Financial Performance - For the three months ended June 30, 2023, revenue increased by 31% to $12.9 million compared to $9.9 million in the same period of 2022[179]. - Net loss for the three months ended June 30, 2023, was $(26.8) million, a 68% increase from $(15.9) million in the same period of 2022[172]. - Total revenue for the six months ended June 30, 2023, was $22.6 million, up 27% from $17.7 million in the same period of 2022[183]. - Comprehensive loss for the three months ended June 30, 2023, was $26.7 million, a 64% increase compared to $16.3 million in the same period of 2022[210]. - Net loss for Q2 2023 was $26.786 million, compared to a net loss of $15.929 million in Q2 2022, representing an increase of 68.5%[271]. - Adjusted EBITDA for Q2 2023 was $(23.823) million, compared to $(17.886) million in Q2 2022, indicating a decline of 33.1%[271]. Revenue Breakdown - One-time revenue for the three months ended June 30, 2023, was $11.5 million, a 28% increase from $9.0 million in the same period of 2022[179]. - Recurring revenue for the three months ended June 30, 2023, was $1.5 million, representing a 68% increase from $0.9 million in the same period of 2022[179]. - Total revenue increased by $3.1 million, or 31%, to $12.9 million for the three months ended June 30, 2023, compared to $9.9 million in the same period in 2022[210]. - Total revenue for the six months ended June 30, 2023, increased by $4.9 million, or 27%, to $22.6 million compared to $17.7 million in the same period in 2022[218]. Expenses - Selling, general, and administrative expenses for the three months ended June 30, 2023, were $(12.5) million, a 74% increase from $(7.1) million in the same period of 2022[179]. - R&D expenses rose by $5.7 million, or 43%, to $18.9 million for the three months ended June 30, 2023, primarily due to increased personnel and consumables expenses[214]. - SG&A expenses increased by $5.3 million, or 74%, to $12.5 million for the three months ended June 30, 2023, driven by higher external services and stock compensation awards[215]. - R&D expenses increased by $9.6 million, or 37%, in the six months ended June 30, 2023, compared to the same period in 2022[222]. - SG&A expenses rose by $17.1 million, or 140%, in the six months ended June 30, 2023, primarily due to one-time professional services fees related to the Business Combination[223]. Cash Flow and Investments - Net cash used in operating activities was $(59.1) million for the six months ended June 30, 2023, driven by a net loss of $(90.1) million[243]. - Net cash used in investing activities was $(120.0) million for the six months ended June 30, 2023, primarily due to investments in debt securities and the Forward Purchase Agreement[245]. - Net cash provided by financing activities was $206.8 million for the six months ended June 30, 2023, driven by proceeds from the Business Combination and PIPE financing[247]. - Cash, cash equivalents, and restricted cash increased by $27.7 million, or 33%, as of June 30, 2023, compared to December 31, 2022, primarily due to the Business Combination[227]. - Debt security investments totaled $49.7 million as of June 30, 2023, with no such investments as of December 31, 2022[228]. Business Developments - The business combination with AMCI was completed on February 8, 2023, resulting in the formation of LanzaTech Global, Inc.[174]. - The company anticipates that CarbonSmart business revenues will significantly exceed 2022 performance due to planned commercial campaigns[173]. Accounting and Valuation - As of June 30, 2023, the company has made two changes to its critical accounting policies and estimates[250]. - The fair value of the prepaid forward contract derivative was estimated using a Monte-Carlo Simulation, with the future stock price simulated under a Geometric Brownian Motion framework[251]. - The fair value of the Fixed Maturity Consideration was estimated using the same Monte-Carlo simulation as the prepaid forward contract[252]. - The company has chosen to account for certain financial instruments under the Fair Value Option, impacting its balance sheet as of June 30, 2023[252]. Market Conditions - The company expects to continue facing market risks related to interest rates, inflation, and foreign currency fluctuations[272]. - Inflation did not have a material effect on the company's business or financial condition during the first half of 2023[277].
AMCI ACQUISITION(AMCI) - 2023 Q2 - Quarterly Report