LanzaTech Announces Fourth Quarter and Full Year 2023 Financial Results and Provides Full Year 2024 Financial Outlook
- None.
- Net loss for the full year 2023 was $(134.1) million, compared to $(76.4) million in 2022.
- Operating expenses increased by 47% for the full year 2023 compared to the prior year.
- Adjusted EBITDA for the full year 2023 was $(80.1) million.
- The Company announced a workforce reorganization and cost reductions to drive accountability and efficiency, resulting in a reduction of approximately 5% in headcount.
- LanzaTech does not expect to achieve positive Adjusted EBITDA by the end of 2024 due to delays in project development life cycle.
Insights
The reported revenue growth of 77% for LanzaTech in Q4 2023 and the projection of $90 million to $105 million for 2024, indicate a strong trajectory of top-line growth. This is a significant indicator for investors as it reflects the company's ability to increase sales and potentially capture market share. However, the anticipated Adjusted EBITDA of between -$(65) million and -$(55) million for 2024, despite the revenue growth, raises concerns about the company's profitability and cost management. Investors should consider the company's operational efficiency and the impact of its reorganization initiatives aimed at reducing operating expenses by $5.3 million annually. The reduction in cash burn in Q4 2023 also suggests improving liquidity management, which could enhance the company's financial stability over time.
LanzaTech operates in the carbon recycling and biorefining industry, a sector with growing importance due to global sustainability and carbon reduction goals. The company's significant year-on-year revenue growth in its core businesses and the start-up of three new commercial-scale plants in 2023 position it well in the competitive landscape. However, the elongation of the project development life cycle and macroeconomic factors affecting prospective customers' decision-making could impact the company's future growth. Market analysts should monitor industry trends, regulatory changes and the adoption rates of sustainable technologies to assess LanzaTech's long-term market potential.
LanzaTech's focus on carbon capture and utilization aligns with global sustainability trends and the transition towards a low-carbon economy. The opening of the world's first ethanol-to-sustainable aviation fuel facility signifies a milestone in sustainable fuel development, potentially influencing the aviation industry's carbon footprint. The company's proprietary bacterium strains for producing Isopropyl Alcohol and Monoethylene Glycol represent technological advancements with the potential to disrupt traditional chemical markets. Stakeholders should evaluate the environmental benefits of LanzaTech's technologies and their potential to contribute to international climate goals.
Total revenue of
Full year 2024 revenue anticipated to be between
Cash, restricted cash, and investments of
CHICAGO, Feb. 28, 2024 (GLOBE NEWSWIRE) -- LanzaTech Global, Inc. (Nasdaq: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable raw materials, today reported its financial and operating results for the fourth quarter and full year 2023.
Fourth Quarter and Full Year 2023 Financial Results:
In the fourth quarter of 2023, revenue totaled
Cost of revenues in the fourth quarter totaled
Operating expenses totaled
Net loss totaled
Management Commentary
“2023 was an important year for LanzaTech, and I am extremely proud of the many notable milestones and accomplishments achieved during the Company’s inaugural year as a publicly traded company,” said Jennifer Holmgren, Board Chair and Chief Executive Officer of LanzaTech. “However, our results for the fourth quarter and full year 2023 demonstrate we have a lot more work ahead of us. The organizational initiatives and corrective actions announced are focused on better enabling us to execute our primary strategic objectives including safety, commercial growth, and profitability. While I am disappointed in our financial performance in the fourth quarter, after three prior quarters of more significant growth, I have full confidence in our leadership team to execute our business plan and to continue our path toward profitability with a new sense of accountability from the top down.”
Organizational Streamlining Initiative
LanzaTech announced today a reorganization aimed at reducing operating expenses and driving accountability and company-wide efficiencies. As part of this effort, LanzaTech has made several organizational changes to its management team, which reduces the overall size of the go-forward executive team by
In addition to the reorganization of the management team, the Company also announced additional cost reductions. A key tenet of this plan is the streamlining of the Company’s workforce through the elimination of a variety of roles based on reprioritization of work and poor performance. As such, the Company reduced its headcount by approximately
Operational Highlights
- 3 New Commercial Scale Plants Started Up in 2023 – In 2023, together with its licensee partners, the Company started up three new commercial-scale plants, bringing the total number of operating commercial LanzaTech plants to six. The total installed nameplate production capacity across the operating fleet is approximately 310,000 tons per year of ethanol with the ability to abate more than 500,000 tons per year of carbon that would otherwise enter our atmosphere.
- World’s First Ethanol-to-Sustainable Aviation Fuel Facility – In January 2024, LanzaJet celebrated the opening of the world’s first ethanol-to-sustainable aviation fuel facility at its 10 million gallon per year facility in Soperton, Georgia. The sustainable aviation fuel plant is expected to ramp up production over the first half of the year, having the ability to produce up to
90% sustainable aviation fuel and10% renewable diesel. LanzaTech retains an approximate25% ownership interest in LanzaJet and anticipates receiving additional shares pursuant to our existing agreements resulting in ownership of approximately50% , barring further dilution, upon election by partners and co-investors to develop additional alcohol to sustainable aviation fuel plants. - Research and Development Progress on New Bacterium Strains – Work at the Suncor demonstration facility in Canada progressed and the Company demonstrated at scale the ability to produce a key new proprietary bacterium production strain capable of making Isopropyl Alcohol, or IPA. IPA commands a large market of approximately
$3 billion annually and can be utilized as a feedstock for the production of polypropylene, which has an annual market size of approximately$123 billion . Additionally, strain engineering and fermentation optimization work on the direct microbial production of Monoethylene Glycol, or MEG, a chemical with an annual market size of approximately$25 billion , and a key ingredient in PET fibers and bottles, continues with encouraging results.
Balance Sheet and Liquidity
As of December 31, 2023, LanzaTech had
2024 Financial and Operating Outlook
For the full year 2024, the Company expects total revenue to be between
Consistent with this guidance, the Company does not expect to achieve positive Adjusted EBITDA by the end of 2024. Importantly, the Company’s project pipeline remains robust. The delay in timing to first achieve positive Adjusted EBITDA is driven by an elongation of the project development life cycle, commensurate with certain macroeconomic factors and lengthier decision-making processes being seen at some of the Company’s prospective licensee customers. The Company will continue to assess its progress towards this important goal and provide updates to the market, as necessary.
Conference Call Information
LanzaTech will host a conference call today, February 28, 2024, at 8:30 A.M. EST to review the Company's financial results, discuss recent events and conduct a question-and-answer session. The conference call may be accessed via a live webcast on a listen-only basis at https://ir.lanzatech.com/news-events/events-presentations.
To participate in the live teleconference:
Domestic callers: 1-844-826-3035
International callers: 1-412-317-5195
Conference ID: 10185471
A replay will be available shortly after the call and can be accessed by dialing:
Domestic callers: 1-844-512-2921
International callers: 1-412-317-6671
Access ID: 10185471
The replay will be available until 11:59 PM EDT March 13, 2024. An archive of the webcast will be available shortly after the call on LanzaTech’s website at https://ir.lanzatech.com/ for twelve months following the call.
About LanzaTech Global Inc.
LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable raw materials for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, and On, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.
Forward Looking Statements
This press release includes forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs and assumptions of LanzaTech’s management. Although LanzaTech believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. The forward-looking statements are based on projections prepared by, and are the responsibility of, LanzaTech’s management. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech may be adversely affected by other economic, business, or competitive factors, and other risks and uncertainties, including those described under the header “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2022 filed by LanzaTech with the SEC, and in future SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2023 to be filed by LanzaTech with the SEC on or before February 29, 2024. New risk factors that may affect actual results or outcomes emerge from time to time and it is not possible to predict all such risk factors, nor can LanzaTech assess the impact of all such risk factors on its business, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to LanzaTech or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with US GAAP and to provide investors with additional information regarding our financial results, we have presented adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is not based on any standardized methodology prescribed by US GAAP and is not necessarily comparable to similarly titled measures presented by other companies.
We define adjusted EBITDA as our net loss, excluding the impact of depreciation, interest income, net, stock-based compensation, change in fair value of warrant liabilities, change in fair value of SAFE liabilities, change in fair value of the FPA Put Option liability and Fixed Maturity Consideration, transaction costs on issuance of Forward Purchase Agreement, (loss) gain from equity method investees and other one-time costs related to the Business Combination and securities registration on Form S-4 and our registration statement on Form S-1. We monitor and have presented in this Annual Report adjusted EBITDA because it is a key measure used by our management and the Board to understand and evaluate our operating performance, to establish budgets, and to develop operational goals for managing our business. We believe adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we include in net loss. Accordingly, we believe adjusted EBITDA provides useful information to investors, analysts, and others in understanding and evaluating our operating results and enhancing the overall understanding of our past performance and future prospects.
Adjusted EBITDA is not prepared in accordance with US GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with US GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net loss, which is the most directly comparable financial measure calculated and presented in accordance with US GAAP. For example, adjusted EBITDA: (i) excludes stock-based compensation expense because it is a significant non-cash expense that is not directly related to our operating performance; (ii) excludes depreciation expense and, although this is a non-cash expense, the assets being depreciated and amortized may have to be replaced in the future; (iii) excludes gain or losses on equity method investee; and (iv) excludes certain income or expense items that do not provide a comparable measure of our business performance. In addition, the expenses and other items that we exclude in our calculations of adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from adjusted EBITDA when they report their operating results. In addition, other companies may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.
The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses and potential future asset impairments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP results for the guidance period.
| LANZATECH GLOBAL INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands of U.S. dollars, except share and per share data) | |||||||
| As of | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 75,585 | $ | 83,045 | |||
| Held-to-maturity investment securities | 45,159 | - | |||||
| Trade and other receivables, net of allowance | 11,157 | 11,695 | |||||
| Contract assets | 28,238 | 18,000 | |||||
| Other current assets | 12,561 | 11,157 | |||||
| Total current assets | 172,700 | 123,897 | |||||
| Property, plant and equipment, net | 22,823 | 19,689 | |||||
| Right-of-use assets | 18,309 | 6,969 | |||||
| Equity method investment | 7,066 | 10,561 | |||||
| Equity security investment | 14,990 | 14,990 | |||||
| Other non-current assets | 5,736 | 750 | |||||
| Total assets | $ | 241,624 | $ | 176,856 | |||
| Liabilities, Contingently Redeemable Preferred Stock, and Shareholders’ Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 4,060 | $ | 7,455 | |||
| Other accrued liabilities | 7,316 | 4,502 | |||||
| AM SAFE liability | - | 28,986 | |||||
| Warrants | 7,614 | 4,108 | |||||
| Contract liabilities | 3,198 | 3,101 | |||||
| Accrued salaries and wages | 5,468 | 7,031 | |||||
| Current lease liabilities | 126 | 798 | |||||
| Total current liabilities | 27,782 | 55,981 | |||||
| Non-current lease liabilities | 19,816 | 6,615 | |||||
| Non-current contract liabilities | 8,233 | 10,760 | |||||
| Fixed maturity consideration | 7,228 | - | |||||
| FPA Put Option liability | 37,523 | - | |||||
| Brookfield SAFE liability | 25,150 | 50,000 | |||||
| Other long-term liabilities | 1,421 | 1,591 | |||||
| Total liabilities | 127,153 | 124,947 | |||||
| Contingently Redeemable Preferred Stock | |||||||
| Redeemable convertible preferred stock, | - | 480,631 | |||||
| Shareholders’ Deficit | |||||||
| Common stock, | 19 | 1 | |||||
| Additional paid-in capital | 943,960 | 24,782 | |||||
| Accumulated other comprehensive income | 2,364 | 2,740 | |||||
| Accumulated deficit | (831,872 | ) | (456,245 | ) | |||
| Total shareholders’ equity (deficit) | $ | 114,471 | $ | (428,722 | ) | ||
| Total liabilities, contingently redeemable preferred stock, and shareholders' equity | $ | 241,624 | $ | 176,856 | |||
| See the accompanying Notes to the Consolidated Financial Statements. | |||||||
| LANZATECH GLOBAL INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (In thousands of U.S. dollars, except share and per share data) | |||||||
| Year Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Revenue: | |||||||
| Revenue from contracts with customers and grants | $ | 46,493 | $ | 27,798 | |||
| Revenue from sales of CarbonSmart products | 5,337 | 4,000 | |||||
| Revenue from collaborative arrangements | 4,989 | 2,575 | |||||
| Revenue from related party transactions | 5,812 | 2,970 | |||||
| Total revenue | 62,631 | 37,343 | |||||
| Cost and operating expenses: | |||||||
| Cost of revenue from contracts with customers and grants (exclusive of depreciation shown below) | (37,653 | ) | (22,912 | ) | |||
| Cost of revenue from sales of CarbonSmart products (exclusive of depreciation shown below) | (4,889 | ) | (3,648 | ) | |||
| Cost of revenue from collaborative arrangements (exclusive of depreciation shown below) | (2,265 | ) | (1,250 | ) | |||
| Cost of revenue from related party transactions (exclusive of depreciation shown below) | (172 | ) | (477 | ) | |||
| Research and development expense | (68,142 | ) | (53,191 | ) | |||
| Depreciation expense | (5,452 | ) | (4,660 | ) | |||
| Selling, general and administrative expense | (50,438 | ) | (26,804 | ) | |||
| Total cost and operating expenses | (169,011 | ) | (112,942 | ) | |||
| Loss from operations | (106,380 | ) | (75,599 | ) | |||
| Other income (expense): | |||||||
| Interest income, net | 4,572 | 8 | |||||
| Other expense, net | (29,388 | ) | (2,757 | ) | |||
| Total other expense, net | (24,816 | ) | (2,749 | ) | |||
| Loss before income taxes | (131,196 | ) | (78,348 | ) | |||
| Income tax expense | - | - | |||||
| (Loss) gain from equity method investees, net | (2,902 | ) | 1,992 | ||||
| Net loss | $ | (134,098 | ) | $ | (76,356 | ) | |
| Other comprehensive loss: | |||||||
| Foreign currency translation adjustments | (376 | ) | (1,449 | ) | |||
| Comprehensive loss | $ | (134,474 | ) | $ | (77,805 | ) | |
| Unpaid cumulative dividends on preferred stock | (4,117 | ) | (38,672 | ) | |||
| Net loss allocated to common shareholders | $ | (138,215 | ) | $ | (115,028 | ) | |
| Net loss per common share - basic and diluted | $ | (0.79 | ) | $ | (12.37 | ) | |
| Weighted-average number of common shares outstanding - basic and diluted | 176,023,219 | 9,302,080 | |||||
| See the accompanying Notes to the Consolidated Financial Statements. | |||||||
| LANZATECH GLOBAL INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (In thousands of U.S. dollars) | |||||||
| Year Ended December 31, | |||||||
| 2023 | 2022 | ||||||
| Cash Flows From Operating Activities: | |||||||
| Net loss | $ | (134,098 | ) | $ | (76,356 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | - | - | |||||
| Share-based compensation expense | 15,199 | 2,527 | |||||
| (Gain) loss on change in fair value of SAFE and warrant liabilities | (14,471 | ) | 1,949 | ||||
| Loss on change in fair value of the FPA Put Option and the Fixed Maturity Consideration liabilities | 44,300 | - | |||||
| Provision for losses on trade and other receivables | 700 | - | |||||
| Depreciation of property, plant and equipment | 5,452 | 4,660 | |||||
| Amortization of discount on debt security investment | (1,301 | ) | - | ||||
| Non-cash lease expense | 1,526 | 1,825 | |||||
| Non-cash recognition of licensing revenue | (1,805 | ) | (2,160 | ) | |||
| Loss (gain) from equity method investees, net | 2,902 | (1,992 | ) | ||||
| Gain from disposal of property, plant and equipment | - | (49 | ) | ||||
| Net foreign exchange loss (gain) | 182 | 668 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | 104 | (8,817 | ) | ||||
| Contract assets | (10,049 | ) | (6,246 | ) | |||
| Accrued interest on debt investment | (266 | ) | - | ||||
| Other assets | (2,658 | ) | (5,127 | ) | |||
| Accounts payable and accrued salaries and wages | (4,991 | ) | 8,243 | ||||
| Contract liabilities | 95 | (488 | ) | ||||
| Operating lease liabilities | (337 | ) | (2,028 | ) | |||
| Other liabilities | 2,220 | (1,312 | ) | ||||
| Net cash used in operating activities | $ | (97,296 | ) | $ | (84,703 | ) | |
| Cash Flows From Investing Activities: | |||||||
| Purchase of property, plant and equipment | (8,553 | ) | (10,735 | ) | |||
| Proceeds from disposal of property, plant and equipment | - | 49 | |||||
| Purchase of debt securities | (93,858 | ) | - | ||||
| Proceeds from maturity of debt securities | 50,000 | - | |||||
| Purchase of additional interest in equity method investment | (288 | ) | - | ||||
| Origination of related party loan | (5,212 | ) | - | ||||
| Net cash used in investing activities | $ | (57,911 | ) | $ | (10,686 | ) | |
| Cash Flows From Financing Activities: | |||||||
| Proceeds from issue of equity instruments of the Company | - | 1,194 | |||||
| Proceeds from the Business Combination and PIPE, net of transaction expenses (Note 3) | 213,381 | - | |||||
| Forward Purchase Agreement prepayment | (60,096 | ) | - | ||||
| Proceeds from exercise of options | 2,550 | - | |||||
| Proceeds from issue of SAFE and warrant instruments | - | 50,000 | |||||
| Repurchase of equity instruments of the Company | (7,650 | ) | (649 | ) | |||
| Net cash provided by financing activities | $ | 148,185 | $ | 50,545 | |||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (7,022 | ) | (44,844 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 83,710 | 128,732 | |||||
| Effects of currency translation on cash, cash equivalents and restricted cash | (404 | ) | (178 | ) | |||
| Cash, cash equivalents and restricted cash at end of period | $ | 76,284 | $ | 83,710 | |||
| Supplemental disclosure of non-cash investing and financing activities: | |||||||
| Acquisition of property, plant and equipment under accounts payable | 279 | 246 | |||||
| Receipt of common shares as payment for option exercises | - | 1,944 | |||||
| Right-of-use asset additions | 12,866 | 4,108 | |||||
| Reclassification of capitalized costs related to the business combination to equity | 1,514 | - | |||||
| Cashless conversion of warrants on preferred shares | 5,890 | - | |||||
| Recognition of public and private warrant liabilities in the Business Combination | 4,624 | - | |||||
| Reclassification of AM SAFE warrant to equity | 1,800 | - | |||||
| Conversion of AM SAFE liability into common stock | 29,730 | - | |||||
| Conversion of Legacy LanzaTech NZ, Inc. preferred stock and in-kind dividend into common stock | 722,160 | - | |||||
| Reclassification of Shortfall warrant to equity | 3,063 | - | |||||
| See the accompanying Notes to the Consolidated Financial Statements. | |||||||
| Reconciliation of GAAP Net Income to Adjusted EBITDA | |||||||||
| (In thousands of U.S. dollars) | |||||||||
| Year Ended December 31, | |||||||||
| 2023 | 2022 | ||||||||
| Net Loss | $ | (134,098 | ) | $ | (76,356 | ) | |||
| Depreciation | 5,452 | 4,660 | |||||||
| Interest income, net | (4,572 | ) | (8 | ) | |||||
| Income tax expense | - | - | |||||||
| Stock-based compensation expense and change in fair value of SAFE and warrant liabilities (1) | 728 | 4,476 | |||||||
| Change in fair value of the FPA Put Option and Fixed Maturity Consideration liabilities | 44,300 | - | |||||||
| Transaction costs on issuance of Forward Purchase Agreement | 451 | - | |||||||
| Loss (gain) from equity method investees, net | 2,902 | (1,992 | ) | ||||||
| One-time costs related to the Business Combination and initial securities registration(2) | 4,693 | - | |||||||
| Adjusted EBITDA | $ | (80,144 | ) | $ | (69,220 | ) | |||
| (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. | |||||||||
Contacts:
Media Relations Contact - LanzaTech
Kit McDonnell
Director of Communications
press@lanzatech.com
Investor Relations Contact - LanzaTech
Omar El-Sharkawy
VP, Corporate Development
LanzatechIR@icrinc.com
FAQ
What was LanzaTech's total revenue for the fourth quarter of 2023?
What is the projected revenue range for LanzaTech in full year 2024?
How much cash did LanzaTech have at year-end 2023?
What was the net loss for LanzaTech in the full year 2023?
What was the percentage increase in operating expenses for LanzaTech in the full year 2023 compared to the prior year?
Why does LanzaTech not expect to achieve positive Adjusted EBITDA by the end of 2024?
