Revenue Performance - Reported total revenue of $12.0 million for fourth-quarter 2024, down 41% from $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% compared to $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] - Joint Development Agreement revenue for fourth-quarter 2024 was $1.7 million, down from $4.2 million in fourth-quarter 2023, due to project completions and downtime before new projects [9] - Total revenues for the year ended December 31, 2024, were $49,592, a decrease of 20.9% compared to $62,631 in 2023 [23] Profitability and Loss - Gross profit for fourth-quarter 2024 was $6.5 million, with a gross margin of 54%, compared to $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 2.0% increase in losses [23] - The company reported a comprehensive loss of $138,703 for the year ended December 31, 2024, compared to a comprehensive loss of $134,474 in 2023 [23] - Net loss for Q4 2024 was $26.993 million, compared to a loss of $18.674 million in Q4 2023, representing an increase in losses of 44.0% year-over-year [30] - Adjusted EBITDA for the year ended December 31, 2024, was $(88.212) million, compared to $(80.144) million in 2023, indicating a decline of 10.0% [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% [30] Expenses and Costs - 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] - Research and development expenses for the year ended December 31, 2024, were $77,007, an increase of 13.5% from $68,142 in 2023 [23] - Stock-based compensation expense for Q4 2024 was $6.191 million, while the change in fair value of SAFE and warrant liabilities was recorded as $4.679 million for the year [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] Cash and Assets - As of December 31, 2024, total cash, restricted cash, and investments were $58.1 million, down from $89.1 million at the end of third-quarter 2024 [12] - Cash and cash equivalents decreased to $43,499 as of December 31, 2024, down 42.3% from $75,585 in 2023 [20] - Total assets decreased to $174,683 in 2024, a decline of 27.8% from $241,624 in 2023 [20] - Total liabilities increased to $161,236 in 2024, up 26.8% from $127,153 in 2023 [20] - Cash used in operating activities for the year ended December 31, 2024, was $89,060, a decrease from $97,296 in 2023 [25] - The company reported a net cash provided by financing activities of $30,213 for the year ended December 31, 2024, compared to $148,185 in 2023 [25] Strategic Focus - The company is shifting its operational focus from R&D to global deployment of its technology, while evaluating liquidity-enhancing initiatives [4]
AMCI ACQUISITION(AMCI) - 2025 Q1 - Quarterly Results