Heliogen, Inc. (NYSE:HLGN) Q3 2023 Earnings Call Transcript

Heliogen, Inc. (NYSE:HLGN) Q3 2023 Earnings Call Transcript November 14, 2023

Heliogen, Inc. beats earnings expectations. Reported EPS is $-3.22, expectations were $-3.62.

Operator: Good morning and welcome to the Heliogen Inc. Third Quarter 2023 Conference Call. As a reminder, today's call is being recorded. At this time, all participants are in listen-only mode. A question-and-answer session will follow the prepared remarks. I would now like to turn the call over to Louis Baltimore, Heliogen's Vice President of Strategic Finance and Investor Relations for opening remarks and introductions. Please go ahead.

Louis Baltimore: Thank you, operator, and good morning, everyone. We're glad you could join us today for our third quarter 2023 conference call. With us on today's call are Christie Obiaya, Heliogen's Chief Executive Officer; and Sagar Kurada, our Chief Financial Officer and Head of Strategy. Heliogen issued its results yesterday afternoon in a press release that can be found on the Investors section of our website at heliogen.com. As a reminder, our comments on this call include forward-looking statements, which are subject to various risks and uncertainties. These statements include expectations and assumptions regarding the company's future operations and financial performance, including implementation of the company's strategic plan and growth initiatives, plans to advance the company's PV hybrid product and prioritize installation of commercial scale projects, the expected capabilities and usages of our Heliostat for Generation 3 through 5, expectations for scaling the company's concentrated solar thermal technology, discussions with potential customers and commercial contract progress.

Actual results could differ materially from those contemplated in the forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. Factors that could cause actual results to differ materially can be found in yesterday's press release and other documents filed with the SEC by the company from time to time. During this call, we may also refer to certain non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation release issued yesterday, which is available on the Investors section of our website and was furnished on Form 8-K with the SEC.

A replay of this call will also be available on the Investors section of our company website this afternoon. And with that, I'd like to turn the call over to Christie.

Christie Obiaya: Thank you, Louis. Good morning, everyone. Great to be with you. As you may remember from prior calls, upon stepping into lead the company earlier this year, I had outlined Heliogen's top three priorities for 2023. Number one, close sales, number two, install our first project and number three, extend our runway and growth capital. Those goals have not changed, and I want to open my remarks by sharing some headlines which demonstrate the strong progress that we've made during the third quarter. We have significantly increased our sales pipeline, having grown prospects in the stage of qualified leads to 1.8 gigawatts and pre-FID activities stage to 65 megawatts. These steps are a necessary precursor to growing the booked revenue backlog.

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