Revenue Performance - Revenue for the three months ended June 30, 2024, was $17,375 thousand, representing a 35% increase compared to $12,917 thousand for the same period in 2023[215] - Total revenue increased by $4.5 million, or 35%, to $17.375 million for the three months ended June 30, 2024, compared to $12.917 million in the same period in 2023[245] - Total revenue for the six months ended June 30, 2024, increased by $5.1 million, or 22%, to $27.619 million compared to $22.563 million in the same period in 2023[253] Net Loss and Financial Improvement - Net loss for the six months ended June 30, 2024, was $(53,307) thousand, a 41% improvement from $(90,098) thousand for the same period in 2023[219] - Net loss for the three months ended June 30, 2024, was $27.799 million, compared to a net loss of $26.786 million in the same period in 2023, representing an increase in loss of $1.013 million, or 4%[245] - The company reported a net loss of $53.3 million for the six months ended June 30, 2024, a decrease from a net loss of $90.1 million in the same period of 2023[298] Revenue Components - Recurring revenue for the six months ended June 30, 2024, increased by 311% to $9,102 thousand from $2,215 thousand in 2023[219] - One-time revenue for the six months ended June 30, 2024, was $18,517 thousand, a decrease of 9% from $20,348 thousand in 2023[219] Cost Management - The cost of revenues (excluding depreciation) for the six months ended June 30, 2024, decreased by 34% to $(12,261) thousand from $(18,617) thousand in 2023[219] - Cost of revenue decreased by $5.3 million, or 49%, to $5.491 million for the three months ended June 30, 2024, compared to $10.827 million in the same period in 2023[247] - Cost of revenue decreased by $6.4 million, or 34%, to $12.261 million for the six months ended June 30, 2024, compared to $18.617 million in the same period in 2023[255] Expenses - Research and development expenses increased by $2.6 million, or 14%, to $21.481 million for the three months ended June 30, 2024, compared to $18.908 million in the same period in 2023[249] - Research and development expenses increased by $3.3 million, or 10%, to $38.542 million for the six months ended June 30, 2024, compared to $35.194 million in the same period in 2023[257] - Selling, general and administrative expenses decreased by $0.7 million, or 6%, to $11.747 million for the three months ended June 30, 2024, compared to $12.452 million in the same period in 2023[250] - Selling, general and administrative expenses decreased by $6.5 million, or 22%, to $22.784 million for the six months ended June 30, 2024, compared to $29.287 million in the same period in 2023[258] Cash Flow and Liquidity - As of June 30, 2024, LanzaTech's total cash, cash equivalents, and restricted cash decreased by $13.4 million, or 18%, to $62.9 million compared to $76.3 million as of December 31, 2023[261] - Cash flows used in operating activities decreased by $16.2 million or 27% for the six months ended June 30, 2024, compared to the same period in 2023, primarily due to a lower net loss[288] - Net cash provided by investing activities was $29.5 million for the six months ended June 30, 2024, a significant improvement from net cash used of $(59.9) million in the same period of 2023[289] - Net cash used in financing activities was immaterial for the six months ended June 30, 2024, compared to net cash provided of $146.7 million in the prior year, driven by proceeds from the Business Combination and PIPE financing[290] - The company is evaluating financing alternatives to enhance its liquidity position, including the sale of securities and incurrence of debt[285] - The company’s liquidity assumptions may prove incorrect, potentially requiring additional financing sooner than expected[286] Capital Structure and Financing - LanzaTech completed a Business Combination on February 8, 2023, resulting in cash proceeds of $153.3 million, net of transaction expenses[271] - On August 6, 2024, LanzaTech issued $40.2 million of Convertible Notes, part of a total offering of up to $150 million[277] - The Convertible Notes bear an interest rate of 8.00% per annum and will mature on August 6, 2029[278] - LanzaTech has entered into an At Market Issuance Sales Agreement allowing for the sale of up to $100 million in common stock[274] - The company does not have any outstanding debt other than the Brookfield SAFE and certain liabilities as of June 30, 2024[268] - LanzaTech's capital structure consists of equity and the Brookfield SAFE, with no externally imposed capital requirements[266] Operational Developments - The company has established six commercial waste gas-to-ethanol plants since 2018, with ongoing developments in various countries[209] - The launch of CirculAir™, a joint offering with LanzaJet, aims to produce sustainable aviation fuel and renewable diesel from waste feedstocks[209] Other Financial Metrics - Adjusted EBITDA for the three months ended June 30, 2024, improved to $(17,752) thousand from $(23,823) thousand in 2023, a 25% reduction in losses[215] - Adjusted EBITDA for the six months ended June 30, 2024, was $(39.9) million, an improvement from $(47.3) million in the same period in 2023[298] - The accumulated deficit as of June 30, 2024, was $(885,200) thousand, an increase from $(831,900) thousand as of December 31, 2023[210] - Other expense, net increased by $24.8 million for the six months ended June 30, 2024, primarily due to an overall net loss on changes in the fair value of financial instruments[260] - Foreign currency translation adjustments were $(0.15) million for the six months ended June 30, 2024, compared to $0.05 million in the same period of 2023[305] - A VWAP Trigger Event occurred on July 1, 2024, allowing Purchasers to accelerate the Maturity Date of their shares[273] - As of June 30, 2024, the company did not engage in any off-balance sheet arrangements[291]
AMCI ACQUISITION(AMCI) - 2024 Q2 - Quarterly Report