LanzaTech Global, Inc 8-K, filed Nov 8, 2024

LanzaTech Global, Inc. (LNZA)

8-K 2024-11-08 For: 2024-11-08

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Added on April 10, 2026

About this 8-K

LanzaTech Global, Inc filed this 8-K on November 8, 2024.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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8045 Lamon Avenue, Suite 400 Skokie, Illinois						60077
(Address of principal executive offices)						(Zip Code)


Exhibit Number						Description
99.1						LanzaTech 3 Q24 Earnings Press Release, dated November 8, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


LANZATECH GLOBAL, INC.

By:						/s/ Joseph Blasko
Name:						Joseph Blasko
Title:						General Counsel and Corporate Secretary


$ millions, unless noted	3Q24	3Q23
Revenue	9.9	19.6
Cost of revenue	8.1	14.4
Gross Profit	1.8	5.2
Operating expenses	34.8	29.8
Net loss	(57.4)	(25.3)
Adjusted EBITDA loss (1)	(27.1)	(19.1)


	As of
	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	58,741	$	75,585
Held-to-maturity investment securities	28,121		45,159
Trade and other receivables, net of allowance	14,628		11,157
Contract assets	19,136		28,238
Other current assets	15,981		12,561
Total current assets	136,607		172,700
Property, plant and equipment, net	21,849		22,823
Right-of-use assets	25,912		18,309
Equity method investment	10,859		7,066
Equity security investment	14,990		14,990
Other non-current assets	5,999		5,736
Total assets	216,216		241,624
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	3,121	$	4,060
Other accrued liabilities	7,929		7,316
Warrants	2,605		7,614
Fixed Maturity Consideration and current FPA Put Option liability	20,080		—
Contract liabilities	6,449		3,198
Accrued salaries and wages	6,575		5,468
Current lease liabilities	158		126
Total current liabilities	46,917		27,782
Non-current lease liabilities	28,811		19,816
Non-current contract liabilities	6,966		8,233
Fixed Maturity Consideration	—		7,228
FPA Put Option liability	48,182		37,523
Brookfield SAFE liability	9,550		25,150
Convertible Note	61,577		—
Other long-term liabilities	608		1,421
Total liabilities	202,611		127,153

Shareholders’ Equity
Common stock, $0.0001 par value; 400,000,000 and 400,000,000 shares authorized, 197,782,055 and 196,642,451 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	19		19
Additional paid-in capital	954,035		943,960
Accumulated other comprehensive income	2,161		2,364
Accumulated deficit	(942,610)		(831,872)
Total shareholders’ equity	$	13,605	$	114,471
Total liabilities and shareholders' equity	$	216,216	$	241,624


☐			Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


☐			Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


☐			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue:
Revenue from contracts with customers and grants	$	5,199	$	14,162	$	17,684	$	32,119
Revenue from sales of CarbonSmart products	2,209		2,258		4,010		3,265
Revenue from collaborative arrangements	917		1,566		4,469		3,116
Revenue from related party transactions	1,618		1,619		11,399		3,668
Total revenue	9,943		19,605		37,562		42,168

Cost and operating expenses:
Cost of revenue from contracts with customers and grants (exclusive of depreciation shown below)	(5,339)		(11,862)		(14,356)		(28,835)
Cost of revenue from sales of CarbonSmart products (exclusive of depreciation shown below)	(2,116)		(1,772)		(3,649)		(2,499)
Cost of revenue from collaborative arrangements (exclusive of depreciation shown below)	(479)		(678)		(2,034)		(1,504)
Cost of revenue from related party transactions (exclusive of depreciation shown below)	(207)		(59)		(363)		(150)
Research and development expense	(22,006)		(16,645)		(60,548)		(51,839)
Depreciation expense	(1,301)		(1,376)		(4,289)		(3,981)
Selling, general and administrative expense	(11,452)		(11,808)		(34,236)		(41,095)
Total cost and operating expenses	(42,900)		(44,200)		(119,475)		(129,903)
Loss from operations	(32,957)		(24,595)		(81,913)		(87,735)
Other income (expense):
Interest income, net	791		1,249		2,452		3,164
Other expense, net	(19,730)		(1,517)		(23,342)		(29,912)
Total other expense, net	(18,939)		(268)		(20,890)		(26,748)
Loss before income taxes	(51,896)		(24,863)		(102,803)		(114,483)

Loss from equity method investees, net	(5,535)		(463)		(7,935)		(941)
Net loss	$	(57,431)	$	(25,326)	$	(110,738)	$	(115,424)

Other comprehensive loss:
Foreign currency translation adjustments	(48)		(1,001)		(198)		(954)
Comprehensive loss	$	(57,479)	$	(26,327)	$	(110,936)	$	(116,378)

Unpaid cumulative dividends on preferred stock	—		—		—		(4,117)
Net loss allocated to common shareholders	$	(57,431)	$	(25,326)	$	(110,738)	$	(119,541)

Net loss per common share - basic and diluted	$	(0.29)	$	(0.13)	$	(0.56)	$	(0.70)
Weighted-average number of common shares outstanding - basic and diluted	197,773,376		195,869,537		197,499,156		169,797,443


		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2024		2023		2024		2023
Net Loss		$	(57,431)	$	(25,326)	$	(110,738)	$	(115,424)
Depreciation		1,301		1,376		4,289		3,981
Interest income, net		(791)		(1,249)		(2,452)		(3,164)
Stock-based compensation expense and change in fair value of SAFE and warrant liabilities (1)		3,221		(6,368)		(10,870)		(2,316)
Change in fair value of the FPA Put Option and Fixed Maturity Consideration liabilities (net of interest accretion reversal)		(488)		11,632		23,283		44,661
Change in fair value of convertible note and related transaction costs		21,572		—		21,572		—
Transaction costs on issuance of FPA		—		—		—		451
Loss from equity method investees, net		5,535		463		7,935		941
One-time costs related to the Business Combination, initial securities registration and non-recurring regulatory matters(2)		—		410		—		4,472
Adjusted EBITDA		$	(27,081)	$	(19,062)	$	(66,981)	$	(66,398)

(1)	Stock-based compensation expense represents expense related to equity compensation plans.

(2)	Represents costs incurred related to the Business Combination that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be charged against the gross proceeds of the transaction, but are not expected to recur in the future, as well as costs incurred subsequent to deal close related to our securities registration on Form S-4 and our registration statement on Form S-1. Regulatory matters includes fees related to non-recurring items during the year ended December 31, 2023.