Business
LanzaTech Announces First Quarter 2024 Financial Results and Reiterates Full Year 2024 Outlook
Achieved total revenue of $10.2 million for first quarter 2024 in-line with annual guidance and consistent with outlook of back-end weighted full year 2024
About this update from Lanzatech Global, Inc.
[{"type":"text","content":"Achieved total revenue of $10.2 million for first quarter 2024 in-line with annual guidance and consistent with outlook of back-end weighted full year 2024 revenue Reiterating full year 2024 outlook including total revenue of $90 - $105 million Cash, restricted cash, and investments of $92.3 million at March 31, 2024 CHICAGO, May 09, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (Nasdaq: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable raw materials, today reported its financial and operating results for the first quarter 2024 and reiterated its previously issued financial outlook for full year 2024. “We delivered first quarter financial results in-line with our previously issued annual guidance, while achieving a key milestone with Project SECURE, showcasing our capacity for innovative, scalable carbon recycling solutions,” said Jennifer Holmgren, Board Chair and Chief Executive Officer of LanzaTech. “The robust growth in LanzaJet and the SAF market more broadly mirrors the rising demand for our waste-based ethanol, reflecting the expansion and impact of our commercial project pipeline, as well as the growing focus on and adoption of alternative aviation fuels. We're laying the groundwork for the emerging carbon economy, supported by our steadfast commitment and clear financial path forward, ensuring our efforts today shape a sustainable, deliberate future.” First Quarter 2024 Financial Results In the first quarter of 2024, revenue totaled $10.2 million, reflecting an increase of 6% compared to $9.6 million in the first quarter of 2023 and in-line with the Company’s previously issued guidance. The year-over-year growth in revenue reflects growth in the CarbonSmart and Joint Development Agreements & Contract Research businesses. Biorefining revenue declined year-over-year in the first quarter of 2024, as anticipated, to $5.0 million but saw strong contributions from engineering services revenue across projects in both early and advanced-stage engineering as well as from startup services associated with the ArcelorMittal facility in Belgium. Cost of revenues in the first quarter of 2024 totaled $6.8 million, driving gross profit of $3.5 million, up 87% year-over-year. Gross margin was 34% for the first quarter 2024, a 15 percentage point increase year-over year, refle...