Financial Performance - Third-quarter 2024 revenue was $9.9 million, down from $19.6 million in third-quarter 2023, primarily due to a timing delay in a sublicensing event expected to generate approximately $8.0 million[6]. - The net loss for third-quarter 2024 was $(57.4) million, compared to $(25.3) million in third-quarter 2023, largely due to non-cash expenses on financial instruments and reduced revenue[12]. - Adjusted EBITDA loss for third-quarter 2024 was $(27.1) million, compared to $(19.1) million in third-quarter 2023, reflecting the same revenue reduction factors[13]. - Total revenue for Q3 2024 was $9,943,000, a decrease of 49.3% compared to $19,605,000 in Q3 2023[38]. - Revenue from contracts with customers and grants was $5,199,000, down from $14,162,000 year-over-year[38]. - The company reported a loss from operations of $32,957,000 for Q3 2024, compared to a loss of $24,595,000 in Q3 2023[38]. - The total net loss for the year ending September 2024 was $110,738 thousand, compared to $115,424 thousand for the same period in 2023[45]. Expenses and Liabilities - Operating expenses for third-quarter 2024 were $34.8 million, up from $29.8 million in third-quarter 2023, driven by project-related expenses[11]. - Research and development expenses increased to $22,006,000 from $16,645,000, representing a 32.5% increase[38]. - Total liabilities increased significantly to $202.6 million from $127.2 million, marking an increase of approximately 59%[36]. - The company reported a current liability total of $46.9 million, up from $27.8 million, indicating an increase of approximately 68.8%[36]. - Total cost and operating expenses decreased to $42,900,000 from $44,200,000 year-over-year, reflecting cost management efforts[38]. Cash and Investments - The company had $89.1 million in total cash and investments as of September 30, 2024, an increase from $75.8 million at the end of the previous quarter[20]. - Cash and cash equivalents decreased to $58.7 million from $75.6 million, a reduction of about 22.3%[36]. - Cash and cash equivalents at the end of the period were $60,967,000, down from $92,070,000 at the end of Q3 2023[41]. - Cash used in operating activities for the nine months ended September 30, 2024, was $69,384,000, an improvement from $81,565,000 in the same period of 2023[41]. Strategic Initiatives - The company is expanding its business model to include more project ownership and financing, aiming to enhance cash flow generation and profitability[4]. - LanzaTech is actively evaluating material cost reduction opportunities and reallocating resources to accelerate commercial activities[2]. - The company continues to focus on its strategic initiatives despite the financial losses reported[46]. Future Projects and Revenue Drivers - The company entered into a two-stage ethanol off-take agreement with ArcelorMittal, which includes a one-year contract with potential revenue of $6.0 million and a five-year contract potentially generating $10.0 million to $20.0 million annually[15]. - Fourth-quarter 2024 potential revenue drivers include approximately $20.0 million from a project in Norway and $4.0 million from Project SECURE[22]. - Project Drake, an EU-based ethanol-to-sustainable aviation fuel project, is expected to produce 30 million gallons per year and is anticipated to reach Final Investment Decision (FID) in 2025[16]. Adjusted EBITDA and Financial Metrics - Adjusted EBITDA is used as a key measure to evaluate operating performance, although it is not prepared in accordance with US GAAP[31]. - LanzaTech's management emphasizes that adjusted EBITDA helps identify underlying trends in business performance[32]. - The accumulated deficit grew to $(942.6) million as of September 30, 2024, compared to $(831.9) million at the end of 2023, reflecting an increase of about 13.3%[36]. One-time Costs and Regulatory Matters - One-time costs related to the Business Combination amounted to $410 thousand in the current period, with total non-recurring regulatory costs of $4,472 thousand[46]. - The company expects that the one-time costs related to the Business Combination will not recur in the future[46]. - Regulatory matters included fees related to non-recurring items during the year ended December 31, 2023[46].

Financial Performance - For the three months ended September 30, 2024, LanzaTech reported revenue of $9.943 million, a decrease of 49% compared to $19.605 million for the same period in 2023[199]. - The net loss for the three months ended September 30, 2024, was $(57.431) million, compared to a net loss of $(25.326) million for the same period in 2023, representing an increase in losses of 127%[199]. - One-time revenue for the three months ended September 30, 2024, was $8.414 million, down 53% from $18.075 million in the same period in 2023[199]. - For the nine months ended September 30, 2024, total revenue was $37.562 million, an 11% decrease from $42.168 million for the same period in 2023[200]. - Net loss for Q3 2024 was $57.4 million, compared to a net loss of $25.3 million in Q3 2023, representing a 127% increase in loss[224]. - Net loss for the nine months ended September 30, 2024, was $110.7 million, compared to a net loss of $115.4 million in the same period in 2023, reflecting a 4% decrease in loss[232]. - The company reported a net loss of $(110,738) thousand for the nine months ended September 30, 2024, compared to $(115,424) thousand for the same period in 2023[277]. - Adjusted EBITDA for the three months ended September 30, 2024, was $(27.081) million, compared to $(19.062) million for the same period in 2023, indicating a 42% increase in losses[199]. - Adjusted EBITDA for the nine months ended September 30, 2024 was $(66,981) thousand, compared to $(66,398) thousand for the same period in 2023[277]. Revenue and Cost Analysis - Total revenue decreased by $9.7 million, or 49%, in Q3 2024 compared to Q3 2023, primarily due to a $6.1 million decrease in revenue from engineering and other services contracts[225]. - Cost of revenue decreased by $6.2 million, or 43%, in Q3 2024 compared to Q3 2023, driven by a $5.1 million decrease in cost of sales for engineering and other services[226]. - Total revenue decreased by $4.6 million, or 11%, in the nine months ended September 30, 2024, compared to the same period in 2023, primarily driven by an $11.1 million decrease in revenue from engineering and other services[233]. - Cost of revenue decreased by $12.6 million, or 38%, in the nine months ended September 30, 2024, compared to the same period in 2023, mainly due to a $12.7 million decrease in cost of sales for engineering and other services[234]. Expenses - Research and development expenses increased by $5.4 million, or 32%, in Q3 2024 compared to Q3 2023, mainly due to a $4.9 million increase in R&D services related to project development costs[227]. - Selling, general and administrative expenses decreased by $0.4 million, or 3%, in Q3 2024 compared to Q3 2023, primarily due to a decrease in professional services fees[228]. - R&D expenses increased by $8.7 million, or 17%, in the nine months ended September 30, 2024, compared to the same period in 2023[235]. - SG&A expenses decreased by $6.9 million, or 17%, in the nine months ended September 30, 2024, compared to the same period in 2023[236]. Cash Flow and Financing - Total cash, cash equivalents, and restricted cash decreased by $15.3 million, or 20%, as of September 30, 2024, compared to December 31, 2023[239]. - The company issued and sold $40.2 million of convertible notes as of August 6, 2024, under a Convertible Note Purchase Agreement[252]. - The Convertible Note bears interest at a fixed rate of 8.00% per annum, maturing on August 6, 2029[254]. - The company has entered into an At Market Issuance Sales Agreement with B. Riley Securities for an aggregate offering price of up to $100 million[251]. - The company is seeking additional financing under the Convertible Note Purchase Agreement but currently has no commitments from investors[257]. - For the nine months ended September 30, 2024, net cash used in operating activities was $(69,384) thousand, a decrease of $12,181 thousand or 15% compared to $(81,565) thousand in the same period of 2023[263][264]. - Net cash provided by investing activities was $14,130 thousand for the nine months ended September 30, 2024, compared to net cash used of $(56,495) thousand in the same period of 2023, reflecting a change of $70,625 thousand[263][265]. - Net cash from financing activities was $40,224 thousand for the nine months ended September 30, 2024, down from $147,272 thousand in the same period of 2023, a decrease of $107,048 thousand or 73%[263][266]. Operational Insights - LanzaTech's capacity increased from 244 thousand tonnes per annum as of September 30, 2023, to 308 thousand tonnes per annum as of September 30, 2024, reflecting an addition of 64 thousand tonnes[202]. - The company is evolving its technology licensing model to include greater ownership and operatorship in the biorefining value chain, enhancing control over development and financing[191]. - LanzaTech has established six commercial waste gas-to-ethanol plants since 2018, with ongoing developments in various countries[191]. - The company launched CirculAir™, a new solution for producing sustainable aviation fuel and renewable diesel, in collaboration with LanzaJet[191]. Risks and Challenges - The company expects to continue generating operating losses and net cash outflows from operating activities in the near term[258]. - The company believes existing cash and cash equivalents will be sufficient to fund operations for the next 12 months, but liquidity assumptions may prove incorrect[259]. - The company may require additional financing to meet operating requirements, which could lead to dilution for existing stockholders if raised through equity[260][261]. - Demand for CarbonSmart products is indirectly affected by fossil fuel and first-generation bio-fuel prices, with a potential decrease in demand as prices drop[283]. - Credit risk exists due to concentration of receivables with a limited number of significant customers, which may adversely affect gross margin and cash flows if contracts are canceled[284]. - The company has experienced volatility in common stock prices, posing a risk for future equity funding efforts[285]. - Inflation impacts the company and its customers by increasing costs related to labor, laboratory supplies, consumables, and capital expenditures[286].

Core Viewpoint - LanzaTech Global, Inc. reported a quarterly loss of $0.29 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.13, marking an earnings surprise of -123.08% [1][2] Financial Performance - The company posted revenues of $9.94 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 44.36%, and down from $19.61 million in the same quarter last year [2] - Over the last four quarters, LanzaTech has surpassed consensus EPS estimates only once [2] Stock Performance - LanzaTech shares have declined approximately 63.2% since the beginning of the year, contrasting with the S&P 500's gain of 25.2% [3] - The current Zacks Rank for LanzaTech is 4 (Sell), indicating expected underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.11 on revenues of $36 million, and for the current fiscal year, it is -$0.48 on revenues of $81.62 million [7] - The trend for estimate revisions ahead of the earnings release has been unfavorable, which may impact future stock performance [6] Industry Context - The Technology Services industry, to which LanzaTech belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a relatively strong industry performance [8]

CHICAGO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) ("LanzaTech"), the carbon recycling company transforming above-ground carbon into sustainable fuels, chemicals, materials, and proteins, today announced plans to develop a commercial-scale Carbon Capture and Utilization ("CCU") facility (the "facility", "plant", or "project") at Herøya Industrial Park in Porsgrunn, Norway. The plant will produce ethanol and is expected to begin operations in 2028. Eramet will supply furnace gas ...

CHICAGO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) ("LanzaTech" or the "Company"), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, has been awarded $3 million by the U.S. Department of Energy's (DOE) Office of Fossil Energy and Carbon Management (FECM), as part of a broader $29 million investment program to advance its carbon management priorities. LanzaTech's Project ADAPT ("Accelerating Decarbonization via Adva ...

CHICAGO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) ("LanzaTech" or the "Company"), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced that it will issue its third-quarter 2024 financial results before financial markets in the United States open on Friday, November 8, 2024. A conference call will be held that same day at 8:30 a.m. Eastern Time to review the Company's financial results, discuss recent ...

CHICAGO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) ("LanzaTech" or the "Company"), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced its plans to expand its biorefining platform capabilities to include operations that produce LanzaTech Nutritional Protein ("LNP") as the primary product. LNP is a microbial protein that is a nutrient-rich alternative to plant and animal-based proteins. By using a new ...

CHICAGO, Sept. 03, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) (LanzaTech), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, and materials, has signed a Master License Agreement (the "Agreement") with SEKISUI CHEMICAL CO., LTD. (TSE: 4204) (SEKISUI) to deploy, at commercial scale, a jointly developed platform that converts syngas derived from municipal solid waste ("MSW") and industrial solid waste into ethanol. SEKISUI intends to build multiple fa ...

Revenue Performance - For the three months ended June 30, 2024, total revenue was $17,375 thousand, a 35% increase from $12,917 thousand in the same period of 2023[161]. - For the six months ended June 30, 2024, total revenue was $27,619 thousand, representing a 22% increase from $22,563 thousand in the same period of 2023[163]. - Recurring revenue for the three months ended June 30, 2024, was $8,541 thousand, a significant increase of 486% from $1,458 thousand in the same period of 2023[161]. - Total revenue increased by $4.5 million, or 35%, to $17.375 million for the three months ended June 30, 2024, compared to $12.917 million in the same period in 2023[186]. - Total revenue for the six months ended June 30, 2024, increased by $5.1 million, or 22%, to $27.619 million compared to $22.563 million in the same period in 2023[195]. Net Loss and Financial Improvement - The net loss for the six months ended June 30, 2024, was $(53.3) million, a 41% improvement compared to a net loss of $(90.1) million for the same period in 2023[157]. - Net loss for the three months ended June 30, 2024, was $27.799 million, compared to a net loss of $26.786 million in the same period in 2023, representing an increase of $1.013 million, or 4%[185]. - Adjusted EBITDA for the six months ended June 30, 2024, was $(39,901) thousand, an improvement of 16% compared to $(47,336) thousand for the same period in 2023[163]. - Adjusted EBITDA for the six months ended June 30, 2024, was $(53.3) million, an improvement from $(90.1) million in the same period of 2023[236]. Cost Management - The cost of revenues (excluding depreciation) for the six months ended June 30, 2024, was $(12,261) thousand, a decrease of 34% from $(18,617) thousand in the same period of 2023[163]. - Cost of revenue decreased by $5.3 million, or 49%, to $5.491 million for the three months ended June 30, 2024, compared to $10.827 million in the same period in 2023[187]. - Cost of revenue for the six months ended June 30, 2024, decreased by $6.4 million, or 34%, to $12.261 million compared to $18.617 million in the same period in 2023[196]. - Selling, general and administrative expenses decreased by $0.7 million, or 6%, to $11.747 million for the three months ended June 30, 2024, compared to $12.452 million in the same period in 2023[190]. - SG&A expenses decreased by $6.5 million, or 22%, in the first half of 2024 compared to the same period in 2023, mainly due to a $3.1 million reduction in professional fees related to the Business Combination[199]. Research and Development - Research and development expenses increased by $2.6 million, or 14%, to $21.481 million for the three months ended June 30, 2024, compared to $18.908 million in the same period in 2023[189]. - R&D expenses increased by $3.3 million, or 10%, in the first half of 2024 compared to the same period in 2023, primarily due to a $4.1 million increase in external R&D services[198]. Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash decreased by $13.4 million, or 18%, from $76.3 million as of December 31, 2023, to $62.9 million as of June 30, 2024[202]. - The company reported cash flows used in operating activities decreased by $16.2 million or 27% for the six months ended June 30, 2024, compared to the same period in 2023[225]. - Net cash provided by investing activities was $29.5 million for the six months ended June 30, 2024, a significant improvement from net cash used of $(59.9) million in the same period of 2023[226]. - Net cash used in financing activities was immaterial for the six months ended June 30, 2024, compared to $146.7 million provided in the same period of 2023, primarily due to proceeds from the Business Combination[228]. - As of June 30, 2024, the company believes its existing cash and cash equivalents will be sufficient to fund operations for the next 12 months[222]. Business Developments - The company launched CirculAir™, a new joint offering to produce sustainable aviation fuel and renewable diesel from waste feedstocks[156]. - The company completed a Business Combination on February 8, 2023, resulting in cash proceeds of $153.3 million[209]. - The company entered into a Convertible Note Purchase Agreement on August 5, 2024, agreeing to sell up to $150 million in Convertible Notes, with $40.2 million issued as of August 6, 2024[214]. - The company has the right to offer and sell shares of common stock with an aggregate offering price of up to $100 million through an At Market Issuance Sales Agreement[212]. Risks and Challenges - The company expects to continue generating operating losses and net cash outflows from operating activities in the near term[220]. - The company may require additional financing to meet operating requirements, which could lead to dilution for existing stockholders if equity is issued[223]. - The company is exposed to interest rate sensitivity, which could affect its cash equivalents and debt security investments[237]. - The company does not engage in hedging or derivative transactions related to commodity prices, which may impact demand for its CarbonSmart products indirectly[240]. - Company is subject to credit risk due to concentration of receivables with a limited number of significant customers, which may adversely affect gross margin and cash flows if defaults occur[241]. - Company has experienced volatility in the price of its common stock, posing a risk for future equity funding if acceptable prices cannot be achieved[242]. - Inflation impacts the company and its customers by increasing costs related to labor, laboratory supplies, consumables, and capital expenditures, potentially affecting business operations materially[243].

To attend the live conference call via telephone, domestic callers can access by dialing 1-800-445-7795 and international callers can access by dialing 1-785-424-1789, and entering the conference identification code: LANZA. LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, and materials. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being ...