Business
LanzaTech Announces Full Year 2022 Financial Results and Provides Full Year 2023 Financial Outlook
Total revenue for full year 2023 expected to be $80.0 million – $120.0 million, up from full year 2022 revenue of $37.3 million Adjusted EBITDA for full year
About this update from Lanzatech Global, Inc.
[{"type":"text","content":"Total revenue for full year 2023 expected to be $80.0 million – $120.0 million, up from full year 2022 revenue of $37.3 million Adjusted EBITDA for full year 2023 expected to be $(65.0) million – $(55.0) million versus full year 2022 Adjusted EBITDA of $(69.2) million Post-transaction total cash on hand of $230 million, positioning the Company with significant financial flexibility Cash position expected to fully fund the business through the achievement of positive Adjusted EBITDA expected by the end of 2024 CHICAGO, March 29, 2023 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (Nasdaq: LNZA) (“LanzaTech” or the “Company”), the leading Carbon Capture and Transformation (“CCT”) company, today announced its full year financial results for the fiscal year ending December 31, 2022, and provided its current outlook for full year 2023. 2022 Full Year Results SummaryFor the full year 2022, the Company reported total revenue of $37.3 million, net loss of $(76.4) million, and Adjusted EBITDA of $(69.2) million, compared to $25.5 million, $(46.7) million, and $(44.8) million, respectively, for 2021. 2022 total revenue increased 47% year-on-year as a result of growth across nearly all revenue drivers, led by increases in engineering and other services associated with its biorefining licensing business. In 2022, the cumulative capacity of the installed production base of the Company’s licensed plants increased by 60% to reach approximately 150,000 tonnes per annum. The Company’s Adjusted EBITDA performance in 2022 reflects increased SG&A expenses associated with higher headcount and associated personnel costs and increased administrative costs as the Company continues to expand. 2023 Financial Outlook For the full year 2023, the Company expects total revenue of between $80.0 million and $120.0 million and the company also expects Adjusted EBITDA for the full year 2023 of between $(65.0) million and $(55.0) million. The significant ramp in 2023 revenue reflects multiple new projects in active development and the early recurring revenue streams associated with our increasing number of commercially operating plants under licensing agreements which come online over the course of the year. Jennifer Holmgren, Chairman and CEO of LanzaTech stated, “The accelerating global adoption of our CCT technology and continued progress within our partners’ pipe...