LanzaTech Global, Inc. (NASDAQ:LNZA) Q1 2024 Earnings Call Transcript

LanzaTech Global, Inc. (NASDAQ:LNZA) Q1 2024 Earnings Call Transcript May 10, 2024

LanzaTech Global, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning, everyone, and welcome to today's LanzaTech Global First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]. Also today's call is being recorded and I will be standing by if anyone should any assistance. And now at this time, I'll turn things over to Omar El-Sharkawy, Vice President of Corporate Development. Please go ahead, sir.

Omar El-Sharkawy: Good morning. And thank you for joining us for LanzaTech Global Inc First Quarter 2024 Earnings Conference Call. On the call today, I'm joined by our Board Chair and CEO, Dr. Jennifer Holmgren and our CFO, Geoff Trukenbrod. Earlier this morning, we issued a press release with our first quarter 2024 financial and operating results, as well as an investor presentation summarizing the company's performance and key operational highlights for the quarter. Please also reference our quarterly report on Form 10-Q for the quarter-ending March 31, 2024, filed today. Both our press release and results summary investor presentation can be found in the Investor Relations section of our website at www.LanzaTech.com. Before we begin, I'd like to direct you to the disclaimers in the front of the company's investor presentation and remind you that today's call may include forward-looking statements.

Any statements describing our beliefs, goals, plans, strategies, expectations, projections, forecasts, and assumptions are forward-looking statements. Please note that the company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control. Please see our recent filings with the Securities and Exchange Commission, which identify the principal risks and uncertainties that could affect our business, prospects, and future results. We assume no obligation to update publicly any forward-looking statements. In addition, we will be discussing and providing certain non-GAAP financial measures today, including adjusted EBITDA. Please see our earnings release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure.

Today's call will begin with remarks from Jennifer, providing an overview of our performance and our recent financial results. Jeff will then review in greater detail our financial results, and Jennifer will conclude with a few closing remarks. At the conclusion of these prepared remarks, we will open the line for questions. With that, I'll turn the call over to Jennifer.

Jennifer Holmgren: Thank you, Omar, and thanks to everybody joining us today. We appreciate your ongoing interest in and support of LanzaTech. I'd like to begin by sharing five key things from the past several months that I'd like for you to take away from this call. These are all outlined on slide five. First, we delivered financial results for the first quarter right in line with our internal forecasts and guidance provided last quarter. Revenue of approximately $10 million, gross margin of 34%, and gross profit of $3.5 million all increased year-on-year as we continue to scale and optimize the business while closely managing costs across the organization. Second, we announced in March that Project SECURE, where a partner Technip Energies has been selected by the U.S. Department of Energy to receive a $200 million grant.

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