LanzaTech Global, Inc. (Nasdaq: LNZA) (“LanzaTech” or the
“Company”), a carbon recycling and leading Carbon Capture and
Utilization (“CCU”) company, today reported its financial and
operating results for the second quarter of 2023.
Financial Results Summary
In the second quarter, revenue totaled $12.9
million, an increase of 31% compared to $9.9 million in the second
quarter of 2022, and a quarter-over-quarter increase of 34%.
Results reflect continued growth across the business, driven
primarily by increases in engineering and other services revenue in
the Company’s biorefining segment as projects progressed through
the development pipeline.
Cost of revenues in the second quarter increased
46% over the same period last year, reflecting 31% higher revenue
year-over-year for the quarter and the significant costs of
engineering and other services on our sustainable aviation fuel
project in the UK.
Operating expenses totaled $32.7 million in the
second quarter, a 52% increase from the prior year, reflecting
year-over-year overall headcount growth, expedited expansion of key
teams including engineering and strategic projects to accelerate
project development across the business and within our Brookfield
project pipeline, innovation and process improvement in our gas
fermentation platform, commercialization efforts for our
isopropanol-producing microbe, and general public company costs.
These costs support efforts critical to the Company’s strategic
growth objectives. Operating expenses in the second half 2023 are
expected to be lower than in the first half as the Company
experienced several one-time expenses in the first half, mainly
attributable to professional services associated with the closing
of the business combination.
Net loss totaled $(26.8) million compared to net
loss of $(15.9) million in the second quarter of 2022. Adjusted
EBITDA for the second quarter totaled $(23.8) million, compared to
$(17.9) million in the second quarter of 2022. Adjusted EBITDA of
$(47.3) million for the first half includes the impact of several
one-time expense add backs associated with the business combination
completed earlier this year and initial securities registration.
Adding back these one-time costs of approximately $4 million,
mostly related to professional services associated with LanzaTech’s
business combination transaction, is intended to provide a more
accurate picture of the Company’s operating performance.
Management Commentary
“During the second quarter we made meaningful
progress toward each of the strategic objectives we’ve outlined for
the year. We moved two commercial scale projects to the advanced
engineering stage, continued to progress our projects with
IndianOil in India and with ArcelorMittal in Belgium toward
expected startup in the third and fourth quarters, respectively,
and commenced startup of our fourth facility with our JV partner in
China.” said Jennifer Holmgren, Board Chair and Chief Executive
Officer of LanzaTech. “We continue to illustrate the flexibility of
our technology across a variety of waste feedstock sources and
anticipate demonstrating the commercial viability of our
isopropanol-producing microbe later this year. These important
developments continue to validate that we have a gigaton scale
carbon abatement solution many industries across the globe will
need to rise to the current climate challenges.”
Operational Highlights
- Continued Progress Toward
Three Full-Scale Commercial Startups in 2023: The Company
progressed three key projects toward commercial scale operations
this quarter, broadening its global footprint. In India, progress
over 2Q 2023 has led to expected start up at partner IndianOil
Corporation’s facility in 3Q 2023. In Belgium, commercial scale
production at partner ArcelorMittal’s facility is expected in 4Q
2023. In China, successful startup was achieved in 2Q 2023 at
partner Shougang’s facility and ramp up to full-scale production is
underway.
- Demonstration of
Isopropanol-Producing Microbe at Scale: The Company is
ahead of schedule in demonstrating production of its
isopropanol-producing microbe at scale. Isopropanol can be used to
make polypropylene, which had an estimated market size of $120
billion in 2022. This progress is expected to enable partners to
use the same LanzaTech biorefining hardware to produce more than
one product, taking advantage of commodity price changes due to
market fluctuations and demand cycles.
- SAF Market Opportunity Set
Continues to Scale: Recent announcements from LanzaJet
including the planned completion of its 10 million gallon per year
Freedom Pines Fuels facility, as well as from LanzaTech regarding
its sustainable aviation fuel (SAF) project in the United Kingdom,
continue to demonstrate the significant opportunity for the Company
in supplying its waste-based ethanol to producers of SAF via
LanzaJet’s Alcohol to Jet technology. The ambitious production
targets of SAF market participants are expected to drive a
substantial opportunity for the Company due to the limitations of
competing renewable feedstocks longer term.
- PET Production Expands
Potential End Markets: The recently announced production
of PPKNatura—the world’s first polyethylene terephthalate (PET)
resin made from captured carbon emissions—with Plastipak Packaging,
Inc. opens significant new end markets for the Company, including
the food and pharmaceutical packaging markets where recycled PET
cannot be used.
Balance Sheet and Liquidity
As of June 30, 2023, LanzaTech had $161.1
million in total cash, restricted cash, and investments compared to
$194.9 million at the end of first quarter 2023. LanzaTech does not
have any outstanding debt, other than the Brookfield SAFE and the
Fixed Maturity Consideration associated with the Forward Purchase
Agreement, as described in the Company’s filing on Form 10-Q for
the quarter ending June 30, 2023, which, for accounting purposes,
are treated as debt instruments and are classified as liabilities
on the Company’s condensed consolidated balance sheet as of June
30, 2023. The Company believes that the current liquidity position
will be sufficient to execute its business plan and achieve its
growth objectives.
2023 Guidance
LanzaTech is updating its 2023 outlook for total
revenue and adjusted EBITDA to reflect increased visibility into
the progression of its current project pipeline while considering
2023 financial results to date. The Company expects total revenue
for the full year 2023 of $80 million to $100 million. Adjusted
EBITDA is forecasted to be $(75) million to $(65) million. The
updated financial guidance reflects recent shifts in expected
project milestone timing which push certain expected revenues from
late 2023 into early 2024. As such, the Company reiterates its
previous target of reaching positive adjusted EBITDA by the end of
2024.
Conference Call Information
LanzaTech will host a conference call today,
August 9, 2023, at 8:30 A.M. EDT to review the Company's financial
results, discuss recent events and conduct a question-and-answer
session. The conference call may be accessed via a live webcast on
a listen-only basis at
https://ir.lanzatech.com/news-events/events-presentations.
To participate in the live teleconference:
Domestic callers: (844)
826-3035
International callers: (412)
317-5195
Conference ID: 10180656
A replay will be available shortly after the
call and can be accessed by dialing:
Domestic callers: (844)
512-2921
International callers: (412)
317-6671
Conference ID: 10180656
The replay will be available until Wednesday,
August 23, 2023. An archive of the webcast will be available
shortly after the call on LanzaTech’s website at
https://ir.lanzatech.com/ for twelve months following the call.
An archive of the webcast will be available
shortly after the call on LanzaTech’s website at
https://ir.lanzatech.com/ for twelve months following the call.
About LanzaTech Global Inc.
Headquartered in Skokie, IL, LanzaTech Global,
Inc. (Nasdaq: LNZA) captures waste carbon and transforms it into
materials such as sustainable fuels, fabrics, packaging, and other
products. Using a variety of waste feedstocks, LanzaTech’s
technology platform is contributing to a future where consumers are
not dependent on virgin fossil feedstocks for everything in their
daily lives. LanzaTech’s goal is to challenge and change the way
the world uses carbon, enabling a new circular carbon economy where
carbon is reused rather than wasted, skies and oceans are kept
clean, and pollution becomes a thing of the past. For more
information about LanzaTech visit https://lanzatech.com.
Forward Looking Statements
This press release includes forward-looking
statements regarding, among other things, the plans, strategies and
prospects, both business and financial, of LanzaTech. These
statements are based on the beliefs and assumptions of LanzaTech’s
management. Although LanzaTech believes that its plans, intentions
and expectations reflected in or suggested by these forward-looking
statements are reasonable, LanzaTech cannot assure you that it will
achieve or realize these plans, intentions or expectations.
Forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Generally, statements that are not
historical facts, including statements concerning possible or
assumed future actions, business strategies, events or results of
operations, are forward-looking statements. These statements may be
preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends”
or similar expressions. The forward-looking statements are based on
projections prepared by, and are the responsibility of, LanzaTech’s
management. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside LanzaTech’s control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. New risk
factors that may affect actual results or outcomes emerge from time
to time and it is not possible to predict all such risk factors,
nor can LanzaTech assess the impact of all such risk factors on its
business, or the extent to which any factor or combination of
factors may cause actual results to differ materially from those
contained in any forward-looking statements. Forward-looking
statements are not guarantees of performance. You should not put
undue reliance on these statements, which speak only as of the date
hereof. All forward-looking statements attributable to LanzaTech or
persons acting on its behalf are expressly qualified in their
entirety by the foregoing cautionary statements. LanzaTech
undertakes no obligations to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Non-GAAP Financial
Measures
To supplement our financial statements presented
in accordance with US GAAP and to provide investors with additional
information regarding our financial results, we have presented
adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is
not based on any standardized methodology prescribed by US GAAP and
is not necessarily comparable to similarly titled measures
presented by other companies.
We define adjusted EBITDA as our net loss,
excluding the impact of depreciation, interest income, net,
stock-based compensation, change in fair value of warrant
liabilities, change in fair value of SAFE liabilities, change in
fair value of the prepaid forward contract derivative and Fixed
Maturity Consideration, transaction costs on issuance of Forward
Purchase Agreement, (gain) loss from equity method investees and
other one-time costs related to the Business Combination and
initial securities registration. We monitor and have presented in
this Quarterly Report adjusted EBITDA because it is a key measure
used by our management and the Board to understand and evaluate our
operating performance, to establish budgets, and to develop
operational goals for managing our business. We believe adjusted
EBITDA helps identify underlying trends in our business that could
otherwise be masked by the effect of certain expenses that we
include in net loss. Accordingly, we believe adjusted EBITDA
provides useful information to investors, analysts, and others in
understanding and evaluating our operating results and enhancing
the overall understanding of our past performance and future
prospects.
Adjusted EBITDA is not prepared in accordance
with US GAAP and should not be considered in isolation of, or as an
alternative to, measures prepared in accordance with US GAAP. There
are a number of limitations related to the use of adjusted EBITDA
rather than net loss, which is the most directly comparable
financial measure calculated and presented in accordance with US
GAAP. For example, adjusted EBITDA: (i) excludes stock-based
compensation expense because it is a significant non-cash expense
that is not directly related to our operating performance; (ii)
excludes depreciation expense and, although this is a non-cash
expense, the assets being depreciated and amortized may have to be
replaced in the future; (iii) excludes gain or losses on equity
method investee; and (iv) excludes certain income or expense items
that do not provide a comparable measure of our business
performance. In addition, the expenses and other items that we
exclude in our calculations of adjusted EBITDA may differ from the
expenses and other items, if any, that other companies may exclude
from adjusted EBITDA when they report their operating results. In
addition, other companies may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures as tools for comparison.
For the three months ended March 31, 2023, the
Company did not exclude from Adjusted EBITDA certain one-time costs
related to the Business Combination and initial securities
registration that occurred during the period. This represents costs
incurred related to the Business Combination that do not meet the
direct and incremental criteria per SEC Staff Accounting Bulletin
Topic 5.A to be charged against the gross proceeds of the
transaction, but they are not expected to recur in the future, as
well as costs incurred subsequent to deal close related to our
initial securities registration. To conform with the adjusted
EBITDA measure as described above, and provide a more useful view
of the Company’s operating performance, the Company determined that
these costs should be excluded from the adjusted EBITDA measure for
the period in which they occurred.
The Company does not provide a reconciliation of
forward-looking non-GAAP financial measures to the most comparable
U.S. GAAP financial measures on a forward-looking basis because the
Company is unable to predict with reasonable certainty the ultimate
outcome of pending litigation, unusual gains and losses, foreign
currency exchange gains or losses and potential future asset
impairments, as well as discrete taxable events, without
unreasonable effort. These items are uncertain, depend on various
factors, and could have a material impact on U.S. GAAP results for
the guidance period.
LANZATECH
GLOBAL INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands of U.S. dollars,
except share and per share
data)(Unaudited) |
|
|
|
|
|
Period
Ended |
|
June 30,
2023 |
|
December 31,
2022 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
110,719 |
|
|
$ |
83,045 |
|
Debt security investments |
|
49,704 |
|
|
|
- |
|
Trade and other receivables, net of allowance |
|
7,766 |
|
|
|
11,695 |
|
Contract assets |
|
21,776 |
|
|
|
18,000 |
|
Other current assets |
|
18,952 |
|
|
|
11,157 |
|
Total current assets |
|
208,917 |
|
|
|
123,897 |
|
Property,
plant and equipment, net |
|
22,280 |
|
|
|
19,689 |
|
Right-of-use
assets |
|
6,582 |
|
|
|
6,969 |
|
Equity
method investment |
|
10,164 |
|
|
|
10,561 |
|
Equity
security investment |
|
14,990 |
|
|
|
14,990 |
|
Other
non-current assets |
|
5,600 |
|
|
|
750 |
|
Prepaid
forward contract derivative |
|
33,804 |
|
|
|
- |
|
Total assets |
$ |
302,337 |
|
|
$ |
176,856 |
|
Liabilities, Contingently Redeemable Preferred Stock, and
Shareholders’ Deficit |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
11,153 |
|
|
$ |
7,455 |
|
Other accrued liabilities |
|
3,639 |
|
|
|
4,502 |
|
AM SAFE liability |
|
- |
|
|
|
28,986 |
|
Warrants |
|
8,422 |
|
|
|
4,108 |
|
Contract liabilities |
|
2,952 |
|
|
|
3,101 |
|
Accrued salaries and wages |
|
5,093 |
|
|
|
7,031 |
|
Current lease liabilities |
|
1,356 |
|
|
|
798 |
|
Total current liabilities |
|
32,615 |
|
|
|
55,981 |
|
Non-current
lease liabilities |
|
6,038 |
|
|
|
6,615 |
|
Non-current
contract liabilities |
|
9,480 |
|
|
|
10,760 |
|
Fixed
Maturity Consideration |
|
6,737 |
|
|
|
- |
|
Brookfield
SAFE liability |
|
34,150 |
|
|
|
50,000 |
|
Other
long-term liabilities |
|
1,679 |
|
|
|
1,591 |
|
Total liabilities |
|
90,699 |
|
|
|
124,947 |
|
Commitments and Contingencies (see note 14) |
|
|
|
|
|
|
|
Contingently Redeemable Preferred Stock |
|
|
|
Redeemable
convertible preferred stock, $0.0001 par value; 20,000,000 and
130,133,670 shares authorized, — and 129,148,393 shares issued and
outstanding as of June 30, 2023 and December 31, 2022,
respectively |
|
- |
|
|
|
480,631 |
|
Shareholders’ Deficit |
|
|
|
Common stock, $0.0001 par value; 400,000,000 and 158,918,093 shares
authorized, 195,674,502 and 10,422,051 shares issued and
outstanding as of June 30, 2023 and December 31, 2022,
respectively |
|
19 |
|
|
|
1 |
|
Additional paid-in capital |
|
996,704 |
|
|
|
24,782 |
|
Accumulated other comprehensive income |
|
2,787 |
|
|
|
2,740 |
|
Accumulated deficit |
|
(787,872 |
) |
|
|
(456,245 |
) |
Total shareholders’ equity (deficit) |
$ |
211,638 |
|
|
$ |
(428,722 |
) |
Total liabilities, contingently redeemable preferred stock, and
shareholders' equity |
$ |
302,337 |
|
|
$ |
176,856 |
|
LANZATECH GLOBAL
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands of U.S. dollars,
except share and per share
data)(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months
Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Revenue from contracts with customers - services |
$ |
10,372 |
|
|
$ |
7,139 |
|
|
$ |
17,957 |
|
|
$ |
13,602 |
|
Revenue from contracts with customers - tangible products |
|
1,007 |
|
|
|
982 |
|
|
|
1,007 |
|
|
|
1,722 |
|
Revenue from collaborative arrangements |
|
462 |
|
|
|
973 |
|
|
|
1,550 |
|
|
|
973 |
|
Revenue from related party transactions |
|
1,076 |
|
|
|
758 |
|
|
|
2,049 |
|
|
|
1,412 |
|
Total revenue |
|
12,917 |
|
|
|
9,852 |
|
|
|
22,563 |
|
|
|
17,709 |
|
|
|
|
|
|
|
|
|
Cost and
operating expenses: |
|
|
|
|
|
|
|
Cost of revenue from contracts with customers - services (exclusive
of depreciation shown below) |
|
(9,631 |
) |
|
|
(6,417 |
) |
|
|
(16,973 |
) |
|
|
(11,613 |
) |
Cost of revenue from contracts with customers - tangible products
(exclusive of depreciation shown below) |
|
(727 |
) |
|
|
(312 |
) |
|
|
(727 |
) |
|
|
(876 |
) |
Cost of revenue from collaborative arrangements (exclusive of
depreciation shown below) |
|
(419 |
) |
|
|
(471 |
) |
|
|
(826 |
) |
|
|
(471 |
) |
Cost of revenue from related party transactions (exclusive of
depreciation shown below) |
|
(50 |
) |
|
|
(227 |
) |
|
|
(91 |
) |
|
|
(296 |
) |
Research and development expense |
|
(18,908 |
) |
|
|
(13,237 |
) |
|
|
(35,194 |
) |
|
|
(25,598 |
) |
Depreciation expense |
|
(1,348 |
) |
|
|
(1,163 |
) |
|
|
(2,605 |
) |
|
|
(2,222 |
) |
Selling, general and administrative expense |
|
(12,452 |
) |
|
|
(7,146 |
) |
|
|
(29,287 |
) |
|
|
(12,224 |
) |
Total cost and operating expenses |
|
(43,535 |
) |
|
|
(28,973 |
) |
|
|
(85,703 |
) |
|
|
(53,300 |
) |
Loss from
operations |
|
(30,618 |
) |
|
|
(19,121 |
) |
|
|
(63,140 |
) |
|
|
(35,591 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
Interest income, net |
|
1,701 |
|
|
|
(5 |
) |
|
|
1,915 |
|
|
|
(5 |
) |
Other expense, net |
|
2,001 |
|
|
|
102 |
|
|
|
(28,395 |
) |
|
|
76 |
|
Total other income (expense), net |
|
3,702 |
|
|
|
97 |
|
|
|
(26,480 |
) |
|
|
71 |
|
Loss before
income taxes |
|
(26,916 |
) |
|
|
(19,024 |
) |
|
|
(89,620 |
) |
|
|
(35,520 |
) |
Income tax
expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Gain (loss)
from equity method investees, net |
|
130 |
|
|
|
3,095 |
|
|
|
(478 |
) |
|
|
2,813 |
|
Net
loss |
$ |
(26,786 |
) |
|
$ |
(15,929 |
) |
|
$ |
(90,098 |
) |
|
$ |
(32,707 |
) |
|
|
|
|
|
|
|
|
Other
comprehensive loss: |
|
|
|
|
|
|
|
Foreign
currency translation adjustments |
|
96 |
|
|
|
(355 |
) |
|
|
47 |
|
|
|
(383 |
) |
Comprehensive loss |
$ |
(26,690 |
) |
|
$ |
(16,284 |
) |
|
$ |
(90,051 |
) |
|
$ |
(33,090 |
) |
|
|
|
|
|
|
|
|
Unpaid cumulative dividends on preferred stock |
|
- |
|
|
|
(9,654 |
) |
|
|
(4,117 |
) |
|
|
(19,177 |
) |
Net loss allocated to common shareholders |
$ |
(26,786 |
) |
|
$ |
(25,583 |
) |
|
$ |
(94,215 |
) |
|
$ |
(51,884 |
) |
|
|
|
|
|
|
|
|
Net loss per
common share - basic and diluted |
$ |
(0.14 |
) |
|
$ |
(2.77 |
) |
|
$ |
(0.60 |
) |
|
$ |
(5.63 |
) |
Weighted-average number of common shares outstanding - basic and
diluted |
|
195,537,601 |
|
|
|
9,222,214 |
|
|
|
156,472,730 |
|
|
|
9,222,870 |
|
|
|
|
|
|
|
|
|
LANZATECH
GLOBAL INC.CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(In thousands
of U.S. dollars)(Unaudited) |
|
|
|
|
|
Six Months
Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Cash
Flows From Operating Activities: |
|
|
|
Net
loss |
$ |
(90,098 |
) |
|
$ |
(32,707 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
- |
|
|
|
- |
|
Share-based compensation expense |
|
8,715 |
|
|
|
1,414 |
|
Gain on change in fair value of SAFE and warrant liabilities |
|
(4,663 |
) |
|
|
(766 |
) |
Loss on change in fair value of the prepaid forward contract and
the Fixed Maturity Consideration |
|
33,029 |
|
|
|
- |
|
Provision for losses on trade and other receivables |
|
800 |
|
|
|
- |
|
Depreciation of property, plant and equipment |
|
2,605 |
|
|
|
2,222 |
|
Amortization of discount on debt security investment |
|
(508 |
) |
|
|
- |
|
Non-cash lease expense |
|
387 |
|
|
|
886 |
|
Non-cash recognition of licensing revenue |
|
(1,136 |
) |
|
|
(1,080 |
) |
Loss (gain) from equity method investees, net |
|
478 |
|
|
|
(2,813 |
) |
Net foreign exchange loss (gain) |
|
194 |
|
|
|
(605 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
3,129 |
|
|
|
(3,296 |
) |
Contract assets |
|
(3,668 |
) |
|
|
(3,807 |
) |
Accrued interest on debt investment |
|
(93 |
) |
|
|
- |
|
Other assets |
|
(8,942 |
) |
|
|
(4,638 |
) |
Accounts payable and accrued salaries and wages |
|
1,881 |
|
|
|
4,077 |
|
Contract liabilities |
|
(150 |
) |
|
|
(237 |
) |
Operating lease liabilities |
|
(19 |
) |
|
|
(996 |
) |
Other liabilities |
|
(1,057 |
) |
|
|
(159 |
) |
Net cash used in operating activities |
$ |
(59,116 |
) |
|
$ |
(42,505 |
) |
Cash
Flows From Investing Activities: |
|
|
|
Purchase of
property, plant and equipment |
|
(5,318 |
) |
|
|
(4,894 |
) |
Purchase of
debt securities |
|
(49,103 |
) |
|
|
- |
|
Forward
purchase option derivative purchase |
|
(60,096 |
) |
|
|
- |
|
Purchase of
additional interest in equity method investment |
|
(288 |
) |
|
|
- |
|
Origination
of related party loan |
|
(5,212 |
) |
|
|
- |
|
Net cash used in investing activities |
$ |
(120,017 |
) |
|
$ |
(4,894 |
) |
Cash
Flows From Financing Activities: |
|
|
|
Proceeds
from issue of equity instruments of the Company |
|
- |
|
|
|
7 |
|
Proceeds
from the Business Combination and PIPE, net of transaction expenses
(Note 3) |
|
213,381 |
|
|
|
- |
|
Proceeds
from exercise of options |
|
1,077 |
|
|
|
- |
|
Repurchase
of equity instruments of the Company |
|
(7,650 |
) |
|
|
- |
|
Net cash provided by financing activities |
$ |
206,808 |
|
|
$ |
7 |
|
Net increase
(decrease) in cash, cash equivalents and restricted cash |
|
27,675 |
|
|
|
(47,392 |
) |
Cash, cash
equivalents and restricted cash at beginning of period |
|
83,710 |
|
|
|
128,732 |
|
Effects of
currency translation on cash, cash equivalents and restricted
cash |
|
4 |
|
|
|
(71 |
) |
Cash, cash
equivalents and restricted cash at end of period |
$ |
111,389 |
|
|
$ |
81,269 |
|
Supplemental
disclosure of non-cash investing and financing activities: |
|
|
|
|
|
|
|
Acquisition
of property, plant and equipment under accounts payable |
|
125 |
|
|
|
713 |
|
Reclassification of capitalized costs related to the business
combination to equity |
|
1,514 |
|
|
|
- |
|
Cashless
conversion of warrants on preferred shares |
|
5,890 |
|
|
|
- |
|
Recognition
of public and private warrant liabilities in the Business
Combination |
|
4,624 |
|
|
|
- |
|
Reclassification of AM SAFE warrant to equity |
|
1,800 |
|
|
|
- |
|
Conversion
of AM SAFE liability into common stock |
|
29,730 |
|
|
|
- |
|
Conversion
of Legacy LanzaTech NZ, Inc. preferred stock and in-kind dividend
into common stock |
|
722,160 |
|
|
|
- |
|
Reclassification of Shortfall warrant to equity |
|
3,063 |
|
|
|
- |
|
Reconciliation of GAAP Net Income to Adjusted
EBITDA(In thousands of U.S. dollars) |
|
|
|
|
Reconciliation of Net Loss to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net
Loss |
$ |
(63,312 |
) |
|
$ |
(16,778 |
) |
Depreciation |
|
1,257 |
|
|
|
1,059 |
|
Interest
income |
|
(214 |
) |
|
|
- |
|
Income tax
expense |
|
- |
|
|
|
- |
|
Stock-based
compensation expense and change in fair value of SAFE and warrant
liabilities (1) |
|
(17,474 |
) |
|
|
678 |
|
Change in
fair value of the prepaid forward contract derivative and Fixed
Maturity Consideration |
|
51,109 |
|
|
|
- |
|
Transaction
costs on issuance of Forward Purchase Agreement |
|
451 |
|
|
|
- |
|
Loss from
equity method investees, net |
|
608 |
|
|
|
282 |
|
Adjusted EBITDA |
$ |
(27,575 |
) |
|
$ |
(14,759 |
) |
One-time
costs related to the Business Combination and initial securities
registration (2) |
|
4,062 |
|
- |
|
- |
|
Adjusted EBITDA (Recast) |
$ |
(23,513 |
) |
- |
$ |
(14,759 |
) |
|
|
|
|
|
|
|
|
(1) Stock-based compensation expense represents expense related to
equity compensation plans |
|
|
(2) Represents costs incurred related to the Business Combination
that do not meet the direct and incremental criteria per SEC Staff
Accounting Bulletin Topic 5.A to be charged against the gross
proceeds of the transaction, but are not expected to recur in the
future, as well as costs incurred subsequent to deal close related
to our initial securities registration. |
|
Three Months
Ended June 30, |
|
Six Months
Ended June 30, |
(In thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net
Loss |
$ |
(26,786 |
) |
|
$ |
(15,929 |
) |
|
$ |
(90,098 |
) |
|
$ |
(32,707 |
) |
Depreciation |
|
1,348 |
|
|
|
1,163 |
|
|
|
2,605 |
|
|
|
2,222 |
|
Interest
income, net |
|
(1,701 |
) |
|
|
5 |
|
|
|
(1,915 |
) |
|
|
5 |
|
Income tax
expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based
compensation expense and change in fair value of SAFE and warrant
liabilities (1) |
|
21,526 |
|
|
|
(30 |
) |
|
|
4,052 |
|
|
|
648 |
|
Change in
fair value of the prepaid forward contract derivative and Fixed
Maturity Consideration |
|
(18,080 |
) |
|
|
- |
|
|
|
33,029 |
|
|
|
- |
|
Transaction
costs on issuance of Forward Purchase Agreement |
|
- |
|
|
|
- |
|
|
|
451 |
|
|
|
- |
|
(Gain) loss
from equity method investees, net |
|
(130 |
) |
|
|
(3,095 |
) |
|
|
478 |
|
|
|
(2,813 |
) |
One-time
costs related to the Business Combination and initial securities
registration(2) |
|
- |
|
|
|
- |
|
|
|
4,062 |
|
|
|
- |
|
Adjusted EBITDA |
$ |
(23,823 |
) |
|
$ |
(17,886 |
) |
|
$ |
(47,336 |
) |
|
$ |
(32,645 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Stock-based compensation expense represents expense related to
equity compensation plans |
|
|
|
|
|
|
(2) Represents costs
incurred related to the Business Combination that do not meet the
direct and incremental criteria per SEC Staff Accounting Bulletin
Topic 5.A to be charged against the gross proceeds of the
transaction, but are not expected to recur in the future, as well
as costs incurred subsequent to deal close related to our initial
securities registration. |
Contacts:
Media Relations Contact -
LanzaTechKit McDonnellDirector of
Communicationspress@lanzatech.com
Investor Relations Contact -
LanzaTechOmar El-Sharkawy VP, Corporate Development
LanzatechIR@icrinc.com
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