Business
LanzaTech Global, Inc. Announces Second Quarter 2023 Financial Results
Operating revenues of $12.9 million for second quarter 2023, an increase of 31% over second quarter 2022 Current cash, restricted cash, and investments of
About this update from Lanzatech Global, Inc.
[{"type":"text","content":"Operating revenues of $12.9 million for second quarter 2023, an increase of 31% over second quarter 2022 Current cash, restricted cash, and investments of $161.1 million provides financial flexibility to execute business strategy through year-end 2024 without further need for additional capital resources Reiterate outlook for achieving positive adjusted EBITDA by year-end 2024 Expanding geographic footprint in Europe and India with expected commercial plant startups in 2023 Updating full year 2023 revenue and adjusted EBITDA outlook due to improved project visibility and financial results to date CHICAGO, Aug. 09, 2023 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (Nasdaq: LNZA) (“LanzaTech” or the “Company”), a carbon recycling and leading Carbon Capture and Utilization (“CCU”) company, today reported its financial and operating results for the second quarter of 2023. Financial Results Summary In the second quarter, revenue totaled $12.9 million, an increase of 31% compared to $9.9 million in the second quarter of 2022, and a quarter-over-quarter increase of 34%. Results reflect continued growth across the business, driven primarily by increases in engineering and other services revenue in the Company’s biorefining segment as projects progressed through the development pipeline. Cost of revenues in the second quarter increased 46% over the same period last year, reflecting 31% higher revenue year-over-year for the quarter and the significant costs of engineering and other services on our sustainable aviation fuel project in the UK. Operating expenses totaled $32.7 million in the second quarter, a 52% increase from the prior year, reflecting year-over-year overall headcount growth, expedited expansion of key teams including engineering and strategic projects to accelerate project development across the business and within our Brookfield project pipeline, innovation and process improvement in our gas fermentation platform, commercialization efforts for our isopropanol-producing microbe, and general public company costs. These costs support efforts critical to the Company’s strategic growth objectives. Operating expenses in the second half 2023 are expected to be lower than in the first half as the Company experienced several one-time expenses in the first half, mainly attributable to professional services associated with the closing...