Lanzatech Global Inc (LNZA) 2023 Q2 法說會逐字稿

Good day and welcome to the LanzaTech second-quarter 2023 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I now hand the conference over to Omar El-Sharkawy, Vice President of Corporate Development. Please go ahead.

美好的一天，歡迎參加 LanzaTech 2023 年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在將會議交給企業發展副總裁 Omar El-Sharkawy。請繼續。

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

早安，感謝您參加 LanzaTech Global, Inc. 的 2023 年第二季財報電話會議。我們的董事會主席兼執行長 Jennifer Holmgren 博士也參加了今天的電話會議。以及我們的財務長傑夫‧特魯肯布羅德 (Geoff Trukenbrod)。

Earlier this morning, we filed with the SEC our quarterly report on Form 10-Q for the quarter ending June 30, 2023, and issued a press release with our second-quarter 2023 financial and operating results, as well as an investor presentation summarizing the company's performance and key operational highlights for the quarter. Both our press release and results summary investor presentation can be found in the Investor Relations section of our website at www.lanzatech.com.

今天早些時候，我們向SEC 提交了截至2023 年6 月30 日的季度的10-Q 表格季度報告，並發布了一份新聞稿，其中介紹了我們的2023 年第二季度財務和營運業績，以及總結了公司本季的業績和主要營運亮點。我們的新聞稿和業績摘要投資者簡報均可在我們網站 www.lanzatech.com 的投資者關係部分找到。

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簡報前面的免責聲明，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、策略、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聲明的義務。

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，以了解這些非公認會計準則衡量標準與其最直接可比較的公認會計準則衡量標準的對帳情況。

Today's call will begin with remarks from Jennifer providing an overview of and update on our 2023 execution priorities, including our recent financial results. Geoff will then review in greater detail our financial results from the second quarter and provide additional insight into our business model and growth of the business. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議首先由 Jennifer 發表講話，概述並更新我們 2023 年的執行重點，包括我們最近的財務表現。然後，傑夫將更詳細地審查我們第二季的財務業績，並對我們的業務模式和業務成長提供更多見解。在準備好的發言結束後，我們將開放提問專線。

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 everyone for joining us today. As we continue our mission to recycle the world's waste carbon supply, the urgency of acting on climate change and creating a circular carbon economy is becoming increasingly evident.

謝謝你，奧馬爾，也謝謝大家今天加入我們。隨著我們繼續履行回收世界廢棄碳供應的使命，應對氣候變遷和創造循環碳經濟的迫切性變得越來越明顯。

In the second quarter alone, the effects of climate change, exacerbated by the early return of El Niño, has impacted countless lives and caused vast commercial disruption globally. According to the US National Oceanic and Atmospheric Administration, NOAA, the cost of climate and weather disasters in the United States alone last year totaled more than $165 billion.

僅在第二季度，厄爾尼諾現象的提前回歸加劇了氣候變遷的影響，影響了無數人的生命，並在全球造成了巨大的商業破壞。根據美國國家海洋暨大氣總署 (NOAA) 統計，去年光是美國因氣候和天氣災害造成的損失就超過 1,650 億美元。

This data demonstrates how important it is to advance sustainable business models that align commercial, social, and environmental strategies. Our work is centered around reorienting how the world uses waste carbon in a way that creates value. LanzaTech's performance this quarter demonstrates that we're continuing to make progress.

這些數據表明，推動協調商業、社會和環境策略的可持續商業模式是多麼重要。我們的工作重點是重新調整世界如何以創造價值的方式利用廢碳。 LanzaTech 本季度的業績顯示我們正在不斷取得進展。

Within this fiscal year, the annual installed production capacity enabled by LanzaTech's technology will capture roughly twice the amount of carbon as it did last year. We're doing this not by the old paradigm of scaling up but by numbering up, which means local execution on a global scale. This approach translates into the utilization of locally sourced raw materials so that every country can secure and benefit from its own domestic supply chain.

在本財年內，LanzaTech 技術實現的年裝置產能將捕獲約去年碳量的兩倍。我們不是透過擴大規模的舊模式來做到這一點，而是透過數量來實現這一目標，這意味著在全球範圍內進行本地執行。這種方法轉化為使用當地採購的原材料，以便每個國家都可以確保自己的國內供應鏈並從中受益。

Turning now to our results. And with the first half of the year completed, I'd like to share our second-quarter results within the framework of our 2023 execution priorities as outlined on slide 5 of the presentation. First and foremost, safety. In the second quarter, we had zero lost-time injuries and zero recordable injuries across our global operations from our offices and laboratories to our commercial scale plants.

現在轉向我們的結果。隨著上半年的結束，我想在簡報投影片 5 中概述的 2023 年執行優先事項的框架內分享我們的第二季業績。首先，也是最重要的，安全。第二季度，從辦公室、實驗室到商業規模工廠，我們的全球業務中損失時間工傷為零，可記錄工傷為零。

Second, global production, we are on target to grow a cumulative installed nameplate capacity by over 100% of the 2022 capacity to more than 300,000 tons per year or approximately 100 million gallons per year by the end of 2023. You can see this on slide 7. Importantly, this capacity growth includes expansion of the geographic footprint to include India and the European Union.

其次，在全球生產方面，我們的目標是到2023 年底將累計裝機銘牌產能成長超過2022 年產能的100%，達到每年30 萬噸以上，或每年約1 億加侖。一點7. 重要的是，這種產能成長包括擴大地理覆蓋範圍，將印度和歐盟納入其中。

In India, alongside our partner, IndianOil, we continue to make progress towards full production of our 33,500-ton-per-year commercial facility that will convert carbon dioxide-rich refinery off gases into ethanol. This is the first commercial deployment of our technology in a refinery using a refinery off gas.

在印度，我們與我們的合作夥伴 IndianOil 一起，繼續在年產 33,500 噸的商業設施全面投產方面取得進展，該設施將富含二氧化碳的煉油廠尾氣轉化為乙醇。這是我們的技術首次在煉油廠使用煉油廠廢氣進行商業部署。

In Europe, with our partner, ArcelorMittal, initial samples of ethanol were produced at the 64,000-ton-per-year facility in late May. Commercial-scale ethanol production from the bioreactors is expected to follow in the fourth quarter.

在歐洲，我們與合作夥伴安賽樂米塔爾 (ArcelorMittal) 於 5 月底在年產 64,000 噸的工廠生產了最初的乙醇樣本。生物反應器預計將在第四季度實現商業規模的乙醇生產。

In China, a 60,000-ton-per-year facility at a ferroalloy mill successfully started up in the second quarter. This project marks our fourth facility with our joint venture partner, Shougang, and it is currently ramping up to full-scale commercial production.

在中國，年產6萬噸的鐵合金廠裝置於第二季成功啟動。該項目標誌著我們與合資夥伴首鋼的第四個工廠，目前正在加速全面商業化生產。

Once these three additional commercial plants are fully operational, the cumulative installed nameplate capacity of our existing and new commercial-scale facilities will equate to removing over 500,000 tons of carbon dioxide from the atmosphere every year. This is what gives me the confidence that LanzaTech will be a gigaton-scale solution for carbon abatement, something that the planet urgently needs.

一旦這三個額外的商業工廠全面投入運營，我們現有和新的商業規模設施的累計安裝銘牌容量將相當於每年從大氣中去除超過 50 萬噸二氧化碳。這讓我相信 LanzaTech 將成為十億噸級的碳減排解決方案，這是地球迫切需要的。

Turning to sustainable aviation fuel or SAF, LanzaJet continues to make progress towards the 2023 completion of the world's first ethanol-based alcohol-to-jet SAF plant at the LanzaJet Freedom Pines Fuels facility in Georgia as you can see on slide 8. Once operational in 2024, this plant will produce 10 million gallons per year.

轉向永續航空燃料（SAF），LanzaJet 繼續取得進展，爭取於 2023 年在喬治亞州 LanzaJet Freedom Pines Fuels 工廠建成世界上第一座乙醇基酒精噴射 SAF 工廠，如幻燈片 8 所示。 2024 年，該工廠每年將生產1,000 萬加侖。

In addition to the development at Freedom Pines Fuels, LanzaJet has made tremendous progress and continues to be extremely well positioned in the SAF market. Earlier this year, LanzaJet entered a memorandum of understanding with IndianOil to explore the development of SAF production in India. And in March, they announced the collaboration with Jet Zero Australia for the first alcohol-to-jet production plant in Australia.

除了 Freedom Pines Fuels 的發展之外，LanzaJet 還取得了巨大進步，並繼續在 SAF 市場中佔據極其有利的地位。今年早些時候，LanzaJet 與印度石油公司簽署了一份諒解備忘錄，探討在印度發展 SAF 生產。今年 3 月，他們宣布與澳洲零號飛機公司合作，在澳洲建立第一家酒精到噴射機的生產工廠。

Most recently, LanzaJet entered an MoU with Airbus to advance the building of SAF facilities which will use the LanzaJet AtJ process. This agreement also represents a collaboration to accelerate the certification and adoption of 100% drop-in SAF, which would ultimately eliminate the use of fossil fuels without necessitating any changes to existing aircraft or infrastructure.

最近，LanzaJet 與空中巴士公司簽署了一份諒解備忘錄，以推進將使用 LanzaJet AtJ 流程的 SAF 設施建設。該協議還代表雙方將加速 100% 直接 SAF 的認證和採用，最終消除化石燃料的使用，而無需對現有飛機或基礎設施進行任何變更。

In addition, this would eliminate the need for aromatics in aviation fuel, which will bring in additional benefits, including the reduction of contrails and particulate emissions as shown by our 2021 study with NRC Canada. We are proud of the work that LanzaJet is doing. And as a meaningful shareholder of the business, I'm excited about the position their building as a leader in the SAF market.

此外，這將消除航空燃料中對芳烴的需求，從而帶來額外的好處，包括減少凝結尾跡和顆粒物排放，正如我們與加拿大 NRC 的 2021 年研究所示。我們為 LanzaJet 所做的工作感到自豪。作為該公司的重要股東，我對他們在 SAF 市場中建立的領導者地位感到興奮。

Together with LanzaJet, we're also making strong progress in advancing several other SAF projects that will utilize waste-based ethanol feedstock produced through the LanzaTech platform. These projects include our SAF project in the United Kingdom, which received a $30 million grant from the UK Department for Transport late last year.

我們也與 LanzaJet 一起推進其他幾個 SAF 項目，這些項目將利用透過 LanzaTech 平台生產的廢棄物乙醇原料。這些項目包括我們在英國的 SAF 項目，該項目在去年年底獲得了英國交通部 3000 萬美元的資助。

For this project, LanzaTech selected Technip Energies as a technology provider and awarded Fluor Corporation the contract to provide front-end engineering and design for the project.

對於該項目，LanzaTech 選擇 Technip Energies 作為技術提供商，並向福陸公司授予合同，為該項目提供前端工程和設計。

In addition, Air New Zealand and the New Zealand Ministry for Business Innovation and Employment awarded LanzaJet, LanzaTech, and Z Energy a wholly owned subsidiary of Ampol Group and New Zealand's largest fuel retailer, a feasibility study to convert local New Zealand waste products into ethanol and then utilize that ethanol to produce SAF.

此外，紐西蘭航空和紐西蘭商業創新和就業部向LanzaJet、LanzaTech以及Ampol集團和紐西蘭最大燃料零售商的全資子公司Z Energy授予一項將紐西蘭當地廢品轉化為乙醇的可行性研究然後利用該乙醇生產SAF。

SAF is a critical part of the global energy transition, and we're proud to be helping the aviation industry reduce its carbon footprint without impacting land, water, or [food resources].

SAF 是全球能源轉型的重要組成部分，我們很自豪能夠幫助航空業減少碳足跡，而不影響土地、水或[糧食資源]。

Let's turn now to our third execution priority, commercial growth. The demand driving our capacity increases is also resulting in robust revenue growth for our business. We saw year-on-year revenue growth of 31% to $12.9 million for the second quarter. This revenue performance for the first half of the year was in line with our projections and is consistent with our previously provided revenue guidance of $80 million to $120 million in 2023.

現在讓我們轉向第三個執行重點：商業成長。推動我們產能增加的需求也為我們的業務帶來了強勁的收入成長。第二季營收年增 31% 至 1,290 萬美元。今年上半年的收入表現符合我們的預測，也與我們先前提供的 2023 年 8,000 萬至 1.2 億美元的收入指引一致。

However, with more than half of calendar 2023 behind us, we're tightening our 2023 revenue guidance to $80 million to $100 million. The updated and narrowed range reflects greater visibility into the expected timing of projects that we're currently executing, and it continues to reflect the back-end weighing associated with our 2023 forecast.

然而，2023 年已過一半以上，我們將 2023 年收入指引收緊至 8,000 萬至 1 億美元。更新和縮小的範圍反映了我們目前正在執行的專案的預期時間的更清晰，並且它繼續反映了與我們 2023 年預測相關的後端權重。

The revenue associated with the higher end of our original revenue guidance range now moves into 2024, further bolstering our 2024 growth outlook. Our commercial pipeline continues to grow as outlined on slide 10, setting the stage for a very strong 2024 and beyond.

與我們最初收入指導範圍高端相關的收入現已進入 2024 年，進一步支撐了我們 2024 年的成長前景。如幻燈片 10 所示，我們的商業管道持續成長，為 2024 年及以後的強勁發展奠定了基礎。

We continue to add projects to the pipeline funnel and are seeing steady progression of individual projects through the pipeline moving through various stages of engineering. In fact, we saw two projects progress to the advanced engineering stage during second quarter and anticipate several additional projects will move into advanced engineering through the second half of the year.

我們繼續將專案添加到管道漏斗中，並且看到單一專案透過管道在工程的各個階段穩步進展。事實上，我們在第二季度看到兩個專案進展到高級工程階段，並預計其他幾個專案將在今年下半年進入高級工程階段。

Let's now look at our short-, medium-, and longer-term revenue growth pictures. We are creating a new industry as we work towards a vision of the circular carbon economy and each business line, biorefining, joint development and contract research, and CarbonSmart, contributes to that goal.

現在讓我們來看看我們的短期、中期和長期收入成長。我們正在創造一個新的產業，努力實現循環碳經濟的願景，每個業務線、生物精煉、共同開發和合約研究，CarbonSmart 都為此目標做出了貢獻。

We are assembling a global ecosystem of participants from deployment partners such as Primetals Technologies and Technip Energies and key supply chain players, including Plastipak and BASF to product developers like On, Zara, COTY, Adidas, and H&M Move, which resulted in product lines in stores this year, including the new Gucci fragrance that contains 100% carbon-captured ethanol.

我們正在組成一個由參與者組成的全球生態系統，其中包括普銳特冶金技術和Technip Energies 等部署合作夥伴、Plastipak 和BASF 等主要供應鏈參與者，以及On、Zara、COTY、Adidas 和H&M Move 等產品開發商，這使得我們的產品線今年的商店中，包括含有 100% 碳捕獲乙醇的新 Gucci 香水。

This ecosystem also includes waste processors such as Tadweer in the Middle East and NextChem in Italy. We're making progress with both partners with the engineering now complete on our project with NextChem in Rome.

該生態系統還包括中東的 Tadweer 和義大利的 NextChem 等廢棄物處理商。我們正在與雙方合作夥伴取得進展，我們與 NextChem 在羅馬的專案現已完成工程設計。

With these partners, we'd plug into existing value chains to have immediate impact while we build the new circular material system. We acknowledge that bridging different industries means we don't fit squarely into a single category. So I hope that as we next go through our business lines, we can effectively break down how these different work streams are contributing to our revenue growth.

與這些合作夥伴一起，我們將融入現有的價值鏈，在建立新的循環材料系統時產生即時的影響。我們承認，連結不同產業意味著我們不能完全歸類在單一類別。因此，我希望當我們接下來審視我們的業務線時，我們能夠有效地分解這些不同的工作流程如何為我們的收入成長做出貢獻。

Starting with our biorefining business line, we expect engineering services and sales of equipment packages on several key committed and contracted projects to drive revenue most significantly in the second half of 2023.

從我們的生物精煉業務線開始，我們預計幾個關鍵承諾和簽約項目的工程服務和設備包銷售將在 2023 年下半年最顯著地推動收入成長。

On the engineering services side, we expect continued significant contributions from our integrated gas fermentation and alcohol-to-jet SAF project in Wales, which we call Project Dragon, as well as from other projects with Bridgestone, Woodside, and several others.

在工程服務方面，我們預計威爾斯的整合式氣體發酵和酒精噴射 SAF 專案（我們稱之為龍專案）以及與普利司通、伍德賽德和其他幾個公司的其他專案將繼續做出重大貢獻。

Initial equipment package sales are expected to commence in the third and fourth quarters this year, including on projects with Woodside in Australia, GAIL in India, as well as on two other projects in India. For our CarbonSmart business line, we expect 2023 revenues to be multiples of our 2022 performance, fueled by planned commercial campaigns from brand partners across many consumer product verticals in the second half of 2023.

初始設備包銷售預計將於今年第三季和第四季開始，包括澳洲 Woodside 專案、印度 GAIL 專案以及印度的另外兩個專案。對於我們的 CarbonSmart 業務線，我們預計 2023 年的營收將是 2022 年業績的數倍，這得益於 2023 年下半年許多消費產品垂直領域的品牌合作夥伴計劃開展的商業活動。

In our joint development and contract research business line, we continue to see revenues committed or under contract contributing to the top line in the second half of the year, showing customer demand for solutions that lower the carbon footprints of their supply chains.

在我們的共同開發和合約研究業務領域，我們繼續看到下半年的承諾收入或合約收入為營收做出貢獻，這表明客戶對降低供應鏈碳足跡的解決方案的需求。

As recent evidence of this customer demand, we recently signed a joint collaboration agreement with Technip Energies to create a new pathway to sustainable ethylene utilizing our combined technologies. Just like with Primetals Technologies, we expect Technip to also serve as a channel to market, helping us better access the petrochemical sector.

作為這項客戶需求的最新證據，我們最近與 Technip Energies 簽署了一項聯合合作協議，利用我們的組合技術創建一條生產可持續乙烯的新途徑。就像普銳特冶金技術一樣，我們希望德西尼布也能充當市場管道，幫助我們更好地進入石化產業。

Longer term, our project pipeline is laying the foundation for strong revenue progression. Over the next several quarters, we will continue to be in the deployment stage as we advance projects through the pipeline.

從長遠來看，我們的項目管道正在為收入的強勁成長奠定基礎。在接下來的幾個季度中，隨著我們透過管道推進項目，我們將繼續處於部署階段。

While Geoff will provide additional insight into the workings of our pipeline in a few moments, I'd like to highlight that the bulk of the near-term biorefining revenue will come from the sales of engineering services and equipment packages as projects move from early stage engineering to advanced engineering, and then from advanced engineering into construction. This is our numbering-up strategy in action.

雖然傑夫稍後將提供有關我們管道運作情況的更多見解，但我想強調的是，隨著專案從早期階段轉向，近期生物精煉收入的大部分將來自工程服務和設備包的銷售工程到高級工程，再從高級工程到建築。這是我們正在實施的編號策略。

Moving to our first execution priority, adjusted EBITDA, given the strong momentum we're seeing across our business, we are reiterating our forecast to achieve positive adjusted EBITDA by the end of 2024 as our commercial pipeline continues to expand.

轉向我們的首要執行任務，即調整後 EBITDA，鑑於我們在整個業務中看到的強勁勢頭，我們重申，隨著我們的商業管道不斷擴大，到 2024 年底將實現正調整 EBITDA。

Turning back now to recent performance, adjusted EBITDA for the second quarter totaled negative $23.8 million, bringing the adjusted EBITDA loss for the first half of 2023 to negative $47.3 million.

現在回到最近的業績，第二季調整後 EBITDA 總計為負 2,380 萬美元，使 2023 年上半年調整後 EBITDA 虧損達到負 4,730 萬美元。

There are several cost factors that have contributed to the adjusted EBITDA loss during the first half of the year. First is talent. We expedited the expansion of key teams to support strategic growth throughout 2023 and into 2024, including in our engineering and strategic project groups.

有幾個成本因素導致了上半年調整後的 EBITDA 虧損。首先是人才。我們加快了關鍵團隊的擴張，以支持 2023 年至 2024 年的策略成長，包括我們的工程和策略專案組。

The development and expansion of these teams will accelerate project development across the board, but especially within our pipeline of projects that we are co-developing with Brookfield, several of which will enter early stage engineering in the coming months. We look forward to making our first announcement on these projects very soon.

這些團隊的發展和擴張將全面加速專案開發，特別是在我們與布魯克菲爾德共同開發的專案管道中，其中一些專案將在未來幾個月內進入早期工程階段。我們期待很快就這些項目發布第一個公告。

In addition, we pride ourselves in attracting and retaining top talent across the organization. Like other companies, we are facing an increasingly competitive job market. This macro dynamic, combined with the continued investment in people and our focus on retention, has led to upward pressure on our overall compensation expense.

此外，我們為吸引和留住整個組織的頂尖人才而感到自豪。與其他公司一樣，我們面臨著競爭日益激烈的就業市場。這種宏觀動態，加上對人員的持續投資以及我們對留任的關注，導致我們的整體薪資支出面臨上行壓力。

Finally, we saw increased costs associated with moving ahead of schedule for demonstrations of our isopropanol-producing microbe at scale. Isopropanol is chemical intermediate that can be used in multiple supply chains.

最後，我們發現與提前大規模演示我們的生產異丙醇的微生物相關的成本增加。異丙醇是可用於多個供應鏈的化學中間體。

For example, isopropanol can be used to make polypropylene, which had a 2022 market size of around $120 billion and has applications in numerous industries, including medical, automotive, packaging, building, and construction.

例如，異丙醇可用於製造聚丙烯，其2022年市場規模約為1,200億美元，並應用於眾多產業，包括醫療、汽車、包裝、建築和施工。

This is a big deal as the flexibility of commercial microbes will allow our partners to potentially use the LanzaTech biorefining hardware to switch between products, taking advantage of market fluctuations and demand cycles. We anticipate sharing more progress on this in the second half of the year.

這是一件大事，因為商業微生物的靈活性將使我們的合作夥伴能夠利用 LanzaTech 生物精煉硬體在產品之間進行切換，從而利用市場波動和需求週期。我們預計在下半年分享這方面的更多進展。

Given the updates to our forecasted full-year 2023 revenue guidance as well as the factors I've just mentioned, we're updating our 2023 adjusted EBITDA guidance to a range of negative $75 million to negative $65 million versus negative $65 million to negative $55 million previously.

鑑於我們預測的2023 年全年收入指導的更新以及我剛才提到的因素，我們將2023 年調整後的EBITDA 指導更新為負7500 萬美元至負6500 萬美元與負6500 萬美元至負55 美元的範圍之前的萬。

Once again, we remain confident that our growth initiatives, along with continued investment in our people and resources, will support project deployments and growth over the medium term, supporting our continued expectation to turn adjusted EBITDA positive by the end of 2024.

我們再次堅信，我們的成長舉措以及對人員和資源的持續投資將支持中期內的專案部署和成長，支持我們到 2024 年底將調整後 EBITDA 轉為正值的持續預期。

Moving on to fifth execution priority, process competitiveness, since the third quarter last year, our second-generation bioreactor has been in operation at a demonstration-scale facility in Alberta, Canada, where our partner, Suncor.

接下來是第五個執行重點，即工藝競爭力，自去年第三季度以來，我們的第二代生物反應器一直在加拿大艾伯塔省的示範規模設施中運行，我們的合作夥伴Suncor 也在那裡運行。

This improved design does several important things. First, it improves production yields by up to 15% to 20%, which means greater revenues for our partners and for LanzaTech through ethanol sales and royalty revenue.

這種改進的設計做了幾件重要的事情。首先，它將產量提高了 15% 至 20%，這意味著我們的合作夥伴和 LanzaTech 透過乙醇銷售和特許權使用費獲得了更多收入。

Second, the design optimization reduces the cost for our partners, improving the return on investment. And lastly, as mentioned previously, we are ahead of schedule on the demonstration of isopropanol production microbe in the second half of this year.

其次，設計優化為我們的合作夥伴降低了成本，並提高了投資報酬率。最後，如前所述，今年下半年我們提前完成了異丙醇生產微生物的示範。

With that, I'll turn the call over to Geoff to provide details on our financial performance and share further insights into how to think about forecasting the growth of our business. Geoff, please go ahead.

接下來，我將把電話轉給傑夫，提供有關我們財務業績的詳細信息，並分享有關如何考慮預測我們業務增長的進一步見解。傑夫，請繼續。

Thank you, Jennifer, and good morning. Thank you to everyone joining us. I'll first start with a recap of our second-quarter results and then provide some incremental color on our business model and how to think about forecasting our growth.

謝謝你，詹妮弗，早安。感謝大家加入我們。我將首先回顧我們第二季度的業績，然後對我們的業務模式以及如何考慮預測我們的成長提供一些增量色彩。

As seen on slide 12 of the presentation, second-quarter revenue from our biorefining carbon capture and utilization category grew 64% year on year, reaching $9.7 million, driven mainly by ongoing and recently initiated engineering services work on several projects. Research and development revenue, which includes our joint development and contract research work, reached $2.2 million in the quarter, and CarbonSmart revenue totaled $1 million.

如簡報第12 張投影片所示，第二季生物精煉碳捕獲和利用類別的收入年增64%，達到970 萬美元，這主要是由幾個項目正在進行和最近啟動的工程服務工作推動的。本季的研發收入（包括我們的共同開發和合約研究工作）達到 220 萬美元，CarbonSmart 營收總計 100 萬美元。

Total revenue for the first-half 2023 of $22.6 million was in line with our forecast. As we had previously suggested, we have consistently anticipated a significant back-end weighting to revenue generation this year and are targeting more than 70% quarter-on-quarter growth on average during the second half of the year as more projects progress through the biorefining pipeline and additional CarbonSmart campaigns are fulfilled.

2023 年上半年的總收入為 2,260 萬美元，符合我們的預測。正如我們之前所建議的，我們一直預計今年的後端收入將佔據顯著比重，並且隨著更多項目透過生物精煉取得進展，下半年的平均季度環比增長率將超過 70%管道和其他CarbonSmart 活動均已完成。

Cost of sales in the second quarter increased 46% over the same period last year, reflecting 31% higher revenue year over year for the quarter from the significant cost of engineering and other services on our integrated waste-based ethanol to SAF project in the UK, which we call Project Dragon.

第二季度的銷售成本比去年同期增長了 46%，反映出該季度收入同比增長了 31%，這是由於我們在英國的基於廢物的乙醇到 SAF 項目的工程和其他服務的巨大成本，我們稱之為龍計劃。

The lower year-to-date gross margins and a quarter-on-quarter decline in gross margins is largely attributable to this project, one of our biggest revenue sources for the year. The revenue contribution from Dragon in the form of engineering services will continue to be realized over the course of this year and into next.

年初至今毛利率較低以及毛利率環比下降主要歸因於該項目，該項目是我們今年最大的收入來源之一。 Dragon 以工程服務形式提供的收入貢獻將在今年和明年繼續實現。

However, given our 20% cost-share obligation associated with this government contract, we record negative gross margin on the project. Still, this is a great opportunity for us as we have a contract and committed revenue source to develop this flagship integrated facility, which combines gas fermentation and alcohol-to-jet technologies while continuing to own the development rights to the project.

然而，鑑於我們與該政府合約相關的 20% 成本分攤義務，我們在該項目上記錄了負毛利率。儘管如此，這對我們來說仍然是一個很好的機會，因為我們有合約和承諾的收入來源來開發這個旗艦綜合設施，該設施結合了氣體發酵和酒精噴射技術，同時繼續擁有該項目的開發權。

We do anticipate gross margin improvement in the second half of the year as we expect several projects to commence engineering services, adding higher-margin revenues to the sales mix in the coming quarters.

我們確實預計下半年毛利率將有所改善，因為我們預計多個項目將開始提供工程服務，從而在未來幾季的銷售組合中增加利潤率更高的收入。

With regards to the year-over-year increase in operating expenses, the SG&A component of operating expense expanded mainly as a result of the growth in our overall headcount, going from approximately 340 people to over 400 people in the last 12 months, expedited expansion of key teams critical to our strategic growth objectives, increased compensation to prioritize talent retention, as well as higher professional services expenses and certain ongoing public company costs.

關於營業費用的同比增長，營業費用中SG&A部分的擴大主要是由於我們整體員工人數的增長，在過去12個月裡從約340人增加到400多人，加速了擴張對我們的戰略增長目標至關重要的關鍵團隊的數量、增加薪酬以優先保留人才、以及更高的專業服務費用和某些持續的上市公司成本。

The investments in our engineering and strategic projects reflects in part an exciting pace of progress in project development with our Brookfield partnership.

我們對工程和策略專案的投資在一定程度上反映了我們與布魯克菲爾德合作夥伴關係在專案開發方面令人興奮的進展速度。

The research and development component of operating expenses increased $5.7 million year over year in the second quarter, consistent with our forecasted costs and reflecting our ongoing investment in people, innovation, and process improvement in our gas fermentation platform and microbe commercialization activities beyond ethanol-producing microbes.

第二季營運費用的研發部分年增了 570 萬美元，與我們的預測成本一致，並反映出我們對氣體發酵平台和乙醇生產以外的微生物商業化活動的人員、創新和製程改進的持續投資微生物。

The latter efforts, one of our 2023 execution priorities, are progressing well, and those commercialization efforts have increased our costs in 2023 as we bring more of that work into 2023 compared to 2024.

後者是我們 2023 年的執行重點之一，進展順利，而這些商業化工作增加了我們 2023 年的成本，因為與 2024 年相比，我們將更多的工作推遲到 2023 年。

We expect operating expenses in the second half of 2023 to be less than the level in the first half as we experienced several one-time expenses in the first half, mainly from professional services associated with the closing of the business combination, accelerated vesting of restricted stock awards, and various compensation-related expenses associated with transitioning employees.

我們預計 2023 年下半年的營運費用將低於上半年的水平，因為我們在上半年經歷了多項一次性費用，主要來自與完成業務合併相關的專業服務、限制性股票的加速歸屬股票獎勵以及與員工轉型相關的各種與薪資相關的費用。

Net loss in the quarter was negative $26.8 million and adjusted EBITDA was negative $23.8 million. Turning to adjusted EBITDA loss for the first half of 2023 of negative $47.3 million, we recast the adjusted EBITDA loss in the first quarter from negative $27.6 million to negative $23.5 million.

本季淨虧損為負 2,680 萬美元，調整後 EBITDA 為負 2,380 萬美元。談到 2023 年上半年調整後 EBITDA 虧損為負 4,730 萬美元，我們將第一季調整後 EBITDA 虧損從負 2,760 萬美元重新調整為負 2,350 萬美元。

We previously did not exclude from adjusted EBITDA certain one-time costs related to the business combination and initial securities registration that occurred during the first quarter. We believe that excluding these one-time costs, mostly related to professional services, provides a more accurate picture of the company's operating performance.

我們先前並未從調整後的 EBITDA 中排除與第一季發生的業務合併和初始證券註冊相關的某些一次性成本。我們相信，排除這些主要與專業服務相關的一次性成本，可以更準確地了解公司的營運表現。

With today's updates to our full-year 2023 revenue and adjusted EBITDA guidance, we want to reiterate the importance of viewing our business over the long horizon due to significant impacts that can result from minor timing shifts in our large-scale projects.

隨著今天對 2023 年全年收入和調整後 EBITDA 指導的更新，我們希望重申從長遠角度看待我們業務的重要性，因為我們的大型專案的微小時間變化可能會產生重大影響。

Said another way, today's guidance updates mainly reflect our updated view of project timing, not a net change in our growth opportunities nor our path to positive adjusted EBITDA between now and the end of 2024. Take into consideration this one-time expense in the first half of the year and the investments in 2023 to accelerate multiple aspects of our planned business strategy.

首先說，今天的指引更新主要反映了我們對專案時間安排的最新看法，而不是我們的成長機會的淨變化，也不是我們從現在到2024 年底實現正調整EBITDA 的路徑。次性費用今年上半年和 2023 年的投資將加速我們規劃業務策略的多個面向。

The medium-term outlook for the business shows a faster execution of our planned strategy, gross profit growth, and lower normalized future expense run rates. In short, we're extremely pleased with where we are headed and believe our business plan is stronger than ever.

中期業務前景顯示我們計劃策略的執行速度更快、毛利成長以及未來標準化費用運行率更低。簡而言之，我們對我們的發展方向非常滿意，並相信我們的業務計劃比以往任何時候都更強大。

Turning to the balance sheet, we exited this quarter with cash, cash equivalents, restricted cash, and investments in US treasuries totaling approximately $161.1 million. Cash burn in the quarter was approximately $33.8 million, of which $5.5 million was one-time in nature associated with our participation in the LanzaJet shareholder loan alongside our other LanzaJet shareholders.

轉向資產負債表，本季我們退出時持有的現金、現金等價物、限制性現金和美國公債投資總計約 1.611 億美元。本季的現金消耗約為 3,380 萬美元，其中 550 萬美元是一次性的，與我們與其他 LanzaJet 股東一起參與 LanzaJet 股東貸款有關。

We expect cash burn to reduce in the second half of the year with the current liquidity combined with confidence in achieving positive adjusted EBITDA in late 2024. We continue to believe that we are well capitalized with adequate financial flexibility to achieve our growth objectives.

我們預計，憑藉當前的流動性以及對 2024 年底實現正調整 EBITDA 的信心，下半年現金消耗將會減少。

I'd now like to turn to a discussion on how to think about forecasting our growth. Over the last several months, we've engaged extensively with the investment community, many of whom expressed interest in more clearly understanding how individual projects advance through the development pipeline to contribute to our financial results. With this feedback in mind, we've laid out some of the key financial drivers and forecasting principles on slide 14 of the presentation.

我現在想談談如何考慮預測我們的成長。在過去的幾個月裡，我們與投資界進行了廣泛的接觸，其中許多人表示有興趣更清楚地了解各個專案如何透過開發管道推進，從而為我們的財務表現做出貢獻。考慮到這些回饋，我們在簡報的第 14 張投影片中列出了一些關鍵的財務驅動因素和預測原則。

For our biorefining business line, where we license our core technology platform to customers, I'd like to provide some incremental color on how we think about the financial contribution of the typical plant through its development cycle.

對於我們的生物精煉業務線，我們向客戶授權我們的核心技術平台，我想提供一些關於我們如何看待典型工廠在其開發週期中的財務貢獻的增量色彩。

We think about the project life cycle in two distinct buckets with a series of stage gates, which you can see represented on slide 15: first, the development stage; and second, the operating stage. We generate revenues through our services and licensing model in each of these stages. We want to unpack that a little bit further here.

我們將專案生命週期分為兩個不同的階段，並具有一系列階段門，您可以在幻燈片 15 中看到這些階段：首先是開發階段；其次是開發階段。二是營運階段。我們透過每個階段的服務和授權模式產生收入。我們想在這裡進一步解開這個問題。

First, the development stage is broken up into three main categories: a, early stage engineering; b, advanced engineering; and c, construction. During this stage, we realize revenues associated with our engineering and startup services as well as revenues from the sale of equipment. While we do not typically provide all the equipment for a project, we provide key components of the equipment package, especially those that are based on our proprietary designs.

首先，開發階段分為三個主要類別：a、早期工程； b、先進的工程技術； c、施工。在此階段，我們實現與工程和啟動服務相關的收入以及設備銷售的收入。雖然我們通常不會為專案提供所有設備，但我們會提供設備包的關鍵組件，特別是那些基於我們專有設計的組件。

During the second stage, the operating stage, we begin to realize a variety of high-margin recurring revenues, including running royalties typically tied to the gross revenue of the plant's output; the ongoing sale of microbes and media, effectively consumables in the process; as well as software, monitoring, and analytic services designed to help our licensees optimize the operations of their facilities.

在第二階段，即營運階段，我們開始實現各種高利潤的經常性收入，包括通常與工廠產出的總收入掛鉤的營運特許權使用費；微生物和培養基的持續銷售，以及過程中的有效消耗品；以及旨在幫助我們的被授權人優化其設施運作的軟體、監控和分析服務。

I will now turn to how projects progress through our pipeline and over what periods of time. Prior to entering our forecast pipeline, each opportunity completes a preliminary technical economic analysis or TEA, which, upon yielding positive economic results, will likely advance the opportunity along to the first stage, early stage engineering.

我現在將討論專案如何透過我們的管道以及在哪些時間內取得進展。在進入我們的預測管道之前，每個機會都會完成初步的技術經濟分析或 TEA，一旦產生積極的經濟成果，可能會將機會推進到第一階段，即早期工程階段。

We see approximately 50% to 60% of projects with positive TEA results advance to early stage engineering and believe that is an appropriate probability factor to apply to our pipeline of projects in that stage. In early engineering, a customer engages in a paid feasibility study, generating additional engineering detail and scoping.

我們看到大約 50% 到 60% 具有積極 TEA 結果的專案進入早期工程，並相信這是適用於我們該階段專案管道的適當機率因素。在早期工程中，客戶參與付費可行性研究，產生額外的工程細節和範圍。

A recent example of a project entering this phase in the project pipeline is with our integrated SAF project with Air New Zealand. We forecast that approximately 70% to 80% of projects completing a feasibility study will ultimately move forward to the advanced engineering stage.

最近進入專案流程中此階段的一個專案是我們與紐西蘭航空的整合 SAF 專案。我們預測，大約 70% 至 80% 完成可行性研究的專案最終將進入高階工程階段。

It is in these engineering stages where LanzaTech begins to receive substantial engineering services revenue, typically between $1 million and $5 million, the bulk of which was realized in the advanced engineering stage through a basic engineering package or BEP.

正是在這些工程階段，LanzaTech 開始獲得可觀的工程服務收入，通常在 100 萬至 500 萬美元之間，其中大部分是透過基本工程包或 BEP 在高級工程階段實現的。

The contracting of a BEP marks an important milestone on the project's development and is a significant predictor of the progression of our long-term financial performance. Examples of projects in our current commercial pipeline at this stage include our project in Rome with partner NextChem as well as our recently added project partner, Bridgestone.

BEP 的簽約標誌著該計畫發展的一個重要里程碑，也是我們長期財務表現進展的重要預測指標。現階段我們目前商業管道中的專案範例包括我們與合作夥伴 NextChem 以及我們最近新增的專案合作夥伴普利司通在羅馬的專案。

Approximately 80% to 90% of projects that have completed a BEP have earned a positive financial investment commitment by the customer and will enter the next portion of the development stage, the construction phase.

大約 80% 到 90% 已完成 BEP 的專案已獲得客戶積極的財務投資承諾，並將進入開發階段的下一個部分，即建設階段。

Once in construction, we generally expect a near 100% probability that a project will complete construction and start up. During this construction stage, LanzaTech realizes revenues through two streams: first, the sales of key proprietary componentry and equipment packages, typically in the range of $15 million to $20 million, depending on several factors, including but not limited to capacity, integrations, and geography; and second, start-up services and operational training, typically in the range of $1 million to $3 million.

一旦開始建設，我們通常會預期項目完成建設並啟動的可能性將接近 100%。在此建設階段，LanzaTech 透過兩個管道實現收入：首先是關鍵專有組件和設備包的銷售，通常在1500 萬美元至2000 萬美元範圍內，具體取決於多種因素，包括但不限於產能、集成度和地理;其次，啟動服務和營運培訓，通常在 100 萬至 300 萬美元之間。

From TEA to construction completion, we anticipate the timeline to be approximately 24 to 36 months, approximately 12 months in the pre-construction phases and 12 to 24 months in the construction phase. Once construction is completed, the project enters startup and full-scale operations.

從TEA到施工完成，我們預計時間約24至36個月，施工前階段約12個月，施工階段約12至24個月。工程建設完成後，將進入啟動和全面營運階段。

It is in the operating stage that the project generates recurring revenues for LanzaTech through the licensing royalties, the ongoing sale of microbes and media, the ongoing sales of software, monitoring, and analytics services.

正是在營運階段，該計畫透過許可使用費、微生物和培養基的持續銷售、軟體、監控和分析服務的持續銷售為 LanzaTech 產生經常性收入。

Our licensing royalty is typically structured as a percent of gross revenue on sales of products from the facility with royalty rates typically in the high single-digit percentages. We believe that the anchor KPI for estimating the long-term buildup of revenues from the biorefining business line should be the number of BEP starts each year.

我們的許可使用費通常以該設施產品銷售總收入的百分比計算，使用費率通常為高個位數百分比。我們認為，估計生物煉製業務線收入長期累積的關鍵 KPI 應該是每年 BEP 啟動的數量。

Once a project has commenced a BEP, the significant engineering services revenues begin to contribute to our results. And once completed, there's a high probability of the project advancing through the construction and then on to operations.

一旦專案開始 BEP，大量的工程服務收入就開始為我們的業績做出貢獻。一旦完成，該項目很可能會推進施工，然後進入運作。

Given the timelines involved in our project appointment, we believe it helps to think about our business on an annual basis rather than quarterly. These biorefining projects are large capital investments on the order of several hundred million dollars, depending on the size, integration, and location.

考慮到我們專案任命所涉及的時間表，我們相信每年而不是每季考慮我們的業務會有所幫助。這些生物精煉計畫是大型資本投資，數量級達數億美元，取決於規模、整合程度和地點。

These investments are made by our licensing customers, and the projects are developed and constructed over multiple years. Therefore, it is not uncommon to face delays associated with project decision making by customers. This dynamic can result in a shift of project milestones, which can contribute to some challenges in forecasting quarterly results with precision.

這些投資由我們的許可客戶進行，專案的開發和建設歷經多年。因此，客戶面臨與專案決策相關的延遲的情況並不少見。這種動態可能會導致專案里程碑發生變化，從而為準確預測季度業績帶來一些挑戰。

Slide 16 outlines the number of projects we target commencing a BEP in 2024 and 2025 on a probability-adjusted basis based on our current project pipeline. The illustrative economics to LanzaTech of a 50,000-ton-per-annum facility from each of the development and operating stages are also shown on slide 16.

投影片 16 概述了我們根據當前專案管道進行機率調整後計劃在 2024 年和 2025 年開始 BEP 的專案數量。幻燈片 16 也顯示了 LanzaTech 年產 5 萬噸的設施在每個開發和營運階段的經濟效益。

As you would expect, based on the pipeline progression demonstrated, our near-term revenues will be dominated by one-time revenues earned during the development stage while we are building a base of licensed operating assets with long-term recurring revenue streams and extremely attractive margins to LanzaTech.

正如您所期望的，根據所展示的管道進展情況，我們的近期收入將主要由開發階段獲得的一次性收入主導，同時我們正在建立具有長期經常性收入流和極具吸引力的許可運營資產基礎LanzaTech 的利潤。

Jennifer discussed earlier our three new partner facilities opening this year. So I also wanted to expand a bit on the revenue dynamics of these projects. It's important to remember that many of these are first-of-a-kind plants: for example, the first LanzaTech biorefinery in Europe; and simultaneously, the first plant in India, which was the first LanzaTech facility utilizing refinery off gas.

珍妮佛早些時候討論了我們今年開設的三個新合作夥伴設施。因此，我也想擴展一下這些專案的收入動態。重要的是要記住，其中許多工廠都是首創：例如，歐洲第一家 LanzaTech 生物精煉廠；同時，印度的第一家工廠也是 LanzaTech 的第一家利用煉油廠廢氣的工廠。

Our third new project is our fourth plant in China and is held through a joint venture structure with our partner, Shougang. Therefore, the recurring revenues associated with the licensing royalties from these plants look different and are not indicative of plants in the current commercial pipeline.

我們的第三個新項目是我們在中國的第四家工廠，透過與合作夥伴首鋼的合資結構持有。因此，與這些工廠的許可使用費相關的經常性收入看起來有所不同，並不代表目前商業管道中的工廠。

As mentioned back on slide 14, we expect joint development and contract research to grow modestly year on year and be a smaller component of overall revenue in the medium term. This work will continue to help prioritize a roadmap for new microbes and drive process optimizations.

正如幻燈片 14 中提到的，我們預計聯合開發和合約研究將同比小幅增長，並在中期佔總收入的比例較小。這項工作將繼續幫助確定新微生物路線圖的優先順序並推動流程最佳化。

We expect CarbonSmart revenue to significantly grow year on year over the medium term as more plants come online and LanzaTech secures offtake supply from these plants to place into our customers' and partners' CarbonSmart supply chains.

我們預計，隨著更多工廠上線，並且 LanzaTech 確保這些工廠的承購供應進入我們客戶和合作夥伴的 CarbonSmart 供應鏈，中期內 CarbonSmart 收入將比去年同期顯著增長。

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

現在，在我們開始問答電話之前，我將把電話轉回給詹妮弗，讓她做一些結束語。詹妮弗？

Thank you, Geoff. In summary, we had another strong quarter with continued growth across our business. Our first-half 2023, revenue grew 27% year on year compared to the first half of 2022. Our focus is squarely on business execution and delivering the results we've guided the market to for the rest of the year.

謝謝你，傑夫。總而言之，我們又經歷了一個強勁的季度，整個業務持續成長。與 2022 年上半年相比，我們 2023 年上半年的營收年增了 27%。

We continue to deliver solutions that can help us make a paradigm shift in treating carbon as an opportunity rather than as a liability. Customers ranging from heavy industry to personal care companies and airlines are becoming carbon champions as they see the value in turning carbon from a cost to a profit center while creating a more sustainable future for all.

我們持續提供解決方案，幫助我們實現典範轉移，將碳視為機會而不是責任。從重工業到個人護理公司和航空公司，客戶都在成為碳倡導者，因為他們看到了將碳從成本轉變為利潤中心的價值，同時為所有人創造了更永續的未來。

I am proud to represent a team and partners across multiple sectors who share our vision of a circular carbon economy, and I look forward to continuing to deliver positive results as evidenced by LanzaTech recently been named one of the TIME100 Most Influential Companies alongside other audacious companies changing the world.

我很自豪能夠代表多個行業的團隊和合作夥伴，他們與我們有著共同的循環碳經濟願景，我期待著繼續取得積極的成果，LanzaTech 最近與其他大膽的公司一起被評為TIME100 最具影響力的公司之一改變世界。

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

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了。

Thank you. (Operator Instructions) Leo Mariani, ROTH MKM.

謝謝。 （操作員說明）Leo Mariani，ROTH MKM。

Hi, guys. I was hoping we could get a little bit more detail on the revenue growth expected in the second half of the year. It looks like you guys need to do around $67 million to hit the midpoint of the revised guidance. Just trying to get a sense of what are the major projects that contribute. You mentioned Dragon on the call.

嗨，大家好。我希望我們能夠獲得更多有關下半年預期收入成長的細節。看來你們需要花費大約 6700 萬美元才能達到修訂後指導方針的中位數。只是想了解有哪些主要項目做出了貢獻。你在電話中提到了龍。

Presumably, you're going to see also just ramping revenues from the IndianOil plant here as well as the ArcelorMittal plant in Belgium. But maybe -- can you talk about some of the other key plants that drive that ramp here in the second half?

想必，您還將看到印度石油公司在這裡的工廠以及比利時安賽樂米塔爾工廠的收入不斷增加。但也許——你能談談下半年推動這一成長的其他一些關鍵工廠嗎？

Thank you for your question, Leo. I'm going to pass this one over to Geoff to address. Geoff, can you please provide more detail?

謝謝你的提問，利奧。我將把這個問題轉交給傑夫處理。傑夫，你能提供更多細節嗎？

Sure. Hey, Leo, good to hear from you. So in terms of just revenue growth for the year for the back half, I've mentioned a little bit in our prepared remarks some of the plants that are coming online, but largely, it's a function of the plants that are in the development stage that are -- the projects that are in the development stage that are coming along.

當然。嘿，利奧，很高興收到你的來信。因此，就下半年的收入成長而言，我在準備好的評論中提到了一些即將上線的工廠，但很大程度上，這是處於開發階段的工廠的功能那些是正在開發階段的項目。

We mentioned a couple of them that we've announced already increasing work with partners, Woodside, Bridgestone, NextChem, GAIL, et cetera. So we expect to see expansion of our engineering services and equipment revenues in the back half of the year, which will also be positive gross margin improvements over some of the work we did in first half, as we mentioned, Project Dragon and others.

我們提到了其中一些，我們已經宣布增加與合作夥伴的合作，其中包括 Woodside、Bridgestone、NextChem、GAIL 等。因此，我們預計下半年我們的工程服務和設備收入將會擴大，這也將比我們上半年所做的一些工作（正如我們提到的龍計劃等）帶來積極的毛利率改善。

Okay. And then with respect to 2024, you guys have previously spoken about greater than 2 times revenue growth next year on a year-over-year basis. Do you still feel confident that that's the right number to be thinking about in light of the fact that you reduced the '23 guidance a little bit here on revenues?

好的。至於 2024 年，你們之前曾談到明年的營收年增超過 2 倍。鑑於您稍微減少了 23 年收入指引，您是否仍然相信這是值得考慮的正確數字？

Yes, we do. In fact, we think that the revenue that has slipped out of 2023 into 2024 sets us up nicely for that type of revenue growth. And we do continue to believe that it's going to take that type of revenue growth to get to that EBITDA breakeven, EBITDA-positive number by the end of next year. But we are continuing to reaffirm that.

是的，我們願意。事實上，我們認為從 2023 年滑入 2024 年的收入為我們實現這種類型的收入成長奠定了良好的基礎。我們仍然相信，只有這種類型的收入成長才能在明年年底前達到 EBITDA 盈虧平衡、EBITDA 正值。但我們正在繼續重申這一點。

Okay. And then you spoke briefly about gross margins. I wanted to see if we get a little more color in terms of the progression in 3Q and 4Q of '23. I mean, the gross margins have fallen. It looks like the last three quarters, it was 26% in the third quarter of '22, 16% in the second quarter here of '23.

好的。然後您簡要地談到了毛利率。我想看看我們在 23 年第三季和第四季的進展方面是否有更多的色彩。我的意思是，毛利率下降了。看起來過去三個季度，22 年第三季為 26%，23 年第二季為 16%。

So how should we be expecting that progression to unfold here in the second half? Can you help us out with maybe some numbers here on this?

那我們該如何期待下半年的進展呢？您能幫我們提供一些這方面的數字嗎？

Yes, absolutely. So we expect it to revert to some of the gross margins that we've seen previously. This quarter and the first quarter this year were dragged down pretty significantly from a gross margin standpoint just based on the revenue mix, the revenue mix being heavily weighted to Project Dragon and some of our contract research work on the first half.

是的，絕對是。因此，我們預計它將恢復到我們之前看到的一些毛利率。僅從收入組合來看，本季和今年第一季的毛利率就受到了相當大的拖累，收入組合很大程度上取決於龍計劃和我們上半年的一些合約研究工作。

So the contract, Dragon -- or sorry, the Project Dragon being the most significant component of our revenue mix in the first half runs at a negative gross margin. It's work that we're doing with the funding that's provided from the UK government.

因此，龍計畫合約——或者抱歉，龍計畫是我們上半年收入組合中最重要的組成部分，其毛利率為負。我們正在利用英國政府提供的資金來進行這項工作。

There's a cost share component of that, and the cost share component part of that actually results in, effectively, a negative gross margin. So all of that work is actually bringing our gross margins down.

其中有一個成本分攤部分，而其中的成本分攤部分實際上會導致毛利率為負。因此，所有這些工作實際上都降低了我們的毛利率。

Again, it's a great project, and we're really excited about doing it. We think it sets us up for important milestones in late '23 and 2024. We continue to own the development rights of that project. And so again, we're very excited about it, but it is a drain on gross margin in 2023.

再說一遍，這是一個偉大的項目，我們對此感到非常興奮。我們認為這為我們在 23 世紀末和 2024 年實現重要里程碑奠定了基礎。同樣，我們對此感到非常興奮，但它會消耗 2023 年的毛利率。

That will be diluted by these additional revenue sources that are coming online in the back half of the year. And that's why we'll see some reversion to some of our historic gross margin levels.

這將被今年下半年上線的額外收入來源所稀釋。這就是為什麼我們會看到一些歷史毛利率水準有所回升。

Okay. And then just on R&D expense, it looks like that's gone up a fair bit in the last couple of quarters. I think you guys are running $13 million to $14 million per quarter in the back half of '22. It was $16 million in the first quarter. And now, it's $19 million this quarter.

好的。僅就研發費用而言，過去幾季似乎有所上升。我認為你們在 22 世紀後半段每季的收入為 1300 萬至 1400 萬美元。第一季為 1600 萬美元。現在，本季的營收為 1900 萬美元。

You guys did talk about some kind of one-time startup costs. I wasn't sure if some of those were going into the R&D expense number. It wasn't crystal clear to me, so I'm just trying to get a sense. Do you expect that R&D falls from this $19 million quarterly run rate in the second half of the year? Is that going to go down here?

你們確實談到了某種一次性啟動成本。我不確定其中一些是否會計入研發費用數字。我不太清楚，所以我只是想了解一下。您預計下半年研發費用是否會比 1,900 萬美元的季度營運率下降？難道要掉到這裡來嗎？

So we think it's going to be fairly consistent. Largely, our -- the biggest component of our OpEx is people, and the biggest amount of our people has historically been, although it's declining as a percentage, are R&D staff.

所以我們認為它會相當一致。在很大程度上，我們的營運支出的最大組成部分是人員，而從歷史上看，我們人員的最大數量一直是研發人員，儘管其百分比正在下降。

And so the R&D staff did increase year over year, so that's largely what's driving that as well as some non-cash stock comp expense as we have deployed stock comp pretty significantly this year as an incentive for our people and retention to the long term.

因此，研發人員確實逐年增加，這在很大程度上推動了研發人員的成長，以及一些非現金股票補償費用，因為我們今年已經相當大地部署了股票補償，作為對我們的員工和長期保留的激勵。

And so that combination actually makes up the majority of the increase in these R&D expense. There was some additional -- we spent some money on improving some of our facilities, just some basic non-CapEx maintenance associated with it as well associated with some of the work that we're doing to accelerate our non-ethanol microbe development. There had been some third-party contract expenses associated with that as well.

因此，這種組合實際上構成了這些研發費用增加的大部分。還有一些額外的費用——我們花了一些錢來改進我們的一些設施，只是與之相關的一些基本的非資本支出維護，以及與我們為加速非乙醇微生物開發所做的一些工作相關的費用。還有一些與此相關的第三方合約費用。

Okay. So I mean, it sounds like you're saying second half of '23, R&D is pretty similar to first half if I'm hearing you right.

好的。所以我的意思是，聽起來你是在說 23 年下半年，如果我沒聽錯的話，研發跟上半年非常相似。

Pretty steady state for us through the year, yes.

是的，我們這一年的狀態相當穩定。

Okay, thank you.

好的，謝謝。

Thomas Meric, Janney Montgomery.

湯瑪斯·梅里克，珍妮·蒙哥馬利。

Good morning. Thanks for taking the time. Just wanted to dig in on Brookfield a little bit with a few questions. How many pipeline projects are attributable to Brookfield, and where are those projects in terms of stage of development, especially relative to FID?

早安.感謝您抽出時間。只是想帶著幾個問題深入了解布魯克菲爾德。有多少管道項目屬於布魯克菲爾德，這些項目的開發階段如何，特別是相對於 FID 而言？

Thank you for the question. On Brookfield, we have quite a number of projects, and we expect to -- and we haven't named them yet. They are all in Europe or North America, and we expect to get a couple of them through FID by the first quarter of next year.

謝謝你的提問。在布魯克菲爾德，我們有相當多的項目，我們希望——但我們還沒有命名它們。它們都位於歐洲或北美，我們預計將在明年第一季之前透過 FID 獲得其中一些。

We've made quite a bit of investment. We've hired a leader for that group. As you know, Aura our comes to us from Shell, and she is leading the Brookfield pipeline work. And that team is focused on getting at least one project to FID either by the end of this year or early next year.

我們已經做了相當多的投資。我們已經為該小組聘請了一名領導者。如你所知，Aura 來自殼牌，她負責領導布魯克菲爾德管道工作。該團隊致力於在今年年底或明年初之前將至少一個項目提交給 FID。

Great. Thank you. And stepping back a little bit, with the Brookfield partnership, do you think it's a blueprint for other potential arrangements to do something similar, or is this maybe more one-off in nature? And kind of a follow up to that, do you think there are other types of commercial or financing partnerships coming in the next few years?

偉大的。謝謝。退一步來說，與布魯克菲爾德的合作，你認為這是其他潛在安排做類似事情的藍圖，還是這本質上可能是一次性的？對此的後續，您認為未來幾年還會出現其他類型的商業或融資夥伴關係嗎？

So absolutely, I believe Brookfield is just the first of multiple partnerships that are focused on investment and infrastructure, i.e., helping us build out plants. And so we do have multiple such discussions in the pipeline, and I think you'll see more of such partnerships across the globe.

因此，我絕對相信布魯克菲爾德只是專注於投資和基礎設施（即幫助我們建造工廠）的多個合作夥伴中的第一個。因此，我們確實正在進行多次此類討論，我認為您會在全球範圍內看到更多此類合作夥伴關係。

As you well know, Europe and North America is what Brookfield is focused on. And we are looking, of course, to scale in other parts of the world. So having other partners across the world is going to be quite important for us, and we are working on that.

眾所周知，歐洲和北美是布魯克菲爾德的重點業務。當然，我們正在尋求在世界其他地區擴大規模。因此，在世界各地擁有其他合作夥伴對我們來說非常重要，我們正在為此努力。

I do think it's worth -- since you asked about multiple types of partnerships, there is the financing and infrastructure partnerships that we've just discussed in relation to Brookfield. But we've also been building our channels to market.

我確實認為這是值得的——既然您詢問了多種類型的合作夥伴關係，我們剛剛討論了與布魯克菲爾德相關的融資和基礎設施合作夥伴關係。但我們也一直在建立我們的市場管道。

I think you saw an announcement with Technip. They are going to help us create demand in the petrochemical sector. You also saw a partnership with Primetals Technologies. They're working with us to create a pipeline, a stronger pipeline, in steel and ferroalloy.

我想您已經看到了 Technip 的公告。他們將幫助我們創造石化產業的需求。您也看到了與普銳特冶金技術的合作關係。他們正在與我們合作創建一條鋼和鐵合金管道，一條更堅固的管道。

And NextChem, who's one of our partners in the municipal solid waste space is also a channel to market to municipal solid waste projects. So we're creating multiple types of it channels to market: one, which is the financing side; but the other, which is actually -- the people who are actually embedded in those industries pulling us along.

NextChem 是我們在城市固體廢棄物領域的合作夥伴之一，也是城市固體廢棄物計畫的行銷管道。所以我們正在創造多種類型的IT通路進入市場：一是融資方；二是融資方。但另一個，實際上是那些真正融入這些行業並推動我們前進的人。

Great. Thank you. Just two quick ones on Freedom Pines, I wonder if you could update us on what's needed for mechanical completion this year specifically. And then going forward, as it's operating, what milestones do you need to hit to increase your equity stake if you want to?

偉大的。謝謝。關於自由松樹的兩個簡短內容，我想知道您是否可以向我們介紹今年機械完成具體需要的最新資訊。然後，隨著公司的運營，如果您願意的話，您需要達到哪些里程碑才能增加您的股權？

Great question. So let me tackle the milestones first. So the milestones for our equity stake depend on other investors taking up the license. So as Freedom Pines Fuel comes into play -- and as you know, LanzaJet is already developing projects with their current investors.

很好的問題。因此，讓我先解決里程碑問題。因此，我們股權的里程碑取決於其他投資者獲得許可。因此，隨著 Freedom Pines Fuel 發揮作用，正如您所知，LanzaJet 已經在與現有投資者一起開發專案。

The Dragon Project, as an example with LanzaTech, they're working also with Mitsui, British Airways, and Shell on developing a pipeline of projects. When those investors pick up a license, that is when LanzaTech's equity investment goes up. For every license that one of the investors take or the first licenses that they take, our equity shareholding goes up. And that will be happening over the next six to nine months.

以 LanzaTech 的 Dragon 專案為例，他們也與三井物產、英國航空和殼牌合作開發一系列專案。當這些投資者獲得牌照時，LanzaTech 的股權投資就會增加。對於其中一位投資者獲得的每一個許可證或他們獲得的第一個許可證，我們的股權都會增加。這將在未來六到九個月內發生。

The second part of the question is what's required for mechanical completion. Right now, LanzaJet is fully funded through mechanical completion and startup, so no cash will be required. And much of the -- all of the inside battery limits, the actual alcohol-to-jet plant is already in modules and being installed. We are in the last stages of installing that.

問題的第二部分是機械完成需要什麼。目前，LanzaJet 已透過機械完工和啟動獲得全額資金，因此不需要現金。所有內部電池限制中的大部分，實際的酒精到噴射機工廠已經在模組中並​​正在安裝。我們正處於安裝的最後階段。

And then the rest is the additional work, the outside battery limit. So the tankage, et cetera, that's also being installed. There should be no -- there should be nothing to stop that plant from being mechanically complete by the end of this year. All the contracts are in play; all the construction is in play; tremendous progress by the LanzaJet team.

剩下的就是額外的工作，即外部電池限制。因此，儲罐等也正在安裝。應該沒有——應該沒有什麼可以阻止該工廠在今年年底前機械完工。所有合約均已生效；所有的建設都在進行中； LanzaJet 團隊取得了巨大進展。

Great. Thank you. That's it for me.

偉大的。謝謝。對我來說就是這樣。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking the question. Maybe kind of zooming in on the Steelanol Project in Belgium, pretty high-profile project for you guys. First, can we just get an update on where the facility is in the commissioning process, and what's going to happen between now and the end of the year?

感謝您提出問題。也許有點放大了比利時的 Steelanol 項目，對你們來說這是一個非常引人注目的項目。首先，我們能否了解該設施處於調試過程中的最新情況，以及從現在到今年年底會發生什麼？

Thanks, Pavel. Yes, this high-profile project sitting in Europe and also because ArcelorMittal is the largest Western steel company, we have completed the construction of the plant. So it's in the hot works commissioning stage. And that's really the last stage.

謝謝，帕維爾。是的，這個備受矚目的項目位於歐洲，也因為安賽樂米塔爾是西方最大的鋼鐵公司，所以我們已經完成了工廠的建設。目前正處於熱工調試階段。這確實是最後一個階段。

In fact, we started the inoculator and produced ethanol in June. So we know all of that part of the plant is working quite well. We expect to complete all the hot commissioning work in the next, I would say, 30 to 60 days max, and then start up the bioreactors. So we will certainly be -- should be operating in the fourth quarter of this year.

事實上，我們在六月就啟動了接種機並生產了乙醇。所以我們知道工廠的所有部分都運作良好。我們預計在接下來的時間內完成所有熱調試工作，我想說，最多 30 到 60 天，然後啟動生物反應器。所以我們肯定會——應該在今年第四季開始營運。

And financially, you in terms of LanzaTech actual income statement, what changes as the projects move into production as you said in Q4?

在財務方面，就 LanzaTech 的實際損益表而言，正如您在第四季度所說，隨著專案投入生產，您會發生什麼變化？

Right, the key change will be that we will be receiving licensing revenues from the production of ethanol. That will be the biggest change that you will see. Do you want to add anything to that, Geoff?

是的，關鍵的變化是我們將從乙醇生產中獲得授權收入。這將是您將看到的最大變化。傑夫，你想補充什麼嗎？

No, I was just going to say -- yes, in addition -- as Jennifer mentioned, ArcelorMittal is set up. And as you heard in my remarks, it is a first-of-a-kind plant being the first in Europe. So the royalty economics are slightly different than what we see in the rest of our pipeline, but we'll start seeing royalty revenue associated with production of that plant.

不，我只是想說——是的，此外——正如詹妮弗所提到的，安賽樂米塔爾已經成立了。正如您在我的演講中所聽到的，這是歐洲第一家同類工廠。因此，特許權使用費經濟學與我們在其他管道中看到的略有不同，但我們將開始看到與該工廠生產相關的特許權收入。

Again, it's starting up closer to the end of the year, so they won't be particularly material this year until we're seeing material volumes coming off that plant. But there are also the consumable side, the microbes and media, and then we do have some of our other recurring revenue products like our software and services.

同樣，它是在接近年底的時候開始的，所以今年它們不會特別重要，直到我們看到工廠的材料產量為止。但也有消費品方面，微生物和媒體，然後我們確實有一些其他經常性收入產品，例如我們的軟體和服務。

Okay. Maybe just zooming out for a moment, he whole green steel space is pretty nascent. Obviously, you guys have been involved with Shougang in China for quite a while. When do you think steel production in the US will jump on this bandwagon because it feels like it's very Europe-centric with maybe a handful of Chinese companies doing that as well.

好的。也許只是縮小一會兒，整個綠色鋼鐵空間才剛起步。顯然，你們在中國與首鋼打交道已經有一段時間了。您認為美國的鋼鐵生產何時會加入這一潮流，因為感覺它非常以歐洲為中心，也許有少數中國公司也在這樣做。

I think -- when I think about green steel, there's already been a major transition in the US steel sector towards recycling, scrap, et cetera, versus actually running electric arc furnaces and such.

我認為，當我想到綠色鋼鐵時，美國鋼鐵業已經發生了向回收、廢料等的重大轉變，而不是實際運作的電弧爐等。

I think you know this area quite well, Pavel, so that the fact is there's only a couple of coke-oven-type linked steel plants in the US. And so decarbonizing those is going to require something like our technology, something like carbon capture and sequestration or what they're doing at other parts of the world, which is transitioning to hydrogen.

我想你很了解這個領域，帕維爾，所以事實是美國祇有幾家焦爐式相連的鋼鐵廠。因此，脫碳將需要我們的技術，例如碳捕獲和封存，或者他們在世界其他地方正在做的事情，即向氫過渡。

But so much of the steel sector in the US is based on technologies, which don't quite produce carbon monoxide, carbon dioxide directly because of the type of steel that they do produce, so it's quite a different landscape. I'd love to hear your views on that because I know you've been looking at green steel.

但美國鋼鐵業的大部分都是基於技術，由於它們生產的鋼鐵類型不同，這些技術不會直接產生一氧化碳和二氧化碳，所以這是一個完全不同的情況。我很想聽聽您對此的看法，因為我知道您一直在關注綠色鋼鐵。

Yes, well, you guys are involved with Arcelor, which is by far the most active globally in the transition. Good, we'll look forward to getting updates on Belgium over the next six months. Thanks again.

是的，你們都參與了安賽樂公司，它是迄今為止全球轉型過程中最活躍的公司。很好，我們期待在接下來的六個月內獲得有關比利時的最新消息。再次感謝。

Tom Curran, Seaport Research Partners.

湯姆‧柯蘭，海港研究夥伴。

Good morning, just two follow ups on LanzaJet. First, would you provide us with a progress update and some color on offtake agreements or other anchor SAF buyers for the Freedom Pines plant? Just how much of that 10 million gallons per year of capacity is already contracted?

早安，剛剛對 LanzaJet 進行了兩次跟進。首先，您能否向我們提供 Freedom Pines 工廠的最新進展和承購協議或其他 SAF 的主要買家的資訊？每年 1000 萬加侖的產能中有多少已經簽約？

All of it. The investors in LanzaJet took all the fuel, so there was nothing left to provide to anybody else. It's 100%.

所有這一切。 LanzaJet 的投資者拿走了所有的燃料，因此沒有任何東西可以提供給其他人。是100%。

Yes, that's -- I'm not surprised to hear that, which is kind of a nice segue into my next question, which is, for SAF, there's -- there seems to be a lot of consternation about the availability dilemma, the idea that the drop-in supply side remains resource constrained when it comes to economically viable options or making drop-in SAFs. And therefore, global SAF production is fated to continue to fall well short of the aviation industry's ambitious consumption targets.

是的，聽到這個我並不感到驚訝，這是我下一個問題的一個很好的延續，對於 SAF 來說，似乎對可用性困境有很多驚愕，這個想法當談到經濟上可行的選擇或製造直接SAF 時，直接供應方仍受到資源限制。因此，全球 SAF 產量注定將繼續遠低於航空業雄心勃勃的消費目標。

Given the abundant diversity and lack of human need for the potential feedstock for LanzaTech's waste-based ethanol technology, it seems as if combining a license for a LanzaTech biorefining plant with a license for LanzaJet's AtJ process could take a lead role in solving for availability.

鑑於 LanzaTech 廢棄物乙醇技術潛在原料的豐富多樣性和缺乏人類需求，似乎將 LanzaTech 生物精煉廠的許可證與 LanzaJet AtJ 製程的許可證相結合可以在解決可用性問題上發揮主導作用。

What do you think are the main governing factors in determining how fast such a biorefining plus AtJ combination could grow? Where are you focused for maximizing that potential growth rate?

您認為決定生物精煉加 AtJ 組合成長速度的主要決定因素是什麼？為了最大限度地提高潛在成長率，您將重點放在哪裡？

Yes. Thank you for that question. Absolutely, that's the next stages in our pipeline, as you well know, the combined waste-space ethanol plus the alcohol-to-jet technology. And I think you saw the announcement that Air New Zealand and the New Zealand government had selected the LanzaTech-LanzaJet solution, at least for the next feasibility stage.

是的。謝謝你提出這個問題。當然，如您所知，這就是我們管道的下一階段，即廢物空間乙醇與酒精噴射技術的結合。我想您已經看到了紐西蘭航空和紐西蘭政府選擇 LanzaTech-LanzaJet 解決方案的公告，至少在下一個可行性階段是如此。

You probably saw that Tadweer in the Middle East -- that project is municipal solid waste to aviation fuel. So that combines both LanzaTech and LanzaJet. We are very, very focused on that. And I think the key drivers will be one, we're going to go a lot faster as soon as Freedom Pines Fuels is built out. That will give a lot of certainty.

你可能看到了中東的Tadweer——該項目將城市固體廢物轉化為航空燃料。因此，LanzaTech 和 LanzaJet 結合在一起。我們非常非常關注這一點。我認為關鍵的驅動因素之一是，一旦 Freedom Pines Fuels 建成，我們的發展速度就會快得多。這將帶來很大的確定性。

And then the second piece of that is going to be as we continue to drop the price on the waste-to-ethanol part of the portfolio, which is something -- as you know, the more plants we build, the cheaper it will be to build the next plant.

第二部分將是我們繼續降低產品組合中廢物轉化乙醇部分的價格，正如你所知，我們建造的工廠越多，價格就越便宜建造下一個工廠。

So I think we'll start to see ourselves go very fast next year, but I think we already have those projects in the pipeline. We've announced only a couple of those, Tadweer and New Zealand, but there are multiples of that that are in the early stages and feasibility stages.

因此，我認為明年我們將開始看到自己的發展速度非常快，但我認為我們已經在籌備這些項目。我們只宣布了其中的幾個，塔德韋爾和紐西蘭，但還有多個處於早期階段和可行性階段。

Got it. Thank you for taking the questions.

知道了。感謝您提出問題。

John Annis, Stifel.

約翰安妮斯，斯蒂菲爾。

Hey, good morning, all, and thanks for taking my questions. For my first one, as you near the expected startup of three additional facilities this year, could you offer any high-level commentary on some of the learnings in terms of cost savings and reducing build times that you've achieved as you move from the first commercial plant in 2018 to these facilities slated to enter operations this year?

嘿，大家早上好，感謝您回答我的問題。對於我的第一個，當您今年即將啟動三個額外設施時，您能否對您在從成本節約和減少構建時間方面取得的一些經驗提供任何高級評論2018 年第一座商業工廠到這些設施預計今年投入營運？

And can you perhaps characterize whether engineering improvements and/or changes to bacteria design are driving any efficiencies?

您能否描述一下工程改進和/或細菌設計的改變是否會提高效率？

Right. So in the replication, which is what we're doing right now, the efficiencies come from being able to work with equipment vendors and EPCs that understand our technology can go faster and can offer reduced costs because they know that we're replicating, right? They're not going to sell one compressor. They're going to sell multiple because they know we have a pipeline.

正確的。因此，在複製中，這就是我們現在正在做的事情，效率來自於能夠與了解我們的技術的設備供應商和EPC 合作，因為他們知道我們正在複製，所以可以更快地進行，並且可以降低成本，對吧？他們不會出售一台壓縮機。他們會出售多個，因為他們知道我們有管道。

So a lot of the costs that we are seeing, where we're coming down right now, are just based on simple replication. Now as we've also announced, we have worked on our second-generation bioreactor. We have demonstrated that at Suncor in the field, and that will give us significant savings because it will improve not just the cost of the plant, they'll reduce the cost of the plant. But it will also, at the same time, improve yields. And so that combination will improve the total IRR of the plant.

因此，我們現在看到的許多成本，以及我們現在正在下降的成本，都只是基於簡單的複製。現在，正如我們也宣布的那樣，我們已經開始研究第二代生物反應器。我們已經在 Suncor 現場證明了這一點，這將為我們帶來顯著的節省，因為它不僅會提高工廠的成本，還會降低工廠的成本。但同時它也會提高產量。因此，這種組合將提高工廠的總 IRR。

So you'll see that our improvements come from the combination of technology like the second-generation bioreactor. And fundamentally, just from replicating, the more you build, the cheaper everything gets, right, just like you saw in solar, right? It's that part of the model and that part of the business that really helps.

所以你會看到我們的改進來自於第二代生物反應器等技術的結合。從根本上說，僅僅通過複製，你建造的越多，一切就越便宜，對吧，就像你在太陽能中看到的那樣，對嗎？真正有幫助的是模型的這一部分和業務的一部分。

Makes sense. And for my follow-up, you highlighted in your prepared remarks that you are ahead of schedule and demonstrating the production of isopropanol microbes at scale. And there is certainly a large end market opportunity that you highlighted.

有道理。對於我的後續行動，您在準備好的演講中強調，您提前完成了異丙醇微生物的大規模生產演示。您強調的肯定存在巨大的終端市場機會。

Maybe using slide 15 as a basis, could you frame how you're looking at the timeline on progressing these microbes from the demonstration stage to commercial operation?

也許以投影片 15 作為基礎，您能否描述一下將這些微生物從示範階段推進到商業運作的時間表？

Absolutely. And actually, we jumped on an opportunity. The plant at Suncor, the plant that we were testing with Suncor to -- our second-generation bioreactor, we had completed all the ethanol work that we were doing there with that reactor ahead of schedule, which is what allowed us to jump on testing our isopropanol microbe there.

絕對地。事實上，我們抓住了一個機會。森科爾的工廠，我們正在與森科爾一起測試的工廠——我們的第二代生物反應器，我們提前完成了我們在那裡用該反應器進行的所有乙醇工作，這使我們能夠立即進行測試我們的異丙醇微生物在那裡。

The isopropanol microbe has done very, very well in our lab and our pilot. It is looking quite good at the second-generation bioreactor as well. If things continue as expected, we should have that microbe ready for commercial use next year. So that is the timeline we have for that microbe.

異丙醇微生物在我們的實驗室和試驗中表現得非常非常好。第二代生物反應器看起來也相當不錯。如果事情按預期發展，我們應該可以在明年將該微生物投入商業使用。這就是我們對該微生物的時間表。

Quickly on the heels of that will be our acetone-producing microbes, which, as you know, will be very useful in acrylics and other applications. So that's what's next in the pipeline that again is in the 18 to 24 commercial timeline -- 24 months, sorry. Thank you so much.

緊隨其後的是我們的丙酮生產微生物，如您所知，它將在丙烯酸樹脂和其他應用中非常有用。這就是接下來的計劃，也是 18 到 24 商業時間表中的內容——抱歉，是 24 個月。太感謝了。

Thank you.

謝謝。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back to Jennifer Holmgren for any closing remarks. Thank you, and over to you.

謝謝。我們的問答環節到此結束。現在我想請珍妮佛霍姆格倫（Jennifer Holmgren）發表閉幕詞。謝謝你，接下來就交給你了。

Thank you so much to everybody for joining us and for supporting our journey to create a different carbon economy. I really appreciate your taking the time, especially during the first year of our public presence. So thanks again for joining us.

非常感謝大家加入我們並支持我們創造不同碳經濟的旅程。我非常感謝您抽出時間，特別是在我們公開露面的第一年。再次感謝您加入我們。

Thank you very much. Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

非常感謝。女士們、先生們，會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。