Lanzatech Global Inc (LNZA) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's LanzaTech Global first quarter 2024 earnings conference call. (Operator Instructions) Also, today's call is being recorded, and I will be standing by if anyone should need any assistance and now at this time, I'll turn things over to Omar El Charles Kelly, Vice President of Corporate Development. Please go ahead, sir.

大家早安，歡迎參加今天的 LanzaTech Global 2024 年第一季財報電話會議。（操作員說明）此外，今天的通話正在錄音，如果有人需要任何幫助，我將隨時待命，現在，我將把事情交給企業發展副總裁 Omar El Charles Kelly。請繼續，先生。

Good morning and thank you for joining us for LanzaTech Global Inc.'s first quarter 2024 earnings conference call. On the call today, I'm joined by our Board Chair and CEO, Dr. Jennifer Holmgren, and our CFO, Geoff Trukenbrod. Earlier this morning, we issued a press release with our first quarter 2024 financial and operating results, as well as an investor presentation summarizing the company's performance and key operational highlights for the quarter.

早安，感謝您參加 LanzaTech Global Inc. 的 2024 年第一季財報電話會議。我們的董事會主席兼執行長 Jennifer Holmgren 博士和財務長 Geoff Trukenbrod 也參加了今天的電話會議。今天早些時候，我們發布了一份新聞稿，其中介紹了 2024 年第一季的財務和營運業績，以及投資者介紹，總結了公司本季的業績和主要營運亮點。

Please also reference our quarterly report on Form 10-Q for the quarter ending March 31, 2024, filed today. Both our press release and results summary, investor presentation can be found in the Investor Relations section of our website at www.lanzatech.com.

另請參閱我們今天提交的截至 2024 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、投資者介紹均可在我們網站 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 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 measures.

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 our performance and our recent financial results. Geoff will then review in greater detail our financial results, and Jennifer will conclude with a few closing remarks. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議將首先由 Jennifer 發表講話，概述我們的業績和最近的財務業績。然後，傑夫將更詳細地審查我們的財務業績，珍妮佛將發表一些結束語。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 everybody joining us today. We appreciate your ongoing interest in and support of LanzaTech. I'd like to begin by sharing five key things from the past several months that I'd like for you to take away from this call. These are all outlined on slide 5. First, we delivered financial results for the first quarter right in line with our internal forecasts and guidance provided last quarter. Revenue of approximately $10 million, gross margin of 34% and gross profit of all $3.5 million all increased year-on-year as we continue to scale and optimize the business while closely managing costs across the organization.

謝謝你，奧馬爾，也謝謝今天加入我們的所有人。我們感謝您對 LanzaTech 的持續關注與支持。首先，我想分享過去幾個月中的五件關鍵事情，我希望您能從這次電話會議中學到這些東西。這些都在投影片 5 中概述。首先，我們公佈的第一季財務業績與上季提供的內部預測和指引一致。隨著我們繼續擴大和優化業務，同時密切管理整個組織的成本，收入約為 1000 萬美元，毛利率為 34%，毛利為 350 萬美元，均同比增長。

Second, we announced in March the Project SECURE, where our partner, Technip Energies has been selected by a US Department of Energy to receive a $200 million grant. This commercial project will leverage LanzaTech's and Technip Energies' transformational technologies to produce sustainable ethylene from captured carbon dioxide emission, further validating the transformative nature of our carbon recycling technology and laying the groundwork for a highly replicable project opportunity set for LanzaTech, with more than 370 ethylene steam crackers across the globe.

其次，我們在 3 月宣布了 SECURE 項目，我們的合作夥伴 Technip Energies 已被美國能源部選中接受 2 億美元的資助。該商業項目將利用LanzaTech 和Technip Energies 的轉型技術，從捕獲的二氧化碳排放中生產可持續乙烯，進一步驗證我們的碳回收技術的轉型性質，並為LanzaTech 的高度可複製項目機會奠定基礎，該項目機會超過370 個全球範圍內的乙烯蒸汽裂解裝置。

Third, it was an extraordinary quarter for sustainable aviation fuel, our investment in LanzaJet and our role in the broader SAF sector, which continues to gain significant momentum globally. In January, LanzaJet, in which we continue to hold an approximate 25% ownership interest, inaugurated the world's first ethynol-to-SAF facility in Soperton, Georgia. The achievement marks a strategic and historic milestone, not just for LanzaJet, but for the growing SAF economy at large as this 10 million gallon per year facility brings in new production bout to commercial scale, the alcohol-to-jet or ATJ pathway.

第三，對於永續航空燃料、我們對 LanzaJet 的投資以及我們在更廣泛的 SAF 領域的作用來說，這是一個不平凡的季度，該領域繼續在全球獲得顯著的發展勢頭。1 月份，我們繼續持有 LanzaJet 約 25% 所有權權益的 LanzaJet 在喬治亞州索珀頓開設了世界上第一家乙醇轉化為 SAF 的工廠。這項成就不僅對LanzaJet 而言，而且對整個SAF 經濟的發展來說，都是一個戰略和歷史性的里程碑，因為這座每年1000 萬加侖的工廠帶來了商業規模的新生產，即酒精到噴射機或ATJ 途徑。

Separately, LanzaJet is in the process of completing an approximate $100 million investment round to accelerate its growth from some of the largest and most influential companies and investors in the world, with commitments already from Microsoft Climate Innovation Fund, and Southwest Airlines.

另外，LanzaJet 正在完成一輪約 1 億美元的投資，以加速其發展，來自世界上一些最大、最有影響力的公司和投資者，微軟氣候創新基金和西南航空公司已經做出了承諾。

Fourth, we continue to advance our growing pipeline of commercial scale projects while expanding the scale and diversity of the feedstocks and represented geographies. This includes growing the base of projects, extending to the top of our development pipeline as well as advancing projects through the various development stages.

第四，我們繼續推動不斷成長的商業規模項目，同時擴大原料和代表性地區的規模和多樣性。這包括擴大專案基礎、擴展到我們開發管道的頂部以及在各個開發階段推進專案。

And finally, we are reiterating our 2024 financial and operating guidance introduced earlier this year. This included expected revenue of $90 million to $105 million, which at the midpoint reflects top-line growth of approximately 55% over last year's performance.

最後，我們重申今年稍早推出的 2024 年財務和營運指引。其中包括 9,000 萬至 1.05 億美元的預期收入，其中數值反映了比去年業績成長約 55% 的收入成長。

From this, you can see that we continue to execute on our growth plan while maximizing operational financial flexibility across all parts of our business. As we mentioned in our previous quarterly calls, we are committed to a culture of safety and are proud to report that we concluded the quarter without any safety incidents at our facilities in the field or in the laboratory. Regrettably, we did, however, have one recordable lost time injury due to an office space incident during the quarter.

由此，您可以看到我們繼續執行我們的成長計劃，同時最大限度地提高我們業務各個部分的營運財務靈活性。正如我們在先前的季度電話會議中提到的，我們致力於營造安全文化，並自豪地報告，本季我們的現場或實驗室設施沒有發生任何安全事故。然而，遺憾的是，我們確實因本季的辦公空間事故而發生了一起可記錄的損失時間傷害。

I would like to now review the key highlights from the first quarter of 2024, starting with Project SECURE, our sustainable ethylene from carbon dioxide project in partnership with Technip Energies. As shown on slide 6, Project SECURE is a commercial demonstration of carbon capture and utilization. The grant funding of up to $200 million from the US Department of Energy will support the design, engineering, and construction of Project SECURE at a US ethylene cracker facility.

我現在想回顧 2024 年第一季的主要亮點，首先是安全項目，這是我們與 Technip Energies 合作的可持續二氧化碳乙烯項目。如幻燈片 6 所示，Project SECURE 是碳捕獲和利用的商業示範。美國能源部提供的高達 2 億美元的撥款將支持美國乙烯裂解裝置的 SECURE 計畫的設計、工程和施工。

We expect to work on this project to commence in the fall when we finalize the contracting details associated with this project. By combining the LanzaTech gas fermentation technology with Technip Energies ethanol-to-ethylene technology, this transformational project is expected to produce 30,000 tons per year of sustainable ethylene from captured carbon dioxide emissions at an ethylene cracker operating at a major petrochemical facility in the US. In turn, this sustainable production will reduce the carbon intensity of the existing ethylene production of the facility.

我們預計該項目的工作將於秋季開始，屆時我們將敲定與該項目相關的合約細節。透過將 LanzaTech 氣體發酵技術與 Technip Energies 乙醇製乙烯技術相結合，該轉型計畫預計每年可利用美國主要石化設施營運的乙烯裂解裝置捕獲的二氧化碳排放生產 30,000 噸可持續乙烯。反過來，這種永續生產將降低該設施現有乙烯生產的碳強度。

Ethylene has a massive global market projected to reach $200 billion annually by 2030, and is often referred to direct, quote the world's most important chemical, given its use as a building block in countless products we use every day, from clothing, to packaging, to phone, to jet fuel. However, ethylene production is also a major source of emissions globally, responsible for the release of over 500 million tons of carbon dioxide into the atmosphere per year and in need of carbon abatement solutions like LanzaTech's.

乙烯擁有龐大的全球市場，預計到2030 年每年將達到2000 億美元，並且經常被直接引用為世界上最重要的化學品，因為它是我們每天使用的無數產品（從服裝到包裝）的組成部分，電話、航空燃油。然而，乙烯生產也是全球排放的主要來源，每年向大氣中排放超過 5 億噸二氧化碳，因此需要像 LanzaTech 這樣的減碳解決方案。

Project SECURE offers immediate and highly replicable solution to decarbonize ethylene production using existing infrastructure. Technip Energies is the global leader in providing steam cracker technology to the chemical industry with 40% to 50% of the global licensing market share by ethylene production. The modular design of Project SECURE is intended to be easily deployable at ethylene crackers around the world for which there are more than 370. This provides an enormous commercial opportunity for LanzaTech and Technip to rapidly penetrate the ethylene value chain with its curing technology offering and capture a significant portion of this market given our established licensing models.

SECURE 計畫提供即時且高度可複製的解決方案，利用現有基礎設施實現乙烯生產脫碳。Technip Energies 是向化學工業提供蒸汽裂解技術的全球領導者，擁有全球乙烯生產許可市場份額的 40% 至 50%。Project SECURE 的模組化設計旨在輕鬆部署在全球 370 多個乙烯裂解裝置中。這為 LanzaTech 和 Technip 提供了巨大的商業機會，使其能夠憑藉其固化技術產品快速滲透乙烯價值鏈，並根據我們既定的授權模式佔領該市場的很大一部分。

Looking now at sustainable aviation fuel on slide 7, we remain bullish on the SAF market. As I noted earlier, it was an increasingly exciting few months for LanzaJet and the SAF market more broadly, and we believe we are well positioned to play a significant role in the proliferation of SAF protection through the alcohol-to-jet pathway. LanzaTech's ethanol will be a critical feedstock for SAF, and when coupled with LanzaJet technology, enables production of SAF from a variety of wastes and residues, including municipal solid waste and e-fuels.

現在看看幻燈片 7 上的可持續​​航空燃料，我們仍然看好 SAF 市場。正如我之前指出的，對於LanzaJet 和更廣泛的SAF 市場來說，這是一個越來越令人興奮的幾個月，我們相信我們已經做好了充分準備，可以在通過酒精到噴氣機途徑擴大SAF 保護方面發揮重要作用。LanzaTech 的乙醇將成為 SAF 的關鍵原料，與 LanzaJet 技術相結合，可利用各種廢棄物和殘留物（包括城市固體廢棄物和電子燃料）來生產 SAF。

The inauguration and startup of LanzaJet's Freedom Pine Fields Facility, the world's first biorefinery get transformed to ethanol into sustainable aviation fuel is a game changer. We expect that this facility will begin producing SAF by the end of the second quarter and ramp up to full production over the course of the year. This facility will focus on maximum production of SAF at 90% of the product output, with the remainder, 10% as renewable diesel, which is a unique capability of the LanzaJet technology and unmatched biorefinery.

LanzaJet 的 Freedom Pine Fields 設施的落成和啟動是世界上第一個將乙醇轉化為可持續航空燃料的生物精煉廠，這改變了遊戲規則。我們預計該工廠將在第二季末開始生產 SAF，並在年內全面投產。該工廠將專注於最大限度地生產 SAF，佔產品產量的 90%，其餘 10% 作為可再生柴油，這是 LanzaJet 技術和無與倫比的生物精煉廠的獨特能力。

We've made good progress on the opportunities and our commercial pipeline get focused on integrated solutions to convert waste, gas, and residues through the SAF by pairing LanzaTech's gas fermentation technology with the LanzaJet alcohol-to-jet pathway. Our project with Tadweer in Abu Dhabi to gentrify solids through the SAF and our project in New Zealand with Air New Zealand and the New Zealand Government to date predominantly gasified forestry residues through the SAF, both contributed to engineering services revenue during the first quarter.

我們在機會方面取得了良好進展，我們的商業管道重點關注綜合解決方案，透過將 LanzaTech 的氣體發酵技術與 LanzaJet 酒精轉化為噴氣機途徑相結合，透過 SAF 轉化廢物、氣體和殘渣。我們與阿布達比Tadweer 合作透過SAF 進行固體化的項目，以及我們在新西蘭與紐西蘭航空和紐西蘭政府合作的項目，迄今為止主要透過SAF 氣化林業殘留物，這兩個項目都為第一季度的工程服務收入做出了貢獻。

Our Project Dragon in the UK, taking industrial waste gas through SAF is an advanced engineering with the front-end engineering and design completed and planning permission granted for the SAF unit. We continue to utilize the grant funding received by the UK Department for Transport bring that project to FID. We recently announced UK SAF mandate is positive for the overall UK SAF market and specifically supportive of our process and Project Dragon. The mandate stipulates that SAF must account for 2% of all fuel in the aviation sector, with a threshold increasing to 10% in 2030 and 22% in 2040.

我們在英國的龍項目，透過SAF處理工業廢氣，是一項先進工程，已完成前端工程設計，並獲得了SAF裝置的規劃許可。我們將繼續利用英國交通部收到的贈款資金將該項目提交給最終投資決定。我們最近宣布英國 SAF 授權對整個英國 SAF 市場是積極的，特別是對我們的流程和龍計劃的支持。該指令規定，SAF 必須佔航空業所有燃料的 2%，門檻值到 2030 年提高到 10%，到 2040 年提高到 22%。

Importantly, the mandate provides a cap on SAF production via the hydroprocessed esters and fatty acids or HEFA production pathway that becomes more stringent over time, which means there's a protected market for advanced SAF in the UK, such as SAF produced from waste-based ethanol. Additionally, the SAF buy-out price, or the price of which airlines can pay to opt out of their obligations has been significantly increased at the result of the mandate, further supporting SAF process season in this market.

重要的是，該指令規定了透過加氫加工酯和脂肪酸或HEFA 生產途徑生產SAF 的上限，隨著時間的推移，該上限會變得更加嚴格，這意味著先進的SAF 在英國有一個受保護的市場，例如由廢棄物乙醇生產的SAF 。此外，由於該指令的實施，SAF 收購價格（即航空公司為選擇退出其義務而可以支付的價格）顯著提高，進一步支持了該市場的 SAF 處理季節。

In addition to a role of feedstock provider of waste space-to-ethanol-to-alcohol jet SAF production, we are extremely proud of our strategic ownership stake in LanzaJet and welcome new world-class co-investors into LanzaJet. We continue to hold our approximate 25% ownership of LanzaJet today. The recent equity rates by LanzaJet has been done in an unpriced round and is therefore non-diluted to LanzaTech at this time.

除了作為廢物空間制乙醇製酒精噴射 SAF 生產的原料供應商之外，我們對 LanzaJet 的戰略所有權股份感到非常自豪，並歡迎新的世界級聯合投資者加入 LanzaJet。今天，我們繼續持有 LanzaJet 約 25% 的股權。LanzaJet 最近的股權利率是在一輪未定價的回合中完成的，因此目前未稀釋到 LanzaTech。

Additionally, LanzaJet's recent capital rates does not impact the mechanism by which LanzaTech is issued additional LanzaJet shares to increase share ownership percentage as the original co-investors and others build their own plant using LanzaJet SAF technology.

此外，LanzaJet 最近的資本利率不會影響 LanzaTech 發行額外 LanzaJet 股票以增加股權比例的機制，因為原始聯合投資者和其他人使用 LanzaJet SAF 技術建造自己的工廠。

Moving to slide 8 and our commercial project pipeline, our total operating project count stands at eight, which includes both commercial scale and demonstration-scale projects. Please note that for the purpose or for the project funnel, we have now separated out the LanzaJet Freedom Pines Fields Facility from this illustration. This LanzaJet project was previously in the construction category. And going forward, we will provide updates on the project, separate from the LanzaTech biorefining project pipeline.

轉向投影片 8 和我們的商業項目管道，我們的營運項目總數為 8 個，其中包括商業規模和示範規模項目。請注意，出於目的或專案管道，我們現在已將 LanzaJet Freedom Pines Fields 設施從該圖中分離出來。LanzaJet 專案先前屬於建築類別。展望未來，我們將獨立於 LanzaTech 生物精煉專案管道提供該專案的最新資訊。

The LanzaJet Freedom Pines Fields project is currently in commissioning and startup and is on track for production of steel in the second quarter of this year. The total installment maintenance production capacity across our licensees operating include a six commercial biorefining project. It's approximately 310,000 tons of ethanol per year with the ability to abate more than half a million tons of carbon per year that would otherwise enter our atmosphere.

LanzaJet Freedom Pines Fields 專案目前正在調試和啟動，預計今年第二季投產鋼鐵。我們營運的被授權者的總分期維護生產能力包括六個商業生物精煉項目。每年大約生產 31 萬噸乙醇，每年能夠減少超過 50 萬噸的碳，否則這些碳將進入我們的大氣層。

The full commercial plants in China continue to perform and will continue to make progress on the ramp up to full production capacity at Indian Oil's facility in India and ArcelorMittal facility in Belgium. Our Global Services Engineers are diligently working hand-in-hand with our customers to ramp up production. And we expect that successful full-scale operations will be achieved within 2024. Looking at the top of the funnel, we have nine net additions of qualified projects opportunities into the first stage of the pipeline in the first quarter and one net project addition into advanced engineering from early-stage engineering.

中國的全部商業工廠繼續運轉，並將繼續在印度石油公司印度工廠和安賽樂米塔爾比利時工廠全面提高產能方面取得進展。我們的全球服務工程師正在與客戶攜手努力，以提高產量。我們預計將於 2024 年實現成功的全面營運。從漏斗的頂部來看，第一季我們淨增加了九個合格專案機會進入第一階段的管道，並淨增加了一個從早期工程進入高級工程的專案。

As mentioned during our last update, we continue to expect that several projects in advanced engineering will achieve final investment decision and move into the construction phase in the second half of this year. As a result, we expect revenues from the sales of equipment packages to materialize with respect to those projects along the same timeline. In addition to the significant depth of our commercial licensing pipeline, we're working with our infrastructure capital partner, Brookfield, to transfer the first projects under our partnership to them this year while ramping up the development of additional project opportunities.

正如我們在上次更新中提到的，我們仍然預計先進工程領域的幾個項目將在今年下半年做出最終投資決定並進入建設階段。因此，我們預計這些項目的設備包銷售收入將在同一時間表內實現。除了我們的商業許可管道的深度之外，我們還與我們的基礎設施資本合作夥伴 Brookfield 合作，今年將我們合作夥伴關係下的首批項目轉讓給他們，同時加大更多項目機會的開發力度。

Additionally, we are working closely with our joint venture partner Olayan on developing and financing a pipeline of project opportunities in Saudi Arabia and in the broader Middle East. In our CarbonSmart business, we continue to negotiate offtake supply agreements with our partners in China and Europe to satisfy the growing CarbonSmart demand in 2024 and 2025. We're focused on sales into the global chemicals market with a revenue in the first quarter from several of these customers.

此外，我們正在與合資夥伴 Olayan 密切合作，在沙烏地阿拉伯和更廣泛的中東地區開發和融資一系列專案機會。在我們的CarbonSmart業務中，我們繼續與中國和歐洲的合作夥伴談判承購供應協議，以滿足2024年和2025年不斷成長的CarbonSmart需求。我們專注於全球化學品市場的銷售，第一季從其中幾個客戶那裡獲得了收入。

We're also remain optimistic about revenue upside for CarbonSmart ethanol in the low carbon fuels markets, specifically in the EU. Once regulations are settled at the European Commission and how each posted their playing fuels are treated. Positive technical guidance continues to be provided by the commission, but it is not yet final, with the latest expectations suggesting that the European Commission will approve the certifying bodies this summer.

我們也對 CarbonSmart 乙醇在低碳燃料市場（特別是歐盟）的營收成長保持樂觀。一旦歐盟委員會確定了相關規定，以及如何處理各自的比賽燃料。委員會繼續提供積極的技術指導，但尚未最終確定，最新的預期表明歐盟委員會將在今年夏天批准認證機構。

Lastly, before turning it over to Jeff, I wanted to share a brief update on the reorganization initiatives designed last quarter. We've already begun to see the operation's transparency and efficiencies bear fruit with a more streamlined executive team, driving greater accountability and enhanced execution throughout the company.

最後，在將其交給傑夫之前，我想分享上季度設計的重組計劃的簡短更新。我們已經開始看到，透過更精簡的執行團隊，營運的透明度和效率取得了成果，推動了整個公司更大的問責制和更強的執行力。

The reorganization and work with prioritization, announced earlier this year are now fully underway with the estimated cost savings associated now beginning to materialize. We continue to expect the annualized operating expense savings of $5.3 million to be realized over the course of this year. Additionally, we continue to expect during the year with a global headcount at or below 400 people, which is below the total headcount at year end 2023. As a global team, we are focused on commercial growth in our core business and delivering on the financial results we've committed to the market.

今年稍早宣布的重組和優先工作現已全面展開，預計相關成本節約現已開始實現。我們仍預計今年將實現年化營運費用節省 530 萬美元。此外，我們繼續預期今年全球員工人數將在 400 人或以下，低於 2023 年底的總員工人數。作為一個全球團隊，我們專注於核心業務的商業成長，並實現我們向市場承諾的財務表現。

With that, I'll turn the call over to Geoff to provide details on our financial performance. Geoff, please go ahead.

接下來，我會將電話轉給傑夫，以提供有關我們財務業績的詳細資訊。傑夫，請繼續。

Thank you, Jennifer. Good morning and thank you to everyone for joining us on the call. The scene on slide 10, total revenue for the first quarter 2024 of $10.2 million grew by 6% year-over-year was right in line with our forecasts and the guidance we laid out last quarter. CarbonSmart revenue of approximately $1 million and JDA and contract research revenue of $4.3 million, both grew year-on-year in the first quarter. The CarbonSmart side, a small number of chemicals customers supported this growth. And on the JDA and contract research side, the performance was driven by several customers and government grants, which are typically multi-year in duration.

謝謝你，詹妮弗。早安，感謝大家加入我們的電話會議。投影片 10 的場景顯示，2024 年第一季的總收入為 1,020 萬美元，年增 6%，這與我們的預測和上季制定的指導相符。第一季CarbonSmart營收約100萬美元，JDA和合約研究營收為430萬美元，均較去年同期成長。CarbonSmart方面，少數化學品客戶支持了這一成長。在 JDA 和合約研究方面，業績是由多個客戶和政府補助推動的，這些補助通常持續多年。

By refining, revenue declined year-over-year in the first quarter to $5 million but saw strong contributions from engineering services revenue across projects in both early and advanced stage engineering as well as some start-up services associated with the ArcelorMittal facility in Belgium. Importantly, the decline year-on-year in biorefining revenue was anticipated and is attributed to the uneven nature of revenues earned in the early development stages of each project, which currently dominates our biorefining revenue mix.

透過精煉，第一季的營收年減至 500 萬美元，但早期和高級工程項目以及與比利時安賽樂米塔爾工廠相關的一些啟動服務的工程服務收入做出了強勁貢獻。重要的是，生物煉製收入較去年同期下降是預料之中的，這是由於每個專案早期開發階段所賺取的收入不均衡，目前該專案在我們的生物煉製收入組合中占主導地位。

Notably, we expect the composition of our revenue mix will become increasingly smooth and consistent as we continue to add project opportunities and more projects come online, building recurring revenue as a larger percentage of our overall revenue mix. With respect to margins during the quarter, our focus on revenue quality continued during the first quarter, driving gross profit improvement of 87% year-on-year to $3.5 million. This improvement reflects a higher mix of high margin engineering services work and JDA contracts resulting in first quarter gross margins of 34%, up approximately 570 basis points over the full year 2023 gross margin.

值得注意的是，隨著我們繼續增加專案機會和更多專案上線，我們預計我們的收入組合的組成將變得越來越平穩和一致，從而使經常性收入在我們整體收入組合中所佔的比例越來越大。就本季的利潤率而言，我們在第一季繼續專注於收入質量，推動毛利年增 87% 至 350 萬美元。這項改善反映了高利潤工程服務工作和 JDA 合約的更高組合，導致第一季毛利率達到 34%，比 2023 年全年毛利率上升約 570 個基點。

As mentioned previously, we continue to expect gross margin to be in the mid to high-20s for the full year 2024. On the expense side, operating expenses declined 14% year-on-year in the first quarter, coming in at $29.6 million, largely reflective of the long-time expenses in the first quarter of 2023 associated with our go public transaction.

如前所述，我們繼續預計 2024 年全年毛利率將在 20 左右。在費用方面，第一季營運費用年減 14%，為 2,960 萬美元，主要反映了 2023 年第一季與我們上市交易相關的長期費用。

Sequentially, operating expenses increased due to slightly higher personnel expense and research and development and SG&A from reduced bonuses in Q4 2023. In Q1 2024, severance costs associated with the previously announced reorganization. As Jennifer noted, the executive reorganization that we announced last quarter is complete. And the newly reorganized functions are exploring and implementing efficiency and accountability improvements throughout the organization. The associated cost savings initiatives are also well underway and on track to deliver the previously estimated full-year cost reductions.

隨後，由於 2023 年第四季獎金減少導致人員費用以及研發和銷售及行政管理費用略有增加，營運費用有所增加。2024 年第一季度，與先前宣布的重組相關的遣散費。正如詹妮弗指出的，我們上季度宣布的高管重組已經完成。新重組的功能正在整個組織內探索和實施效率和問責制改進。相關的成本節約措施也在順利進行，預計將實現先前估計的全年成本削減。

CapEx spend during first quarter 2024 totaled $1.3 million, and we continue to project CapEx for the full year 2024 to be consistent with or below our CapEx for the prior couple of years.

2024 年第一季的資本支出總計 130 萬美元，我們繼續預期 2024 年全年的資本支出將與前幾年的資本支出保持一致或低於前幾年。

Turning to adjusted EBITDA and cash burn for the quarter. As expected, our adjusted EBITDA loss increased quarter-on-quarter in the first quarter to $22.1 million, largely as a result of the lower Q1 revenue and gross profit as compared to the fourth quarter of 2023. Our total cash burn in the quarter was $29.2 million, which was up quarter over quarter as a result of the lower revenue and larger adjusted EBITDA loss was also materially impacted by a number of large annual payments, including 2023 incentive compensation, 2024 insurance premiums, and others that are expense throughout the year but are paid in Q1.

轉向本季調整後的 EBITDA 和現金消耗。如預期，我們第一季調整後 EBITDA 虧損季增至 2,210 萬美元，主要是因為第一季營收和毛利較 2023 年第四季下降。我們本季的現金消耗總額為 2,920 萬美元，環比上升，原因是收入下降，調整後 EBITDA 損失較大，也受到大量年度付款的重大影響，包括 2023 年激勵補償、2024 年保險費、以及其他全年支出但在第一季支付的費用。

Importantly, we also expected to invoice and receive a multimillion-dollar payment in the quarter associated with one of our government contracts. But some administrative contracting issues spanning in the end of the quarter, resulting in a simple delay at this payment. As a result, we do not believe that this burn rate is indicative of our average quarterly burn rate for the full year 2024.

重要的是，我們還預計在本季度開立發票並收到與我們的一項政府合約相關的數百萬美元付款。但本季末出現了一些行政合約問題，導致這筆款項被簡單延後。因此，我們認為這個燒錢率並不代表我們 2024 年全年的平均季度燒錢率。

Turning to the balance sheet. As of March 31, 2024, we had $92.3 million of cash on hand, including cash, restricted cash, and investments. And in the quarter with more than $92 million of cash on hand, we remain confident that we have the financial flexibility to execute our plan and deliver on our primary objectives outlined for the full year 2024.

轉向資產負債表。截至 2024 年 3 月 31 日，我們手頭現金為 9,230 萬美元，包括現金、限制性現金和投資。在本季度，我們手頭上有超過 9,200 萬美元的現金，我們仍然相信我們擁有財務靈活性來執行我們的計劃並實現我們為 2024 年全年概述的主要目標。

With that said, we're also announcing today the filing with the SEC of a registration statement on Form S-3 that includes a prospectus offering for an at-the-market or ATM issuance for up to $100 million of the company's common shares. We've recently passed the one-year anniversary of the completion of our business combination and became eligible to do so. We believe that having a universal shelf S-3 on file is good corporate housekeeping, and the ATM provides us with a tool to opportunistically access additional capital, even though we have no plans at present to utilize it.

儘管如此，我們今天也宣布向 SEC 提交 S-3 表格登記聲明，其中包括在市場或 ATM 上發行最多 1 億美元公司普通股的招股說明書。我們最近剛度過了業務合併完成一周年紀念日，並有資格這樣做。我們相信，擁有通用貨架 S-3 是很好的企業管理，ATM 為我們提供了一個機會性獲取額外資本的工具，儘管我們目前沒有計劃使用它。

While we believe we have sufficient liquidity to execute on our near-term objectives and obligations, we will also continue to opportunistically and patiently explore other strategic financial alternatives to ensure we are best positioned to achieve our longer-term growth objectives. Pursuing these additional financing options enables us to maximize potential opportunities that can further supplement our financial flexibility as we continue to explore strategic opportunities to accelerate our growth and path to profitability.

雖然我們相信我們有足夠的流動性來執行我們的近期目標和義務，但我們也將繼續機會主義地、耐心地探索其他策略性金融替代方案，以確保我們處於最佳位置，以實現我們的長期增長目標。尋求這些額外的融資選擇使我們能夠最大限度地利用潛在機會，進一步補充我們的財務靈活性，同時我們繼續探索加速成長和獲利之路的策略機會。

Looking ahead in the second quarter and the rest of the year, we continue to anticipate a strong quarter-over-quarter revenue ramp with an expected 20% to 40% quarter-over-quarter growth in Q2 and a very strong back half of the year, underscored by the expectation of moving multiple projects into later stages development and then into construction.

展望第二季度和今年剩餘時間，我們繼續預計季度環比收入將強勁增長，預計第二季度環比增長 20% 至 40%，下半年收入將非常強勁。然後進入建設階段。

As Jennifer mentioned earlier, as outlined on slide 11, we are reiterating our full year 2024 guidance of $90 million to $105 million in total revenue to full year growth across all components of the business, and an obviously significant back-end weighted shape to the year. As well as negative $65 million to $55 million on adjusted EBITDA. We anticipate the biorefining revenue growth will come from ongoing and new engineering services revenue as well as the sales of equipment packages related to several projects that we expect to achieve final investment decision and proceed to the construction phase in 2024.

正如 Jennifer 之前提到的，如幻燈片 11 中概述的那樣，我們重申 2024 年全年指導，即業務所有組成部分的全年總收入增長為 9000 萬至 1.05 億美元，並且後端加權形狀明顯重要年。調整後的 EBITDA 也為負 6,500 萬至 5,500 萬美元。我們預計生物煉製收入的成長將來自正在進行的和新的工程服務收入，以及與幾個項目相關的設備包的銷售，我們預計這些項目將在 2024 年做出最終投資決定並進入建設階段。

Biorefining will also be bolstered in 2024 by the anticipated kick off of Project SECURE, our DOE funded project with Technip for the decarbonization of ethylene production. And the multiple opportunities that we are working on to address the growing demand for staff, including the projects we are co-developing with LanzaJet and the broader need for waste-based ethanol as an enabler of alcohol-to-jet growth globally. Finally, we continue to anticipate moderate year-on-year growth in our CarbonSmart business and our JDA and contract research business.

預計 SECURE 計畫將於 2024 年啟動，該計畫是我們與 Technip 共同資助的能源部資助的乙烯生產脫碳項目，也將在 2024 年推動生物煉製。我們正在努力利用多種機會來滿足對員工日益增長的需求，包括我們與 LanzaJet 共同開發的專案以及對廢物乙醇的更廣泛需求，以推動全球酒精到噴射機的成長。最後，我們繼續預期我們的 CarbonSmart 業務以及 JDA 和合約研究業務將比去年同期溫和成長。

With that, I will turn the call back over to Jennifer for some closing remarks before we open the call for Q&A conference. Ms. Jennifer?

這樣，在我們開始問答會議之前，我會將電話轉回給詹妮弗，讓她做一些結束語。詹妮弗女士？

Thank you, Geoff. Our performance is not just kind of numbers, it's a tangible manifestation of progress in the field with every small victory has a significant issue. We are at the vanguard of an industry as challenging as it is essential. The opportunities before us are not only progressing but are the cornerstone in creating a new carbon economy. This quarter was a good quarter, and I want to close with coming back to the five key takeaways I outlined at the outset of the call.

謝謝你，傑夫。我們的表現不僅僅是數字，而是該領域進步的具體體現，每一次小勝利都會帶來重大問題。我們處於這個充滿挑戰且至關重要的行業的先驅。我們面前的機會不僅正在取得進展，而且是創造新碳經濟的基石。本季是一個不錯的季度，我想在結束時回到我在電話會議開始時概述的五個關鍵要點。

First, we delivered financial results for the first quarter, right in line with our guidance provided last quarter. Second, Project SECURE was a huge win and we're excited about the project and the replicability of this technology integration. Third, SAF continues to be an enormous demand pull for waste-based ethanol, and we are well positioned at this massive sector. Fourth, our commercial project pipeline is growing and progressing. And finally, a reiteration of our full year 2024 financial and operating guidance.

首先，我們公佈了第一季的財務業績，與上季提供的指引一致。其次，SECURE 計畫是一個巨大的勝利，我們對該計畫以及該技術整合的可複製性感到興奮。第三，SAF 仍然是廢物乙醇的巨大需求拉動者，我們在這個龐大的領域處於有利地位。第四，我們的商業項目管道正在不斷增長和進步。最後，重申我們的 2024 年全年財務和營運指引。

Thank you for your continued trust and support. Together, we're not simply participants in this economy, we are the architects and builders laying down the foundations for a sustainable future. Operator, we can now open the line for Q&A, please.

感謝您一直以來的信任與支持。在一起，我們不僅是這個經濟的參與者，我們也是為永續未來奠定基礎的建築師和建設者。接線員，我們現在可以開通問答線了。

(Operator Instructions)

（操作員說明）

Leo Mariani, Roth MKM.

裡奧·馬裡亞尼，羅斯·MKM。

Hi, guys. Wanted to just start off on the revenue side here. So if I heard you guys right, you're expecting roughly 20% revenue growth in 2Q versus 1Q here. If I do the math, that gives you about 23% of your revenues in the first half, kind of relative to your midpoint of your full year revenue guidance. Given that, can you just kind of elaborate a little bit on kind of what you expect to hit in the second half of '24, which obviously that's a pretty big significant ramp to hit that guidance this year?

嗨，大家好。我想從收入方面開始。因此，如果我沒聽錯的話，你們預計第二季的營收將比第一季成長約 20%。如果我算一下，上半年的收入約為 23%，相對於全年收入指引的中點而言。有鑑於此，您能否詳細說明一下您預計在 24 年下半年實現的目標，這顯然是今年實現該指導目標的一個相當大的顯著提升？

Yeah, good morning, Leo, and thanks for being on as always. So yeah, we put have a little bit of a range for Q2, so 20% to 40% growth over the first quarter, just to reiterate that. So there is a little bit of variability there (technical difficulty) timing of projects (technical difficulty) But yeah, that does certainly suggest that we expect a large ramp in the back half of the year. We did reiterate our guidance and we do expect to be earning those revenues in the back half. It's a function of a combination of things, including a variety of projects moving kind of into the (technical difficulty) [interruption] stage as well as ongoing [projects but we have already moved into it] (technical difficulty) as well as the other components of our revenues.

是的，早上好，Leo，感謝您一如既往的在線。所以，是的，我們對第二季有一定的範圍，所以比第一季成長 20% 到 40%，只是為了重申這一點。因此，專案的時間表（技術難度）存在一點變化，但是，這確實表明我們預計今年下半年將大幅成長。我們確實重申了我們的指導方針，我們確實希望在下半年獲得這些收入。它是多種事物組合的函數，包括進入（技術難度）[中斷]階段的各種項目以及正在進行的[但我們已經進入該階段的項目]（技術難度）以及其他我們收入的組成部分。

Okay. And just on the cost side, hoping you could help me out a little bit here. So I'm looking at it just on kind of the key cash costs, if I take R&D plus cash, G&A looks like that was up about $3.2 million in the first quarter versus the fourth quarter. I get the sense that the reviews were some one-time costs in there, some severance and maybe some others. Could you quantify what the one-time costs are? And then is your expectation for those kind of key costs to start dropping here in the second quarter?

好的。只是在成本方面，希望你能幫我一點忙。因此，我只考慮關鍵的現金成本，如果我把研發加上現金，第一季的一般管理費用看起來比第四季增加了約 320 萬美元。我感覺這些評論是一些一次性成本，一些遣散費，也許還有其他一些。您能量化一下一次性成本是多少嗎？那麼您對這些關鍵成本的預期是否會在第二季開始下降？

Yeah, Leo. And there's two aspects of it. One was in the SG&A and R&D costs. These are largely a bunch of personnel costs due to headcount costs largely. And so in Q4 they were slightly down. As you recall, we cut back our bonuses associated with 2023. So that resulted in a reduction in cost in Q4 of last year. Normalized for Q1, it's slightly up as well as there were, as you noted, some one-time costs and severance costs associated with the reorganization that we announced in Q2.

是的，利奧。這有兩個面向。其中之一是SG&A 和研發成本。這些主要是由於人員成本而產生的一大堆人員成本。因此，在第四季度，它們略有下降。您還記得，我們​​削減了 2023 年的獎金。這導致去年第四季的成本下降。對於第一季進行標準化，它略有上升，並且正如您所指出的，與我們在第二季度宣布的重組相關的一些一次性成本和遣散費。

I'm not going to get into specifics of the severance costs, but we do expect those to be one-time and that will trail off for the rest of the year.

我不會詳細說明遣散費，但我們確實預計這些費用是一次性的，並且在今年剩餘時間內逐漸減少。

Okay. So you're saying that your kind of cash costs are going to start going down here in the second quarter?

好的。所以你是說你的現金成本將在第二季開始下降？

We expect the cash costs for those line items to reduce quarter over quarter.

我們預計這些項目的現金成本將逐季減少。

Okay, that's helpful. Thanks, guys.

好的，這很有幫助。多謝你們。

Thanks, Leo.

謝謝，利奧。

Jason Gabelman, TD Cowen.

賈森·加貝爾曼，TD·考恩。

Yeah. Hey, good morning. Thanks for taking my questions. I wanted to ask about the project pipeline and some growth that you mentioned nine projects added to that pipeline. I was wondering if you could give us some flavor for what those projects were and if you expect to maintain that kind of pace in terms of projects being added to the pipeline or that will be lumpy again as well, I should say, quarter to quarter? Thanks.

是的。嗨，早安。感謝您回答我的問題。我想詢問項目管道以及您提到的九個項目添加到該管道中的一些增長。我想知道您是否可以給我們一些關於這些項目的信息，以及您是否希望在將項目添加到管道中方面保持這種速度，或者我應該說，每個季度都會再次出現不穩定的情況？謝謝。

Let me address that. Mainly, the project pipeline, just because it's early stage for us we might be a little lumpy initially, however we are adding price exposure to the top of the funnel and getting projects through to FID, so we do expect to see construction this year. The project staff being added to the front of the funnel, however, are tough for me to discuss the specific partners because of the fact that a lot of those are still not named partners.

讓我來解決這個問題。主要是專案管道，因為對我們來說還處於早期階段，所以一開始可能會有點不穩定，但我們正在將價格敞口增加到漏斗頂部，並使專案進入最終投資決定，所以我們確實預計今年會看到建設。然而，被加入到通路前端的專案人員對我來說很難討論特定的合作夥伴，因為其中許多人仍然沒有被指定為合作夥伴。

However, we are starting to also see interest from companies to start replicating projects. You know, we've done that in China. We have four projects with the same partner, and we're starting to see filling of the funnel with partnerships related to companies that are already building plants.

然而，我們也開始看到一些公司有興趣開始複製專案。你知道，我們在中國已經做到了。我們與同一合作夥伴有四個項目，我們開始看到與已經在建造工廠的公司相關的合作夥伴關係填補了漏斗。

Got it. Thanks. And my second question is just on the earnings outlook. I think you have previously mentioned breakeven EBITDA in 2025. Is that still your expectations? And any other color around that in terms of growth from '24 to '25? Thanks.

知道了。謝謝。我的第二個問題是關於獲利前景。我想您之前提到過 2025 年 EBITDA 達到損益兩平。這還是你的期望嗎？從 24 世紀到 25 世紀的成長，還有其他顏色嗎？謝謝。

Hey, Jason, thanks for the question and for being on. As you know, we haven't provided any guidance beyond 2024. Specifically, at this point in time, we do think our path to profitability is a function of growth. And our expectation is that the company will continue to grow significantly year over year. And as we grow the top line and the associated gross profit that will drive our ability to get to profitability. But again, just we haven't been specific about our guidance for anything beyond 2024.

嘿，傑森，謝謝你的提問和參與。如您所知，我們沒有提供 2024 年之後的任何指導。具體來說，在這個時候，我們確實認為我們的獲利之路是成長的函數。我們的預期是公司將繼續逐年大幅成長。隨著我們收入和相關毛利的成長，這將推動我們實現盈利的能力。但同樣，我們還沒有具體說明 2024 年後的任何指導。

All right, great. Thanks for the answers.

好吧，太好了。感謝您的回答。

Thomas Meric, Janney Montgomery.

湯瑪斯·梅里克，珍妮·蒙哥馬利。

Good morning. Thanks for the time and taking the questions. A couple for me on the SAF market. Firstly, what's your assessment of the current SAF feedstock in terms of supply, demand, and really cost to use it? And then how do you expect that to change in the coming quarters? And then second one on SAF. Just curious your thoughts and reactions to the recent Greek model, if anything, stood out to you there? And then one follow up on Brookfield after that.

早安.感謝您抽出時間並回答問題。我在 SAF 市場上有幾個。首先，您對目前 SAF 原料的供應、需求和使用成本有何評估？那麼您預計未來幾季這種情況會發生什麼變化？然後是新加坡武裝部隊的第二個。只是好奇您對最近的希臘模式的想法和反應（如果有的話）對您來說很突出？此後還有對布魯克菲爾德的後續報導。

Sure. Let me let me start and thank you for the question, Thomas. On the SAF market, we continue to see demand for waste-based feedstocks as a key priority. I think you saw the UK government incentives and targets and they really grow in terms of SAF demand, but also, they disproportionately grow the non-HEFA, in other words, the non-oils, fats, and greases demand vectors.

當然。讓我開始吧，謝謝你的提問，托馬斯。在 SAF 市場上，我們仍然將廢棄物原料的需求視為首要任務。我認為您看到了英國政府的激勵措施和目標，它們確實在 SAF 需求方面有所增長，而且，他們不成比例地增長了非 HEFA，換句話說，非油、脂肪和油脂的需求向量。

So you are really starting to see people talk about shifting to waste demand, waste feedstocks. The fact is that we're very well positioned in that since all we use are waste feedstocks. However, I would also say that in general, these types of feedstocks can be more expensive.

所以你真的開始看到人們談論轉向廢棄物需求、廢棄物原料。事實上，我們在這方面處於非常有利的位置，因為我們使用的都是廢棄物原料。然而，我也想說，一般來說，這些類型的原料可能會比較貴。

And so what's happening is that the mandates are slowly increasing the waste inputs so that they are creating a market without unduly pushing towards waste. So we're really excited about how that's happening and it's happening globally.

因此，正在發生的事情是，這些指令正在慢慢增加廢物投入，以便他們創造一個市場，而不會過度推動廢物。因此，我們對這種情況的發生以及它在全球範圍內的發生感到非常興奮。

We're also excited about the fact that e-fuels, CO2 plus hydrogen, are also being incentivized disproportionately in favor of trying to create that industry. And as you know, coupling LanzaTech and LanzaJet using CO2 as feedstock is something we can do because e-fuels is a path for us to make ethanol, that ethanol then can be converted to SAF by LanzaJet.

我們也感到興奮的是，電子燃料（二氧化碳加氫氣）也受到了不成比例的激勵，以支持嘗試創建該行業。如您所知，我們可以使用二氧化碳作為原料將 LanzaTech 和 LanzaJet 結合起來，因為電子燃料是我們生產乙醇的一種途徑，然後 LanzaJet 可以將乙醇轉化為 SAF。

So we're seeing more and more incentives, but we also find them to be quite measured in that. And governments have been realistic in saying when are these things going to be ready, and they're not ready. They're not in the market today, but they will be in the next few years or at least that's our intention, and that's what our project portfolio would say.

因此，我們看到越來越多的激勵措施，但我們也發現它們在這方面相當有分寸。各國政府一直很現實地表示這些東西什麼時候才能準備好，但他們還沒準備好。它們今天還沒有進入市場，但在未來幾年內將會出現，或者至少這是我們的意圖，這就是我們的項目組合所說的。

The second thing I would say to your question. The second question you asked was the Greek model. And as you know, what the Greek model use has done, the White House has sent out a direction around that and bottom line is it enables corn-ethanol in certain measures as utilized to reduce the carbon intensity of corn-ethanol, to qualify and to be used for the production of sustainable aviation fuel.

對於你的問題我要說的第二件事。你問的第二個問題是希臘模式。正如你所知，希臘模式的使用已經做了什麼，白宮已經發出了圍繞這一點的指示，底線是它使玉米乙醇在某些措施中被用來降低玉米乙醇的碳強度，以符合和用於生產永續航空燃料。

So we think it's a big win, both for corn producers here in the United States, corn-ethanol producers here in the United States, because it shows them a path by which they can also participate in a market that was difficult for them to participate because there was no clear picture on how they could reduce their carbon emissions, and for the White House basically has shown a path that enables them to participate. Hopefully that addresses your questions. I think you also wanted to ask about Brookfield. So I'll pass it back to you.

因此，我們認為這對美國的玉米生產商和美國的玉米乙醇生產商來說都是一個巨大的勝利，因為它向他們展示了一條道路，使他們也可以參與一個他們難以參與的市場因為對於如何減少碳排放沒有明確的圖景，而白宮基本上已經展示了一條讓他們參與的路徑。希望這能解決您的問題。我想你也想問有關布魯克菲爾德的事情。所以我會把它傳回給你。

Yeah. Thank you. On Brookfield, specifically, just thinking about the unlock of future projects, and I'm wondering if you could comment on the potential for additional project FIDs kind of after the first one gets transferred?

是的。謝謝。具體來說，就布魯克菲爾德而言，只是考慮未來項目的解鎖，我想知道您是否可以對第一個項目轉移後額外項目 FID 的潛力發表評論？

Right. So that, we do have a very robust pipeline of projects that can go on into our Brookfield pipeline, if you will. What we are doing is focusing on the very first ones for a reason, right? This would be our first project. And defining all the parameters that we need to define to transfer the project is something we're doing lockstep with them. We'll work very closely with them. And we're understanding each other on what makes a good project and what is it that they need to see for them to pick it up.

正確的。因此，如果您願意的話，我們確實擁有非常強大的專案管道，可以繼續進入我們的布魯克菲爾德管道。我們正在做的事情是專注於最初的事情是有原因的，對嗎？這將是我們的第一個項目。我們正在與他們同步定義傳輸項目所需的所有參數。我們將與他們密切合作。我們正在互相了解什麼是一個好項目，以及他們需要看到什麼才能接受它。

So while we have a robust pipeline that we are moving along in certain parameters, like getting gas agreements and other such things, we have focused on only one project. One of the -- so that we are clear on how to transfer, the other thing that I think is quite important is that with the Brookfield pipeline we are able to look at projects in North America more and more and as well as Europe and the UK. But we're starting to see a lot of interest in North America. So we're super excited about using the Brookfield approach and partnership to enable those projects to move forward.

因此，雖然我們擁有一條強大的管道，正在某些方面取得進展，例如達成天然氣協議等，但我們只專注於一個專案。其中之一——這樣我們就清楚如何轉移，我認為相當重要的另一件事是，透過布魯克菲爾德管道，我們能夠越來越多地關注北美、歐洲和美國的計畫。但我們開始看到人們對北美產生了極大的興趣。因此，我們非常高興能夠利用布魯克菲爾德的方法和合作夥伴關係來推動這些計畫的發展。

Thanks. That's it for me.

謝謝。對我來說就是這樣。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good morning and congratulations on all the positive developments. I wanted to ask a few questions about Project SECURE. First of all, I think you gave us an ethylene output number for the project. But I was wondering what would be the likely ethanol output from a plant costing [$400 million] to construct?

早上好，祝賀所有積極的進展。我想問一些有關 Project SECURE 的問題。首先，我想您給了我們該專案的乙烯產量數據。但我想知道一座耗資[4 億美元]建造的工廠可能產生的乙醇產量是多少？

So the output of the plant is sized to that ethylene production number. This is meant to be an ethylene producer, so all the ethanol will go straight into the ethanol-to-ethylene plant. The yield losses are less than 15%. So basically, the ethanol number is very close to the ethylene output number.

因此，工廠的產量取決於乙烯產量。這是一家乙烯生產商，因此所有乙醇將直接進入乙醇製乙烯工廠。產量損失小於15%。所以基本上，乙醇數量非常接近乙烯產量數量。

Maybe I should rephrase the question. What I'm trying to understand is how does the LanzaTech plant for this project compared to your typical 50,000 tons per year.

也許我應該重新表達這個問題。我想了解的是，與你們典型的每年 50,000 噸的產能相比，LanzaTech 工廠在這個項目上的表現如何。

Yeah. Thank you for the question. It's 50,000 tons per year. This is an ethanol plant of the size, 50,000 tons per year and all the ethanol will go straight directly. Yes.

是的。感謝你的提問。年產量為5萬噸。這是一個年產5萬噸規模的乙醇工廠，所有的乙醇將直接進行直接輸送。是的。

And are you and Technip looking to construct projects of approximately that size going forward, or can smaller units be profitable?

您和 Technip 是否希望未來建造類似規模的項目，或者較小的單位是否可以獲利？

So we can go both smaller and larger. And what we're starting to do is we've been have standard sizes. So the 50,000 is one of our standard sizes. As you know, Jeff, because we use that in multiple of our projects. We also have one that is approximately half of that size that we're now using as a standard and then we can also go bigger.

所以我們既可以做得更小，也可以做得更大。我們開始做的是我們已經有標準尺寸了。所以 50,000 是我們的標準尺寸之一。正如你所知，傑夫，因為我們在多個專案中都使用了它。我們還有一個大約是我們現在用作標準尺寸的一半，然後我們可以做得更大。

So what we are trying to do now, especially in this partnership with Technip, and more and more as a company, is create standard units rather than bespoke units because that will allow us to do the engineering package and work with EPCs in a way that goes much, much faster than trying to customize size for every opportunity. So if that is your question, that is exactly what we're doing and that 50,000 is there for that reason, Jeff.

因此，我們現在正在努力做的，特別是在與Technip 的合作中，以及作為一家公司，我們越來越多地致力於創建標準單元而不是定制單元，因為這將使我們能夠以以下方式完成工程包並與EPC 合作：比嘗試為每個機會定制尺寸要快得多。所以，如果這是你的問題，那正是我們正在做的事情，而 50,000 名員工正是出於這個原因，傑夫。

No, that's a great answer. And I appreciate the color on moving away from bespoke. It sounded, Geoff, in your remarks, if I heard them correctly, it sounded like there might actually be some revenues from Project SECURE at some point in 2024. Was that correct? And if so, is that included in current guidance or would this be in addition to guidance?

不，這是一個很好的答案。我很欣賞擺脫定制的顏色。傑夫，在你的言論中，如果我沒聽錯的話，聽起來好像在 2024 年的某個時候，安全項目實際上可能會帶來一些收入。這是正確的嗎？如果是這樣，這是否包含在當前指南中，或者是否是指南的補充？

So thanks for the question, Jeff. And yes, we do anticipate currently that we will begin seeing revenues associated with Project SECURE in the back half of the year. There is the timing associated with finalizing the administrative contracting associated with that is the piece that's the time uncertainty. We're working hand-in-hand with the DOE to accelerate that. But we do expect to start work in the back half of the year. That is included in our guidance. As again, as I mentioned earlier, we do probability adjust our forecasts and so we expect that to -- we have this in the range. So we're not adjusting our range at this point in time, but we do feel good about having additional committed revenues in that.

謝謝你的提問，傑夫。是的，我們目前確實預計，我們將在今年下半年開始看到與「安全項目」相關的收入。與最終確定行政合約相關的時間是時間不確定性的一部分。我們正在與能源部攜手合作，加速這項進程。但我們確實預計在今年下半年開始工作。這已包含在我們的指導中。正如我之前提到的，我們確實有可能調整我們的預測，因此我們預計這一點將在範圍內。因此，我們目前不會調整我們的範圍，但我們確實對在這方面獲得額外的承諾收入感到滿意。

Okay. And let me ask one SAF question then I'll get off. I was just wondering how are you going to manage the allocations of the LanzaJet production once it starts coming to market in the second quarter '24 and beyond?

好的。讓我問一個新加坡武裝部隊的問題然後我就下車了。我只是想知道一旦 LanzaJet 在 2024 年第二季及以後進入市場，你們將如何管理 LanzaJet 的生產分配？

Actually, we have 10-year offtakes. LanzaJet has 10-year offtakes for all of that fuels. So the production is spoken for, and it will be managed in a way that's fair to each of the offtakers so that they can each take their share without one of them being first in line all the way through the year. So -- but that is one important element of that plan, is that the offtake is 100% spoken for.

事實上，我們有10年的承購權。LanzaJet 對所有這些燃料都有 10 年的承購權。因此，產量是有話要說的，並且將以對每個承購商都公平的方式進行管理，以便他們每個人都能獲得自己的份額，而沒有一個人全年都排在第一位。所以——但這是該計劃的一個重要因素，那就是承購率是 100%。

Much appreciated.

非常感激。

(Operator Instructions)

（操作員說明）

Steve Byrne, Bank of America.

史蒂夫伯恩，美國銀行。

Yes, thank you. I was just curious about the choice of an ethylene cracker for this Project SECURE. Have you already done some pilot testing on the furnace flue gas at a cracker. I'm curious about that CO to CO2 ratio. And perhaps having it at a cracker, you got the hydrogen coming off of the cracker that could also help. But I guess ultimately, do you have a view of where the variable cost could be for the production of this ethylene?

是的，謝謝。我只是對這個 SECURE 計畫選擇乙烯裂解裝置感到好奇。您是否已經對裂解爐的爐煙氣進行了一些試驗測試？我很好奇二氧化碳與二氧化碳的比率。也許在餅乾中使用它，你會從餅乾中釋放出氫氣，這也會有所幫助。但我想最終，您是否了解這種乙烯生產的可變成本可能在哪裡？

Let me start with that. Thank you for the question, Steve. And very well noted these points. So first of all, that's right. Often petrochemical complexes are a little bit longer hydrogen. So there is some hydrogen co-production after the cracker that we could utilize in that integration. The second thing that's worth noting in terms of variable cost is the fact that at the end of the day, if we are to bring in hydrogen, which we intend to do, green hydrogen, into this, that will be the biggest driver of cost. And so the amount of green hydrogen will impact the cost of production.

讓我從那開始。謝謝你的提問，史蒂夫。並且非常清楚地註意到了這些要點。首先，這是對的。通常石化複合物是稍微長一點的氫。因此，在裂解裝置之後，我們可以在該整合中利用一些氫氣聯產。在變動成本方面值得注意的第二件事是，歸根結底，如果我們要將氫（我們打算這樣做，綠色氫）引入其中，那將是成本的最大驅動因素。因此，綠氫的數量將影響生產成本。

Why integrate into a cracker? First of all, we can use that CO2 from that plant. We have looked at that gas very carefully, the contaminants as well. So that is a very nice integration opportunity for us. But what's even more important is the cracker itself is an integration opportunity. And the reason I say that is, as you know, we've done quite a bit of work with Technip on ethanol-to-ethylene. Technip actually made the ethylene from our ethanol for the EVA foam for the work that we did with on shoes. So we've already partnered with them on making ethylene for materials production. If you recall, Borealis then took that ethylene and make the EVA.

為什麼要整合到破解程式中？首先，我們可以使用該工廠產生的二氧化碳。我們非常仔細地觀察了該氣體以及污染物。所以這對我們來說是一個非常好的整合機會。但更重要的是破解器本身就是一個整合機會。我這麼說的原因是，正如您所知，我們與 Technip 一起在乙醇製乙烯方面做了很多工作。事實上，德西尼布用我們的乙醇生產乙烯，用於我們在鞋子上所做的 EVA 泡沫。因此，我們已經與他們合作生產用於材料生產的乙烯。如果你還記得的話，北歐化工隨後利用乙烯來製造 EVA。

But if you take a step even further back, of course, you know the Hummingbird, the ethanol-to-ethylene from Technip, is also the first step in their sustainable aviation fuel production. So not only do we know that we can use the gas from the cracker, we note that our ethanol output integrates very nicely with Technip. One of the gaps that we have had is that we have been producing the ethylene at a different location than the ethanol. Transporting ethanol can add costs, and so our materials that are produced, there is supply chain costs. By integrating directly into a cracker, there is no additional supply chain or movement of the ethanol cost. And so we believe this is how we can drive the cost of making materials from our CO2 derived to ethanol, drive those costs down.

但如果你再退一步，當然知道蜂鳥，也就是來自 Technip 的乙醇到乙烯，也是他們永續航空燃料生產的第一步。因此，我們不僅知道我們可以使用裂解裝置中的氣體，而且我們注意到我們的乙醇輸出與 Technip 非常好地結合在一起。我們的差距之一是我們在與乙醇不同的地點生產乙烯。運輸乙醇會增加成本，因此我們生產的材料有供應鏈成本。透過直接整合到裂解裝置中，無需額外的供應鏈或乙醇成本的變動。因此，我們相信，這就是我們如何降低從二氧化碳中提取乙醇的材料的成本，並降低這些成本。

And of course, the other beauty of integrating into a cracker is that most crackers in a petrochemical complex, also are integrated with further downstream production, whether it be polyethylene, [MD] for polyester, or EVA, or even PDC. And so for us, that integration means that immediately, our ethylene can be used in a mass balanced way with the rest of the ethylene produced in the cracker. And, as you can see, it's a beautiful way to start to both reduce the CO2 emissions for the cracker, but also integrate into the back end into the ethylene production. So we think this is just a beautiful replicable way to get ourselves to a point where we produce materials from CO2.

當然，整合到裂解裝置中的另一個好處是，石化聯合體中的大多數裂解裝置也可以與下游生產集成，無論是聚乙烯、聚酯 [MD]、EVA，甚至 PDC。因此，對我們來說，這種整合意味著我們的乙烯可以立即以質量平衡的方式與裂解裝置中產生的其餘乙烯一起使用。而且，正如您所看到的，這是一種很好的方式，既可以減少裂解裝置的二氧化碳排放，又可以融入乙烯生產的後端。因此，我們認為這只是一種美麗的、可複製的方式，可以幫助我們實現利用二氧化碳生產材料的目標。

Yeah, makes sense. Thank you. I'd like to take a similar question on the off gas from an ethanol plant. You mentioned a few minutes ago about the ethanol industry is trying to move down to more decarbonizing the ethanol and lowering the CI score. I'm just wondering, conceptually, could the other approach to decarbonize an ethanol plant is to use your technology on the ethanol flue gas? I guess I'm wondering whether or not it's there's very little CO in its CO2 and thus maybe it may be more challenging. But you could build that at a ethanol plant and convert that into SAF.

是的，有道理。謝謝。我想就乙醇工廠的廢氣提出類似的問題。您幾分鐘前提到，乙醇產業正試圖進一步實現乙醇脫碳並降低 CI 分數。我只是想知道，從概念上講，乙醇工廠脫碳的另一種方法是否是在乙醇煙氣上使用你們的技術？我想我想知道它的二氧化碳中是否含有很少的二氧化碳，因此也許它可能更具挑戰性。但你可以在乙醇工廠建造它並將其轉化為 SAF。

Absolutely. And so to begin with right, you are correct that we can use that field to 45% of the carbon that goes into an ethanol production facility, sugar-based production facility comes off of CO2. You said it might be harder than CO for us to convert it, and the difficulty is just making sure we have hydrogen available. But a lot of corn-ethanol production or other ethanol production in the United States in the Midwest, it's surrounded literally by wind nodes, wind farms. And so there is access to renewable power. There is access, therefore, to the production of hydrogen. And so converting that CO2 to ethanol is actually not any harder than converting steel.

絕對地。因此，首先，您是對的，我們可以利用該領域將進入乙醇生產設施、糖基生產設施的 45% 的碳來自二氧化碳。你說它對我們來說可能比二氧化碳更難轉化，困難在於確保我們有氫氣可用。但美國中西部的大量玉米乙醇生產或其他乙醇生產實際上被風節點、風電場包圍。因此可以獲得可再生能源。因此，可以生產氫氣。因此，將二氧化碳轉化為乙醇其實並不比轉化鋼鐵更困難。

The second thing I would say is as there is more and more resistance and concern about pipelines to take CO2 and sequester it, that means that there is an awful lot of CO2 on the back end of ethanol plants that could be reutilized to make more ethanol, reducing the carbon intensity of the original ethanol and also enabling more ethanol to be produced so that we can make SAF.

我要說的第二件事是，隨著人們對管道吸收二氧化碳並封存它的阻力和擔憂越來越多，這意味著乙醇工廠的後端有大量的二氧化碳，可以重新利用來生產更多的乙醇，降低原始乙醇的碳強度，並能夠生產更多的乙醇，以便我們可以生產 SAF。

So you hit it right on the head. The beauty of that CO2 as well, by the way that it's biogenic. And so globally, there are a lot of drivers to reusing biogenic CO2 versus necessarily fossil derived CO2. So it's a massive win. We are really excited about working with the industry to increase yield from the same input by utilizing CO2.

所以你擊中了它的頭。二氧化碳的魅力也在於它是生物源的。因此，在全球範圍內，與必然的化石衍生二氧化碳相比，重複利用生物二氧化碳有許多驅動因素。所以這是一個巨大的勝利。我們非常高興與業界合作，透過利用二氧化碳來提高相同投入的產量。

And I hope that -- you see that as a theme to everything LanzeTech does. It's all about making more products from the same raw materials, whether it's CO2 on the back end of the corn-ethanol plant, whether it's CO2 from the cracker, at the end of the day, our goal is to use every last bit of carbon to make products, to reduce both carbon intensity, but also to reduce raw material impact.

我希望您能將其視為 LanzeTech 所做的一切的主題。這一切都是為了用相同的原料生產更多的產品，無論是玉米乙醇工廠後端的二氧化碳，還是來自裂解裝置的二氧化碳，歸根結底，我們的目標是利用最後一點碳製造產品時，既要降低碳強度，又要減少原料的影響。

Very clear. Thank you.

非常清楚。謝謝。

(Operator Instructions)

（操作員說明）

And ladies and gentlemen, it appears we have no further questions today. Dr. Holmgren and I'd like to turn things back to you, ma'am, for any closing comments.

女士們先生們，看來我們今天沒有其他問題了。女士，霍姆格倫博士和我希望您能提出任何結束意見。

Thank you. It cannot be overstated that pioneering a new path in the energy sector is rife with complexities. We're altering the very paradigm of energy production and utilization. A task that is as formidable as it is inspiring. Infrastructure perceptions and yes, legislation are yet to be fully aligned with the innovative process that we are championing.

謝謝。無論如何強調，在能源領域開創一條新道路充滿了複雜性。我們正在改變能源生產和利用的典範。這是一項艱鉅而又鼓舞人心的任務。基礎設施的認知以及立法尚未與我們所倡導的創新進程完全一致。

It's important to remember that movement creates friction. And as the first of its kind in this space, we've chosen to lean into that friction because we believe that is where true progress is made. Thank you again for joining us. Thank you again for supporting us. Thank you again for giving us the opportunity to show what we can do with carbon that's already above ground with waste carbon. Thank you.

重要的是要記住運動會產生摩擦。作為這個領域的首創，我們選擇依靠這種摩擦，因為我們相信這才是真正進步的地方。再次感謝您加入我們。再次感謝您對我們的支持。再次感謝您給我們機會展示我們可以如何利用已經存在於地面上的廢碳。謝謝。

Thank you, Dr. Holmgren. Ladies and gentlemen, that will conclude today's LanzaTech Global first quarter 2024 earnings call. Again, thanks so much for joining us, and we wish you all a great day. Goodbye.

謝謝你，霍姆格倫博士。女士們、先生們，今天的 LanzaTech Global 2024 年第一季財報電話會議到此結束。再次非常感謝您加入我們，並祝大家有個愉快的一天。再見。