Heliogen to Restate Full Year 2021 Financials
May 16 2022 - 7:19PM
Business Wire
First Quarter 2022 Results and Conference
Call Now Scheduled for May 23rd
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.
About Heliogen
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.
Forward-Looking Statements
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220516006112/en/
Heliogen Investor Contact: Louis Baltimore VP, Investor
Relations Louis.Baltimore@heliogen.com
Heliogen Media Contact: Cory Ziskind ICR, Inc.
HeliogenPR@icrinc.com
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