Financial Performance - For the quarter ended March 31, 2024, LanzaTech reported revenue of $10,244,000, a 6% increase from $9,646,000 in the same quarter of 2023 [190]. - The net loss for the quarter was $(25,508,000), a significant improvement of 60% compared to a net loss of $(63,312,000) for the same period last year [190]. - One-time revenue increased by 9% to $9,682,000 from $8,889,000 year-over-year, while recurring revenue decreased by 26% to $562,000 from $757,000 [190]. - Total revenue increased by $0.6 million, or 6%, to $10.244 million for the three months ended March 31, 2024, compared to $9.646 million in the same period in 2023 [216]. - Adjusted EBITDA for the quarter was $(22,148,000), a slight improvement of 6% from $(23,513,000) in the previous year [190]. - Adjusted EBITDA for Q1 2024 was $(22.1) million, an improvement from $(23.5) million in Q1 2023, with net loss reduced from $(63.3) million to $(25.5) million [251]. Operational Capacity - As of March 31, 2024, the company's total capacity reached 308,000 tonnes per annum, up from 150,000 tonnes per annum as of March 31, 2023, reflecting a significant expansion in operational capacity [193]. - LanzaTech has established six commercial waste gas-to-ethanol plants since 2018, with ongoing developments in various countries [183]. Expenses and Cash Flow - Selling, general, and administrative expenses decreased by 34% to $(11,037,000) from $(16,835,000) year-over-year [190]. - Cost of revenue decreased by $1.0 million, or 13%, to $6.770 million for the three months ended March 31, 2024, compared to $7.790 million in the same period in 2023 [217]. - Research and development expenses increased by $0.8 million, or 5%, to $17.061 million for the three months ended March 31, 2024, compared to $16.286 million in the same period in 2023 [218]. - Net cash used in operating activities decreased by $5.5 million or 16% to $(28.3) million for the three months ended March 31, 2024, compared to $(33.8) million for the same period in 2023 [240]. - Net cash provided by investing activities was $9.2 million in Q1 2024, a significant improvement from net cash used of $(50.5) million in Q1 2023, primarily due to the absence of a $49.1 million debt securities purchase in the prior year [241]. - Net cash used in financing activities was immaterial in Q1 2024, compared to $146.4 million in Q1 2023, which included $213.4 million from a Business Combination and PIPE financing [242]. Financial Position - The accumulated deficit as of March 31, 2024, was $(857,400,000), compared to $(831,900,000) as of December 31, 2023 [184]. - Cash, cash equivalents, and restricted cash decreased by $18.8 million, or 25%, to $57.449 million as of March 31, 2024, compared to $76.284 million as of December 31, 2023 [222]. - Held-to-maturity security investments totaled $34.8 million as of March 31, 2024, down from $45.2 million as of December 31, 2023 [224]. - The company believes existing cash and cash equivalents will be sufficient to fund operations for the next 12 months, but is evaluating several financing alternatives to enhance liquidity [236]. - The company does not have any outstanding debt, other than the Brookfield SAFE and related liabilities as of March 31, 2024 [229]. Market and Risk Factors - The company anticipates continued losses until sufficient commercialization of its technology is achieved [184]. - The company’s market risk exposure is primarily related to interest rate sensitivity, with an immediate change of 100 basis points expected to have no material impact on cash and cash equivalents [253]. - The company is subject to credit risk due to concentration of receivables with a limited number of significant customers, which could adversely affect gross margin and cash flows [258]. - Demand for CarbonSmart products may decrease with falling fossil fuel prices, while new environmental regulations could increase demand [257]. Other Income and Adjustments - Net interest income increased by $0.9 million, or 436%, to $1.148 million for the three months ended March 31, 2024, compared to $0.214 million in the same period in 2023 [220]. - Other income (expense), net improved by $30.6 million, resulting in $0.179 million for the three months ended March 31, 2024, compared to a loss of $30.396 million in the same period in 2023 [221]. - Foreign currency translation adjustments were $0.04 million in Q1 2024, compared to $(0.05) million in Q1 2023, indicating a positive shift in currency effects [254]. - The company reported cash outflows of $3.8 million related to Business Combination costs in Q1 2023, which did not recur in Q1 2024, contributing to improved cash flow from operations [240]. - The company did not engage in any off-balance sheet arrangements as of March 31, 2024 [243].
AMCI ACQUISITION(AMCI) - 2024 Q1 - Quarterly Report