Financial Performance - Third-quarter 2024 revenue was $9.9 million, a decrease from $19.6 million in third-quarter 2023, primarily due to a timing delay in a sublicensing event expected to generate approximately $8.0 million[5]. - The net loss for third-quarter 2024 was $(57.4) million, compared to $(25.3) million in third-quarter 2023, attributed to a non-cash expense on financial instruments and reduced revenue[10]. - Total revenue for Q3 2024 was $9.943 million, a decrease of 49.3% compared to $19.605 million in Q3 2023[29]. - Revenue from contracts with customers and grants was $5.199 million, down from $14.162 million year-over-year[29]. - Net loss for Q3 2024 was $57.431 million, compared to a net loss of $25.326 million in Q3 2023, representing a 126.5% increase in losses[29]. - The company reported a comprehensive loss of $57.479 million for Q3 2024, compared to a comprehensive loss of $26.327 million in Q3 2023[29]. - Net loss for the nine months ended September 30, 2024, was $110,738,000, compared to a loss of $115,424,000 in the same period of 2023, showing a slight improvement[33]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(66,981,000), compared to $(66,398,000) in 2023, indicating a marginal increase in losses[36]. Operating Expenses - Operating expenses for third-quarter 2024 were $34.8 million, slightly up from $29.8 million in the same quarter last year, driven by project-related expenses[9]. - Adjusted EBITDA loss for third-quarter 2024 was $(27.1) million, compared to $(19.1) million in third-quarter 2023, reflecting the same revenue reduction factors[11]. - Research and development expenses for Q3 2024 were $22.006 million, up from $16.645 million in Q3 2023, indicating a 32.5% increase[29]. - The company recognized a stock-based compensation expense of $10,870,000 for the nine months ended September 30, 2024, compared to $2,316,000 in 2023[36]. Cash Position and Assets - LanzaTech's cash position increased to $89.1 million as of September 30, 2024, up from $75.8 million at the end of second-quarter 2024, due to a $40 million capital raise[13]. - Total current assets decreased to $136.607 million as of September 30, 2024, from $172.700 million at the end of 2023[26]. - Cash and cash equivalents decreased to $58.741 million as of September 30, 2024, from $75.585 million at the end of 2023[26]. - Cash, cash equivalents, and restricted cash at the end of the period were $60,967,000, down from $92,070,000 at the end of the same period in 2023[33]. Future Prospects - The company anticipates potential revenue drivers for fourth-quarter 2024, including approximately $20.0 million from a project in Norway and $4.0 million from Project SECURE[15]. - LanzaTech entered into a two-stage ethanol off-take agreement with ArcelorMittal, which includes a one-year contract with potential revenue of $6.0 million and a five-year contract potentially generating $10.0 million to $20.0 million annually[12]. - The company is advancing Project Drake, a 30 million gallon per year ethanol-to-sustainable aviation fuel project, with expectations to reach Final Investment Decision (FID) in 2025[12]. - LanzaTech is expanding its biorefining capabilities to produce a single-cell protein, targeting the growing $1 trillion alternative protein market[12]. Liabilities and Financial Instruments - Total liabilities increased significantly to $202.611 million as of September 30, 2024, compared to $127.153 million at the end of 2023[26]. - The company experienced a loss from equity method investees of $7,935,000 for the nine months ended September 30, 2024, compared to $941,000 in 2023[36]. - The company had a net foreign exchange gain of $1,060,000 for the nine months ended September 30, 2024, compared to a gain of $423,000 in 2023[33]. - The weighted-average number of common shares outstanding for Q3 2024 was 197,773,376, compared to 195,869,537 in Q3 2023[29].
AMCI ACQUISITION(AMCI) - 2024 Q3 - Quarterly Results