Business
LanzaTech Global, Inc. Announces First Quarter 2023 Financial Results
Total revenues of $9.6 million for first quarter 2023, an increase of 23% over first quarter 2022, and consistent with 2023 revenue guidance Completed
About this update from Lanzatech Global, Inc.
[{"type":"text","content":"Total revenues of $9.6 million for first quarter 2023, an increase of 23% over first quarter 2022, and consistent with 2023 revenue guidance Completed business combination with AMCI Acquisition Corp. II on February 8, 2023, raising $242 million of gross proceeds through the transaction Reaffirming full year 2023 revenue and adjusted EBITDA guidance CHICAGO, May 15, 2023 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (Nasdaq: LNZA) (“LanzaTech” or the “Company”), a carbon recycling and leading Carbon Capture and Transformation (“CCT”) company, today reported its financial and operating results for the first quarter of 2023. In the first quarter, revenue totaled $9.6 million, an increase of 23% compared to $7.9 million in the first quarter of 2022. This strong revenue growth reflected continued growth across the business and was driven by increases in engineering and other services revenue in our biorefining business as well as by increases in our joint development and contract research work. Management Commentary “Successfully completing our go-public transaction was a tremendous accomplishment and strengthens LanzaTech’s market position as we accelerate growth and continue to execute on our mission to change the way the world handles carbon pollution,” said Jennifer Holmgren, Chairman and Chief Executive Officer of LanzaTech. “We believe our first quarter results demonstrate the acceleration of our CCT technology on a commercial basis and position us well to achieve our 2023 financial and operational projections as we continue to advance the current pipeline of projects as well as assess new opportunities with current and new partners. Operationally, we continue to progress the projects in our pipeline and expect three additional commercial scale facilities to begin operations this year. I am so proud of our achievements in the first quarter of this year and look forward to sharing further progress updates in the future.” Operational Highlights Completed Business Combination: On February 8, 2023, LanzaTech completed its business combination transaction with AMCI Acquisition Corp. II, raising $242 million in gross proceeds over the course of the transaction, including $185 million from a common equity PIPE, $50 million from a SAFE investment from Brookfield Renewable (“Brookfield”), and $7 million from cash remaining in the SPAC trus...