LanzaTech Global, Inc. reported significant financial developments in its quarterly filing for the period ending September 30, 2024. The company experienced a notable decline in revenue, with total revenue for Q3 2024 amounting to $9.9 million, down 49% from $19.6 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $37.6 million, an 11% decrease from $42.2 million in the same period last year. The revenue drop was primarily attributed to a $6.1 million decrease in engineering and other services contracts, alongside declines in other contract research and joint development revenues.
The company's net loss for Q3 2024 was $57.4 million, a 127% increase compared to a net loss of $25.3 million in Q3 2023. For the nine-month period, the net loss improved slightly to $110.7 million from $115.4 million in the previous year. The increase in net loss for Q3 was influenced by a significant rise in research and development expenses, which increased by 32% to $22 million, primarily due to project development costs.
LanzaTech's cash and cash equivalents decreased to $58.7 million as of September 30, 2024, down from $75.6 million at the end of 2023. Total current assets also fell to $136.6 million from $172.7 million. The company’s total liabilities surged to $202.6 million, up from $127.2 million, largely due to increased current liabilities and the reclassification of certain obligations related to a Forward Purchase Agreement (FPA).
Strategically, LanzaTech has expanded its commercial operations, now operating four commercial-scale waste-to-gas ethanol plants in China, one in India, and one in Belgium. The company also entered into a Convertible Note Purchase Agreement in August 2024, issuing $40 million in convertible notes to bolster its financial position. However, it faced legal challenges related to the FPA, with a lawsuit filed against Vellar following a notice of default regarding payment obligations.
The company’s accumulated deficit increased to $942.6 million as of September 30, 2024, reflecting ongoing operational losses. Despite these challenges, LanzaTech anticipates continued revenue growth from its engineering services and CarbonSmart products in the near term, while acknowledging the need for further financing to support its operations.
About LanzaTech Global, Inc.
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