LanzaTech (LNZA) - 2025 Q1 - Quarterly Results

Revenue Performance - Reported total revenue of $12.0 million for fourth-quarter 2024, down 41$20.5 million in fourth-quarter 2023, primarily due to project completions and timing delays in large biorefining projects [4] - Full-year 2024 revenue was $49.6 million, a decrease of 21$62.6 million in 2023, attributed to project completions and timing delays [4] - CarbonSmart™ revenue for fourth-quarter 2024 increased by 88% to $3.9 million, compared to$2.1 million in fourth-quarter 2023, due to new licensing arrangements [9] - Total revenues for the year ended December 31, 2024, were $49,592, a decrease of 20.9$62,631 in 2023 [23] Profitability and Losses - Gross profit for fourth-quarter 2024 was $6.5 million, resulting in a gross margin of 54$8.5 million in fourth-quarter 2023 [7] - Net loss for fourth-quarter 2024 was $27.0 million, compared to a net loss of$18.7 million in fourth-quarter 2023 [10] - Adjusted EBITDA loss for fourth-quarter 2024 was $21.2 million, compared to a loss of$19.6 million in fourth-quarter 2023 [11] - Net loss for the year ended December 31, 2024, was $137,731, compared to a net loss of$134,098 in 2023, reflecting a slight increase in losses [23] - The company reported a total net loss of $137.731 million for the year ended December 31, 2024, compared to$134.098 million in 2023, indicating a 2.0% increase in annual losses [30] Expenses and Cash Flow - Operating expenses increased to $33.5 million for fourth-quarter 2024, up from$27.1 million in fourth-quarter 2023, driven by project-related expenses [8] - Cash and cash equivalents decreased to $43,499 as of December 31, 2024, down 42.3$75,585 in 2023 [20] - The company had a net cash used in operating activities of $89,060 for the year ended December 31, 2024, compared to$97,296 in 2023, indicating improved cash flow management [25] - The company incurred transaction costs of $451 thousand related to the issuance of FPA during the year [30] Assets and Liabilities - Total assets decreased to$174,683 in 2024, down 27.7% from $241,624 in 2023 [20] - Total liabilities increased to$161,236 in 2024, up 26.8% from $127,153 in 2023 [20] Research and Development - Research and development expenses for the year ended December 31, 2024, were$77,007, an increase of 13.5% compared to 68,142 in 2023 [23] Strategic Initiatives - The company is shifting its operational focus from R&D to global deployment of its technology, aiming to improve cost structure [4] - Management is evaluating liquidity-enhancing initiatives, including capital raising and strategic partnerships, to address going concern doubts [4] Shareholder Information - The weighted-average number of common shares outstanding for the year ended December 31, 2024, was 197,579,945, compared to 176,023,219 in 2023, reflecting an increase in shares [23] Other Financial Metrics - Adjusted EBITDA for the year ended December 31, 2024, was (88.212) million, compared to $(80.144) million in 2023, indicating a 10.0$6.191 million, while the change in fair value of SAFE and warrant liabilities was recorded as $4.679 million for the year [30] - Loss from equity method investees increased to$6.299 million in Q4 2024 from $1.961 million in Q4 2023, marking a significant rise of 220.0$(710) thousand in Q4 2024 from $(1.408) million in Q4 2023, reflecting a 49.7$23.283 million, down from $44.300 million in 2023 [30] - One-time costs related to the Business Combination and regulatory matters were$4.693 million in 2023, which are not expected to recur in the future [31] - Depreciation expense for the year ended December 31, 2024, was $5.567 million, slightly up from$5.452 million in 2023 [30]