LanzaTech Global Inc · Q1 2024 earnings

Briefing

Reported financial results in line with annual guidance and consistent with outlook of back-end weighted full year 2024 revenue.

LanzaTech reported first quarter 2024 revenue of $10.2 million, a 6% increase year-over-year, driven by growth in CarbonSmart and Joint Development Agreements & Contract Research businesses. The company reiterated its full year 2024 revenue outlook of $90 - $105 million.

• Revenue totaled $10.2 million, up 6% year-over-year, driven by CarbonSmart and Joint Development Agreements & Contract Research businesses.
• Gross margin was 34%, up 15 percentage points year-over-year, driven by a greater mix of high-margin engineering services and Joint Development Agreement work.
• Net loss totaled $(25.5) million, compared to a net loss of $(63.3) million in the prior year period.
• Cash, restricted cash, and investments totaled $92.3 million at March 31, 2024.

Headline financials

Revenue & EPS history

The Company is reiterating its previously issued financial and operating outlook for the full year 2024. Management expects total revenue of $90 - $105 million and adjusted EBITDA of $(65) - $(55) million. The current outlook includes expected annual growth across all components of the business and at the midpoint, approximately 55% revenue growth over last year. The Company continues to expect its financial performance to be significantly back-end weighted to the second half of 2024.