LanzaTech Global, Inc (Nasdaq: LNZA) – a leading CO2 utilization company, announced on March 29th its full-year earnings results for the fiscal year ending December 31, 2022, and provided its current outlook for the full 2023 year.
LanzaTech became the first public carbon capture utilization and storage company, listed on the Nasdaq stock exchange which happened in February 2023.
For 2022, it reported a net loss of ($76.4) million and an Adjusted EBITDA of ($69.2) million. Total revenue came at $37.3 million, compared to $25.5 million in 2021, a net loss of $(46.7) million, and Adjusted EBITDA at $(44.8) million, respectively for 2021.
Total revenue for last year 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.
It increased the cumulative capacity of the installed production base of the licensed plants by 60% which reached approximately 150,000 metric tons per annum. The Adjusted EBITDA in 2022 has increased due to SG&A expenses associated with higher headcount, associated personnel costs and increased administrative costs as the company continues to expand.
For this year, LanzaTech expects total revenue of between $80.0 million and $120.0 million and Adjusted EBITDA of between $(65.0) million and $(55.0) million. The higher revenues in 2023 reflect multiple new projects in active development. They are also boosted by early recurring revenue streams associated with the increasing number of commercially operating plants under licensing agreements which will come online over the course of the year.
“We are pleased to report our financial results for 2022 and introduce our financial outlook for 2023… 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 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,” commented Geoff Trukenbrod, CFO of LanzaTech on the earnings results.