PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (the “Company”) (NYSE:HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced that it will restate its full-year 2021 financial statements. The restatement, which has no material impact on the Company’s operations, prospects, or liquidity, stems from a revised accounting for one of the Company’s contracts.
As part of the Company’s accounting for revenue contracts with customers during the first quarter of 2022, management, in consultation with its independent registered public accounting firm, considered ongoing contracts that were entered into and accounted for during the year ended December 31, 2021. During this evaluation, it was determined that a government contract which had previously been assessed as within the scope of ASC 606, Revenue from Contract with Customers (“ASC 606”), should have been accounted for as a government grant and therefore not within the scope of ASC 606. The impact of this revised conclusion results in the reversal of a contract loss recognized in the fourth quarter of 2021, which results in a reduction in net loss as compared to the net loss reported in the Company’s previously issued financial statements, and re-evaluation of revenue and costs presented for this contract. The reconsideration of the government contract as a government grant will change the timing and nature of reporting for the contract but will not change the expected overall economics of the contract.
The Company’s Audit Committee made the restatement decision in consultation with management and the Company's independent registered public accounting firm. As a result of the restatement, investors should no longer rely upon the Company's previously issued financial statements for the period set forth above, earnings releases for such period, and other communications relating to the financial statements. The impact of the restatement described above is preliminary and subject to change, and will be finalized with the filing of the Company’s amended 10-K.
First Quarter 2022 Earnings and Conference Call Details
The Company will release its first quarter 2022 results prior to the market open on May 23, 2022, and will host a conference call at 10:00am EST on May 23, 2022. The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.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.
A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.
Heliogen, Inc. 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.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company’s restatement of certain historical financial statements and the Company’s financial position, operations or liquidity. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including that the process of preparing the restated financials or other subsequent events would require the Company to make additional adjustments to its previously issued financial statements. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.