NeutralGlobeNewsWire
1 month ago
LanzaTech Reports Second-Quarter 2024 Financial Results, Reaffirms Full-Year 2024 Outlook, and Announces $40 Million Capital Raise
Achieved total revenue of $ 17.4 million for second-quarter 2024, exceeding expectations Reaffirming full-year 2024 outlook, including total revenue of $90 million - $105 million Announcing $40 million investment by Carbon Direct Capital, strengthening financial flexibility CHICAGO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, and materials, today reported its financial and operating results for second-quarter 2024, reaffirmed its previously issued financial outlook for full-year 2024, and is announcing a $40 million investment by new investor Carbon Direct Capital. Highlights: Reported revenue of $17.4 million for second-quarter 2024 as compared to revenue of $12.9 million for second-quarter 2023; year-over-year increase of 35% driven primarily by the Biorefining business and within that, licensing revenue associated with technology licensed to LanzaJet, Inc. (“LanzaJet”) and engineering services revenue from multiple customers Continued to execute on Biorefining business, including recording early-stage equipment and engineering revenue related to a new project with NTPC Limited (“NTPC”), India's largest power generation utility company Advanced Joint Development Agreement & Contract Research business, with several current engagements expected to progress into broader opportunities within the Biorefining and CarbonSmart™ businesses Achieved CarbonSmart milestone with the Company's first pure-play ethanol fuel sales following successful initiatives to establish the optimal licensing arrangements, partners, and supply chain infrastructure; these fuel sales build on LanzaTech's existing CarbonSmart business of selling ethanol-based products that entail the further processing or purification of ethanol offtake before delivering it to textile, chemical, and plastics customers Increased ownership stake in LanzaJet to approximately 37% from approximately 23% during second-quarter 2024 in further consideration for the license to the Alcohol-to-Jet (“ATJ”) technology exclusively licensed from LanzaTech, as LanzaJet continues to meet new milestones Launched CirculAir™, a joint offering with LanzaJet to globally deploy an end-to-end technology solution for the production of sustainable aviation fuel (“SAF”) from waste feedstocks Reaffirming full-year 2024 financial guidance ranges, including revenue of $90 million to $105 million, and adjusted EBITDA loss of $(65) million to $(55) million Announcing the closing of a $40 million investment in the form of a convertible note by Carbon Direct Capital, a new investor who is a globally recognized investor in the carbon management ecosystem “We made progress on a number of strategic fronts during the quarter, including growing revenue, increasing our stake in LanzaJet, launching CirculAir, commencing direct CarbonSmart ethanol fuel sales, and bringing Carbon Direct Capital onboard as an important new investor,” said Dr. Jennifer Holmgren, Board Chair and Chief Executive Officer of LanzaTech.
