h3 LanzaTech Reports SecondQuarter 2024 Financial Resultsh3p LanzaTech Global Inc NASDAQ LNZA report
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LanzaTech Reports Second-Quarter 2024 Financial Results
LanzaTech Global, Inc. (NASDAQ: LNZA) reported its financial and operating results for the second-quarter 2024, exceeding expectations with total revenue of $17.4 million.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change |
|---|---|---|---|---|
| Total Revenue | $17.4 million | $12.9 million | +70.6% | +35% |
| Net Loss | $(27.8) million | $(26.8) million | - | -3.7% |
| Adjusted EBITDA Loss | $(17.8) million | $(23.8) million | - | -25% |
LanzaTech's financial performance showed significant improvement year-over-year. The company's total revenue increased by 35%, primarily driven by the biorefining business and licensing revenue related to technology licensed to LanzaJet, Inc. Gross margin improved to 68%, thanks to the licensing component with low associated costs.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Biorefining | $13.7 million | $9.5 million | +44.2% |
| Joint Development & Contract Research | $2.8 million | $2.2 million | +25% |
| CarbonSmart | $0.9 million | $1.0 million | -10% |
The biorefining segment, driven by licensing revenue, showed a robust 44.2% year-over-year growth. Joint Development & Contract Research revenue increased by 25%, while the CarbonSmart segment saw a slight decline.
Operational Highlights
| Operational Metric | Q2 2024 |
|---|---|
| Cost of Revenue | $5.5 million |
| Operating Expenses | $34.7 million |
| Increased Ownership in LanzaJet | 37% |
| New Investment by Carbon Direct Capital | $40 million |
LanzaTech reported key operational achievements, including increasing its ownership stake in LanzaJet and securing a $40 million investment by Carbon Direct Capital to enhance financial flexibility.
Comments from Company Officers
Dr. Jennifer Holmgren, CEO, highlighted the progress in strategic fronts, increased customer interest in waste-derived products, and reaffirmed the company’s vision of a circular carbon economy. She emphasized the company's efforts to reach profitability expeditiously through growth in revenue and gross profit.
Dividends and Share Repurchase
No announcements regarding dividends or share repurchase programs were made.
Forward Guidance
LanzaTech reaffirmed its full-year 2024 financial guidance, projecting total revenue between $90 million and $105 million and an adjusted EBITDA loss of $(65) million to $(55) million.
Stock Price Movement
Post-release, LanzaTech's stock price experienced a 4.99% decline.
The company continues to show strong financial performance and strategic progress, positioning itself for future growth and profitability.
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