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’ pipeline of CCT facilities
currently under development, mark the initial stages of an
important new chapter in our company’s development story. The years
of hard work and cutting-edge research required to bring our
technology to a commercial level are now poised to bear fruit as we
transition towards this new chapter of rapid growth and near-term
expected profitability. While innovation and the advancement of our
technology continue to be a pillar on which our company is built,
we must now add to our focus, the widespread proliferation of our
technology in order to make a circular carbon economy and post
pollution future a reality.”
Geoff Trukenbrod, CFO of LanzaTech commented,
“We are pleased to report our financial results for 2022 and
introduce our financial outlook for 2023. Our achieved results and
forecast illustrate the growth and momentum we are seeing as we
scale the business. With the recent completion of our go-public
transaction, we are motivated, focused, and strategically
positioned to execute on our exciting growth plans. We are armed
with a strong and flexible balance sheet including zero debt and
approximately $230 million in cash on hand at the close of our go
public transaction, which we believe positions us to fully-fund our
business through to positive Adjusted EBITDA by the end of
2024.”
LanzaTech Announces Filing of Annual
Report, Including on Form 10-K The Company announced the
availability of its 2022 Annual Report. To access the Company’s
latest Annual Report, please visit
https://ir.lanzatech.com/financial-information/annual-reports.
Additionally, LanzaTech filed its Form 10-K for
the fiscal year ended December 31, 2022 with the SEC, which
includes complete operating and financial results along with
management commentary for the full year 2022 of AMCI Acquisition
Corp. II, the acquiring entity in the company’s business
combination transaction completed in February 2023. The Form 10-K
can be accessed on the SEC’s website at www.sec.gov.
LanzaTech Announces Filing of “Super
8-K”LanzaTech also filed an amendment to its Super 8-K
with the Company’s 2022 audited financials. The Super 8-K was
originally filed with the SEC on February 13, 2023, following the
consummation of its business combination with AMCI Acquisition
Corp. II on February 8, 2023. Subject to comments from the SEC and
any further required revisions to the filing, the Company expects
to file a final version and receive regulatory approval for the
business combination.
About LanzaTechHeadquartered in
Skokie, Ill., LanzaTech transforms waste carbon into materials such
as sustainable fuels, fabrics, packaging, and other products. Using
a variety of waste feedstocks, LanzaTech’s technology platform is
contributing to a future where consumers are not dependent on
virgin fossil feedstocks for everything in their daily lives.
LanzaTech’s goal is to challenge and change the way the world uses
carbon, enabling a new circular carbon economy where carbon is
reused rather than wasted, skies and oceans are kept clean, and
pollution becomes a thing of the past. For more information about
LanzaTech visit https://lanzatech.com.
Forward-Looking StatementsThis
press release includes forward-looking statements regarding, among
other things, the plans, strategies and prospects, both business
and financial, of LanzaTech. These statements are based on the
beliefs and assumptions of LanzaTech’s management. Although
LanzaTech believes that its plans, intentions and expectations
reflected in or suggested by these forward-looking statements are
reasonable, LanzaTech cannot assure you that it will achieve or
realize these plans, intentions or expectations. Forward-looking
statements are inherently subject to risks, uncertainties and
assumptions. Generally, statements that are not historical facts,
including statements concerning possible or assumed future actions,
business strategies, events or results of operations, are
forward-looking statements. These statements may be preceded by,
followed by or include the words “believes,” “estimates,”
“expects,” “projects,” “forecasts,” “may,” “will,” “should,”
“seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar
expressions. The forward-looking statements are based on
projections prepared by, and are the responsibility of, LanzaTech’s
management. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside LanzaTech’s control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. New risk
factors that may affect actual results or outcomes emerge from time
to time and it is not possible to predict all such risk factors,
nor can LanzaTech assess the impact of all such risk factors on its
business, or the extent to which any factor or combination of
factors may cause actual results to differ materially from those
contained in any forward-looking statements. Forward-looking
statements are not guarantees of performance. You should not put
undue reliance on these statements, which speak only as of the date
hereof. All forward-looking statements attributable to LanzaTech or
persons acting on its behalf are expressly qualified in their
entirety by the foregoing cautionary statements. LanzaTech
undertakes no obligations to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Non-GAAP Financial Measures
To supplement our financial results presented in
accordance with US GAAP and to provide investors with additional
information regarding our financial results, we have presented in
this press release adjusted EBITDA, a non-GAAP financial measure.
Adjusted EBITDA is not based on any standardized methodology
prescribed by US GAAP and is not necessarily comparable to
similarly titled measures presented by other companies.
We define adjusted EBITDA as our net loss,
excluding the impact of depreciation and amortization, interest
income (expense), income tax benefit (expense), gain on
extinguishment of debt, stock-based compensation, and loss/(gain)
from equity method investees. We monitor and have presented in this
press release adjusted EBITDA because it is a key measure used by
our management and the board of directors to understand and
evaluate our operating performance, to establish budgets, and to
develop operational goals for managing our business. We believe
adjusted EBITDA helps identify underlying trends in our business
that could otherwise be masked by the effect of certain expenses
that we include in net loss. Accordingly, we believe adjusted
EBITDA provides useful information to investors, analysts, and
others in understanding and evaluating our operating results and
enhancing the overall understanding of our past performance and
future prospects.
Adjusted EBITDA is not prepared in accordance
with US GAAP and should not be considered in isolation of, or as an
alternative to, measures prepared in accordance with US GAAP. There
are a number of limitations related to the use of adjusted EBITDA
rather than net loss, which is the most directly comparable
financial measure calculated and presented in accordance with US
GAAP. For example, adjusted EBITDA: (i) excludes stock-based
compensation expense because it is a significant non-cash expense
hat is not directly related to our operating performance; (ii)
excludes depreciation expense and, although this is a non-cash
expense, the assets being depreciated and amortized may have to be
replaced in the future; and (iii) does not reflect the cash
requirements necessary to service interest on our debt, which
affects the cash available to us; (iv) gain or losses on equity
method investee; and (v) certain income or expense items that do
not provide a comparable measure of our business performance. In
addition, the expenses and other items that we exclude in our
calculations of adjusted EBITDA may differ from the expenses and
other items, if any, that other companies may exclude from adjusted
EBITDA when they report their operating results. In addition, other
companies may use other measures to evaluate their performance, all
of which could reduce the usefulness of our non-GAAP financial
measures as tools for comparison.
The following table reconciles adjusted EBITDA
to net loss, the most directly comparable financial measure
calculated and presented in accordance with US GAAP.
Reconciliation of Net loss to Adjusted
EBITDA |
|
Year Ended December 31, |
(In thousands) |
|
2022 |
|
|
|
2021 |
|
Net Loss |
$ |
(76,356 |
) |
|
$ |
(46,689 |
) |
Depreciation |
|
4,660 |
|
|
|
3,806 |
|
Interest (income) expense |
|
(8 |
) |
|
|
7 |
|
Gain on extinguishment of debt |
|
— |
|
|
|
(3,065 |
) |
Stock-based compensation expense and change in fair value of
warrant liability (1) |
|
4,476 |
|
|
|
3,094 |
|
Gain from equity method investees, net |
|
(1,992 |
) |
|
|
(1,945 |
) |
Adjusted EBITDA |
$ |
(69,220 |
) |
|
$ |
(44,792 |
) |
___________________ |
|
|
|
(1) Stock-based compensation expense
represents expense related to equity compensation plans |
|
|
The Company does not provide a reconciliation of forward-looking
non-GAAP financial measures to the most comparable U.S. GAAP
financial measures on a forward-looking basis because the Company
is unable to predict with reasonable certainty the ultimate outcome
of pending litigation, unusual gains and losses, foreign currency
exchange gains or losses and potential future asset impairments, as
well as discrete taxable events, without unreasonable effort. These
items are uncertain, depend on various factors, and could have a
material impact on U.S. GAAP results for the guidance period.
Contacts:
Media Contact - LanzaTech
Kit McDonnell, Director of Communications
kit.mcdonnell@lanzatech.com
Investor Relations Contact - LanzaTech
Omar El-Sharkawy
VP, Corporate Development
LanzatechIR@icrinc.com
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