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LanzaTech Global, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $9.943 million for the quarter, a decrease from $19.605 million in the same quarter of the previous year. The decline is attributed to a decrease in revenue from engineering and other services as well as contract research.
Cost of revenue for the quarter was $8.141 million, representing 82% of sales, compared to 73% in the same quarter of the previous year. This increase in cost ratio is due to a decrease in revenue.
The company reported a net loss of $57.431 million for the quarter, compared to a net loss of $25.326 million in the previous year, with the decline attributed to increased research and development expenses and other operating expenses.
Research and development expenses increased to $22.006 million from $16.645 million, primarily due to increased project development costs.
Selling, general, and administrative expenses decreased slightly to $11.452 million from $11.808 million, reflecting reduced professional fees.
Cash used in operating activities was $69.384 million, while cash provided by investing and financing activities was $14.130 million and $40.224 million, respectively.
LanzaTech had cash, cash equivalents, and restricted cash of $60.967 million as of September 30, 2024. The company projects that it will be able to cover its liquidity needs for the next twelve months.
The filing also details various financial agreements, including a Convertible Note Purchase Agreement and the Brookfield (BAM+0.05%) SAFE liability.
The company is engaged in legal proceedings related to the Forward Purchase Agreement with Vellar, with both parties filing suits against each other.
LanzaTech continues to focus on expanding its technology licensing business model and increasing its ownership in the biorefining value chain.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LanzaTech Global Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.