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  "authorName": "Heliogen",
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  "presentationDate": "2024-03-01 00:00:00",
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      "text": "Capella Estimate Change\n$180\n$150\n$120\n$90\n$60\n$30\n$0\nJul. '21\nDec. '23\nEPC Costs\nHeliogen Costs\nMillions\n$53 million\n$115\n$168",
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      "text": "Financial Statement Impacts\nAfter receiving recent updated project cost estimate showing a $53 million cost increase from July 2021 to December 2023, additional non-cash expense ($53 million) was recognized during 4Q 2023\nThese impacts in 4Q 2023 were non-cash and did not impact Heliogen's current liquidity\nIncome statement impact:\nContract loss provision: ~$53 million recognized in Cost of revenue\nRevenue: Unfavorable cumulative adjustment of $3.4 million driven by percent-of-completion revenue recognition methodology\nBalance sheet impact:\nContract loss provisions liability increased by ~$53 million\nCash flow statement: No impact",
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      "text": "Efforts Underway to Reduce Net Loss\nValue Engineering efforts are underway to refine project design and reduce costs:\nReduced building scope\nUtilize less-expensive materials to build for shorter useful life\nSecure additional funding through federal and state government incentive programs",
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      "kind": "paragraph",
      "text": "Cost estimates for Capella are subject to further refinement as Heliogen continues value engineering, exploring additional cost saving opportunities and continues to progress and negotiate an executable engineering, procurement and construction (\"EPC\") contract",
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      "text": "© 2023 Heliogen, Inc. All Rights Reserved.",
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      "text": "Capella Estimate Change: Financial Statement Impact",
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