Financial Performance - For the three months ended March 31, 2023, LanzaTech reported revenue of $9,646,000, a 23% increase from $7,857,000 in the same period of 2022[175]. - The net loss for the three months ended March 31, 2023, was $(63,312,000), representing a 277% increase compared to $(16,778,000) for the same period in 2022[175]. - One-time revenue increased by 28% to $8,889,000 in Q1 2023 from $6,957,000 in Q1 2022, while recurring revenue decreased by 16% to $757,000 from $900,000[175]. - Total revenue increased by $1.8 million, or 23%, to $9.646 million for the three months ended March 31, 2023, compared to $7.857 million in the same period in 2022[200]. - Net loss for the three months ended March 31, 2023, was $63.312 million, compared to a net loss of $16.778 million in the same period in 2022, representing a 277% increase[199]. - Adjusted EBITDA for the three months ended March 31, 2023, was $(27.6) million, compared to $(14.8) million for the same period in 2022[240]. Expenses - The cost of revenues (excluding depreciation) rose by 34% to $(7,790,000) in Q1 2023 from $(5,829,000) in Q1 2022[175]. - Selling, general, and administrative expenses surged by 232% to $(16,835,000) in Q1 2023 compared to $(5,078,000) in Q1 2022[175]. - Research and development expenses increased by $3.9 million, or 32%, to $16.286 million for the three months ended March 31, 2023, driven by personnel and stock compensation expenses[202]. - Selling, general and administrative expenses surged by $11.8 million, or 232%, to $16.835 million for the three months ended March 31, 2023, largely due to one-time professional services fees[203]. Cash and Financing - Cash, cash equivalents, and restricted cash increased by $62.1 million, or 74%, to $145.786 million as of March 31, 2023, primarily due to the closing of the Business Combination[205]. - The completion of the Business Combination resulted in $153.3 million of cash proceeds to the company[217]. - The company believes existing cash and cash equivalents will be sufficient to fund operations for at least the next 12 months[219]. - The company may require additional financing to meet operating requirements, which could lead to dilution for existing stockholders if raised through equity[220]. - Net cash used in operating activities was $(33.8) million, an increase of 87% compared to $(18.1) million in the same period of 2022[222][223]. - Net cash provided by financing activities for the three months ended March 31, 2023, was $206.5 million, driven by $213.4 million in proceeds from the Business Combination and PIPE financing[225]. Capacity and Operations - New capacity additions reached 60,000 tonnes per annum as of March 31, 2023, compared to 0 tonnes in the previous year, marking a significant increase[179]. - Cumulative capacity additions increased by 67% to 150,000 tonnes as of March 31, 2023, up from 90,000 tonnes in 2022[179]. - LanzaTech has not achieved operating profitability since its formation, with an accumulated deficit of $(761,100,000) as of March 31, 2023, compared to $(456,200,000) as of December 31, 2022[169]. - The company anticipates continued losses until it sufficiently commercializes its technology[169]. - LanzaTech's business model primarily involves licensing its technology, with royalty fees based on the revenue generated from its use[168]. Financial Instruments and Reporting - The company did not engage in any off-balance sheet arrangements as of March 31, 2023[227]. - The fair value of the prepaid forward contract derivative was estimated using a Monte-Carlo Simulation, reflecting the company's approach to financial instrument valuation[229]. - The company remains classified as an "emerging growth company" and a "smaller reporting company," allowing it to take advantage of reduced disclosure obligations[231][233]. - The company experienced a foreign currency translation adjustment of $(0.05) million for the three months ended March 31, 2023, compared to $(0.03) million in the same period of 2022[243].
AMCI ACQUISITION(AMCI) - 2023 Q1 - Quarterly Report