Lanzatech Global Inc (LNZA) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to LanzaTech Global Inc second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Later in the call there will be a question-and-answer session. (Operator Instructions) Also, today's call is being recorded, and I will be standing by if you should need any assistance.

大家早安，歡迎參加 LanzaTech Global Inc 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。稍後，電話會議將進行問答環節。（操作員說明）此外，今天的通話正在錄音，如果您需要任何幫助，我將隨時待命。

And now at this time, I'll turn things over to Kate Walsh, Vice President of Investor Relations and Tax. Please go ahead.

現在這個時候，我將把事情交給投資者關係和稅務副總裁凱特沃爾什 (Kate Walsh)。請繼續。

Good morning, and thank you for joining us for LanzaTech Global Inc second quarter of 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.

早安，感謝您參加 LanzaTech Global Inc 2024 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 issued a press release with our second quarter of 2024 financial and operating results, as well as an investor presentation summarizing the company's performance and key operational highlights for the quarter.

今天早些時候，我們發布了一份新聞稿，介紹了 2024 年第二季度的財務和營運業績，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 ended June 30, 2024 for filed today. Both our press release and 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 6 月 30 日的季度 10-Q 表格季度報告。我們的新聞稿和投資者介紹可以在我們網站 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 our investor presentation and remind you that today's call may include forward-looking statements. Any statement 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 current and recent filings with the Securities and Exchange Commission, which identify the principal risks and uncertainties that could affect our business, prospects and future results. Unless required by law, 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。請參閱我們目前和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。除非法律要求，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 financial 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原則財務指標與其最直接可比較的公認會計原則指標的對帳情況。

Today's call will begin with remarks from Jennifer providing an overview of our operations, our recent financial results and our business outlook. Jeff will then review in greater detail our financial results and financial outlook. Jennifer will then conclude with a few closing remarks before we open up the line for questions.

今天的電話會議將首先由 Jennifer 發表講話，概述我們的營運、最近的財務表現和業務前景。然後傑夫將更詳細地回顧我們的財務表現和財務前景。然後，在我們開始提問之前，珍妮佛將發表一些結束語。

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

這樣，我想把電話轉給詹妮弗。

Thank you, Kate, and thanks to everybody joining us today. We appreciate your ongoing interest in and support of LanzaTech. I'd like to begin today by sharing several highlights from the second quarter as well as an update on our key projects and future outlook.

謝謝凱特，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。我想先分享第二季的幾個亮點以及我們關鍵專案的最新情況和未來展望。

I will then pass it over to Geoff to give a more detailed view of our financial performance and position on Slide 4 of our latest investor presentation. We have outlined the key takeaways from this quarter and have summarized it all with one word progress. We're making progress on several fronts, and I'm proud of what our team has accomplished.

然後，我會將其轉交給傑夫，以便在我們最新投資者簡報的幻燈片 4 上更詳細地介紹我們的財務表現和狀況。我們概述了本季度的主要要點，並用一個字的進展進行了總結。我們在多個方面取得了進展，我為我們團隊所取得的成就感到自豪。

First, we delivered solid financial results for the second quarter, which were ahead of expectations. Revenue was $17.4 million for the quarter, representing 35% growth year-over-year. Adjusted EBITDA loss was $17.8 million for the quarter, a significant improvement relative to the prior year and to last quarter. These strong results were driven by our core bio-refining licensing revenue and in particular, revenue from engineering services and our arrangement with LanzaJet, which allows them to exclusively sublicensed our alcohol to jet technology.

首先，我們第二季的財務業績強勁，超出了預期。該季度營收為 1740 萬美元，年增 35%。本季調整後 EBITDA 損失為 1,780 萬美元，與去年和上季度相比有顯著改善。這些強勁的業績得益於我們的核心生物精煉授權收入，特別是來自工程服務的收入以及我們與 LanzaJet 的安排，這使他們能夠獨家再授權我們的酒精噴射技術。

Second, we continue to execute on all key aspects of our business, including bio-refining projects, joint development and contract research engagements and carbon smart initiatives. Let me give you a few examples. One, as carbon dioxide conversion project with NTPC in India resulted in equipment revenue associated with the order of long-lead items. Enhancing our confidence that this power to ethanol project will enter the construction phase during the second half of this year.

其次，我們繼續執行業務的所有關鍵方面，包括生物精煉專案、共同開發和合約研究活動以及碳智慧計劃。讓我舉幾個例子。一是與印度NTPC的二氧化碳轉化項目帶來了與長週期項目訂單相關的設備收入。增強了我們對電力製乙醇計畫將於今年下半年進入建設階段的信心。

Additionally, we moved several new projects to early-stage engineering across multiple feedstocks and geographies showing the flexibility of our technology.

此外，我們將多個新項目轉移到跨多種原料和地區的早期工程，這顯示了我們技術的靈活性。

Adding to that, our carbon smart business continued to be active with existing customers such as Lululemon, REI and Cody, bringing new products online and our commercially available CarbonSmart yarns becoming part of brand supply chain rather than only being used in limited one-off collections.

除此之外，我們的碳智慧業務繼續積極與Lululemon、REI 和Cody 等現有客戶合作，將新產品帶到網路上，我們的商用CarbonSmart 紗線成為品牌供應鏈的一部分，而不僅僅是用於有限的一次性系列。

IKEA recently disclosed a long-standing collaboration with us to develop new manufacturing routes to the product from industry emissions, specifically focusing on polypropylene materials and also completed our first pure play CarbonSmart fuel sales, putting the right licensing structure partners and supply chain infrastructure in place require significant effort. So we're very happy to have reached this milestone.

宜家最近披露了與我們的長期合作，開發來自工業排放的產品的新製造路線，特別關注聚丙烯材料，並完成了我們的第一個純碳智能燃料銷售，建立了正確的許可結構合作夥伴和供應鏈基礎設施需要付出巨大的努力。因此，我們很高興達到了這一里程碑。

These direct fuel sales build on our existing carbon smart business that requires ethanol to undergo further processing or purification before being supplied to our textile chemicals and plastics customers. Overall, we're pleased to see such tremendous progress this quarter in our base business.

這些直接燃料銷售建立在我們現有的碳智慧業務的基礎上，該業務要求乙醇在供應給我們的紡織化學品和塑膠客戶之前經過進一步加工或純化。總的來說，我們很高興看到本季我們的基礎業務取得如此巨大的進步。

Moving to the third highlight of this quarter, we increased our ownership in managed care by nearly two-thirds to 37%, up from 23% without the need for any capital contribution for LanzaTech. LanzaTech exciting work it is doing to advance the sustainable aviation fuel market continues to show substantial progress on multiple fronts, while benefiting from continued significant macro tailwinds.

接下來是本季的第三個亮點，我們在管理式醫療中的所有權從 23% 增加了近三分之二，達到 37%，而無需向 LanzaTech 提供任何資本。LanzaTech 為推動永續航空燃油市場所做的令人興奮的工作繼續在多個方面取得實質進展，同時受益於持續的重大宏觀推動。

Fourth, we're excited to announce a $40 million investment from a new investor carbon direct capital. This strategic capital raise will support our path to profitability and support our working capital needs as we further scale our business.

第四，我們很高興地宣布新投資者 Carbon Direct Capital 提供了 4000 萬美元的投資。此次策略融資將支持我們的獲利之路，並隨著我們進一步擴大業務規模而支持我們的營運資金需求。

And fifth, we continue to expect revenue for the year to be between $90 million to $105 million with second half revenue being heavily weighted to the fourth quarter. Geoff will provide more details on our latest financial outlook, including greater detail on the breakdown between the third and fourth quarter in his remarks.

第五，我們繼續預期今年的營收將在 9,000 萬美元至 1.05 億美元之間，下半年營收主要集中在第四季。傑夫將在演講中提供有關我們最新財務前景的更多詳細信息，包括有關第三季度和第四季度細分的更多詳細信息。

Now for a few more details on these highlights. I mentioned the new project with NTPC, which is India's largest power generation utility company. NTPC and Jackson Green, their engineering, procurement and construction partners are planning to use our second generation bioreactor to bio refined carbon dioxide with green hydrogen to produce valuable fuels, chemicals and raw materials.

現在了解有關這些亮點的更多詳細資訊。我提到了與NTPC的新項目，NTPC是印度最大的發電公用事業公司。NTPC 和 Jackson Green 以及他們的工程、採購和施工合作夥伴正計劃使用我們的第二代生物反應器用綠色氫來生物精煉二氧化碳，以生產有價值的燃料、化學品和原材料。

Having proven we can use carbon dioxide in a refinery setting with Indian Oil Corporation. We're expanding that ability with NTPC to a feedstock stream or CO2 is the only carbon source. In fact, LanzaTech can convert CO2 with the addition of hydrogen ideally made from green energy in our carbon capture and utilization platform.

事實證明，我們可以與印度石油公司一起在煉油廠環境中使用二氧化碳。我們正在利用 NTPC 將這種能力擴展到原料流，或者二氧化碳是唯一的碳源。事實上，LanzaTech 可以在我們的碳捕獲和利用平台中添加氫氣來轉化二氧化碳，理想情況下是由綠色能源製成。

NTPC's carbon recycling facilities designed to showcase the readiness of landfill tax technology for regions that are transforming the power sector and in turn, enabling the widespread production of sustainable fuels chemicals and raw materials from CO2. This is an inspiring example of the elusive power to X made real.

NTPC 的碳回收設施旨在展示垃圾掩埋稅技術已為正在轉型電力行業的地區做好準備，進而實現從二氧化碳中廣泛生產可持續燃料化學品和原材料。這是 X 的難以捉摸的力量變成現實的一個鼓舞人心的例子。

As mentioned earlier, we continue to realize the value of our LanzaJet shareholding through our increased ownership in and continued collaboration with LanzaJet. By way of background, this increase in managed care ownership was always part of the plan, and we've put in place for the commercialization of the alcohol to jet or APJ process when we spun men to get off into a standalone business four years ago.

如前所述，我們透過增加對 LanzaJet 的所有權以及與 LanzaJet 的持續合作，繼續實現 LanzaJet 股權的價值。作為背景，管理式醫療所有權的增加始終是計劃的一部分，四年前，當我們將人員轉為獨立業務時，我們已經將酒精噴射或 APJ 流程商業化。

Our agreement with LanzaJet allowed them to develop the world's first commercial ATJ plant and allows them to further sublicense the ATJ technology that was originally developed by LanzaJet in collaboration with the Pacific Northwest National Lab and the US Department of Energy.

我們與 LanzaJet 的協議使他們能夠開發世界上第一個商業 ATJ 工廠，並允許他們進一步對最初由 LanzaJet 與太平洋西北國家實驗室和美國能源部合作開發的 ATJ 技術進行再許可。

With LanzaTech's success in licensing the ATG technology. In June, we received the first what is anticipated to be a total of three additional tranches of LanzaJet common stock. The first tranche received in June increased our LanzaJet ownership to 37%, up from 23% and was related to a sublicense is shifted to Australia.

LanzaTech 成功獲得 ATG 技術許可。6 月，我們收到了第一批 LanzaJet 普通股，預計總共三批。6 月收到的第一筆款項將我們的 LanzaJet 所有權從 23% 增加到 37%，這與轉移到澳洲的分許可有關。

Jet Zero Australia is developing Australia's first ethanol to sustainable aviation fuel plant and LanzaJet's Freedom Pines Fuels facility located in Soperton, Georgia is the reference plant for the project. We expect to receive the other two tranches of shares as land suggest further commercially sublicenses, our technology, which is projected to result in an ownership stake in land secured above 50%, subject to dilution from potential land secured equity financing events.

Jet Zero Australia 正在開發澳洲第一座乙醇永續航空燃料工廠，LanzaJet 位於喬治亞州索珀頓的 Freedom Pines Fuels 工廠是該專案的參考工廠。我們預計將獲得另外兩部分股份，因為土地建議進一步進行商業再許可，我們的技術預計將導致所擔保土地的所有權股權超過 50%，但可能會因潛在的土地擔保股權融資事件而稀釋。

Given the projects and opportunities land secured is working on. We have a line of sight to upcoming sublicensing events and expect an additional equity tranche within the next six months with a third expected during 2025. Adding to the benefit of our increased ownership percentage that we believe LanzaJet continues to grow its own enterprise value.

鑑於正在開發的土地已獲得的項目和機會。我們關注即將到來的分許可事件，並預計在未來六個月內進行額外的股權投資，預計在 2025 年期間進行第三次股權投資。除了所有權比例增加的好處之外，我們相信 LanzaJet 將繼續成長其自身的企業價值。

This is due to the upcoming production of the first ever commercial quantities of staff from an APJ process at LanzaJet's Freedom Pines Fuels facility, from the development of an execution and a robust pipeline of APJ sublicensing opportunities, and from the recent additions of multiple world-class co-investors, including Airbus, Groupe ADP, Microsoft Climate Innovation Fund, MUSG, Southwest Airlines; LanzaJet is growing quickly.

這是由於 LanzaJet 的 Freedom Pines Fuels 工廠即將通過 APJ 工藝生產出有史以來第一批商業數量的員工、APJ 分許可機會的執行和強大管道的開發以及最近增加的多個世界-共同投資者包括空中客車公司、Groupe ADP、微軟氣候創新基金、MUSG、西南航空； LanzaJet 發展迅速。

Commercially, LanzaTech and LanzaJet are actively collaborating on several projects whereby commercial partners are expected to deploy both the land to take advantage of platforms in order to convert local waste resources to drop-in sustainable aviation fuel. The sustainable aviation fuel produced through the combined processes capable of reducing aviation emissions by at least 85%, depending in part on the waste based feedstock selection.

在商業方面，LanzaTech 和 LanzaJet 正在多個專案上積極合作，預計商業合作夥伴將部署這兩個土地，利用平台，將當地廢棄物資源轉化為直接使用的可持續航空燃料。透過組合製程生產的可持續航空燃料能夠減少至少 85% 的航空排放，部分取決於基於廢棄物的原料選擇。

Let's be clear. It is recovering which waste feedstock from solid carbon, including carbon masking municipal solid waste or biomass, industrial of gases, including those rich in Tier two carbon in biogas can all be converted to SaaS in this way. The robust pipeline of opportunities that exist for this type of collaborative waste space, fuel solution is expected to be a significant demand driver for our bio refining business and a key pathway for land to get the license its technology.

讓我們說清楚。它正在從固體碳中回收廢物原料，包括碳掩蔽城市固體廢物或生物質、工業氣體，包括沼氣中富含二級碳的氣體，都可以透過這種方式轉化為SaaS。這種類型的協作廢棄物空間、燃料解決方案存在大量機會，預計將成為我們生物煉製業務的重要需求驅動力，也是土地獲得技術許可的關鍵途徑。

To facilitate delivering these projects LanzaTech and LanzaJet get launched our joint offering called CirculAir. CirculAir is a coordinated commercial offering and powerful end-to-end solution utilizing LanzaTech cash limitation platform in conjunction with LanzaJet's ATJ platform to produce sustainable aviation fuel and renewable diesel from a wide range of waste feedstocks.

為了促進這些項目的交付，LanzaTech 和 LanzaJet 推出了名為 CirculAir 的聯合產品。CirculAir 是一種協調的商業產品和強大的端到端解決方案，利用 LanzaTech 現金限制平台與 LanzaJet 的 ATJ 平台相結合，從各種廢物原料中生產可持續航空燃料和可再生柴油。

Scaling fast, as you can see, is critically important for aviation, a hard-to-abate sector representing 3% of today's global CO2 footprint. In 2023, a mere 0.2% of global aviation fuel volumes was SAF, but this is expected to jump to 1% in 2026 and 10% or approximately 10 billion gallons in 2030.

如您所見，快速擴展對於航空業至關重要，因為航空業是一個難以減少的行業，佔當今全球二氧化碳排放量的 3%。2023 年，SAF 僅佔全球航空燃油量的 0.2%，但預計到 2026 年將躍升至 1%，到 2030 年將躍升至 10%，約 100 億加侖。

The enormous scale-up process industry necessary to meet this demand is also benefiting from recent regulatory tailwinds around the world that support the use of a variety of waste feedstocks to meet them. We support the build-out of technologies like LanzaTech that can flexibly use locally available feedstocks to suit regional conditions. Shift really builds on the undeniable momentum behind scaled SaaS production globally and a large opportunity set available to our two companies. You'll hear more about CirculAir in the coming months as we expect to announce an important joint projects with LanzaJet.

滿足這項需求所需的大規模加工工業也受益於世界各地最近的監管順風，這些順風支持使用各種廢棄物原料來滿足這些需求。我們支持 LanzaTech 等技術的發展，這些技術可以靈活地使用當地可用的原料來適應地區條件。轉變確實建立在全球規模化 SaaS 生產背後不可否認的動力以及我們兩家公司可獲得的大量機會之上。在接下來的幾個月中，您將聽到更多有關 CirculAir 的信息，因為我們預計將宣布與 LanzaJet 的重要聯合項目。

I also want to take a few moments to give an update on Project SECURE, a major initiatives, which we announced in March of this year. By way of background LanzaTech as partner Technip Energies were selected to receive a $200 million award from the US Department of Energy's Office of clean energy demonstrations.

我還想花一些時間介紹安全專案的最新情況，這是我們在今年 3 月宣布的重大舉措。作為背景，LanzaTech 作為合作夥伴 Technip Energies 被選為獲得美國能源部清潔能源示範辦公室頒發的 2 億美元獎金。

The award is for the construction of a new LanzaTech gas fermentation facility, which will be integrated with Technip's, Hummingbird ethanol to ethylene technology and an existing steam cracker in the US Gulf Coast. Importantly, this is not an R&D project. The R&D and related investments are complete. The funds from this award will aid in reducing the capital expense for this first-of-a-kind commercial facility.

該合約旨在建造一座新的 LanzaTech 氣體發酵設施，該設施將與 Technip 的 Hummingbird 乙醇制乙烯技術以及美國墨西哥灣沿岸現有的蒸汽裂解裝置相結合。重要的是，這不是一個研發項目。研發及相關投資已完成。該獎項的資金將有助於減少這個首個商業設施的資本支出。

Projects secured represents a highly replicable project opportunity set for LanzaTech as there are more than 370 ethylene steam crackers across the world and our decarbonizing solution efficiently bolt onto that existing infrastructure.

所獲得的項目對 LanzaTech 來說是一個高度可複製的專案機會，因為世界各地有 370 多個乙烯蒸汽裂解裝置，而我們的脫碳解決方案可以有效地連接到現有基礎設施上。

On the feedstock front, no new fossil feedstock is being brought into produce more ethylene. Rather, we're generating more ethylene for the producers from what we have been this year to waste emissions. Ethylene is often referred to as the world's most important chemical, given its use as a key building block in countless products we use every day, from closing to packaging to from and jet fuel and is expected to be a $200 billion market by 2030.

在原料方面，沒有新的化石原料被用來生產更多的乙烯。相反，我們正在為生產商生產比今年更多的乙烯廢物排放量。乙烯通常被稱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的關鍵組成部分，從封閉到包裝再到噴氣燃料，預計到 2030 年，其市場規模將達到 2000 億美元。

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 what level should that provides. With our combined solution, we take those emissions and convert them into valuable product this maximizes the use of the carbon molecules going into that facility, enabling our customers to increase the profits by being more resource sufficient.

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，因此需要減碳解決方案，例如應提供何種水準的碳減排解決方案。透過我們的組合解決方案，我們將這些排放物轉化為有價值的產品，從而最大限度地利用進入該設施的碳分子，使我們的客戶能夠透過更充足的資源來增加利潤。

We're currently working collaboratively with the DoE and the agreement for the project and anticipate completing their work contracting passage in the coming months with the goal of receiving initial award funds by the end of 2024.

我們目前正在與美國能源部合作並簽署該專案協議，預計在未來幾個月內完成工作合約通過，目標是在 2024 年底之前收到初始獎勵資金。

I'll touch now on a highlight I mentioned at the start, and that's the work we're doing with IKEA related to polypropylene. We're working with IKEA to convert waste carbon rich gases to isopropyl alcohol and then to propylene and the propylene is it daily parcel and durable plastics with many users and customers like IKEA are interested in applications were mechanically recycled plastic cannot be used today, for example, transparent products, products requiring food contact or other products with very strict requirements, including medical applications.

現在我將談談我在開始時提到的一個亮點，這就是我們與宜家正在進行的有關聚丙烯的工作。我們正在與宜家合作，將富含碳的廢棄氣體轉化為異丙醇，然後轉化為丙烯，而丙烯是日常包裹和耐用塑料，許多用戶和像宜家這樣的客戶對當今無法使用機械回收塑料的應用有興趣，因為例如，透明產品、需要接觸食品的產品或其他要求非常嚴格的產品，包括醫療應用。

Today, 100% of new propylene in use worldwide is made from petrochemicals replacing all of the world's fossil propylene production with carbon capture and utilization made polypropylene, which reduced carbon emissions by an estimated 700 million tons per year or more. The global propylene market size was a little over $120 billion in 2022 and is expected to expand that compound annual growth rate or CAGR of close to 5% from 2023 to 2030.

如今，全球使用的新丙烯 100% 由石化產品製成，用碳捕獲和利用製造的聚丙烯取代了世界上所有的化石丙烯生產，預計每年減少 7 億噸或更多碳排放。2022 年全球丙烯市場規模略高於 1,200 億美元，預計 2023 年至 2030 年複合年增長率將接近 5%。

We talk a lot about the anticipated growth and financial debt related to share. And it's my belief that our work with chemicals could grow in tandem with chassis and be just as big decision, not just an idea. In fact, we produced sufficient isopropanol for IKEA to make food storage containers as a proof of concept we also completed the development work on our isopropyl process, which means we should be ready to license that technology this year.

我們談論了很多與份額相關的預期增長和金融債務。我相信，我們在化學品方面的工作可以與底盤同步發展，並且成為一個重大決定，而不僅僅是一個想法。事實上，我們為宜家生產了足夠的異丙醇來製造食品儲存容器，作為概念驗證，我們也完成了異丙基製程的開發工作，這意味著我們應該準備在今年獲得該技術的許可。

Our progress is not only driven by growing revenue. It is also underpinned by our commitment to manage costs across the organization. And the cost savings we expect from our reorganization and from a reprioritization earlier this year are starting to show up in our results.

我們的進步不僅是由收入成長所推動的。我們對整個組織成本管理的承諾也支持了這一點。我們預計透過今年稍早的重組和優先順序調整所節省的成本已開始體現在我們的業績中。

Stepping back from the specifics of the many important projects and developments had discussed, I want to address a question that I'm frequently asked by customers, partners, investors thought leaders and stakeholders. And the question is, what is financial tax competitive dynamics or stated differently? What gives you confidence that lens that will be successful over the long term?

從討論過的許多重要項目和開發的細節中退一步，我想解決客戶、合作夥伴、投資者、思想領袖和利益相關者經常問我的一個問題。問題是，什麼是金融稅競爭動態或換句話說？是什麼讓您對這款鏡頭能夠長期成功充滿信心？

And while there are many reasons to stan. Number one, we had a commercially proven and diverse technology, which six commercially operating facilities were not only ramping up production volumes and generating licensing revenues, but we also have over half a decade of operational experience at commercial scale.

雖然有很多理由要堅持。第一，我們擁有經過商業驗證的多樣化技術，其中六個商業營運設施不僅提高了產量並產生授權收入，而且我們還擁有超過五年的商業規模營運經驗。

This extensive know-how allows us to partner with an impressive roster of customers, innovate continuously and build more commercial scale facilities later this year, we expect to see announcements regarding repeat licensees and customers as we continue to move from first-of-a-kind in a region to a series of plants with existing partners.

這種廣泛的專業知識使我們能夠與令人印象深刻的客戶合作，不斷創新並在今年晚些時候建造更多商業規模的設施，隨著我們繼續從第一家- 我們預計會看到有關重複被許可人和客戶的公告與現有合作夥伴在一個地區建立一系列工廠。

Number two, the flexibility of our technology, our ability to utilize a diverse range of waste feedstocks such as municipal and industrial waste, agriculture and forestry residues and industrial gases ensures a commercial scale, low cost supply of inputs globally, allowing us to benefit from regional variations in feedstocks and produce valuable ethanol for major markets in sustainable fuels textiles, plastics and chemicals.

第二，我們技術的靈活性，我們利用各種廢棄物原料（例如城市和工業廢棄物、農業和林業殘留物以及工業氣體）的能力，確保了全球投入的商業規模、低成本供應，使我們能夠從中受益原料的區域差異，並為永續燃料、紡織品、塑膠和化學品的主要市場生產有價值的乙醇。

We have a business built on a platform which helps lead to sufficient interest to enable a licensing model. And we are building a strong recurring revenue foundation brick by brick with each stations that we deploy. As I said at the start, we are making undeniable progress and that to me and to all of us here at LanzaTech is very satisfying.

我們的業務建立在一個平台上，有助於激發足夠的興趣來啟用授權模式。我們正在透過部署的每個站點一磚一瓦地建立強大的經常性收入基礎。正如我一開始所說的，我們正在取得不可否認的進步，這對我和 LanzaTech 的所有人來說都非常令人滿意。

With that, I'll turn it over to Geoff.

有了這個，我會把它交給傑夫。

Thanks Jennifer. Good morning, everyone, and thank you for joining us on the call. I'll discuss our results for the second quarter of 2024. And then I'll provide further details on our expectations for the back half of this year.

謝謝詹妮弗。大家早安，感謝您加入我們的電話會議。我將討論 2024 年第二季的業績。然後我將提供有關我們對今年下半年的預期的更多詳細資訊。

As Jennifer mentioned and as seen on slide 5 of our latest investor presentation, we reported strong revenue growth for the second quarter of 2024, achieving $17.4 million of total revenue, which exceeded expectations. This represented year-over-year growth of 35% and 70% quarter over quarter. Drilling down into the separate revenue categories this quarter. Strong results were driven by revenue of $13.7 million in our bio-refining business, which was up 41% year over year.

正如 Jennifer 所提到的以及我們最新投資者簡報第 5 張幻燈片所示，我們報告了 2024 年第二季度的強勁收入增長，總收入達到 1,740 萬美元，超出了預期。這意味著同比增長 35%，環比增長 70%。深入研究本季的各個收入類別。我們的生物精煉業務收入達 1,370 萬美元，年增 41%，推動了強勁的業績。

As Jennifer noted, a significant component of this revenue was related to the additional equity consideration we received from LanzaTech in Q2 as additional consideration relates to the exclusive licensing agreement associated with the ATJ technology that we entered into with LanzaJet when we originally spun LanzaJet out into its own business.

正如Jennifer 指出的那樣，該收入的一個重要組成部分與我們在第二季度從LanzaTech 收到的額外股權對價有關，因為額外對價與我們最初將LanzaJet 分拆為公司時與LanzaJet 簽訂的與ATJ 技術相關的獨家許可協議有關。

When we launched LanzaJet in 2020, we received our initial equity ownership stake in consideration for exclusively licensing them the ATJ technology development landscape. The company has consistently accounted for this transaction as a revenue transaction with a customer under ASC 606. The licensing and technical support services provided are recognized as a single combined performance obligations satisfied over the expected period of those services beginning May 2020 through December 2025.

當我們在 2020 年推出 LanzaJet 時，我們獲得了初始股權，作為獨家授權他們 ATJ 技術開發領域的對價。該公司一直將這筆交易作為與 ASC 606 下的客戶的收入交易進行會計處理。所提供的許可和技術支援服務被確認為在2020年5月至2025年12月的這些服務的預期期間內履行的單一綜合履約義務。

Consistent with that approach, the additional equity consideration we received in Q2 was accounted for as additional consideration for that same performance obligation over the same period. As contemplated in the original licensing agreement, LanzaJet's ability to further sublicense the ATJ technology is enabled by the grant of additional equity to LanzaTech.

與該方法一致，我們在第二季度收到的額外股權對價被視為同一時期同一履約義務的額外對價。正如原始許可協議中所設想的，LanzaJet 能夠透過向 LanzaTech 授予額外股權來進一步對 ATJ 技術進行再許可。

Associated with LanzaJet first sublicensing event of the ATG technology. The Q2 equity grant of LanzaTech was the first of what is anticipated to be a total of three additional tranches of 15 million shares for each of the first three sublicensing events at which point plans attack will have received its full consideration for the ATG license. For further details regarding the accounting treatment for this transaction, please refer to the Form 10-Q we filed with the SEC today.

與 LanzaJet 首次 ATG 技術再授權活動相關。LanzaTech 第二季度的股權授予是前三個再許可事件中每一個的額外三批 1500 萬股股票中的第一批，屆時計劃攻擊將獲得 ATG 許可證的全部對價。有關本次交易會計處理的更多詳細信息，請參閱我們今天向 SEC 提交的 10-Q 表格。

Bio-refining revenue in Q2 also included startup and engineering services revenue from existing customers as well as early-stage engineering and equipment revenue associated with multiple new customers, including NTPC, one of India's leading power-generation companies, excluding the $7.9 million related to the LanzaJet transaction. These revenues were $5.8 million for the quarter.

第二季的生物煉製收入還包括現有客戶的啟動和工程服務收入，以及與多個新客戶相關的早期工程和設備收入，其中包括印度領先的發電公司之一 NTPC，不包括與LanzaJet交易。該季度的收入為 580 萬美元。

Joint development and contract research revenue for the second quarter of 2024 was $2.8 million as compared to $2.2 million for second quarter 2023, representing an increase of 25% year over year, primarily reflecting the progression expansion of work with existing JDA partners. And for CarbonSmart revenue for the second quarter of 2024 was $0.9 million and was fairly in line with the $1 million we did in second quarter of 2023.

2024 年第二季的共同開發和合約研究收入為 280 萬美元，而 2023 年第二季為 220 萬美元，年成長 25%，主要反映了與現有 JDA 合作夥伴的工作不斷擴展。CarbonSmart 2024 年第二季的營收為 90 萬美元，與 2023 年第二季的 100 萬美元相當。

Importantly, carbon smart for the first half of 2024 was $1.8 million as compared to $1 million for the first half of 2023, representing a year-over-year increase of 79%. And we continue to expect to ramp in this revenue category in the back half of the year.

重要的是，2024 年上半年的碳智慧支出為 180 萬美元，而 2023 年上半年為 100 萬美元，年增 79%。我們繼續預計今年下半年該收入類別將出現成長。

Turning now to cost of revenue, we reported $5.5 million in second quarter 2024 as compared to $10.8 million for second quarter 2023. Cost of revenue for this quarter was largely comprised of headcount allocations related to delivery of our bio refining services and JDA work as a result of a significant licensing component of our revenue in Q2 and associated costs. Gross margin was very healthy this quarter coming in at 68%. If we strip out the uplift attributed to the LanzaJet transaction. Gross margin was still a solid 42% for the quarter.

現在轉向收入成本，我們報告 2024 年第二季的收入成本為 550 萬美元，而 2023 年第二季的收入成本為 1,080 萬美元。本季的收入成本主要由與提供生物精煉服務和 JDA 工作相關的人員分配組成，這是由於我們第二季度收入中的重要許可部分和相關成本所致。本季毛利率非常健康，為 68%。如果我們剔除 LanzaJet 交易帶來的提升。該季度毛利率仍穩定在 42%。

On the operating cost from second quarter 2024, operating expenses were $34.7 million as compared to $32.7 million for second quarter 2023. Importantly, this OpEx came in under budget as we continue to work to drive down our OpEx this year. With that said, we still saw a 6% increase in OpEx year over year as we continue to incur expenses associated with select pre-FID projects that we're developing which are not currently eligible for capitalization.

就 2024 年第二季的營運成本而言，營運費用為 3,470 萬美元，而 2023 年第二季的營運費用為 3,270 萬美元。重要的是，由於我們今年繼續努力降低營運支出，因此該營運支出低於預算。儘管如此，我們的營運支出仍年增 6%，因為我們繼續承擔與我們正在開發的、目前不符合資本化條件的選定 FID 前項目相關的費用。

We expect to recoup these costs where our infrastructure capital partners take over these projects at FID and expect the first of these transition transactions to take place during the fourth quarter of 2024.

我們預計，當我們的基礎設施資本合作夥伴在 FID 接管這些項目時，我們將收回這些成本，並預計第一筆過渡交易將於 2024 年第四季進行。

Our second quarter 2024 for adjusted EBITDA loss was $17.8 million as compared to a second quarter 2023 adjusted EBITDA loss of 23%. The year over year improvement of 26% is primarily attributable to the higher Q2 revenue and mix of higher margin, which drove significantly higher year-over-year gross profit.

2024 年第二季調整後 EBITDA 虧損為 1,780 萬美元，而 2023 年第二季調整後 EBITDA 虧損為 23%。年增 26% 主要歸功於第二季度收入的增加和利潤率的提高，從而推動了毛利同比大幅增長。

Turning now to our liquidity and cash position. At the end of June, we had $75.8 million in cash on hand, which includes cash investments and restricted cash. This compares to $92.3 million at the end of first quarter 2024.

現在談談我們的流動性和現金狀況。截至 6 月底，我們手頭現金為 7,580 萬美元，其中包括現金投資和限制性現金。相較之下，2024 年第一季末的營收為 9,230 萬美元。

Our total cash burn for the second quarter of 2024 was $16.5 million, which was down significantly as compared to $29.2 million for the first quarter 2024 and the comparable quarter in 2023. The decrease quarter over quarter was due in large part to the working capital impacts we previously discussed in our first quarter 2024 call, including a number of large annual payments such as 2023 incentive compensation, a majority of our 2024 insurance premiums and other expenses that are traditionally paid during the first quarter, but expense throughout the year for accounting purposes as well as a large customer payment that was deferred from Q1 into Q2.

我們 2024 年第二季的現金消耗總額為 1,650 萬美元，與 2024 年第一季和 2023 年同期的 2,920 萬美元相比大幅下降。環比下降在很大程度上是由於我們之前在2024 年第一季電話會議中討論過的營運資本影響，包括一些大額年度付款，例如2023 年激勵補償、我們2024 年的大部分保險費以及其他費用。

Q2 cash burn was further benefited while it reduced OpEx, I referred to earlier. As Jennifer previously mentioned, we're excited to announce the closing this week of a new $40 million investment by Carbon Direct Capital, a globally recognized investor in the energy transition space. This additional capital bolsters our balance sheet and strengthens our financial flexibility.

我之前提到過，第二季的現金消耗進一步受益，同時減少了營運支出。正如 Jennifer 之前提到的，我們很高興地宣布本週完成了全球公認的能源轉型領域投資者 Carbon Direct Capital 的 4000 萬美元新投資。這些額外資本增強了我們的資產負債表並增強了我們的財務靈活性。

As noted in our 10-Q, this $40 million was invested pursuant to a convertible note purchase agreement which contemplates one or more closings for up to $150 million of convertible notes. We continue to seek additional financing under the convertible note purchase agreement from certain accredited investors with whom we have a pre-existing substantive relationship.

正如我們在 10-Q 報告中指出的，這 4000 萬美元是根據可轉換票據購買協議進行投資的，該協議考慮一次或多次交割最多 1.5 億美元的可轉換票據。我們繼續根據可轉換票據購買協議向某些與我們已有實質關係的合格投資者尋求額外融資。

I'll now quickly touch on our recent Form 8-K related to a lawsuit we filed in connection with what we consider a breach of our forward purchase agreement, or FPA. There's a detailed discussion contained in our Form 10-Q filed today, but I will provide you with a few high-level details here.

現在，我將快速介紹我們最近提交的 8-K 表格，該表格涉及我們因違反遠期購買協議 (FPA) 而提起的訴訟。我們今天提交的 10-Q 表格中包含了詳細的討論，但我將在這裡向您提供一些高級細節。

Essentially it is our position that a shareholder breach the FPA by selling LanzaTech shares that was obligated to hold for the benefit of LanzaTech under the FPA. We are alleging that if in fact shares were sold by the shareholder LanzaTech is entitled to receive from the shareholder approximately $10.16 per share sold for the terms of the FDA.

從本質上講，我們的立場是，股東透過出售 LanzaTech 股票而違反了 FPA，而根據 FPA，該股東有義務為了 LanzaTech 的利益而持有這些股票。我們聲稱，如果股票實際上是由股東出售的，LanzaTech 有權從股東那裡獲得根據 FDA 條款出售的每股約 10.16 美元。

The shareholder in turn has notified us that its position is that they were entitled to accelerate the maturity date of the contract, given our shares are traded under $3 for 50 out of the 60 trading days period prior to July 2, 2024. And therefore, for the contract terms, LanzaTech, who's the shareholder approximately $7.5 million of maturity consideration, which can be satisfied in cash or shares at approximately $2.5 million share consideration payable in cash.

股東又通知我們，其立場是，鑑於我們的股票在 2024 年 7 月 2 日之前的 60 個交易日中，有 50 個交易日的交易價格低於 3 美元，他們有權加快合約到期日。因此，就合約條款而言，LanzaTech 是其股東，其到期對價約為 750 萬美元，可以透過現金或股票支付，以現金支付約 250 萬美元的股份對價。

It's important to note it is our position the shareholder breach the contract before the maturity date could be accelerated from the shareholder sold its shares without complying with the procedures and the FDA, which includes paying LanzaTech the corresponding amount per share two, which is entitled. Therefore, we believe that we are entitled to significant damages and because we do not view the maturity date notice as valid, LanzaTech does not believe that any payments are owed to the shareholder pursuant to the maturity acceleration towards later notice of termination of the FPA due to lack of payment.

值得注意的是，我們的立場是，股東在到期日之前違反合同，可以因股東在不遵守程序和FDA 的情況下出售其股份而加速，其中包括向LanzaTech 支付每股相應金額兩份，這是有權的。因此，我們認為我們有權獲得重大損害賠償，並且由於我們不認為到期日通知有效，LanzaTech 不認為根據到期提前終止 FPA 的通知而欠股東任何款項缺乏付款。

We plan to pursue our claims vigorously for cases like this can take some time to conclude, we will not be commenting on ongoing litigation, but we wanted to make the details of this case. Abundantly clear from the start, we're taking the situation very seriously.

我們計劃積極尋求索賠，因為此類案件可能需要一些時間才能得出結論，我們不會對正在進行的訴訟發表評論，但我們想詳細說明此案。從一開始就非常明確，我們非常認真地對待這種情況。

Now I'd like to take some time and discuss the remainder of 2024 and what we see from here. As Jennifer mentioned, we are reaffirming our full year 2024 revenue guidance of $90 million to $105 million, which at the midpoint represents approximately 55% revenue growth over 2023.

現在我想花一些時間討論 2024 年剩下的時間以及我們接下來會看到的情況。正如 Jennifer 所提到的，我們重申 2024 年全年營收指引為 9,000 萬至 1.05 億美元，中間值相當於 2023 年營收成長約 55%。

We're also reaffirming adjusted EBITDA of negative $65 to negative $55 million for full year 2024, which at the midpoint represents an improvement, approximately 25%.

我們也重申 2024 年全年調整後 EBITDA 為負 65 美元至負 5,500 萬美元，中間值代表改善，約 25%。

As we look at how projects are progressing and how revenue projections are broken down between the third quarter and fourth quarters of this year, we expect revenue to be heavily weighted to the fourth quarter with third quarter 2024 revenue expected to be similar to second quarter 2024. We expect several projects to progress to the final investment decision stage of the development process in fourth quarter.

當我們研究專案的進度以及今年第三季和第四季之間的營收預測如何細分時，我們預計第四季的營收將佔很大比重，2024 年第三季的營收預計將與2024年第二季相似。我們預計幾個項目將在第四季度進入開發過程的最終投資決策階段。

This unlocks equipment revenues as these projects progress into construction, the team is very focused on progressing these projects, but of timing slips into next year, and it could negatively impact our ability to achieve our guidance.

隨著這些項目進入建設階段，這會釋放設備收入，團隊非常專注於推進這些項目，但時間推遲到明年，這可能會對我們實現指導的能力產生負面影響。

We expect the quarterly impact of project timing will lessen over time as we continue to scale our recurring revenue. We remain focused on reaching profitability as soon as reasonably possible. Our path to profitability is simple. It is based on continued growth of revenue and gross profit while diligently controlling our costs, and that's exactly what you have in place.

隨著我們繼續擴大經常性收入，我們預計專案時間的季度影響將隨著時間的推移而減少。我們仍然專注於盡快實現盈利。我們的獲利之路很簡單。它基於收入和毛利的持續成長，同時努力控制我們的成本，而這正是您所擁有的。

With that, I'll turn the call back to Jennifer for some closing remarks.

接下來，我將把電話轉回給詹妮弗，讓她發表一些結束語。

Before we open the call for Q&A. Jennifer?

在我們開始問答之前。詹妮弗？

Thank you Geoff. While many countries are really moving to a future with carbon-free power, which can be a sustainable source of carbon for essential products like textiles, packaging, consumer goods, food and fuels. Carbon is not the enemy. It is an essential part of our daily lives. The issue is how we source utilize and dispose of the carbon use LanzaTech has the flexibility to deliver solutions to address this challenge.

謝謝傑夫。儘管許多國家正在真正邁向無碳電力的未來，但無碳電力可以成為紡織品、包裝、消費品、食品和燃料等基本產品的可持續碳來源。碳不是敵人。它是我們日常生活的重要組成部分。問題是我們如何來源、利用和處置碳的使用 LanzaTech 能夠靈活地提供解決方案來應對這項挑戰。

Efficiency is key, we must make the most of every carbon molecule initiatives like Project SECURE will enable our customers to produce more products and drive more revenue while reducing the need to buy more fossil feedstocks. This will enable an economy keep more fossil carbon in the ground. The CirculAir economy prioritizes resource efficiency, waste reduction and sustainable practices.

效率是關鍵，我們必須充分利用每一個碳分子舉措，例如“安全項目”，將使我們的客戶能夠生產更多產品並增加收入，同時減少購買更多化石原料的需求。這將使經濟體能夠在地下保留更多的化石碳。CirculAir 經濟優先考慮資源效率、減少廢棄物和永續實踐。

This not only keeps materials in use for as long as possible, minimizing the strain on our planet's resources. It tries to maximum value from every carbon molecule. This is exactly what LanzaTech offers to customers and how we intend to help develop a new search in a carbon economy, a cornerstone of a strong circular economy that companies have to operate within it profitably, we at LanzaTech are steadfast in our focus to drive to profitability as quickly as possible.

這不僅可以盡可能長時間地使用材料，最大限度地減少對地球資源的壓力。它試圖從每個碳分子中發揮最大價值。這正是 LanzaTech 為客戶提供的服務，以及我們打算如何幫助開發碳經濟的新搜索，碳經濟是強大的循環經濟的基石，公司必須在其中盈利，我們 LanzaTech 堅定不移地致力於推動盡快實現盈利。

I want to close by coming back to the five key takeaways I outlined at the outset of the call. First, we delivered strong results that were ahead of expectations for the quarter, with revenue growth of 35% year over year.

最後，我想回到我在電話會議開始時概述的五個關鍵要點。首先，我們本季取得了超乎預期的強勁業績，營收年增 35%。

Second, we continue to sign new contracts to add new customers and progress projects through our bio-refining development pipeline. And I am especially excited about the commencement of our carbon smart fuels sales. Third, we increased our ownership in LanzaJet by 14% upto 37% from 23%.

其次，我們繼續簽署新合同，透過我們的生物精煉開發管道增加新客戶並推進專案。我對我們的碳智慧燃料銷售的開始感到特別興奮。第三，我們將 LanzaJet 的持股比例從 23% 增加了 14% 至 37%。

Fourth, we announced a $40 million investment from a new investor carbon direct capital, which will help fund future growth and working capital as we scale our business.

第四，我們宣布新投資者碳直接資本投資 4000 萬美元，這將有助於為我們擴展業務時的未來成長和營運資金提供資金。

Carbon Direct is the leading investor in the carbon management ecosystem, and they have sophisticated expectation scanner as carbon abatement solutions. We are very pleased to welcome them on this journey with us.

Carbon Direct 是碳管理生態系統的領先投資者，他們擁有先進的期望掃描器作為碳減排解決方案。我們非常高興地歡迎他們與我們一起踏上這段旅程。

And fifth and final, we reaffirmed our financial guidance for the full year which includes 2024 revenue expectations of $90 million to $105 million. The team is very focused on getting several sizable projects. It costs the FID line in the back half of this year, and we look forward to updating you on our progress in the coming months.

第五點，也是最後一點，我們重申了全年的財務指引，其中包括 2024 年 9,000 萬至 1.05 億美元的收入預期。團隊非常專注於獲得幾個大型專案。今年下半年將花費 FID 線，我們期待在未來幾個月向您通報我們的最新進展。

Our financial objectives have been and continue to be reaching profitability and from their becoming free cash flow positive. It raises debt there is by executing on projects, deploying licenses and being diligent with cost management and that is exactly what we're doing.

我們的財務目標已經並將繼續實現盈利，並實現自由現金流為正。它透過執行專案、部署許可證和勤於成本管理來增加債務，而這正是我們正在做的事情。

With that, let's open the call up for questions.

接下來，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good morning, this is a quarter produce dozens of questions, but I'll limit myself to four, if I may. The first one is our other entity is showing interest in your polypropylene effort. Does the incipient work with IKEA limit lenses, ability to work with other interested parties?

早安，這一季度提出了幾十個問題，但如果可以的話，我將限制自己提出四個問題。第一個是我們的另一個實體對您的聚丙烯工作表現出興趣。與宜家的初期合作是否會限制與其他有興趣方合作的能力？

Hi, Jeff. Thanks for limiting your questions to four, and that is great one to start with. There is no limitation on who we can work with. The work we do here was to develop the capability because day when there is sufficient interest to build commercial facilities. So and as you can imagine, with polypropylene, there's a lot of interest, for example, it's critical in the medical sector, It is critical in the automotive sector.

嗨，傑夫。感謝您將問題限制為四個，這是一個很好的開始。我們可以與誰合作沒有限制。我們在這裡所做的工作是開發能力，因為當人們有足夠的興趣建造商業設施時。因此，正如您可以想像的那樣，人們對聚丙烯有很多興趣，例如，它在醫療領域至關重要，在汽車領域也至關重要。

And so they're talking to quite a number of partners who are interested in the offtake and even more exciting, we're talking to a number of partners who are really interested in licensing the technology so they can use our new bacteria to make, I suppose, ethanol that can then be converted further to propylene and then polypropylene. So there is tremendous interest and there is absolutely no limitation on us.

因此，他們正在與許多對承購感興趣的合作夥伴進行交談，更令人興奮的是，我們正在與許多對技術許可真正感興趣的合作夥伴進行交談，以便他們可以使用我們的新細菌來製造，我想，乙醇可以進一步轉化為丙烯，然後是聚丙烯。所以我們有極大的興趣，而且絕對沒有任何限制。

Okay, great. I was wondering if you could add a little bit of color to the specific ethanol licensing we have now achieved for carbon smart. And with that in mind, which markets do you feel are now more open to LanzaTech as a result.

好的，太好了。我想知道您是否可以為我們現在為碳智能而獲得的特定乙醇許可添加一點色彩。考慮到這一點，您認為哪些市場現在對 LanzaTech 更加開放。

And you're talking about the fuel licenses so from the first ethanol sales with our new licenses went into the China market, we are looking at other markets in Southeast Asia as well. The one license that we will protect that still remains is an ISCC certification that enables us to trade into Europe that when we don't have yet and so our field sales right now are absolutely focused on China.

你談論的是燃料許可證，因此從我們新許可證的第一批乙醇銷售進入中國市場開始，我們也在關注東南亞的其他市場。我們將保護的唯一許可證仍然是 ISCC 認證，使我們能夠在歐洲進行貿易，而我們還沒有這樣做，因此我們目前的現場銷售絕對集中在中國。

And as you can imagine, it was quite a journey to get all of the licensing, all of the permits, and all of the infrastructure to enable us to do that. So we're now on a smooth path and made up for sale.

正如您可以想像的那樣，獲得所有許可、所有許可證和所有基礎設施以使我們能夠做到這一點是一個相當長的旅程。所以我們現在走上了一條順利的道路並彌補了出售。

Okay, great. Yeah, earlier in your prepared remarks, you maybe you referenced hopefully green hydrogen with regard to the Indian project. And I was just wondering, is it possible to arrive at an acceptable carbon intensity score for a LanzaTech CO2 hydrogen project without green hydrogen?

好的，太好了。是的，在您準備好的演講中，您可能提到了印度項目的綠色氫能。我只是想知道，在沒有綠氫的情況下，LanzaTech CO2 氫計畫是否有可能達到可接受的碳強度分數？

So I think gray hydrogen will make it difficult conversion with our process or anybody else this process of CO2 with gray hydrogen will make it very difficult to show a reduction. However, blue hydrogen will work and green hydrogen will also work to bid. The reason the NTPC project is so exciting for us is that NTPC is really accelerating their transition to renewable power and have started also to focus on green hydrogen.

因此，我認為灰氫將使我們的製程或其他任何人的轉化變得困難，這種二氧化碳與灰氫的製程將使其很難顯示出減少。然而，藍色氫將起作用，綠色氫也將起作用。NTPC 計畫讓我們如此興奮的原因是，NTPC 確實正在加速向再生能源的過渡，並開始關注綠氫。

So blue works, green works and our partner is already doing a lot of work to transition to renewable power. So we know the electrons will certainly be available to green electrons. And it's just a question of building out the green electrolyzers as well.

因此，藍色有效，綠色有效，我們的合作夥伴已經做了很多工作來過渡到再生能源。所以我們知道電子一定會被綠色電子所利用。這也只是建造綠色電解槽的問題。

Okay. And my last one, can you expand on what the promotional advantages or the cost savings are? And again, this circular joint partnership or whatever we call it, what does that offer to LanzaTech and LanzaJet that is not already available?

好的。我的最後一個問題，您能否詳細說明促銷優勢或成本節省是什麼？再說一次，這種循環聯合夥伴關係或無論我們如何稱呼它，它能為 LanzaTech 和 LanzaJet 提供哪些尚未提供的東西？

Yeah. that is actually a great question. We have worked as independent companies in developing projects that go from waste all the way through to sustainable aviation fuel. And as you can imagine, that slows down the process. And so what we'll agreeing to do here is to have a single face to the customer.

是的。這實際上是一個很好的問題。我們作為獨立公司致力於開發從廢棄物一直到永續航空燃料的專案。正如你可以想像的那樣，這會減慢這個過程。因此，我們同意在這裡做的是向客戶提供單一的面孔。

So that the agreements on the proposals, all of the partner economics are all done with a single phase that will make it go much, much faster. So basically what we're doing is committing to faster project development.

因此，關於提案的協議、所有合作夥伴經濟都在一個階段內完成，這將使其進展得更快。所以基本上我們正在做的就是致力於更快的專案開發。

The other thing that I think is important is by thinking of it as a joint offering, the additional thing that we'll be able to do is really do much more on integration. If you look at our technology it's technique right now, front-end ethanol to ethylene, the LanzaJet piece, the LanzaTech piece -- I'm sorry, the LanzaTech and the LanzaJet.

我認為另一件重要的事情是將其視為聯合產品，我們能夠做的額外事情是在整合方面確實做更多的事情。如果你看看我們的技術，它現在的技術，前端乙醇製乙烯，LanzaJet 部分，LanzaTech 部分——對不起，LanzaTech 和 LanzaJet。

By doing it all as one as one face to the customer. We're also going to work very, very hard to do better matched balance sheet integration. So you remove redundant equipment. All of these things will allow us to also get to a more cost effective offering. So the first phase will be just what the customer sees. The second phase will be how we integrate to make everything much more profitable and sustainable for the customer.

透過將這一切作為一個面孔面對客戶。我們也將非常非常努力地進行更好匹配的資產負債表整合。所以你刪除了多餘的設備。所有這些都將使我們能夠獲得更具成本效益的產品。所以第一階段將正是客戶所看到的。第二階段將是我們如何整合以使一切為客戶帶來更多利潤和永續性。

Great. Thank you. I appreciate it.

偉大的。謝謝。我很感激。

Thomas Meric, Janney Montgomery.

湯瑪斯·梅里克，珍妮·蒙哥馬利。

Good morning. Thanks for the time and for taking the questions. Just a few for me, maybe tagging off, Geoff, on Jackson green. Curious just from a different angle, on the second generation bioreactor, is there anything about that second generation reactor that how to make this project pencil out? Or is it just kind of a natural progression and timing matchup?

早安.感謝您抽出時間並提出問題。給我的只是一些，也許在傑克遜綠地留下傑夫。只是從不同的角度好奇，在第二代生物反應器上，第二代反應器有什麼可以讓這個項目鉛筆出來的嗎？或者這只是一種自然的進展和時機匹配？

Great question. Thank you for that, Thomas. Indeed, the project pencils out, even with the first generation reactor, the second generation reactor makes it more efficient, more effective. And when you've got a second generation reactor technology evolution like that, you're going to just start putting in place, right? You always want to maximize profits. You always want to reduce costs and better generation reactor does for us. And so we intend to continue to implemented it makes sense.

很好的問題。謝謝你，托馬斯。事實上，該計畫的結果是，即使使用第一代反應器，第二代反應器也使其更有效率、更有效。當你有了像這樣的第二代反應爐技術演進時，你就會開始實施，對嗎？你總是希望利潤最大化。您總是希望降低成本，而更好的發電反應器可以為我們做到這一點。因此我們打算繼續實施它是有意義的。

Helpful. And then on the project funnel. I just wanted to think about the back half of the year as things reach and meet FID. I'm curious if you can characterize or provide any more detail, just the types of project delays that are kind of possible, is it your supply chain, is that labor, is it just financial of getting things done or general latency? Just kind of curious on any additional detail for that.

有幫助。然後是項目漏斗。我只是想考慮今年下半年，隨著最終投資決定 (FID) 的到來。我很好奇您是否可以描述或提供更多細節，只是可能的專案延遲類型，是您的供應鏈，是勞動力，只是完成工作的財務原因還是一般延遲？只是對任何其他細節感到好奇。

Yeah, let me pass this over to Geoff, and he can give you a lot more detail on this.

是的，讓我把這個轉交給傑夫，他可以給你更多關於這方面的細節。

Yeah, Thomas, thanks for the question as we talked about, we're expecting Q3 to look largely like Q2, which does obviously suggest a lot of weight on the fourth quarter. There are a half-dozen or so of significant projects that we are focused on in the fourth quarter.

是的，托馬斯，感謝我們所討論的問題，我們預計第三季度看起來很大程度上與第二季度相似，這顯然表明第四季度的比重很大。第四季我們將重點放在六個左右的重大項目。

We're seeing revenues ramping up to the third quarter associated with some of those, but there are kind of material events in the fourth quarter. We talked about looking to transfer our first project to one of our infrastructure capital partners. Obviously a meaningful amount of the quarter right there, plus these other three or four.

我們看到第三季的收入與其中一些相關，但第四季度有一些重大事件。我們討論瞭如何將我們的第一個專案轉移給我們的基礎設施資本合作夥伴之一。顯然，這個季度的時間很有意義，加上其他三、四個。

So certainly the difference between some of these transactions happening on [12/31] versus [1/1] could have meaningful impact on our quarter but we don't see significant risk associated with those projects submitted yet, but certainly, there could be some timing issues, so it's going well.

因此，[12/31] 與[1/1] 發生的一些交易之間的差異肯定會對我們的季度產生有意義的影響，但我們尚未看到與這些提交的項目相關的重大風險，但當然，可能存在一些時間問題，所以進展順利。

Helpful. And then last question for me coming into that. I think just want to get an update on Brookfield and the first project to be transferred to that partnership or just generally any comments you have on the partnership and that's it for me.

有幫助。然後是我的最後一個問題。我想只是想了解布魯克菲爾德的最新情況以及將轉移到該合作夥伴關係的第一個項目，或者只是您對合作夥伴關係的任何評論，這就是我的意思。

Thank you again.

再次感謝您。

Indeed, we have a project. I can go through more details right now that we are taking through to FID the most important part about the partnership is that while we're developing the project, we are working directly with Brookfield who is providing input on -- FID is a fluffy concept that can be defined by many people in different ways, right?

事實上，我們有一個項目。我現在可以詳細介紹更多細節，我們正在向 FID 提交有關合作夥伴關係的最重要部分是，在我們開發專案時，我們直接與 Brookfield 合作，後者正在提供意見 - FID 是一個模糊的概念很多人可以用不同的方式定義它，對吧？

And so by working with them directly, they point us to exactly what they need at every stage of the game. So that when we are ready to transfer that project, I'm not going to say we'll surprise. I mean, these three other things which are going to take you another couple of months.

因此，透過直接與他們合作，他們向我們指出了他們在遊戲的每個階段所需要的東西。因此，當我們準備好轉移該專案時，我不會說我們會感到驚訝。我的意思是，這三件事將花費你另外幾個月的時間。

So we have a real project. We've gotten it to the very late stages of engineering. We're working with our partner, has so far, even though we're in late stages of the criteria required by Brookfield. We've just got a couple of more things to do to check the FID box.

所以我們有一個真正的項目。我們已經進入了工程的最後階段。到目前為止，我們正在與我們的合作夥伴合作，儘管我們處於布魯克菲爾德要求的標準的後期階段。我們還需要做一些事情來檢查 FID 框。

Yeah, leave it at that, actually I should add one other important thing. We have a really robust pipeline. The only reason with Brookfield, the only reason we're focused on one project initially, well, we could do many in parallel, if it truly quite important to understand how to transfer project to them. And rather than just having too many projects that we're working on at the same time, we wanted to focus on one transfer quickly and then say, okay, here's the rest of the pipeline and move that very, very quickly.

是的，就這樣吧，實際上我應該補充另一件重要的事情。我們擁有非常強大的管道。布魯克菲爾德的唯一原因，我們最初專注於一個專案的唯一原因，好吧，如果了解如何將專案轉移給他們確實非常重要，我們可以並行做許多專案。我們不想同時處理太多項目，而是希望快速專注於一項轉移，然後說，好吧，這是管道的其餘部分，然後非常非常快地轉移。

Jason Gabelman, TD Cowen.

賈森·加貝爾曼，TD·考恩。

Thanks for taking my questions. Also, first, on the financing, you announced this morning the $40 million of convertible notes. I was hoping just if you could provide some key terms around that convertible note the kind of maybe the rate and if that interest that's paid in cash or in-kind? And then on the convertible strike price. And yeah that would be helpful.

感謝您回答我的問題。另外，首先，關於融資，你們今天早上宣布了 4000 萬美元的可轉換票據。我希望您能提供一些有關可轉換票據的關鍵條款，例如利率，以及該利息是否以現金或實物支付？然後是可轉換的執行價格。是的，這會很有幫助。

Yeah, Jason, thanks for the question. Happy to trend a hit on a couple of the key terms. It is as we commented on $40 million of what's contemplated to be up to $150 million of convertible notes. The basic terms there is an 8% coupon. It is a pick, so it's paid in kind with no cash pay associated with it. And there are the base conversion price is $1.52.

是的，傑森，謝謝你的提問。很高興看到幾個關鍵術語的流行趨勢。正如我們對預計發行的 1.5 億美元可轉換票據中的 4000 萬美元的評論。基本條款有8%的優惠券。這是一個選秀權，因此它是以實物形式支付的，沒有與之相關的現金支付。基本轉換價格為 1.52 美元。

There are different adjustments to the conversion price face-to-face and mandatory conversion features, voluntary conversion features. And so I'd direct you to the 8-K that we put out this morning that includes the documents themselves and some additional terms associated with it. But again, it's fairly straightforward piece of convert.

轉股價格調整有不同的面對面和強制轉股特徵、自願轉股特徵。因此，我將引導您查看我們今天早上發布的 8-K，其中包括文件本身以及與之相關的一些附加條款。但同樣，這是相當簡單的轉換。

Okay, great. And then the follow-up is just the path to breakeven EBITDA and kind of tied to this financing, are you more comfortable now with your cash position? And do you feel like you have enough of a liquidity buffer to get up to breakeven EBITDA and any updated thoughts on when you expect to hit that important milestone?

好的，太好了。然後後續行動只是實現損益兩平 EBITDA 的途徑，並且與本次融資有關，您現在對自己的現金狀況是否感到更放心？您是否覺得自己有足夠的流動性緩衝來實現損益兩平 EBITDA 以及您預計何時達到這一重要里程碑的最新想法？

Yeah. We are very pleased to have an additional $40 million of liquidity on the balance sheet. We do think that that provides sufficient funding through 2025 as you kind of look at our cash burn historically and the expectation that will continue to decline over that period of time as you know, we haven't provided guidance beyond 2024 in terms of the specifics around profitability, but we do expect to raise additional capital associated with either this round or some additional.

是的。我們很高興資產負債表上增加了 4,000 萬美元的流動資金。我們確實認為，這將在2025 年之前提供足夠的資金，因為您會看到我們歷史上的現金消耗情況以及在此期間將繼續下降的預期，如您所知，我們尚未就具體細節提供2024 年之後的指導圍繞著盈利能力，但我們確實希望籌集與本輪或其他一些相關的額外資本。

Okay, thanks.

好的，謝謝。

Can I just spend a please piggyback on that for a second. We have also very excited to be partnering with Carbon Direct. I don't know, if you know Carbon Direct, but they specialize in carbon management companies, they have a consultancy piece. It works with the Microsoft, JPMorgan, Mitsubishi and other major corporations on really carbon management and how to think about carbon reduction.

我可以花一點時間來討論一下嗎？我們也非常高興與 Carbon Direct 合作。我不知道，你是否了解Carbon Direct，但他們專門從事碳管理公司，他們有諮詢服務。它與微軟、摩根大通、三菱等大公司合作，致力於真正的碳管理以及如何思考碳減排。

And they also have an investment arm. And that investment arm has initially focused on early-stage private startup companies and is now starting to focus more and more on the risk scale and companies like ourselves. So we are really, really happy to have them on board. And I just want to make that clear that they're going to make a tremendous partner and help us on our journey and very well aligned with the rest of our investor base. Thank you.

他們還有一個投資部門。該投資部門最初專注於早期私人新創公司，現在開始越來越多地關注風險規模和像我們這樣的公司。所以我們真的非常非常高興他們的加入。我只是想明確表示，他們將成為一個出色的合作夥伴，在我們的旅程中為我們提供幫助，並與我們的其他投資者基礎保持良好的一致。謝謝。

Thanks.

謝謝。

Steve Byrne, Bank of America.

史蒂夫伯恩，美國銀行。

Yes, thank you. Jennifer, you made a comment that you expect to get that funding from the DoE for project SECURE by year end. I assume you likely have a cracker lined up for this project and maybe more specifically the hydrogen that you'll need for this for them to capture the CO2 and convert it into first ethanol. Could you use the hydrogen that's a byproduct from the cracker and arguably call it blue given in your carbon capture system, is this a way to potentially reduce the cost of the process?

是的，謝謝。Jennifer，您曾評論說，您希望在年底前從美國能源部獲得用於 SECURE 計畫的資金。我假設你可能已經為這個專案準備了一台裂解裝置，更具體地說，可能還有你需要的氫氣，以便他們可以捕獲二氧化碳並將其轉化為第一乙醇。您能否使用裂解裝置的副產品氫氣，並在碳捕獲系統中稱為藍色，這是一種潛在降低製程成本的方法嗎？

Do you want to come up and project manage the project, Steve, because I think you're right on there. Absolutely I think the carbon intensity of off gases that exist in the petrochemical complex that we'll be using and how we leverage those is going to be extremely important in on thinking through this.

史蒂夫，你想上來管理這個專案嗎？當然，我認為我們將使用的石化聯合體中存在的廢氣的碳強度以及我們如何利用這些廢氣對於思考這個問題將非常重要。

And the way we're going to think about the hydrogen use is to both look at its carbon intensity as well as its availability and cost, right? And that techno economics plus the life cycle will dictate exactly what hydrogen and we use it as feedstock. But absolutely, the value of these projects is to integrate the value of these projects has to reduce costs by leveraging what's available.

我們考慮氫的使用的方式是同時考慮其碳強度以及其可用性和成本，對吧？技術經濟學加上生命週期將準確地決定我們使用什麼氫作為原料。但絕對地，這些項目的價值在於整合這些項目的價值，透過利用現有資源來降低成本。

And I also want to always remember that our projects enable us to create a road map. In other words, one can start with a certain techno economic basis with a certain carbon intensity and then transition to something more rigorous, right? Nothing says that as green hydrogen and green electrons become much more available at plants that started up on what would essentially be do hydrogen and off gas from the refinery and cannot become then supplemented by green hydrogen continuing to reduce its carbon intensity.

我還想永遠記住，我們的專案使我們能夠創建路線圖。換句話說，我們可以從一定的技術經濟基礎和一定的碳強度開始，然後過渡到更嚴格的東西，對嗎？沒有什麼可以說，隨著綠氫和綠色電子在工廠中變得越來越容易獲得，這些工廠基本上是用氫氣和煉油廠的廢氣啟動的，然後不能用綠色氫來補充，從而繼續降低其碳強度。

And I think what you'll find is in industries like SaaS you get rewarded for the carbon intensity of your products. So we won't let the perfect billion and we did we'll start with what's available and makes sense. And then we will progress to things that raise the bar. And so that really is what we intend to do here and demonstrate that.

我認為您會發現，在 SaaS 等行業，您會因產品的碳強度而獲得獎勵。因此，我們不會讓十億完美的人，但我們做到了，我們將從可用且有意義的東西開始。然後我們將繼續進行提高標準的工作。這確實是我們打算在這裡做並證明的事情。

Thank you again.

再次感謝您。

Sure. And at full scale, do you have an estimate of what and kind of the unit variable cost could be a pound of ethylene just as a way to characterize and this pathway as opposed to using ethane based feedstock.

當然。在全面範圍內，您是否估計一磅乙烯的單位可變成本是什麼以及種類，作為表徵這一途徑的一種方式，而不是使用乙烷基原料。

Not to today too many unknowns on the exact site the exact hydrogen source, the exact cost of the utilities, and that will be after the Phase stage of engineering. And we hope to start that before the end of the year for sure and take it into early next year. So ask me again next year, please.

直到今天，關於確切的地點、確切的氫源、公用事業的確切成本，還沒有太多的未知數，而這將在工程階段之後進行。我們希望在今年年底前開始，並將其延續到明年初。所以請明年再問我。

And just one last one for you. Any meaningful differences or the more challenges between this operation to produce ethanol and then ethylene versus producing propanol and then propylene, is one any more challenging than the other? Are your microbes fully capable of producing either?

還有最後一張送給你。生產乙醇然後乙烯的操作與生產丙醇然後丙烯的操作之間有任何有意義的差異或更多的挑戰，其中一個比另一個更具挑戰性嗎？你的微生物完全有能力生產其中任何一種嗎？

So the base case ethanol, it is our existing commercialized microbe, right that we have so many years of experience with. We had a first commercial plant running in 2018. The propylene is a genetically modified organism. It is one that we have developed is that the chasis the basis the bacteria that it makes ethanol, but it is modified it is a more challenging step and then doing ethanol, which is our bread and butter.

因此，基本情況乙醇是我們現有的商業化微生物，我們擁有多年的經驗。我們的第一座商業工廠於 2018 年投入運作。丙烯是一種基因改造生物。我們開發的一個基礎是細菌製造乙醇的基礎，但它是一個更具挑戰性的步驟，然後製造乙醇，這是我們的麵包和黃油。

We don't believe there are any issues, our processes were very conservative and we have taken it through the piloting. We piloted isopropanol at our Suncor demonstration facility. So we're very comfortable and confident, but I don't want to say ethanol and propanol right now on the same breath, right. We need to accept that is still going to be a first of a kind when we do personal.

我們認為不存在任何問題，我們的流程非常保守，我們已經進行了試點。我們在 Suncor 示範工廠試用了異丙醇。所以我們非常自在和自信，但我現在不想把乙醇和丙醇相提並論，對吧。我們需要承認，當我們進行個人活動時，這仍然是第一次。

But what you said, which I think is most important is crackers make ethylene and they propylene. And it is absolutely LanzaTech's intension to lever crackers to make the sustainable ethylene and propylene. We will do it at the same location, we will make it work exactly the same way we were integrated in the rate that the economics make sense. We are trying to displace all of the commodity chemicals that are used today in making the products we use every day.

但你所說的，我認為最重要的是裂解裝置生產乙烯和丙烯。利用裂解裝置生產可持續的乙烯和丙烯絕對是LanzaTech的用意。我們將在同一個地點進行這項工作，我們將使其按照經濟上有意義的速度進行整合的方式完全相同。我們正在努力取代目前用於製造我們日常使用的產品的所有商品化學品。

Very good. Thank you.

非常好。謝謝。

Thank you. And it appears that we have no further questions at this time. I will now turn the program back to Jennifer Holmgren for closing remarks.

謝謝。目前看來我們沒有其他問題了。現在我將把節目交還給詹妮弗·霍姆格倫（Jennifer Holmgren）做結束語。

Thank you so much. LanzaTech and the CirculAir economy I mean, growth mode, the CirculAir economy market size would tell you that roughly $515 million in 2023 and is projected to reach over trillion dollars by 2030, representing a key feature of 13% from 2024 to 2030.

太感謝了。LanzaTech 和CirculAir 經濟我的意思是，成長模式，CirculAir 經濟市場規模將告訴您，2023 年約為5.15 億美元，預計到2030 年將達到超過萬億美元，代表2024 年至2030 年13% 的關鍵特徵。

Together, we at LanzaTech not just building that technology with pioneering that CirculAir economy that has the potential to transform pollution into profit and enable economies to grow using local resources, fostering a sustainable future for generations to come.

我們 LanzaTech 不僅透過開創循環空氣經濟來建立該技術，該經濟有潛力將污染轉化為利潤，並使經濟利用當地資源實現成長，為子孫後代培育可持續的未來。

Thank you again for joining us, and thank you for supporting us. Thank you for giving us the opportunity to show what we can do with carbon that's already above ground. Thank you and I wish you a great rest of your day.

再次感謝您的加入，感謝您對我們的支持。感謝您給我們機會展示我們可以利用地面上的碳做些什麼。謝謝您，祝您有個愉快的一天。

Thank you. This does conclude today's LanzaTech Global Inc second quarter 2024 earnings conference call. Thank you for your participation and you may disconnect at any time.

謝謝。今天 LanzaTech Global Inc 的 2024 年第二季財報電話會議到此結束。感謝您的參與，您可以隨時斷開連線。