Lanzatech Global Inc (LNZA) 2023 Q1 法說會逐字稿

Greetings and welcome to the LanzaTech Global, Inc. first quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 LanzaTech Global, Inc. 2023 年第一季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Omar El-Sharkawy, Vice President, Corporate Development for LanzaTech Global, Inc. Thank you. You may begin.

現在我想將會議交給主持人 LanzaTech Global, Inc. 企業發展副總裁 Omar El-Sharkawy。謝謝。你可以開始了。

Good morning, and thank you for joining us for LanzaTech Global, Inc.'s first quarter 2023 earnings conference call. On the call today, I'm joined by our Chairman and CEO, Dr. Jennifer Holmgren; and our CFO, Geoff Trukenbrod.

早上好，感謝您參加 LanzaTech Global, Inc. 的 2023 年第一季度收益電話會議。我們的董事長兼首席執行官 Jennifer Holmgren 博士也參加了今天的電話會議。以及我們的首席財務官傑夫·特魯肯布羅德 (Geoff Trukenbrod)。

Earlier this morning, we issued a press release with our first quarter 2023 financial and operating results, as well as an investor presentation summarizing the company's performance and key operational highlights for the quarter. Please also reference our quarterly report on Form 10-Q for the quarter ending March 31, 2023 filed today. Both our press release and results summary and investor presentation can be found in the Investors section of our website at www.lanzatech.com.

今天上午早些時候，我們發布了一份新聞稿，其中介紹了 2023 年第一季度的財務和運營業績，以及投資者介紹，總結了公司本季度的業績和主要運營亮點。另請參閱我們今天提交的截至 2023 年 3 月 31 日的季度 10-Q 表格季度報告。我們的新聞稿、業績摘要和投資者介紹均可在我們網站 www.lanzatech.com 的投資者部分找到。

Before we begin, I'd like to direct you to the disclaimers in the front of the company's investor presentation and remind you that today's call may include forward-looking statements. Any statements describing our beliefs, goals, plans, strategies, expectations, projections, forecasts, and assumptions are forward-looking statements.

在我們開始之前，我想引導您閱讀公司投資者介紹前面的免責聲明，並提醒您今天的電話會議可能包含前瞻性陳述。任何描述我們的信念、目標、計劃、戰略、期望、預測、預測和假設的聲明均為前瞻性聲明。

Please note that the company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control. Please see our recent filings with the Securities and Exchange Commission, which identify the principal risks and uncertainties that could affect our business prospects and future results. We assume no obligation to update publicly any forward-looking statements.

請注意，由於多種原因，公司的實際結果可能與此類前瞻性陳述的預期有所不同，其中許多原因超出了我們的控制範圍。請參閱我們最近向美國證券交易委員會提交的文件，其中確定了可能影響我們的業務前景和未來業績的主要風險和不確定性。我們不承擔公開更新任何前瞻性陳述的義務。

In addition, we will be discussing and providing certain non-GAAP financial measures today, including adjusted EBITDA. Please see our earnings release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure.

此外，我們今天將討論並提供某些非公認會計準則財務指標，包括調整後的 EBITDA。請參閱我們的收益報告和文件，了解這些非公認會計準則衡量標準與其最直接可比的公認會計準則衡量標準的對賬情況。

Today's call will begin with remarks from Jennifer, providing an overview of LanzaTech and our recent financial results. She will also highlight some key accomplishments and review our strategic objectives. Jeff will then review in greater detail our financial results from the first quarter. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議將以 Jennifer 的講話開始，概述 LanzaTech 和我們最近的財務業績。她還將重點介紹一些關鍵成就並審查我們的戰略目標。然後傑夫將更詳細地回顧我們第一季度的財務業績。在準備好的發言結束後，我們將開放提問熱線。

With that, I'll turn the call over to Jennifer.

這樣，我就把電話轉給詹妮弗。

Thank you, Omar, and thanks to all of you for joining us today. I'm honored to represent LanzaTech's approximately 400 employees around the globe on our inaugural earnings conference call. While LanzaTech has a rich history going back nearly two decades, we have a relatively short tenureship as a public company. So we thought it would be helpful to begin today by providing an overview of our company and our progress towards our strategic and commercial goals.

謝謝你，奧馬爾，也感謝你們所有人今天加入我們。我很榮幸代表 LanzaTech 全球約 400 名員工參加我們的首次財報電話會議。雖然 LanzaTech 擁有近二十年的悠久歷史，但我們作為上市公司的任期相對較短。因此，我們認為從今天開始概述我們公司以及我們在實現戰略和商業目標方面的進展將會有所幫助。

I will provide context about our mission, how we got here, an overview of our financial and operational results for the first quarter of 2023 and share an outline of our strategic priorities. Jeff will then follow with a more detailed discussion of our first-quarter financial results and our outlook for the remainder of the year.

我將介紹我們的使命背景、我們如何實現這一目標、概述 2023 年第一季度的財務和運營業績，並概述我們的戰略重點。然後，傑夫將更詳細地討論我們第一季度的財務業績和今年剩餘時間的前景。

Today, we're faced with the seemingly impossible challenge. We need to disrupt and completely overhaul our current carbon economy. That's easy to say, but it's quite difficult to do when you consider that fossil carbon is not just found in gasoline and power.

今天，我們面臨著看似不可能的挑戰。我們需要顛覆並徹底改革當前的碳經濟。這說起來很容易，但當你考慮到化石碳不僅僅存在於汽油和電力中時，做起來卻相當困難。

Fossil carbon is in everything we use in our daily lives. Unfortunately, in 2023, this carbon economy is not fit for purpose because we now understand the negative impact of waste of carbon, of putting carbon on a one-way street into our atmosphere, into our landfills, and into our oceans.

化石碳存在於我們日常生活中使用的一切事物中。不幸的是，到 2023 年，這種碳經濟已經不再適合我們的目標，因為我們現在了解了碳浪費、將單向碳排放到我們的大氣、垃圾填埋場和海洋中的負面影響。

To avoid potentially catastrophic consequences, we absolutely must stop adding carbon into our atmosphere. To do that, we must transition to a circular carbon economy, and that is what LanzaTech does.

為了避免潛在的災難性後果，我們絕對必須停止向大氣中添加碳。為此，我們必須向循環碳經濟轉型，而這正是 LanzaTech 所做的。

As you'll see in slide 4 of the presentation, we have developed and commercialized a technology platform that utilizes waste carbon resources to produce the fuels and chemicals we need in our daily lives. This is the very definition of a zero-carbon economy. While many companies talk about sustainability goals in terms of their plans for the future, I'm proud to say that 100% of LanzaTech revenues are generated by providing sustainable solutions today.

正如您將在演示文稿的幻燈片 4 中看到的那樣，我們開發了一個技術平台並將其商業化，該平台利用廢碳資源來生產我們日常生活所需的燃料和化學品。這就是零碳經濟的定義。雖然許多公司在未來計劃中談論可持續發展目標，但我很自豪地說，LanzaTech 100% 的收入都是通過當今提供可持續解決方案產生的。

We are focused on the goal of reducing the need for humans to constantly mine fossil carbon, while at the same time, maintaining production of the group that define modern life. What LanzaTech does is nothing less than miraculous. Over the last 18 years, we have built this company out from little more than a bench cap biology in the New Zealand lab to a global technology company that allows its customers and partners for whom we design facilities and to whom we supply microbes, equipment, and services, to turn decarbonization from a cost center into a profit center.

我們的目標是減少人類不斷開採化石碳的需求，同時維持定義現代生活的群體的生產。 LanzaTech 的所作所為堪稱奇蹟。在過去的 18 年裡，我們已經將這家公司從一家新西蘭實驗室的小規模生物學公司發展成為一家全球性的科技公司，我們為其客戶和合作夥伴設計設施並為其提供微生物、設備、和服務，將脫碳從成本中心轉變為利潤中心。

We have been able to do this while creating a new platform technology that redefines where the carbon in everything we use comes from. In fact, we use carbon pollution as our carbon resource. Our vision has been so compelling that now we must continue to grow to satisfy expanding demand: demand for engineering services, demand for our contract research services, and demand for the carbon negative chemical building blocks that constitute the products that we call CarbonSmart.

我們已經能夠做到這一點，同時創建了一種新的平台技術，重新定義了我們使用的所有產品中碳的來源。事實上，我們利用碳污染作為我們的碳資源。我們的願景如此引人注目，以至於現在我們必須繼續發展以滿足不斷增長的需求：對工程服務的需求，對我們合同研究服務的需求，以及對構成我們稱為 CarbonSmart 的產品的負碳化學構件的需求。

CarbonSmart products are those that are made from recycled carbon, carbon that would otherwise pollute our planet. We foresee that someday, consumers will have an obvious choice of where the carbon into products comes from, recycled carbon instead of fresh fossil carbon. This choice would be no different than opting for fair trade coffee or organic milk. And we're already making such products available with laundry detergents and apparel made from steel mill emissions available today on store shelves.

CarbonSmart 產品是由回收碳製成的產品，否則這些碳會污染我們的星球。我們預計有一天，消費者將可以明顯選擇產品中碳的來源，回收碳而不是新鮮化石碳。這種選擇與選擇公平貿易咖啡或有機牛奶沒有什麼不同。我們已經將此類產品與洗衣劑一起提供，而由鋼鐵廠排放物製成的服裝現在也可以在商店貨架上買到。

Slide 5 is a simple illustration of this point, highlighting the items in our home that are currently derived from of carbon today, including our clothes, our cosmetics, our toys, our packaging, and an endless list of home goods. Creating a new paradigm is not easy. It has taken LanzaTech nearly two decades to prove, derisk, and commercialize its core carbon transformation technology, which enables carbon to be reused rather than be wasted.

幻燈片 5 是這一點的簡單說明，突出顯示了我們家中目前由碳衍生的物品，包括我們的衣服、我們的化妝品、我們的玩具、我們的包裝以及無數的家居用品。創建一個新的範式並不容易。 LanzaTech 花了近二十年的時間來證明其核心碳轉化技術、消除風險並將其商業化，該技術使碳能夠得到重複利用而不是被浪費。

We leverage the power of biology, chemistry, and cutting-edge engineering to transform greenhouse gases into the chemical building blocks of the products we use in our daily lives. At the core of our technology is a specialized microbe that consumes diverse carbon resources from hard-to-decarbonize processes and metabolizes them into the critical building blocks upon which so many consumer products are based. Similar to the process by which yeast consume sugar to make alcohol, our microbe consumes carbon in the form of either carbon dioxide or carbon monoxide, and produced ethanol can be used as a chemical intermediate for a wide variety of applications.

我們利用生物學、化學和尖端工程的力量，將溫室氣體轉化為我們日常生活中使用的產品的化學成分。我們技術的核心是一種特殊的微生物，它消耗來自難以脫碳過程的各種碳資源，並將其代謝成許多消費品所依賴的關鍵構建模塊。與酵母消耗糖來製造酒精的過程類似，我們的微生物以二氧化碳或一氧化碳的形式消耗碳，產生的乙醇可用作多種應用的化學中間體。

In addition to our commercial microbe, we've engineered and optimize the design of a proprietary bioreactor in which the process take place on a continuous basis, very much like a refinery unit. We've built our business around the mission of deploying this technology through licensing partnerships across the globe with key players in a wide variety of industries.

除了我們的商業微生物之外，我們還設計並優化了專有生物反應器的設計，該過程在連續的基礎上進行，非常類似於煉油廠。我們圍繞通過與全球各行各業的主要參與者建立許可合作夥伴關係來部署這項技術的使命來建立我們的業務。

As of today, LanzaTech technologies deployed three commercial facilities. To date, these facilities have produced over 160,000 tonnes, or 54 million gallons of ethanol, resulting in the mitigation of over 275,000 tonnes of carbon dioxide from the atmosphere, the equivalent of CO2 emissions from over 28 million gallons of gasoline consumed.

截至今天，LanzaTech 技術部署了三個商業設施。迄今為止，這些設施已生產超過 160,000 噸（即 5400 萬加侖）乙醇，減少了大氣中超過 275,000 噸的二氧化碳排放，相當於消耗超過 2800 萬加侖汽油所排放的二氧化碳。

Our designs and engineering expertise have been so well received across many hard-to-decarbonize industries that we are seeing tremendous demand from asset owners and growth in our commercial pipeline. As a response, we expect to more than double our installed nameplate production capacity by the end of this year, with an additional three licensed commercial scale plants coming online in new geographies, including in India and the European Union.

我們的設計和工程專業知識在許多難以脫碳的行業中廣受好評，我們看到資產所有者的巨大需求和我們的商業渠道的增長。作為回應，我們預計到今年年底，我們的已安裝銘牌產能將增加一倍以上，另外三個獲得許可的商業規模工廠將在新地區（包括印度和歐盟）上線。

These projects include effectively utilizing oil refinery of gas in India, with partner India Oil, a facility using steel mill off-gas in Belgium with partner ArcelorMittal, and a facility used utilizing ferroalloy off-gas in China with partner Shougang Steel. Once all our operation, or the cumulative installed capacity of our partners' license facilities will be approximately 300,000 tonnes per year of ethanol production, approximately double of where we ended last year.

這些項目包括與合作夥伴印度石油公司在印度有效利用天然氣煉油廠、與合作夥伴安賽樂米塔爾在比利時建設利用鋼廠廢氣的設施，以及與合作夥伴首鋼在中國建設利用鐵合金廢氣的設施。一旦我們全部運營，或者我們合作夥伴許可設施的累計裝機容量將達到每年約 300,000 噸乙醇產量，大約是去年年底產量的兩倍。

This is the equivalent of removing over 500,000 tonnes of CO2 from the atmosphere per year, or comparable to removing approximately 100,000 passenger cars from the road each year. This is the start of our journey to realize our potential to abate gigatons of carbon through our technology.

這相當於每年從大氣中減少超過 500,000 噸二氧化碳，或相當於每年從道路上減少約 100,000 輛客車。這是我們通過我們的技術實現減少數十億噸碳的潛力的旅程的開始。

In 2022, we generated over $37 million in revenue, representing 1.5x increase over 2021. As outlined on slide 9 of the presentation, we have had significant growth over the last few years as seen in the approximate 27% compounded annual growth rate over revenue from 2020 to 2022. We expect continued growth in the quarters and years ahead. Recent commercial operations position us well to accelerate deployment of our technology over the near and medium term.

2022 年，我們的收入超過 3700 萬美元，比 2021 年增長了 1.5 倍。如演示文稿第 9 張幻燈片所述，我們在過去幾年中取得了顯著增長，收入複合年增長率約為 27%從 2020 年到 2022 年。我們預計未來幾個季度和幾年將持續增長。最近的商業運營使我們能夠在中短期內加速我們的技術部署。

In the first quarter of 2023, we saw growth across our business as our revenue continue to expand year on year to reach $9.6 million, which is consistent with our 2023 plan and 2023 revenue guidance. As we look ahead of the rest of the year, we are focused on execution on commercial project development and deployment.

2023 年第一季度，我們的業務實現了增長，收入繼續同比增長，達到 960 萬美元，這與我們的 2023 年計劃和 2023 年收入指導一致。展望今年剩餘時間，我們將重點關注商業項目開發和部署的執行。

As you'll see on slide 10, we have the right executive leadership in place to deliver on our commercial growth objectives.

正如您將在幻燈片 10 中看到的，我們擁有合適的執行領導層來實現我們的商業增長目標。

Our commercial team is led by our Chief Commercial Officer, Dr. Steven Stanley, who joined us in May 2022, following more than a 30-year career as a leader in the global petrochemicals industry. Most recently, Steven served as the President of Univation Technologies, a joint venture between Dow and ExxonMobil Chemical. Steven brings a wealth of experience, scaling, and licensing technologies across broad global portfolios and the technical knowledge to help take the chemicals portfolio in new direction.

我們的商務團隊由首席商務官 Steven Stanley 博士領導，他於 2022 年 5 月加入我們，在全球石化行業擁有 30 多年的領導者職業生涯。最近，史蒂文擔任 Univation Technologies 的總裁，該公司是陶氏化學公司與埃克森美孚化學公司的合資企業。史蒂文（Steven）在廣泛的全球產品組合中帶來了豐富的經驗、擴展和許可技術以及技術知識，以幫助將化學品產品組合推向新的方向。

Over the course of last year, we saw great demand for our decarbonization solutions from several strategic infrastructure investors. We believe that infrastructure investment partners attracted to our derisked technology and profitable carbon abatement offer could provide LanzaTech a sophisticated and flexible project financing capabilities that will allow us to deploy our technology more rapidly and more broadly.

去年，我們看到了一些戰略基礎設施投資者對我們的脫碳解決方案的巨大需求。我們相信，被我們的無風險技術和有利可圖的碳減排產品所吸引的基礎設施投資合作夥伴可以為 LanzaTech 提供複雜而靈活的項目融資能力，使我們能夠更快、更廣泛地部署我們的技術。

In October of 2022, we announced a strategic partnership with Brookfield Renewable, whereby Brookfield committed up to $500 million in commercial project equity, with the ability to add more capital up to $1 billion to fund commercial deployment. As outlined on slide 7, our partnership with Brookfield will enable us to take a more active role in commercial development for select opportunity, allowing those facilities to advance more quickly and catalyze our deployment.

2022 年 10 月，我們宣布與 Brookfield Renewable 建立戰略合作夥伴關係，Brookfield 承諾提供高達 5 億美元的商業項目股權，並能夠增加高達 10 億美元的資本來資助商業部署。正如幻燈片 7 中所述，我們與布魯克菲爾德的合作夥伴關係將使我們能夠在商業開發中發揮更積極的作用，尋找特定的機會，使這些設施能夠更快地推進並促進我們的部署。

LanzaTec will have access to up to 50% of the production volumes from any facility built through our partnership with Brookfield completions to place into our CarbonSmart supply chains or used as feedstock for the production of sustainable aviation fuel through the LanzaJet alcohol-to-jet process. LanzaTech will also participate in the economic upside, capturing additional value from the performance of the commercial facilities once Brookfield has achieved certain return hurdles.

LanzaTec 將獲得我們與 Brookfield 合作建成的任何設施中最多 50% 的產量，並將其納入我們的 CarbonSmart 供應鏈，或用作通過 LanzaJet 酒精到噴氣機工藝生產可持續航空燃料的原料。一旦布魯克菲爾德實現了一定的回報障礙，LanzaTech 還將參與經濟增長，從商業設施的績效中獲取額外價值。

In addition to being an investor in LanzaTech, Brookfield is an invaluable commercial partner for us, and we look forward to unlocking significant value and bringing strategic commercial facilities online together.

除了作為 LanzaTech 的投資者之外，Brookfield 對我們來說還是一個寶貴的商業合作夥伴，我們期待釋放巨大的價值並將戰略商業設施整合到一起。

To help facilitate this, we were excited to recently announce the addition of Ms. Aura Cuellar as our new Executive Vice President of Growth and Strategic Projects to lead and accelerate commercial and capital deployment in partnership with Brookfield. Ms. Cuellar joins us from Shell, where she has spent nearly her entire career, most recently as the Vice President of Energy Transition and Head of Capital Projects and Turnarounds for Shell US.

為了幫助實現這一目標，我們很高興最近宣布任命 Aura Cuellar 女士為新任增長和戰略項目執行副總裁，負責與 Brookfield 合作領導和加速商業和資本部署。 Cuellar 女士在加入我們之前就職於殼牌，她幾乎整個職業生涯都在殼牌度過，最近擔任的職位是殼牌美國能源轉型副總裁兼資本項目和周轉主管。

Ms. Cuellar has a record of running and implementing large-scale capital projects for the refining and chemicals sector. We look forward to her leadership as she stewards this important partnership and business unit for LanzaTech. With Aura and Steven's leadership, LanzaTech is strongly positioned to deploy our technology rapidly and globally through our capital light licensing model.

Cuellar 女士擁有運行和實施煉油和化工行業大型資本項目的記錄。我們期待她在管理 LanzaTech 這一重要合作夥伴關係和業務部門時發揮領導作用。在 Aura 和 Steven 的領導下，LanzaTech 處於有利地位，可以通過我們的資本輕型許可模式在全球範圍內快速部署我們的技術。

Our commercial and engineering teams are focused on advancing the more than 80 identified potential licensing projects in our pipeline through the various development stages into commercial operation. Our business model for the biorefining project produces revenues for LanzaTech throughout the project's lifecycle, very similar to other technology licensing businesses. Our approach enables us to capture both one-time and recurring revenues.

我們的商業和工程團隊致力於將我們管道中的 80 多個已確定的潛在許可項目從各個開發階段推進到商業運營。我們的生物精煉項目商業模式在整個項目生命週期為 LanzaTech 帶來收入，這與其他技術許可業務非常相似。我們的方法使我們能夠獲得一次性收入和經常性收入。

First, we realized a one-time revenues during the development stage through engineering services and sales of equipment. During the operational stage, we realized long-tail recurring revenues through licensing royalties, sales of microbes and media, as well as through sales of software and analytical services.

首先，我們通過工程服務和設備銷售實現了開發階段的一次性收入。在運營階段，我們通過許可使用費、微生物和培養基的銷售以及軟件和分析服務的銷售實現了長尾經常性收入。

We are constantly working to improve and drive efficiencies in that process. As a result, we are pleased to have scaled and further validated the performance of LanzaTech's second-generation bioreactor technology at a demonstration scale in partnership with Emissions Reduction Alberta and Suncor. The second-generation bioreactor design operates at greater efficiency and at a lower operating cost, allowing us to utilize more waste streams expanding our pipeline.

我們不斷努力改進並提高該流程的效率。因此，我們很高興與艾伯塔省減排部門和 Suncor 合作，在示範規模上擴展並進一步驗證了 LanzaTech 第二代生物反應器技術的性能。第二代生物反應器設計的運行效率更高，運營成本更低，使我們能夠利用更多的廢物流，擴大我們的管道。

Core to our process is biology. We have been able to leverage biologies innate ability to capture and transform the carbon in diverse waste gases into products. On a commercial scale, our licensing partners are producing ethanol, while profitably abating and decarbonizing the production processes. This ethanol can be converted into multiple building blocks second to ethylene, one of the most widely used petrochemicals in the world, with a market value of approximately $125 billion in 2022.

我們流程的核心是生物學。我們已經能夠利用生物固有的能力來捕獲各種廢氣中的碳並將其轉化為產品。在商業規模上，我們的許可合作夥伴正在生產乙醇，同時通過生產過程的減少和脫碳來實現盈利。這種乙醇可以轉化為僅次於乙烯的多種結構單元，是世界上使用最廣泛的石化產品之一，到 2022 年市場價值約為 1250 億美元。

Ethanol can also be converted into monoethylene glycol, MEG, and ingredient in the manufacture of PET, with a total addressable market of approximately $30 billion in 2022. As such, the ethanol is the basis for all the consumer products our partners have manufactured to date. Through paid contracted work, our world-class synthetic and computation biology teams are working on commercializing the portfolio of next-generation microbes that will enable the production of a wide varieties of chemicals directly using our platform.

乙醇還可以轉化為單乙二醇、MEG 和 PET 製造中的成分，到 2022 年，潛在市場總額約為 300 億美元。因此，乙醇是我們合作夥伴迄今為止生產的所有消費品的基礎。通過有償合同工作，我們世界一流的合成和計算生物學團隊正在致力於將下一代微生物組合商業化，這將使我們能夠直接使用我們的平台生產多種化學品。

For your reference, direct production chemicals means we are producing these chemicals directly from waste and not indirectly through ethanol. At demonstration scale, we have been able to directly produce carbon negative acetone, a key ingredient for solvents, lacquers and textiles, as well as carbon negative isopropanol, the building block used to make polypropylene, a key material in multiple sectors, including automotive and for medical devices, with a market of over $120 billion in 2022. The ability to go beyond the production of ethanol will increase our total addressable market and allow us to access new markets.

供您參考，直接生產化學品意味著我們直接從廢物中生產這些化學品，而不是通過乙醇間接生產。在示範規模上，我們已經能夠直接生產負碳丙酮（溶劑、清漆和紡織品的關鍵成分）以及負碳異丙醇（用於製造聚丙烯的基礎材料，聚丙烯是多個行業的關鍵材料，包括汽車和工業）醫療器械，到 2022 年市場規模將超過 1200 億美元。超越乙醇生產的能力將增加我們的潛在市場總量，並使我們能夠進入新市場。

In addition, we recently announced the ability to transform waste carbon gas directly into ethylene and MEG rather than through the conversion of ethanol. By going from waste directly to these products, we should be able to achieve significant cost reductions in the production of these widely used commodity chemicals. We are not pursuing niche specialty chemical markets.

此外，我們最近宣布能夠將廢氣直接轉化為乙烯和 MEG，而不是通過乙醇轉化。通過直接將廢物轉化為這些產品，我們應該能夠顯著降低這些廣泛使用的大宗化學品的生產成本。我們並不追求利基特種化學品市場。

The ethylene market is anticipated to surpass $287 billion by 2030, while MEG is expected to reach nearly $40 billion by 2030. In leveraging advanced manufacturing technologies such as synthetic biology, we are targeting direct production of these bulk chemical commodities to bring consumer everyday goods into the circular economy.

到 2030 年，乙烯市場預計將超過 2870 億美元，而 MEG 預計到 2030 年將達到近 400 億美元。通過利用合成生物學等先進製造技術，我們的目標是直接生產這些大宗化學商品，將日常消費品帶入市場。循環經濟。

We believe these commodities fall -- stop. We believe this commodities focus will have a significant impact in the lives of billions of people daily, and by reducing costs, enable access to sustainable solutions no matter how much you earn or where you live.

我們相信這些商品會下跌——停止。我們相信，對大宗商品的關注將對數十億人的日常生活產生重大影響，並且通過降低成本，無論您的收入多少或居住在哪裡，都可以獲得可持續的解決方案。

LanzaTech, therefore, represents an exceptional opportunity to implement meaningful carbon removal in a distributed and decentralized fashion from waste resources, and to create sustainable synthetic chemicals that we believe can replace fossil carbon.

因此，LanzaTech 提供了一個絕佳的機會，可以通過分佈式和去中心化的方式從廢物資源中實施有意義的碳去除，並創造我們認為可以替代化石碳的可持續合成化學品。

Fundamental to our mission is the belief that the world has enough carbon above ground to make everything we need. And we are delivering on that mission. The ethanol from our licensed plants has been converted into the chemical building blocks to make polyester yarn, PET packaging, surfactants and many other products, representing a potential market of over $335 billion per year.

我們使命的基礎是相信世界上有足夠的碳來製造我們所需的一切。我們正在履行這一使命。我們許可工廠生產的乙醇已被轉化為化學原料，用於製造聚酯紗線、PET 包裝、表面活性劑和許多其他產品，代表著每年超過 3,350 億美元的潛在市場。

In 2022, we announced the expansion of our core business model to include CarbonSmart. In our CarbonSmart business, we partner with brands to provide sustainable alternatives to materials in their existing supply chains. As an example, we have partnered with consumer brands such as Zara, H&M Move, Mibelle, and Unilever. I have seen these products sold in global markets. The demand pull we are seeing for sustainable products and materials creates an enormous demand for further licensing of our technology and engineering services.

2022 年，我們宣布擴展我們的核心業務模式，將 CarbonSmart 納入其中。在我們的 CarbonSmart 業務中，我們與品牌合作，為其現有供應鏈中的材料提供可持續的替代品。例如，我們與 Zara、H&M Move、Mibelle 和聯合利華等消費品牌合作。我看到這些產品在全球市場上銷售。我們看到對可持續產品和材料的需求拉動對我們的技術和工程服務的進一步許可產生了巨大的需求。

In addition to products and materials, we believe that sustainable aviation fuel, or SAF as it's often referred to, produced through the LanzaJet alcohol-to-jet process, will create a massive demand pull for waste-based ethanol.

除了產品和材料之外，我們相信，通過 LanzaJet 酒精轉噴氣機工藝生產的可持續航空燃料（通常稱為 SAF）將為廢物乙醇產生巨大的需求拉動。

In 2020, we formed and spun out LanzaJet, following over a decade of process technology development in partnership with the US Department of Energy and the Pacific Northwest National Laboratories to convert alcohol to sustainable aviation fuel. We retain an approximate 25% ownership in LanzaJet, supported by co-investors and partners, including All Nippon Airways, Breakthrough Energy, International Aviation Group, the Microsoft Climate Fund, Mitsui & Co., Shell, and Suncor Energy.

經過與美國能源部和太平洋西北國家實驗室合作十多年的工藝技術開發，我們於 2020 年成立並分拆了 LanzaJet，將酒精轉化為可持續航空燃料。我們保留 LanzaJet 約 25% 的所有權，並得到聯合投資者和合作夥伴的支持，包括全日空航空公司、Breakthrough Energy、國際航空集團、微軟氣候基金、三井物產、殼牌和 Suncor Energy。

Together, we are pleased to see the progress LanzaJet is making towards the completion of the construction of the world's first ethanol-based alcohol-to-jet sustainable aviation fuel plant at the 10 million gallon per year LanzaJet Freedom Pines Fuels facility in the state of Georgia, which is slated to be completed in 2023. Once operational, this facility will account for almost 10% of global SAF production and will increase production of SAF in the United States by 60%.

我們很高興看到 LanzaJet 在位於美國州每年 1000 萬加侖的 LanzaJet Freedom Pines Fuels 工廠建設世界上第一個以乙醇為基礎的酒精到噴氣式飛機的可持續航空燃料工廠方面取得了進展。喬治亞州，預計於 2023 年竣工。一旦投入運營，該工廠將佔全球 SAF 產量的近 10%，並將使美國 SAF 產量增加 60%。

Sustainable fuel offtake agreements are in place to cover 100% of the fuels produced at this site for the next 10 years, including agreements in place with Suncor, British Airways, ANA, and others. It has been a tremendous journey over the past 18 years, but one of the most monumental achievements in the company's history occurred just a few months ago in February as we closed our business combination with AMCI Acquisition Corp. II and became publicly listed on the Nasdaq as LanzaTech Global, Inc.

可持續燃料承購協議已到位，涵蓋未來 10 年內該工廠生產的 100% 的燃料，其中包括與 Suncor、英國航空公司、全日空航空公司等公司簽訂的協議。過去 18 年是一段巨大的旅程，但就在幾個月前的 2 月份，我們完成了與 AMCI Acquisition Corp. II 的業務合併並在納斯達克上市，這是公司歷史上最重大的成就之一作為 LanzaTech Global, Inc.

Through the business combination, which is summarized on slide 12 of the presentation, LanzaTech raised $242 million in gross proceeds. In addition to the cash left in the SPAC trust account following redemptions net of the forward purchase agreement, this amount includes $185 million from a common equity PIPE, anchored by accredited investors, institutional buyers, and strategic partners, including ArcelorMittal, BASF, K1W1, Khosla Ventures, Mitsui, New Zealand Superannuation Fund, Oxy Low Carbon Ventures, Primetals, SHV Energy, Trafigura, as well as a $15 million investment from our strategic infrastructure investment partner, Brookfield.

通過本次業務合併，LanzaTech 籌集了 2.42 億美元的總收益（演示文稿第 12 張幻燈片對此進行了總結）。除了贖回淨遠期購買協議後留在 SPAC 信託賬戶中的現金外，這筆金額還包括來自普通股 PIPE 的 1.85 億美元，由認可投資者、機構買家和戰略合作夥伴（包括安賽樂米塔爾、巴斯夫、K1W1、 Khosla Ventures、三井物產、新西蘭養老金基金、Oxy Low Carbon Ventures、Primetals、SHV Energy、Trafigura 以及我們的戰略基礎設施投資合作夥伴 Brookfield 提供的 1500 萬美元投資。

We expect that the proceeds raised from the transaction will fully fund the business through to positive adjusted EBITDA by the end of 2024, and we are heads down as a company working to execute on our plan. I would like to thank all of our partners and investors for believing in us and helping us get to this point.

我們預計，交易籌集的資金將在 2024 年底前為業務提供充足的資金，實現調整後的 EBITDA 正數，作為一家公司，我們正在努力執行我們的計劃。我要感謝所有合作夥伴和投資者對我們的信任並幫助我們走到這一步。

Since going public in February, we have made several exciting announcements regarding our CarbonSmart business, some of which you can see summarized on slide 13. Notably, Coty, one of the world's largest beauty companies with an iconic portfolio of brands, we leased a new Gucci fragrance that contains 100% carbon-captured ethanol. Separately, H&M Move partnered with LanzaTech to launch a capsule collection using ethanol produced through our process as the building block for the polyester in their garments.

自 2 月份上市以來，我們就我們的 CarbonSmart 業務發布了幾項令人興奮的公告，您可以在幻燈片 13 中看到其中一些摘要。值得注意的是，科蒂是全球最大的美容公司之一，擁有標誌性的品牌組合，我們租用了一個新的Gucci 香水含有 100% 碳捕獲乙醇。另外，H&M Move 與 LanzaTech 合作推出了一個膠囊系列，使用通過我們的工藝生產的乙醇作為服裝中聚酯的基礎材料。

Adidas recently introduced collections including the Melbourne Tennis Collection, Adizero Ubersonic 4, and Adidas by Stella McCartney Truenature Collection, all utilizing raw materials that started as industrial emissions before being carbon and transformed by the LanzaTech process. This broader acceptance of the value of using recycled carbon as a feedstock has the potential to significantly accelerate the growth of our business.

阿迪達斯最近推出了包括 Melbourne Tennis Collection、Adizero Ubersonic 4 和 Adidas by Stella McCartney Truenature Collection 在內的系列，所有這些系列均採用源自工業排放的原材料，然後通過 LanzaTech 工藝轉化為碳並轉化。使用回收碳作為原料的價值得到更廣泛的接受，有可能顯著加速我們業務的增長。

Turning to portfolio expansion. We were recently awarded and initiated new R&D projects in partnership with multiple government agencies, including the US Department of Energy and the US Department of Defense, highlighting our continued focus on expanding and improving our capabilities. The team has also expanded LanzaTech's fermentation portfolio, recently demonstrating 400-fold increase in the direct production of MEG at lab scale. We remain focused on continuing to optimize the direct production of other commodity chemicals, including acetone, ethylene, isopropanol, and energy.

轉向投資組合擴張。我們最近獲得了與包括美國能源部和美國國防部在內的多個政府機構合作啟動的新研發項目，這突顯了我們對擴展和提高能力的持續關注。該團隊還擴展了 LanzaTech 的發酵產品組合，最近展示了實驗室規模的 MEG 直接產量增加了 400 倍。我們仍然專注於繼續優化其他大宗化學品的直接生產，包括丙酮、乙烯、異丙醇和能源。

Indeed, in 2023, one of our strategic priorities, as outlined on slide 16, is to operate at least one non-ethanol-producing microbeat demonstration scale outside of our development facilities. To truly change the current system by which everyday items are produced, we are targeting the supply chains that underpin our material economy.

事實上，如幻燈片 16 所示，到 2023 年，我們的戰略重點之一是在我們的開發設施之外運行至少一個不生產乙醇的微拍示範規模。為了真正改變當前日常用品的生產體系，我們的目標是支撐物質經濟的供應鏈。

By pursuing these massive commodity chemical markets and using waste carbon as a resource, we believe we can create a new carbon economy whereby cost-competitive supply chains provide access to sustainable goods for everybody, not just the first movers nor the wealthy. By increasing access to these sorts of sustainable products, we believe much more carbon will be abated.

通過追求這些巨大的商品化學品市場並利用廢棄碳作為資源，我們相信我們可以創造一種新的碳經濟，通過具有成本競爭力的供應鍊為每個人提供可持續的商品，而不僅僅是先行者或富人。我們相信，通過增加獲得此類可持續產品的機會，將會減少更多的碳排放。

We have grown to approximately 400 full-time employees with offices across the world. Throughout this tremendous growth, safety has remained our central operating focus. We are proud that 2022 marked our fourth consecutive year without a lost-time injury. This trend carried over into the first quarter of 2023 as we not only had zero lost-time injuries, but also zero recordable injuries across our global operations.

我們的全職員工數量已增至約 400 名，在世界各地設有辦事處。在這一巨大的增長過程中，安全始終是我們運營的核心焦點。我們感到自豪的是，2022 年是我們連續第四年沒有出現失時傷病。這一趨勢延續到 2023 年第一季度，我們不僅實現了零損失時間工傷，而且在我們的全球運營中實現了零可記錄工傷。

Diversity and inclusion are core to our values as a company, and we have not lost sight of this as we've grown. I'm proud that our Board of Directors is comprised of greater than 40% women and that with the addition of Aura Cuellar earlier this month, our executive team is now majority women.

多元化和包容性是我們公司價值觀的核心，隨著我們的成長，我們並沒有忽視這一點。我感到自豪的是，我們的董事會由超過 40% 的女性組成，隨著本月初 Aura Cuellar 的加入，我們的執行團隊現在大部分由女性組成。

Additionally, we're proud that over 60% of our technical leadership team is comprised of women. Approximately 48% of our global work force is ethnically diverse, and approximately 35% of our US-based workforce is comprised of underrepresented minorities.

此外，令我們感到自豪的是，我們的技術領導團隊中 60% 以上是由女性組成。我們的全球勞動力中大約 48% 是多元化的，而美國勞動力中大約 35% 是代表性不足的少數族裔。

Our commitment to diversity is one of our strengths. We're committed to fostering a diverse, equitable, and inclusive workplace where people of all cultures and backgrounds can succeed.

我們對多元化的承諾是我們的優勢之一。我們致力於營造一個多元化、公平和包容的工作場所，讓各種文化和背景的人都能取得成功。

Our people are our greatest asset. Diversity matters for advancing innovation, and we will continue to prioritize growing a global team that is representative of those our technology serves.

我們的員工是我們最大的資產。多元化對於推進創新至關重要，我們將繼續優先發展一支能夠代表我們技術服務對象的全球團隊。

Before turning it over to Geoff to walk through our financial results in greater detail, I want to go back to our five strategic priorities for 2023, which are outlined on slide 16 of the presentation.

在交給 Geoff 更詳細地介紹我們的財務業績之前，我想回顧一下我們 2023 年的五個戰略重點，這些重點在演示文稿的第 16 張幻燈片中進行了概述。

First, and as I mentioned earlier in my remarks, safety is a critical operational focus, and we are focused on having zero lost-time injuries across our global sites. I am proud to say that this focus has thus far resulted in four consecutive years without a lost-time injury. We have a global team and global sites, including commercial scale facilities, and have implemented several training, tutorials, and audits across our organization to ensure we continue to prioritize a safety-first mindset.

首先，正如我之前在發言中提到的，安全是運營的一個關鍵焦點，我們致力於在全球各地實現零損失時間傷害。我很自豪地說，這種專注迄今已連續四年沒有發生失時傷害。我們擁有全球團隊和全球站點，包括商業規模的設施，並在整個組織內實施了多項培訓、教程和審核，以確保我們繼續優先考慮安全第一的理念。

Second, we are focused on a path toward profitability. We expect that through our anticipated top-line growth and disciplined cost management, we will achieve this goal. We will continue to focus on accretive opportunities and accelerate the deployment of our technology platform, significantly improving margins as our revenue mix shift towards recurring biorefining revenues over the long term. Through focused execution on our plan, we anticipate that the company will turn adjusted EBITDA positive by the end of 2024.

其次，我們專注於盈利之路。我們預計，通過預期的營收增長和嚴格的成本管理，我們將實現這一目標。我們將繼續關注增值機會，加快技術平台的部署，隨著我們的收入結構長期轉向經常性生物煉製收入，顯著提高利潤率。通過集中執行我們的計劃，我們預計公司將在 2024 年底前實現調整後 EBITDA 為正值。

Third, we are committed to growing our total installed nameplate production capacity by 100% to approximately 300,000 tonnes of waste-based ethanol per year. As mentioned previously, there are three commercial scale plants that are expected to start-up in 2023, and with those start-ups, we will further expand the commercial reach of our technology.

第三，我們致力於將總裝機銘牌產能提高 100%，達到每年約 30 萬噸廢物乙醇。如前所述，預計將於 2023 年啟動三個商業規模工廠，通過這些初創企業，我們將進一步擴大我們技術的商業範圍。

Fourth, we are focused on moving the more advanced projects to our current pipeline backlog and anticipate that sales of engineering services, key equipment packages, and expansion of our CarbonSmart business will contribute meaningfully to revenue throughout the remainder of the year. This is evidenced in our 2023 revenue guidance of $80 million to $120 million, which we introduced earlier this year and reflects year-over-year growth of approximately 2.7x at the midpoint.

第四，我們專注於將更先進的項目轉移到我們當前的儲備中，並預計工程服務、關鍵設備包的銷售以及我們的 CarbonSmart 業務的擴展將為今年剩餘時間的收入做出重大貢獻。我們今年早些時候推出的 2023 年收入指導為 8000 萬至 1.2 億美元，反映了中值約 2.7 倍的同比增長。

We are also focused on further developing and advancing the project pipeline for earlier-stage projects to move those through to key revenue generation milestones in 2024, which supports our goal of doubling annual revenue in 2024 relative to our very strong 2023 growth expectations.

我們還致力於進一步開發和推進早期項目的項目管道，以推動這些項目在 2024 年達到關鍵的創收里程碑，這支持了我們在 2024 年將年收入翻一番（相對於我們非常強勁的 2023 年增長預期）的目標。

Finally, we continue to prioritize process optimization, focusing on driving greater profit per tonne of carbon dioxide abatement at our partners' facilities and accelerating deployment of our technology, maximizing carbon abatement potential.

最後，我們繼續優先考慮流程優化，重點關注在合作夥伴的設施中提高每噸二氧化碳減排量的利潤，並加速部署我們的技術，最大限度地發揮碳減排潛力。

The LanzaTech solution shifts our partners' focus to assess the profit per tonne of carbon abated in their operations, rather than the cost per tonne associated with most other carbon abatement solutions. We provide this profitable decarbonization solution for our partners today, but we are working collectively across our teams to drive further efficiencies and profitability for our customers in the future.

LanzaTech 解決方案將我們合作夥伴的重點轉移到評估其運營中每噸碳減排的利潤，而不是與大多數其他碳減排解決方案相關的每噸成本。今天，我們為我們的合作夥伴提供這種有利可圖的脫碳解決方案，但我們正在跨團隊共同努力，以在未來為我們的客戶進一步提高效率和盈利能力。

Additionally, as previously mentioned, we are focused on demonstrating at scale the application of non-ethanol-producing microbes.

此外，如前所述，我們專注於大規模展示非乙醇生產微生物的應用。

With that, I'll turn the call over to Geoff to provide details on our financial performance and outlook, and then I'll come back with a few closing remarks. Geoff, please go ahead.

接下來，我會將電話轉給傑夫，提供有關我們財務業績和前景的詳細信息，然後我會做一些總結髮言。傑夫，請繼續。

Thank you, Jennifer. Good morning and thank you to everyone joining us. Before I get into our first-quarter results, I'd like to provide some additional details of our recently completed business combination with AMCI, the implications of the transaction on our accounting presentation, and how the proceeds from the transaction have set us up to execute on our current business plan.

謝謝你，詹妮弗。早上好，感謝大家加入我們。在介紹第一季度業績之前，我想提供一些有關我們最近與 AMCI 完成的業務合併的其他詳細信息、交易對我們會計報表的影響，以及交易收益如何幫助我們實現執行我們當前的業務計劃。

As Jennifer mentioned earlier, and as shown on slide 12, we closed our business combination on February 8, 2023. Legacy LanzaTech completed this business combination with AMCI, with Legacy LanzaTech continuing as the surviving corporation and as a wholly owned subsidiary of AMCI. The reporting entity is LanzaTech Global, Inc. and its subsidiaries.

正如 Jennifer 之前提到的，如幻燈片 12 所示，我們於 2023 年 2 月 8 日完成了業務合併。Legacy LanzaTech 完成了與 AMCI 的業務合併，Legacy LanzaTech 繼續作為存續公司和 AMCI 的全資子公司。報告實體是 LanzaTech Global, Inc. 及其子公司。

Accordingly, for accounting purposes, the financial statements of LanzaTech represent a continuation of the financial statements of pre-combination Legacy LanzaTech, with the acquisition being treated as the equivalent of pre-combination Legacy LanzaTech issuing stock for the net assets of AMCI, accompanied by a recapitalization.

因此，出於會計目的，LanzaTech 的財務報表代表合併前 Legacy LanzaTech 財務報表的延續，此次收購被視為相當於合併前 Legacy LanzaTech 發行 AMCI 淨資產股票，並附有資本重組。

Over the duration of the transaction, we raised $242 million in gross proceeds through a combination of $185 million of proceeds from investors in the common equity PIPE, $50 million of proceeds from an investment made by Brookfield, and the remainder from the cash trust account of AMCI net of the forward purchase agreement.

在交易期間，我們籌集了 2.42 億美元的總收益，其中包括來自普通股 PIPE 投資者的 1.85 億美元收益、Brookfield 投資的 5000 萬美元收益，以及來自 Brookfield 公司現金信託賬戶的剩餘收益。 AMCI 扣除遠期購買協議。

In addition, prior to closing, on February 3, 2023, LanzaTech entered into a forward purchase agreement, or FPA, where the FPA counterparties purchased approximately $60 million worth of shares in the open market from holders we previously elected to redeem their shares. This amount, incremental to the $242 million raised through the transaction, was paid by LanzaTech to the FPA counterparties upon closing out of the funds held in the trust account. The FPA provides the potential for additional liquidity to LanzaTech of up to $60 million if the FPA counterparties are able to sell the purchase shares above the redemption price in effect at closing.

此外，在交割之前，LanzaTech 於 2023 年 2 月 3 日簽訂了遠期購買協議 (FPA)，其中 FPA 交易對手在公開市場上從我們之前選擇贖回其股票的持有人手中購買了價值約 6000 萬美元的股票。這筆金額是通過交易籌集的 2.42 億美元的增量，由 LanzaTech 在關閉信託賬戶中持有的資金後向 FPA 交易對手支付。如果 FPA 交易對手能夠以高於交割時有效贖回價格的價格出售購買股份，FPA 將為 LanzaTech 提供高達 6000 萬美元的額外流動性。

The FPA has been recorded as a derivative asset and the liability and is measured at fair value. The subsequent change in the fair value of this derivative asset was recorded as a non-cash expense and significantly impacted our net loss result for the quarter. Additional details of the FPA and its accounting treatment can be found in our 10-Q filing.

FPA已記錄為衍生資產和負債，並按公允價值計量。該衍生資產公允價值的後續變化被記錄為非現金費用，並對我們本季度的淨虧損結果產生了重大影響。有關 FPA 及其會計處理的更多詳細信息，請參閱我們的 10-Q 文件。

As you'll see on slide 18, I'm pleased to report that we continue to see growth year on year with $9.6 million in total revenue in the quarter, increasing 23% from $7.9 million in the first quarter of 2022, which again, was consistent with our forecasts and previously provided guidance for the year. On a disaggregated basis, revenue from our biorefining, carbon capture, and utilization category grew 31% year on year in the quarter, reaching $6.4 million, driven predominantly by increases in engineering and other service revenue.

正如您將在幻燈片 18 中看到的那樣，我很高興地報告，我們繼續看到同比增長，本季度總收入為 960 萬美元，比 2022 年第一季度的 790 萬美元增長了 23%，這再次表明，與我們的預測和之前提供的今年指導一致。從分類來看，本季度生物精煉、碳捕獲和利用類別的收入同比增長 31%，達到 640 萬美元，這主要是由工程和其他服務收入的增長推動的。

Research and development revenue, which includes our joint development and contract research work, grew 45% year on year to $3.3 million. As we anticipated, there's no revenue from CarbonSmart line of business in the first quarter, although we expect meaningful revenue from CarbonSmart through the rest of the year.

研發收入（包括我們的聯合開發和合同研究工作）同比增長 45%，達到 330 萬美元。正如我們預期的那樣，CarbonSmart 業務線在第一季度沒有收入，儘管我們預計在今年剩餘時間內 CarbonSmart 會產生有意義的收入。

Cost of revenues in the quarter increased 34% to $7.8 million from $5.8 million in the prior corresponding period, mainly as a result of an increase in the number of customer projects and a shift in the sales mix, with certain projects generating a higher cost of revenue due to the shifting nature of the development pipeline.

本季度的收入成本從上年同期的 580 萬美元增加到 780 萬美元，增長了 34%，這主要是由於客戶項目數量的增加和銷售組合的變化，某些項目產生了更高的銷售成本。由於開發渠道的性質變化而產生的收入。

Operating expenses were $34.4 million in the first quarter, an 86% increase from the prior corresponding period, mainly as a result of higher SG&A expenses, driven primarily from one-time expenses including external consulting fees and other expenses related to the business combination, as well as higher personnel costs as the company scaled up non-R&D-related functions.

第一季度運營費用為 3,440 萬美元，較上年同期增長 86%，主要是由於 SG&A 費用增加，這主要是由一次性費用（包括外部諮詢費和與業務合併相關的其他費用）推動的。隨著公司擴大非研發相關職能，人員成本上升。

Net loss in the quarter was $63.3 million. Net loss was significantly impacted by other expenses net, which increased primarily as a result of the $51.1 million non-cash accounting impacts of the FPA.

該季度淨虧損為 6330 萬美元。淨虧損受到其他費用淨額的顯著影響，其他費用淨額的增加主要是由於 FPA 的 5110 萬美元非現金會計影響所致。

Adjusted EBITDA loss was $27.6 million for the quarter compared to an adjusted EBITDA loss of $14.8 million in the first quarter of 2022.

本季度調整後 EBITDA 虧損為 2760 萬美元，而 2022 年第一季度調整後 EBITDA 虧損為 1480 萬美元。

We completed the first quarter of 2023 with cash, cash equivalents, restricted cash, and investments in US treasuries totaling approximately $195 million. This included $145.8 million in cash, cash equivalents, and restricted cash, up from $83.7 million at the end of 2022. In addition, LanzaTech invested approximately $49.1 million in short-term held-to-maturity investments in the form of US treasuries.

截至 2023 年第一季度，我們的現金、現金等價物、限制性現金和美國國債投資總額約為 1.95 億美元。其中包括 1.458 億美元的現金、現金等價物和限制性現金，高於 2022 年底的 8370 萬美元。此外，LanzaTech 以美國國債的形式投資了約 4910 萬美元的短期持有至到期投資。

LanzaTech does not have any outstanding debt other than the Brookfield SAFE, which is classified as a liability for accounting purposes on its balance sheet as of March 31, 2023. As we look at the financial forecast, we believe the associated proceeds from the transaction, the current cash, and liquidity position is sufficient for the company to execute its business plan and achieve positive adjusted EBITDA by the end of 2024.

除布魯克菲爾德國家外匯管理局外，LanzaTech 沒有任何未償債務，截至 2023 年 3 月 31 日，出於會計目的，該債務在其資產負債表上被歸類為負債。在我們查看財務預測時，我們認為交易的相關收益，目前的現金和流動性狀況足以讓公司執行其業務計劃並在 2024 年底前實現正調整 EBITDA。

As recapped on slide 19, we recently introduced our guidance for the full year 2023, including revenue of $80 million to $120 million, which we are reiterating today. The midpoint of this 2023 revenue guidance implies a compounded annual growth rate of 76% since 2020. We anticipate significant quarter-on-quarter growth throughout the rest of the year as projects have advanced our pipeline, are in advanced engineering and beginning to move toward a final investment decision, or FID, and construction starts.

正如幻燈片 19 中所述，我們最近介紹了 2023 年全年的指導，包括 8000 萬至 1.2 億美元的收入，我們今天重申了這一點。 2023 年收入指引的中點意味著自 2020 年以來的複合年增長率為 76%。我們預計今年剩餘時間將出現顯著的季度環比增長，因為項目已經推進了我們的管道，處於先進的工程領域並開始朝著最終投資決定（FID）和建設開始。

We expect that revenues generated from engineering and development services, as well as sales of equipment packages, will make up the majority of the biorefining revenue this year. Additionally, we expect significant and continued growth from CarbonSmart this year. Our full year 2023 adjusted EBITDA guidance is expected to be a negative $55 million to a negative $65 million as previously communicated.

我們預計工程和開發服務以及設備包銷售產生的收入將佔今年生物煉製收入的大部分。此外，我們預計今年 CarbonSmart 將出現顯著且持續的增長。正如之前所傳達的，我們 2023 年全年調整後 EBITDA 指導預計為負 5500 萬美元至負 6500 萬美元。

I'll turn the call back over to Jennifer for some closing remarks before we open the call for Q&A. Jennifer?

在我們開始問答環節之前，我會將電話轉回給詹妮弗，讓她做一些結束語。詹妮弗？

Thank you Geoff. In summary, we had a strong quarter with continued growth across our business. Our focus is squarely on business execution and delivering the results we guided the market to for the rest of the year. We're proud of the numerous accomplishments and milestones we've achieved not only in this quarter, but over the last 18 years. Our technology is proven at commercial scale, and we continue to innovate and push the envelope on what is possible.

謝謝杰夫。總而言之，我們度過了一個強勁的季度，整個業務持續增長。我們的重點完全放在業務執行和交付我們在今年剩餘時間引導市場的結果上。我們為我們在本季度以及過去 18 年中取得的眾多成就和里程碑感到自豪。我們的技術已在商業規模上得到驗證，我們將繼續創新並挑戰極限。

As UN Secretary-General, António Guterres, said in March, the climate time bomb is ticking. We firmly believe that the world has enough carbon above ground to make everything we need. Our current carbon economy is not sustainable, and it's time for a fundamental paradigm shift. Our goal is to significantly reduce the need for virgin fossil carbon by changing the way the world uses carbon.

正如聯合國秘書長安東尼奧·古特雷斯三月份所說，氣候定時炸彈正在滴答作響。我們堅信，世界上有足夠的碳來製造我們所需的一切。我們當前的碳經濟是不可持續的，是時候進行根本性的範式轉變了。我們的目標是通過改變世界使用碳的方式來顯著減少對原始化石碳的需求。

There are significant tailwinds to our business and LanzaTech is uniquely positioned to play a leading role in enabling a circular economy. I'm proud to represent LanzaTech's many employees and look forward to continuing to drive growth in the future.

我們的業務面臨著巨大的推動力，LanzaTech 具有獨特的優勢，可以在實現循環經濟方面發揮主導作用。我很自豪能夠代表 LanzaTech 的眾多員工，並期待著繼續推動未來的增長。

Thank you again for joining us and to so many of you for your support. Operator, we can now open the lines for Q&A, please.

再次感謝您加入我們並感謝大家的支持。接線員，我們現在可以開通問答線路了。

(Operator Instructions) Leo Mariani, Roth MKM.

（操作員說明）Leo Mariani，Roth MKM。

Good morning. I was hoping to get a little bit more color in terms of your thoughts on the progression of revenues throughout the year. If I look at first quarter '23, looks like you were down about $2 million versus fourth quarter '22. And if I look at the number, it's circa $10 million. You got your midpoint of guidance as $100 million for the year. I guess that implies an average of $30 million per quarter for the rest of the year to hit that midpoint.

早上好。我希望能更詳細地了解您對全年收入增長的看法。如果我看看 23 年第一季度，看起來與 22 年第四季度相比，您減少了約 200 萬美元。如果我看一下這個數字，大約是 1000 萬美元。您的年度指導中點為 1 億美元。我猜想這意味著今年剩餘時間裡每季度平均需要 3000 萬美元才能達到這個中點。

So can you talk us through the important pieces here that can drive the significant growth? And maybe also just talk about the range on the guidance. You guys are at $80 million to $120 million, which is about 50% bottom to the top increase there. So maybe just talk about and what gets you to the lower end versus the higher end in terms of how that might play out.

那麼您能否向我們介紹一下可以推動顯著增長的重要部分？也許也只是談論指導上的範圍。你們的收入在 8000 萬至 1.2 億美元之間，大約是從底部到頂部的 50% 增幅。因此，也許只是談談是什麼讓你進入低端與高端，以及如何發揮作用。

I can start addressing that question, Leo. Thank you for joining us and for asking it. And then I'll pass it over to Jeff.

我可以開始回答這個問題了，利奧。感謝您加入我們並提出疑問。然後我會把它交給傑夫。

The guidance of $80 million to $120 million relates simply to timing. Our expectation is to hit the midpoint. However, we gave an $80 million as a bottom number because often, as you know in our business, there can be delays related to licensing business decisions, et cetera.

8000 萬至 1.2 億美元的指導只是與時機有關。我們的期望是達到中點。然而，我們給出了 8000 萬美元作為底數，因為正如您在我們的業務中所知，通常可能會出現與許可業務決策等相關的延遲。

The first-quarter numbers are within what our expectations for that quarter were. Quite a bit of our revenue for this year will come from some equipment, and that equipment will not materialize in revenues until the second half of the year. So those are the -- that is the driver we are reaffirming, $80 million to $120 million, and we feel comfortable with that. And Geoff, do you want to add to that?

第一季度的數字符合我們對該季度的預期。我們今年的收入有相當一部分來自於一些設備，而這些設備要到下半年才能實現收入。這些就是我們重申的驅動因素，8000 萬至 1.2 億美元，我們對此感到滿意。傑夫，你想補充一下嗎？

Yeah. I'm just going to reiterate a couple of the points that you were making there, I think. And Leo, appreciate the question.

是的。我想我只是想重申一下你在那裡提出的幾點觀點。獅子座，感謝這個問題。

In terms of Q4 last year versus Q1 this year, as you know, a lot of our revenue is based on project development work at this point in time. So this is really just about the timing of key things being recognized in revenue during these separate quarters. We do reiterate that this is consistent with our forecast for the year and our revenue guidance for the year.

就去年第四季度與今年第一季度而言，如您所知，我們的很多收入都基於此時的項目開發工作。因此，這實際上只是在這些單獨的季度中在收入中確認關鍵事項的時間。我們重申，這與我們今年的預測和今年的收入指導一致。

We do expect significant upticks quarter over quarter and a ramp -- an increasing slope of the line in terms of revenue generation over subsequent quarters as we ramp based on projects that are in development currently. And the $80 million, the guidance range is really timing related as to whether or not it'll be realized in 2023 or in 2024, just depending on the pace of those -- as those projects progress.

我們確實預計季度環比將大幅上升，並且隨著我們基於當前正在開發的項目而增加，後續幾個季度收入產生的斜率將不斷增加。 8000 萬美元的指導範圍實際上與是否在 2023 年或 2024 年實現有關，僅取決於這些項目的進展速度。

Okay. And I guess would you say that each quarter you see significant growth going forward? Are we going to see big second-quarter growth? Is it more second half weighted on the revenue? Can you provide any quantification of what you expect in the first half versus the second half this year on revenues?

好的。我想你會說每個季度你都會看到未來的顯著增長嗎？我們會看到第二季度的大幅增長嗎？下半年的收入是否更重要？您能否量化您對今年上半年和下半年收入的預期？

So we do expect significant growth quarter over quarter. And so, it will ramp quarter by quarter. It is heavily weighted to the back half of the year.

因此，我們確實預計季度環比將出現顯著增長。因此，它將逐季增長。它在今年下半年的權重很大。

Okay. You referred in some of your prepared comments to some one-time costs in the first quarter of '23. It looks like a lot of that might have hit the G&A line. Can you provide what that number was in terms of what the one-time costs were in 1Q?

好的。您在一些準備好的評論中提到了 23 年第一季度的一些一次性成本。看起來其中很多可能已經達到了一般行政費用線。您能否提供第一季度一次性成本的數字是多少？

Sure. So I'll take a shot at that. So there are a variety of one-time costs in addition to our cash flow impacts from ongoing operations. We have a variety of things that do tend to hit in the first quarter that are including bonuses that were related to -- or that were -- some of which were expensed in Q1. There's a variety of other consulting costs that were related to the close of business combination. A lot of those flowed through SG&A.

當然。所以我會嘗試一下。因此，除了持續運營對現金流的影響之外，還存在各種一次性成本。我們有很多事情確實會在第一季度發生，其中包括與（或曾經）相關的獎金，其中一些在第一季度支出。還有各種其他諮詢成本與業務合併的完成相關。其中很多都流經SG&A。

Okay. And I was trying to see if you guys had a number for that. I'm just looking at your cash G&A number for the quarter, it was around $13.3 million if I exclude the non-cash stock comp piece here. Looking at the previous quarter here, it was like $6.9 million, so up fairly significantly. Is $5 million of that one-time? And what can you quantify here for us?

好的。我想看看你們是否有這方面的電話號碼。我只是查看本季度的現金 G&A 數字，如果我在這裡排除非現金股票補償部分，則約為 1330 萬美元。看看上一季度，大約是 690 萬美元，增長相當顯著。 500萬美元是一次性的嗎？您能為我們量化什麼？

Yes. No, there's a little bit of increase year over year and quarter over quarter in terms of just our SG&A expense as we continue to grow the team, but the majority of that increase is one-time in nature for the quarter.

是的。不，隨著我們團隊的不斷壯大，我們的 SG&A 費用逐年和逐季略有增加，但大部分增長本質上是本季度一次性的。

Okay. And then can you talk about your cash burn? I think at close of the deal, which was early to mid-Feb, you guys press released you had about $230 million of cash and equivalents. Now at March 31, looks like you're down about $35 million at that $195 that you guys talked about. Can you talk about where that $35 million went?

好的。然後你能談談你的現金消耗嗎？我認為，在 2 月初至 2 月中旬交易結束時，你們發布的新聞稿稱，你們擁有約 2.3 億美元的現金和等價物。現在到 3 月 31 日，按照你們所說的 195 美元，看起來您已經損失了大約 3500 萬美元。您能談談這 3500 萬美元的去向嗎？

Geoff, go ahead.

傑夫，繼續吧。

Sure. So thanks, Leo. The basics associated with it, there are obviously -- we are projecting negative EBITDA. We recognize we're going to have negative EBITDA for the quarter. So there are cash flow impacts purely associated with that. But there was in excess of $20 million of one-time cash uses in the quarter for the year that includes a series of one-time expenses, tax payments, as well as some increases in our prepaid assets.

當然。所以謝謝，利奧。與之相關的基礎知識顯然是——我們預計 EBITDA 為負值。我們認識到本季度的 EBITDA 將為負值。因此，現金流的影響純粹與此相關。但本季度的一次性現金使用量超過 2000 萬美元，其中包括一系列一次性費用、納稅以及我們預付資產的一些增加。

See on the statement of cash flows, those did bump up. That includes certain things like D&O insurance, prepayments for some of the products, some of our CarbonSmart materials, as those how we look to turn around and generate revenues on in subsequent quarters.

從現金流量表來看，這些確實有所增加。這包括 D&O 保險、某些產品的預付款、我們的一些 CarbonSmart 材料等某些事項，這些都是我們希望在後續幾個季度扭虧為盈並產生收入的方式。

Okay. And obviously, you guys have your EBITDA guidance this year of negative $55 million to negative $65 million. Looks like you guys did just over $27 million of negative EBITDA in the first quarter here. So I guess that implies somewhere around negative $11 million of EBITDA on average per quarter.

好的。顯然，你們今年的 EBITDA 指引為負 5500 萬美元至負 6500 萬美元。看起來你們第一季度的 EBITDA 為負，略高於 2700 萬美元。所以我猜這意味著平均每季度 EBITDA 約為負 1100 萬美元。

You've got your revenue guidance there. It certainly looks like cash G&A and R&D are your two main cost components that will drive that forecast. So can you help us out with what you think the cash G&A is going to be here in '23 and we think the R&D is going to be in '23?

那裡有您的收入指導。看起來現金管理費用和研發顯然是推動這一預測的兩個主要成本組成部分。那麼，您能否幫助我們了解您認為 23 年的現金管理費用以及我們認為 23 年的研發費用？

So Leo, we haven't provided guidance specifically on those components of the P&L. What I can say at this point in time is that the expectation for the EBITDA -- consistent with our EBITDA guidance is that we do expect the EBITDA -- the adjusted EBITDA loss to decline quarter over quarter as a couple of things happened.

Leo，我們還沒有專門針對損益表的這些組成部分提供指導。我現在能說的是，對 EBITDA 的預期——與我們的 EBITDA 指導一致的是，我們確實預計 EBITDA——調整後的 EBITDA 損失將逐季下降，因為發生了一些事情。

One, revenue grows and gross profit increases quarter over quarter and a material impact on that as we also continue to manage our operating costs. We don't expect to cut back on those costs, but we do expect that the gross profit generated from our revenue growth will continue to offset and reduce that EBITDA loss.

第一，收入增長和毛利潤逐季增加，並對此產生重大影響，因為我們還繼續管理我們的運營成本。我們預計不會削減這些成本，但我們確實預計收入增長產生的毛利潤將繼續抵消和減少 EBITDA 損失。

Okay. Thank you.

好的。謝謝。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Morning all, and appreciate all the color. I want to start out maybe understanding you're in the early stages of getting a lot of this scaled up, but maybe if you could just walk through how you see the marketing segment with CarbonSmart evolving over the next few quarters and then maybe longer term over the next few years.

早上好，欣賞所有的顏色。我想首先了解您正處於擴大規模的早期階段，但也許您可以簡單介紹一下您如何看待 CarbonSmart 營銷領域在未來幾個季度乃至更長期的發展在接下來的幾年裡。

Is it just a matter of getting projects up and volumes online there given your pipeline? Or is it balancing that with partnership growth? And then maybe as a second part of that, how have you seen that pipeline develop since your last update?

考慮到您的管道，這只是讓項目上線並增加數量的問題嗎？或者是在與合作夥伴關係發展之間取得平衡？然後也許作為第二部分，自上次更新以來您如何看待該管道的發展？

Yeah. Thank you for that question. The key element of this year's CarbonSmart were -- actually, last year's CarbonSmart work was really getting a few capsule collections out there, so that each of our brand partners have the opportunity to work with this new fiber, et cetera, these new materials.

是的。謝謝你提出這個問題。今年CarbonSmart 的關鍵要素是——實際上，去年CarbonSmart 的工作實際上是推出一些膠囊系列，以便我們的每個品牌合作夥伴都有機會使用這種新纖維等新材料。

And so, what you'll start to see happen this year is that we'll start to see broader portfolio where our brand partners will introduce not just capsule collections, but that entire collections that are not just available on the internet, but actually in stores, like the work that Adidas did where you could literally walk into a store and buy the Melbourne Tennis Collection.

因此，今年你將開始看到發生的是，我們將開始看到更廣泛的產品組合，我們的品牌合作夥伴將不僅推出膠囊系列，而且不僅在互聯網上提供整個系列，而且實際上在商店，就像阿迪達斯所做的那樣，你可以走進商店購買墨爾本網球系列。

So there's a transition from capsule collection or trying out the materials to actually starting to build their whole polyester portfolio around our fibers derived from waste carbon. So that will result in much larger revenue.

因此，從膠囊收集或試用材料到實際開始圍繞我們從廢碳中提取的纖維構建整個聚酯產品組合，這是一個轉變。因此，這將帶來更大的收入。

The other thing that you'll also see in CarbonSmart is we're going to start to consolidate supply chains as we start to have plants come up in many jurisdictions other than just in China. As you know, this year we'll be cleaning up a plant in India and a plant in Europe. We'll be able to be consolidating the production from the ethanol all the way to the fiber in one jurisdiction, which will reduce cost and will then also drive additional adoption. So we believe CarbonSmart will become an increasingly important part of our revenue portfolio this year.

您還將在CarbonSmart中看到的另一件事是，我們將開始整合供應鏈，因為我們開始在中國以外的許多司法管轄區設立工廠。如您所知，今年我們將清理印度的一家工廠和歐洲的一家工廠。我們將能夠將從乙醇一直到纖維的生產整合在一個管轄範圍內，這將降低成本，然後也將推動更多的採用。因此，我們相信 CarbonSmart 今年將成為我們收入組合中越來越重要的一部分。

I appreciate that. Maybe as a follow-up to that, I know you might not want to get into too many specifics this early on, but really high level, I'm just curious how you're thinking about pricing on the CarbonSmart side and how you expect that to trend over time versus the fossil-derived alternatives.

我很感激。也許作為後續行動，我知道您可能不想一開始就討論太多細節，但確實很高，我只是好奇您如何考慮 CarbonSmart 方面的定價以及您的期望與化石衍生替代品相比，隨著時間的推移會出現趨勢。

That's a great question. The fact that we are consolidating supply chains means that we'll be driving -- a lot of the costs right now are in the movement of the materials from China to India to Taiwan and then wherever the product is being used. So we expect that that will go from where we are today in terms of multiple times the price of the fossil equivalent to, say, 50% uptick. That is what we're trying to get, to 130% to 150% versus 200% to 300%. And a lot of that will come just from driving down the cost of the logistics.

這是一個很好的問題。事實上，我們正​​在整合供應鏈，這意味著我們將推動——目前的很多成本都來自於將材料從中國轉移到印度再到台灣，然後再轉移到產品使用的任何地方。因此，我們預計化石價格將比現在高出幾倍，相當於上漲 50%。這就是我們想要達到的目標，130% 到 150%，而不是 200% 到 300%。其中很大一部分將來自於降低物流成本。

Thanks so much. That's very helpful.

非常感謝。這非常有幫助。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking my question. Given that this is your inaugural call, let me zoom out for a moment. You talked a lot about having a licensing-centric business model, but at the same time, the Brookfield relationship gives you the ability to invest your own capital in, co-invest in various projects. How do you discern where you are 100% licensing versus where LanzaTech will be an equity partner?

感謝您提出我的問題。鑑於這是您的首次電話會議，讓我暫時縮小範圍。您多次談到了以許可為中心的商業模式，但與此同時，與布魯克菲爾德的關係使您能夠投資自己的資本，共同投資各種項目。您如何辨別您是 100% 授權還是 LanzaTech 將成為股權合作夥伴？

Thanks, Pavel, for the question. So on the projects where we are doing with Brookfield, actually, those will be licensing deals. It's just that we will need to co-develop the project in advance because they will really only pick it up at FID.

謝謝帕維爾的提問。因此，在我們與布魯克菲爾德合作的項目中，實際上，這些將是許可協議。只是我們需要提前共同開發該項目，因為他們實際上只會在最終投資決定 (FID) 時才會接受它。

So we'll develop the project, we'll work to develop the project with the site owner, with the gas owner. And Brookfield will be working with us on those projects, but we'll be taking it to FID, which means the engineering, the EPC, the site work preparation, et cetera.

因此，我們將開發該項目，我們將與場地所有者、天然氣所有者一起開發該項目。布魯克菲爾德將與我們合作開展這些項目，但我們會將其提交給 FID，這意味著工程、EPC、現場工作準備等。

But when it comes to the actual equity investment, we are not intending to then invest. We will flip the project over, if you will, to Brookfield at FID. And then they will pick it up, pay us all our development costs, but also, it will become a traditional licensing project and we'll get all of the spending revenues.

但說到實際的股權投資，我們就不打算再投資了。如果您願意，我們會將項目移交給 FID 的 Brookfield。然後他們會接手它，向我們支付所有的開發成本，而且，它將成為一個傳統的許可項目，我們將獲得所有的支出收入。

How do we select the project for a pure license versus a Brookfield project? The two difference will be the owner. A company like Indian Oil intends to build out plants. They're very familiar with the process industry, so they will adopt their technology fully funded, fully own it.

我們如何選擇純許可項目與 Brookfield 項目？兩者的區別在於所有者。印度石油公司等公司打算建造工廠。他們對流程工業非常熟悉，因此他們將採用他們的技術並完全資助並完全擁有它。

But there are some steel companies, ferroalloy companies that have never built a process plant and would rather just hand over the gas over the fence. And in those cases, we can say, okay, the gas is available. All we need to do is develop the project then it will not be owned by the site owner, it will be owned by Brookfield, and we'll develop it for them.

但也有一些鋼鐵企業、鐵合金企業從未建過加工廠，寧願越過柵欄把天然氣交出去。在這些情況下，我們可以說，好吧，天然氣是可用的。我們需要做的就是開發該項目，然後它就不會歸網站所有者所有，而是歸布魯克菲爾德所有，我們將為他們開發它。

That's -- really, the key breakpoint is, does the site owner want to own the asset or not, in which case, we just go straight to a license. If the site owner does not, or they only want to own a portion, we'll develop it for Brookfield, who will then become just the licensing partner after we flip it at FID, at final investment decision.

事實上，關鍵的斷點是，網站所有者是否想要擁有該資產，在這種情況下，我們直接獲取許可證。如果網站所有者不這樣做，或者他們只想擁有一部分，我們將為 Brookfield 開發它，在我們通過 FID 做出最終投資決定後，Brookfield 將成為許可合作夥伴。

Geoff, do you want to add something to that?

傑夫，你想補充點什麼嗎？

Yeah. Palev, thanks again for the question. I think the -- just for the sake of clarity, two things about the Brookfield agreement with us. One was there were two pieces of capital associated with it. One was an investment into LanzaTech. We intend to use that for operating purposes, that was $50 million. And then there was the additional $500 million up to $1 billion that was made available for the projects that Jennifer was talking about. So two different pieces of capital, just to clarify.

是的。帕列夫，再次感謝您的提問。我認為——只是為了清楚起見，關於布魯克菲爾德與我們達成的協議有兩件事。一是有兩筆資本與之相關。其中之一是對 LanzaTech 的投資。我們打算將其用於運營目的，即 5000 萬美元。然後還有 5 億至 10 億美元的額外資金可用於 Jennifer 談論的項目。這是兩個不同的資本，只是為了澄清一下。

And the only other thing I would add is that as the development partner and operating partner of those plants that we'll work on with Brookfield, it does generate the opportunity for additional revenues for LanzaTech beyond our traditional licensing deals, again, the development services that Jennifer mentioned, but also, we'll work longer term with Brookfield to help operate and oversee those plants. And so, there's some longer additions to our long-tail recurring revenue aspects of those plants, as well as the access to the offtake.

我唯一要補充的是，作為我們將與 Brookfield 合作的這些工廠的開發合作夥伴和運營合作夥伴，它確實為 LanzaTech 帶來了超出我們傳統許可交易之外的額外收入的機會，同樣，開發服務詹妮弗提到，而且我們將與布魯克菲爾德進行長期合作，幫助運營和監督這些工廠。因此，我們對這些工廠的長尾經常性收入以及承購權進行了一些較長的補充。

Okay. Let me ask about the policy dimension of all this. You're operating in China. There is a carbon tax there. You will soon be in Europe, which of course, has some of the highest carbon pricing in the world. But you're also looking at jurisdictions which have no significant carbon policy historically. What's the role of carbon pricing in how you are thinking about the economics of various opportunities?

好的。讓我問一下這一切的政策層面。您在中國開展業務。那裡有碳稅。您很快就會到達歐洲，當然，歐洲的碳定價是世界上最高的。但您也會關注歷史上沒有重大碳政策的司法管轄區。在您如何思考各種機會的經濟學方面，碳定價扮演什麼角色？

The projects we have so far are not based on carbon pricing. The value comes from the fact that in those jurisdictions, our ethanol gets the same premium as other ethanol gets. However, there is a lot going on right now globally. As you know, the IRA in the United States is going to have a massive impact.

到目前為止，我們的項目並不是基於碳定價。其價值來自於這樣一個事實：在這些司法管轄區，我們的乙醇獲得與其他乙醇相同的溢價。然而，目前全球範圍內正在發生很多事情。如您所知，愛爾蘭共和軍將在美國產生巨大影響。

The IRA, in particular, incentivizes green hydrogen and CO2, carbon dioxide capture. And so, for us combining lower costs and hydrogen to fix and refine carbon dioxide will help us accelerate implementation in the US. So that is that is a massive, massive impact for us.

IRA 尤其鼓勵綠色氫和二氧化碳的捕獲。因此，對我們來說，將較低的成本與氫氣相結合來固定和精煉二氧化碳將有助於我們加快在美國的實施。所以這對我們來說是一個巨大的影響。

India is also a great growth opportunity with the first project starting up there. India is really focused on growing and they have a 20% ethanol mandate. By 2025, that's the goal. The target is 20% by 2025. So that will help us tremendously. So it's not really the carbon mandates per se, but rather all the other things around that -- what I mean is not the carbon pricing.

印度也是一個巨大的增長機會，第一個項目就在那裡啟動。印度確實專注於增長，他們有 20% 的乙醇指令。到 2025 年，這就是目標。我們的目標是到 2025 年達到 20%。這將對我們有很大幫助。因此，這並不是真正的碳強制令本身，而是與之相關的所有其他事情——我的意思不是碳定價。

Having said that, CORSIA, when it comes to jet fuel, is essentially a carbon tax, right? And so, we will see demand for ethanol because of CORSIA's impact on sustainable aviation fuel, and in addition, concerns over ETS and the impact of green border taxes, which is essentially a carbon tax on large hard-to-abate sectors, will both have an impact on our business.

話雖如此，CORSIA 對於航空燃油而言，本質上是一種碳稅，對吧？因此，由於 CORSIA 對可持續航空燃料的影響，我們將看到對乙醇的需求，此外，對 ETS 的擔憂和綠色邊境稅的影響（本質上是對大型難以減排行業的碳稅）對我們的業務有影響。

And then lastly, in fact, dovetailing with what you just said about jet fuel. As LanzaJet begins to produce in Georgia later this year as you talked about, you're not a majority holder of LanzaJet. So is that revenue going to be recognized in LanzaTech's revenue?

最後，事實上，這與您剛才所說的關於噴氣燃料的內容相吻合。正如您所說，LanzaJet 今年晚些時候開始在佐治亞州生產，因此您並不是 LanzaJet 的多數股東。那麼該收入是否會計入 LanzaTech 的收入中？

We use an equity method to recognize the revenue from LanzaJet, and we will continue to do that.

我們使用權益法來確認 LanzaJet 的收入，我們將繼續這樣做。

Okay. So that's not included in your revenue guidance?

好的。那麼這不包括在您的收入指導中嗎？

It is included, yes. The equity portion of that and -- Geoff can get into the details.

它包括在內，是的。其中的股權部分——傑夫可以詳細了解。

Yeah. So the revenue doesn't necessarily flow through. We take a percentage. We take our associated percentage of their gain or loss into our income statement. So it doesn't flow through our revenues. Our revenue guidance isn't based at all on their revenues in particular, but our net loss for the year would include our participation in that.

是的。所以收入不一定會流過去。我們採取一個百分比。我們將其收益或損失的相關百分比計入我們的損益表。所以它不會流經我們的收入。我們的收入指導根本不是基於他們的收入，但我們今年的淨虧損將包括我們參與其中。

And just for the sake of clarity, as you mentioned, we are not a majority owner. We do have a mechanism in our agreement with LanzaJet where we do expect at some point in time to go back to being a more significant holder. That mechanism is described in our filings.

正如您提到的，為了清楚起見，我們不是多數股東。我們與 LanzaJet 的協議中確實有一個機制，我們確實希望在某個時間點重新成為更重要的持有者。我們的文件中描述了該機制。

But even in those situations, we won't be in control of the business. We don't expect to change the way that we account for that. So even should we go back to being 50% owners of the business, we still expect to treat them as equity method investees.

但即使在這些情況下，我們也無法控制業務。我們不希望改變我們對此的解釋方式。因此，即使我們回到企業 50% 的所有者地位，我們仍然希望將他們視為權益法投資對象。

Derrick Whitfield, Stifel.

德里克·惠特菲爾德，斯蒂菲爾。

Good morning all and thanks for taking my questions. Perhaps picking up with Freedom Pines facility. Wanted to see if you could speak to the key remaining construction milestones for 2023 and when you're expecting to see first production.

大家早上好，感謝您提出我的問題。也許可以與自由松樹設施接洽。我想知道您是否可以談談 2023 年剩餘的關鍵建設里程碑以及您預計何時看到首次生產。

Thank you for that question. [ISBO], the main unit, is 80% in place right now at Freedom Pines. And so, it's a matter now of building out the additional [10,000 gen] and all of the other elements that constitute the outside of the unit's main battery limit. We expect that plant to be mechanically complete by the end of this year, and it is tracking on schedule to be mechanically complete by then and to start operations soon after.

謝謝你提出這個問題。 Freedom Pines 的主要設備 [ISBO] 目前已就位 80%。因此，現在的問題是構建額外的 [10,000 gen] 以及構成該設備主電池限制之外的所有其他元素。我們預計該工廠將在今年年底機械完工，並且正在按計劃屆時機械完工並很快開始運營。

Terrific. And then with respect to the next-generation bioreactor facility referenced in your prepared remarks, could you speak to its ability to improve efficiency and lower operating costs?

了不起。然後，關於您準備好的發言中提到的下一代生物反應器設施，您能否談談其提高效率和降低運營成本的能力？

Yes, absolutely. So I can't quote you the exact numbers on the call because we've not disclosed them yet, but what it does is it allows us to go to much more dilute gases. So what that means is our ability to expand the portfolio of gases is going to increase. It will be super helpful in the work that we're doing with municipal solid waste with trash. And it will be very, very helpful with some of the 20%-ish kind of level active ingredient gas streams.

是的，一點沒錯。因此，我無法在電話會議上引用確切的數字，因為我們還沒有透露這些數字，但它的作用是讓我們能夠使用更稀的氣體。因此，這意味著我們擴大氣體產品組合的能力將會增強。這對於我們處理城市固體廢物和垃圾的工作非常有幫助。對於一些 20% 左右的活性成分氣流來說，這將非常非常有幫助。

We have a lot of steel mill plants that only have about 20% carbon monoxide versus the higher 40% and 50% we've been using. That's where this reactor will be useful. For the higher gas streams, the ones we already used, it will have a significant operating cost reduction, and it essentially will get same performance with a much smaller reactor. So there will be a lot of savings also on the capital -- on the construction side.

我們有很多鋼廠的一氧化碳含量只有 20% 左右，而我們一直使用的一氧化碳含量高達 40% 和 50%。這就是這個反應堆的用處。對於我們已經使用的更高氣流，它將顯著降低運營成本，並且基本上可以使用更小的反應器獲得相同的性能。因此，在建設方面的資本也將節省大量。

Jason Gabelman, TD Cowen.

賈森·加貝爾曼，TD·考恩。

Hey, thanks for taking my questions. You referenced in the press release an opportunity set of about 80 projects, I think. And I was hoping if you could characterize that a bit more in terms of phase of engineering and how close they are to being sanctioned the pace of project development as you look out over the next few years.

嘿，謝謝你回答我的問題。我想，您在新聞稿中提到了大約 80 個項目的機會集。我希望您能在工程階段方面更多地描述這一點，以及當您展望未來幾年時，它們距離獲得批准的項目開發速度有多近。

And the types of projects, how many of those sit in LanzaJet? How many of those sit in LanzaTech? How many of those will be within Brookfield? Just any details around that opportunity set would be great. Thank you.

LanzaJet 的項目類型有多少？ LanzaTech 中有多少人？其中有多少將位於布魯克菲爾德？只要圍繞該機會集的任何細節都會很棒。謝謝。

So the first part of that on LanzaJet. We do not put LanzaJet projects in our pipeline. So the only time the LanzaJet related project will be in that pipeline is when it's an integrated LanzaTech plus LanzaJet unit. Otherwise, you won't see a LanzaJet project. These are all LanzaTech ethanol production plants.

這是 LanzaJet 的第一部分。我們不會將 LanzaJet 項目納入我們的計劃中。因此，LanzaJet 相關項目只有在它是 LanzaTech 與 LanzaJet 集成單元時才會進入該管道。否則，您將看不到 LanzaJet 項目。這些都是 LanzaTech 乙醇生產廠。

When it comes to Brookfield versus non-Brookfield, right now, because it's early days on the Brookfield, the Brookfield piece constitute less than 15% of that portfolio. Everything else on would be LanzaTech. We are on I would say, 10% -- no, more 20% of that number, of the 80, is equipment-related projects, in other words, projects. So we will actually deliver 1 tonne per day or 10 tonne per day facility to be installed at a partner site. Everything else is just conventional licensing.

目前，當談到布魯克菲爾德與非布魯克菲爾德相比時，因為布魯克菲爾德還處於早期階段，布魯克菲爾德的作品在該投資組合中所佔比例不到 15%。其他一切都是 LanzaTech。我想說，在這 80 個項目中，有 10%——不，超過 20% 是與設備相關的項目，換句話說，是項目。因此，我們實際上將每天交付 1 噸或每天 10 噸的設施，並將其安裝在合作夥伴現場。其他一切都只是傳統的許可。

I do not expect construction on any of the projects in our pipeline to begin until later this year. But I expect on the order of, I believe 10, and I'll have Geoff correct me, as going into engineering throughout the year. Geoff, can you add to that if I miss something?

我預計我們的任何項目要到今年晚些時候才能開始建設。但我預計大約是 10，我會讓 Geoff 糾正我，因為全年都會進入工程領域。傑夫，如果我漏掉了什麼，你能補充一下嗎？

Yeah. No, I think that's all right. And I think that -- Jason, thanks for the question. It's good to hear from. I think the pipeline, as you think about it, is a function of converting our traditional projects. These are all -- Jennifer mentioned, a handful that are Brookfield related.

是的。不，我想沒關係。我認為——傑森，謝謝你的提問。很高興收到消息。我認為，正如你所想，管道是轉換我們傳統項目的功能。詹妮弗提到，這些都是與布魯克菲爾德有關的少數。

There are a couple of what we consider to be demo-scale facilities in here as well. But the vast majority are traditional licensing projects. They go through our traditional stage gates of development. So just see them in our provided materials, and we talked about something getting through the technical economic assessment phase, the TEA stage, that's really the beginning step of something in our pipeline for a traditional licensing project.

這裡還有一些我們認為是演示規模的設施。但絕大多數都是傳統的許可項目。他們經歷了我們傳統的發展階段大門。因此，只要在我們提供的材料中看到它們，我們就通過技術經濟評估階段（即 TEA 階段）進行討論，這實際上是我們傳統許可項目流程中的開始步驟。

Those projects have been looked at in terms of what is the feedstock, what is the site. We're under confidentiality agreement with our partners, looking at their actual data, and determine if those are economically viable projects.

這些項目是根據原料和地點來考察的。我們與合作夥伴簽訂了保密協議，查看他們的實際數據，並確定這些項目在經濟上是否可行。

Once we have a good TEA, that's when it goes into the pipeline. And then we're trying to move those into early engineering, then into later-stage engineering, and the construction and operation, et cetera. The timeframe from TEA all the way through to the start-up ranges between, say, 24 and 36 months. Getting to that construction start is in that six- to 12-month timeframe.

一旦我們有了好的 TEA，就可以將其投入生產。然後我們試圖將這些轉移到早期工程、後期工程、建設和運營等等。從 TEA 一直到啟動的時間範圍在 24 到 36 個月之間。施工開始需要 6 到 12 個月的時間。

So if you're looking at the numbers that we have in there, you can do a little of your own math to look at which ones should be making their way through that pipeline during the course of this year.

因此，如果您正在查看我們那裡的數字，您可以自己做一些數學計算，看看哪些數字應該在今年通過該管道。

Got it. So just to clarify, do you have a sense of how many projects you expect to start up in 2024?

知道了。澄清一下，您是否知道 2024 年預計啟動多少個項目？

Not that we've disclosed at this point in time.

我們目前還沒有透露。

All right. I'll leave it there. Thanks.

好的。我會把它留在那裡。謝謝。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Dr. Holmgren for final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把最後的意見轉回給 Holmgren 博士。

Thank you very much for joining us today at our first earning calls. We're very excited about 2023, and I hope you'll continue join us on this journey as we continue to make progress and show that climatetech can be a profitable business. Thank you for your time.

非常感謝您今天參加我們的第一次財報電話會議。我們對 2023 年感到非常興奮，我希望您能繼續加入我們的旅程，因為我們將繼續取得進展，並表明氣候技術可以成為一項有利可圖的業務。感謝您的時間。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。