | 29,714 | 36,227 |
| R&D Expenses | 4,509 | 5,162 | 13,051 | 15,368 |
| Total Operating Expenses | 12,565 | 20,159 | 47,127 | 53,190 |
Financial Performance
For the three months ended September 30, 2024, Heliogen reported a net loss of $11,815,000, compared to a net loss of $18,570,000 for the same period in 2023. The year-to-date net loss for 2024 was $46,322,000, down from $50,797,000 in 2023.
Liquidity and Capital Resources
As of September 30, 2024, Heliogen had liquidity of $44.6 million, consisting of cash and cash equivalents with no debt. This liquidity position is crucial as the company continues to operate at a loss while investing in its technology development and project execution.
Stock Performance
The company's stock performance reflects its financial challenges and operational changes. As of September 30, 2024, the loss per share was $1.94, compared to $3.13 for the same quarter in 2023. The weighted average number of shares outstanding was 6,086,382 for Q3 2024, compared to 5,935,823 in Q3 2023.
Research and Development Focus
Heliogen's R&D expenses for the nine months ended September 30, 2024, totaled $13.051 million, a decrease from $15.368 million during the same period in 2023. This reduction was primarily due to decreased employee compensation from headcount reductions and lower share-based compensation expenses.
Impairment and Other Charges
During the nine months ended September 30, 2024, Heliogen recognized impairment and other charges totaling $4.362 million, which included $3.354 million related to property, plant, and equipment.
Conclusion of Operations
The company has made strategic decisions to close its manufacturing facility, which is expected to lead to further reductions in operating costs. As of September 30, 2024, the company continues to seek additional funding and strategic partnerships to support its operational and financial goals moving forward.
How Heliogen, Inc. (HLGN) Makes Money
Revenue Generation Model
Heliogen, Inc. primarily generates revenue through the following channels:
- Contracting with owner-operators to build turnkey facilities that utilize Heliogen's technology.
- Government grants, particularly from the U.S. Department of Energy (DOE).
Financial Performance Overview
As of the nine months ended September 30, 2024, Heliogen reported the following financial figures:
| Revenue Source | 2024 ($ in thousands) | 2023 ($ in thousands) | $ Change | % Change |
|---|---|---|---|---|
| Services Revenue | 2,174 | 2,874 | (700) | (24)% |
| Grant Revenue | 2,665 | 2,730 | (65) | (2)% |
| Total Revenue | 4,839 | 5,604 | (765) | (14)% |
Cost Structure
Heliogen's cost of revenue consists primarily of direct material, labor, and subcontractor costs related to their revenue contracts. For the nine months ended September 30, 2024, the costs were as follows:
| Cost Type | 2024 ($ in thousands) | 2023 ($ in thousands) | $ Change | % Change |
|---|---|---|---|---|
| Cost of Services Revenue | 3,851 | 3,221 | 630 | 20% |
| Cost of Grant Revenue | 2,665 | 2,690 | (25) | (1)% |
| Total Cost of Revenue | 6,516 | 5,763 | 753 | 13% |
Operating Expenses
Operating expenses for Heliogen during the nine months ended September 30, 2024, are detailed below:
| Expense Type | 2024 ($ in thousands) | 2023 ($ in thousands) | $ Change | % Change |
|---|---|---|---|---|
| Selling, General, and Administrative | 29,714 | 36,227 | (6,513) | (18)% |
| Research and Development | 13,051 | 15,368 | (2,317) | (15)% |
| Total Operating Expenses | 47,127 | 53,190 | (6,063) | (11)% |
Net Loss and Earnings Per Share
Heliogen's financial performance reflected a net loss for the nine months ended September 30, 2024:
| Metric | 2024 ($ in thousands) | 2023 ($ in thousands) | $ Change |
|---|---|---|---|
| Net Loss | (46,322) | (50,797) | 4,475 |
| Loss per Share (Basic and Diluted) | (7.66) | (8.81) | 1.15 |
Liquidity Position
As of September 30, 2024, Heliogen had a liquidity position of:
- Cash and Cash Equivalents: $46.1 million
- No Debt
Future Outlook
Heliogen continues to explore cost-saving opportunities and aims to generate additional revenue through its engineering services and potential new contracts.
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Resources:
- Heliogen, Inc. (HLGN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Heliogen, Inc. (HLGN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Heliogen, Inc. (HLGN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.