- Q4 2024 revenue for LanzaTech (LNZA, Financial) decreased by 41% to $12.0 million compared to Q4 2023.
- Full-year 2024 revenue dropped 21% year-over-year to $49.6 million.
- Management has expressed substantial doubt about the company's ability to continue as a going concern.
LanzaTech Global, Inc. (LNZA) announced its financial results for the fourth quarter and full year of 2024, revealing a significant decline in revenue and profitability. For the fourth quarter, the company's revenue dropped to $12.0 million, a 41% fall from the $20.5 million reported in the same period last year. The full-year revenue also saw a decrease of 21%, totaling $49.6 million compared to $62.6 million in 2023.
The company's net loss expanded significantly, reaching $27.0 million in Q4 2024 and $137.7 million for the entire year, as opposed to net losses of $18.7 million and $134.1 million, respectively, in 2023. The downturn was mainly attributed to completed engineering projects and delays in several large biorefining initiatives, such as the Project Drake in the European Union and site development in Norway.
Despite the overall financial challenges, LanzaTech reported positive developments in its CarbonSmart™ segment, which saw an 88% increase in revenue, amounting to $3.9 million in Q4 2024. However, the gross margin for the quarter reached 54% and cash reserves dwindled to $58.1 million by the year-end, down from $89.1 million in the third quarter.
Management has voiced substantial doubts about LanzaTech's ability to continue as a going concern. To address these challenges, the company is evaluating potential liquidity-enhancing initiatives, along with cost-reduction measures to stabilize its financial position.
