LanzaTech Global Inc Reports SecondQuarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
LanzaTech Global, Inc. Reports Second-Quarter 2024 Financial Results
LanzaTech Global, Inc. (NASDAQ:LNZA) reported its financial results for the second-quarter of fiscal year 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | Year-over-Year Comparison | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $17.4M | $12.9M | +35% | $14.11M |
| Adjusted EBITDA Loss | $(17.8)M | $(23.8)M | -25% | N/A |
LanzaTech's financial performance in Q2 2024 exceeded expectations. The company reported a total revenue of $17.4 million, representing a year-over-year (YoY) increase of 35%. This growth was primarily driven by the biorefining business, particularly licensing and engineering services. Revenue also surpassed the consensus estimate of $14.11 million. The adjusted EBITDA loss improved by 25% compared to the same quarter last year, reflecting better operational efficiency and revenue growth.
Revenue Performance Across Segments
| Segment | Q2 2024 | Q2 2023 | Comparison to Previous Guidance |
|---|---|---|---|
| Biorefining | $13.7M | $8.0M | Exceeded |
| JDA & Contract Research | $2.8M | $2.2M | Met |
| CarbonSmart | $0.9M | $1.0M | Below |
The biorefining segment was the standout performer in Q2 2024, recording $13.7 million in revenue, a significant increase from $8.0 million in Q2 2023. This growth outpaced previous guidance, driven by licensing agreements and engineering services. The JDA & Contract Research segment also saw a YoY increase, whereas CarbonSmart posted a slight decline in revenue.
Comments from Company Officers
Dr. Jennifer Holmgren, CEO of LanzaTech, commented on the strategic progress across multiple fronts, including revenue growth, an increased ownership stake in LanzaJet, and the successful launch of the CirculAir initiative. Holmgren emphasized the company’s drive towards profitability by growing revenue and gross profit while managing costs effectively.
Investment Announcement
LanzaTech announced a $40 million investment from Carbon Direct Capital. The investment will bolster the company's financial flexibility and support growth initiatives.
Forward Guidance
LanzaTech reaffirmed its financial guidance for the full-year 2024, expecting total revenue between $90 million and $105 million and an adjusted EBITDA loss of $(65) million to $(55) million. The company expects revenue for the second half of 2024 to be heavily weighted towards the fourth quarter.
Stock Price Movement
Following the earnings release, LanzaTech’s stock experienced a slight decrease of approximately -0.38%.
This earnings release reflects LanzaTech's strong performance and strategic advancements, positioning the company on a path towards achieving its profitability goals.