Lanzatech Global Inc (LNZA) 2024 Q3 法說會逐字稿

Good day, everyone and welcome to Lanzatech Global Inc's third quarter of 2024 earnings conference call.

大家好，歡迎參加 Lanzatech Global Inc 的 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

And now at this time, I will 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's third 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，感謝您參加今天 Lanzatech Global Inc 的 2024 年第三季財報電話會議。我們的董事會主席兼執行長 Jennifer Holmgren 博士和我們的財務長 Geoff Trukenbrod 也加入了我的行列。

Earlier this morning, we issued a press release with our third quarter, 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 年第三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 ended September 30 2024 filed today.

另請參閱我們今天提交的截至 2024 年 9 月 30 日的季度 10-Q 表格季度報告。

Both our press release and investor presentation can be found in the investor relations section of our website at www.lanzatech.com.

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 includes 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，我想引導您閱讀投資者簡報前面的免責聲明，並提醒您今天的電話會議包含前瞻性陳述。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.

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。其中許多是我們無法控制的。

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 unless required by law, we assume no obligation to update publicly any forward-looking statements.

請參閱我們最近向證券交易委員會提交的文件，其中確定了可能影響我們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，否則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.

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。

Please see our earnings release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures. With that, I'll turn the call over to Jennifer.

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。這樣，我就把電話轉給詹妮弗。

Thank you, Kate and everyone joining us today. It's been a dynamic News week and we appreciate your time and ongoing support Lanzatech.

謝謝凱特和今天加入我們的所有人。這是充滿活力的新聞週，我們感謝您的寶貴時間和對 Lanzatech 的持續支持。

First, let's address the elephant in the room. Our third quarter revenue was $9.9 million about $7 million below target. This was primarily due to two factors. One we were expecting another Lanzatech sublicense event that would have resulted in the issuance of the second tranche of Lanzatech shares to Lanzatech in the third quarter and close to $8 million in revenue associated with that event similar to our second quarter. And two, while our carbon smart revenue more than doubled quarter of a quarter to $2.2 million in Q3, due to the market dynamics of ethanol pricing being depressed in a target market for Q3, that was still significantly below our expectations for the quarter.

首先，讓我們來談談房間裡的大象。我們第三季的營收為 990 萬美元，比目標低約 700 萬美元。這主要是由於兩個因素。我們預計 Lanzatech 會發生另一場再授權事件，這將導致在第三季向 Lanzatech 發行第二批 Lanzatech 股票，並與該事件相關的收入接近 800 萬美元，與我們的第二季類似。第二，雖然我們的碳智慧收入在第三季成長了一倍以上，達到220 萬美元，但由於第三季目標市場乙醇定價的市場動態受到抑制，這仍然大大低於我們對該季度的預期。

While we are actively evaluating material cost reduction opportunities across the business, as well as opportunities to reallocate resources to focus on and accelerate commercial activities, I also want to talk with you today about the evolution of our business model to accelerate the revenues and profitability.

雖然我們正在積極評估整個企業的材料成本降低機會，以及重新分配資源以專注於和加速商業活動的機會，但我今天還想與您討論我們的業務模式的演變，以加速收入和盈利能力。

Having worked with partners like Shougang, our ArcelorMittal and Indian Oil Corporation to develop and construct startup and operate six commercial scale biorefineries, we believe we have established the knowhow and infrastructure to develop our own commercial projects.

我們與首鋼、安賽樂米塔爾和印度石油公司等合作夥伴合作開發和建設啟動並運營六個商業規模的生物煉油廠，我們相信我們已經建立了開發自己的商業項目的專業知識和基礎設施。

While Lanzatech has grown primarily with our licensing business model which allows for rapid capital light scaling, it is a tough model that leaves us dependent upon the adoption and decision cycles of our licensees and often does not allow us to capture the full value of our technology.

雖然Lanzatech 主要透過我們的授權業務模式來成長，該模式允許快速資本擴張，但這是一種艱難的模式，使我們依賴被授權人的採用和決策週期，並且通常不允許我們充分發揮技術的價值。

Over the course of the past year, we have been evolving our business model to complement our licensing business and enhance our capability to develop and finance our own projects where we have more control over their timing and ultimate performance, and in which we expect to achieve greater economics, including greater upside for Lanzatech in the product and profits of these projects.

在過去的一年裡，我們一直在發展我們的業務模式，以補充我們的授權業務，並增強我們開發和資助我們自己的專案的能力，我們可以更好地控制專案的時間表和最終績效，而我們期望實現更大的經濟效益，包括 Lanzatech 在這些專案的產品和利潤方面的更大上升空間。

This evolution can be seen in our recently announced project in Norway, which is expected to reach final investment decision within six months, and which we expect to be the first project to be developed with our infrastructure capital partner, Brookfield Asset Management, which committed $500 million for such Lanzatech projects.

這種演變可以從我們最近宣布的挪威項目中看出，該項目預計將在六個月內做出最終投資決定，我們預計該項目將成為與我們的基礎設施資本合作夥伴布魯克菲爾德資產管理公司合作開發的第一個項目，布魯克菲爾德資產管理公司承諾投資500 美元百萬美元用於此類 Lanzatech 項目。

It can also be seen in the creation of our joint venture with the Olayan Group in the Middle East, which we expect to finance and cultivate a growing pipeline of commercial opportunities in that region.

我們與中東 Olayan 集團成立的合資企業也體現了這一點，我們希望為該地區提供資金並培育不斷增長的商業機會。

And it can be seen in another project, our project Drake, which I'm excited to announce today as it has reached a major milestone which should have significant positive impact on our fourth quarter, financial performance and drive a meaningful amount of income for 2025, if we rapidly finalize the agreements as expected.

這可以在我們的另一個項目Drake 中看到，我今天很高興宣布該項目，因為它已經達到了一個重要的里程碑，這將對我們第四季度的財務業績產生重大積極影響，並為2025 年帶來可觀的收入，如果我們能如預期迅速敲定協議。

Comparable to a Project Dragon in the UK, Project Drake is a 30 million gallon per year, EU based ethanol to sustainable aviation fuel project that we have been developing over the last three years, which will utilize ethanol from Lanzatech waste to ethanol technology platform and convert it to SAF via the LanzaJet platform. We have completed the front end engineering and design or feed work for inside the battery limits of this project and expect to reach final investment decision, and fully finance the construction stage of this project in 2025.

與英國的Dragon 項目相比，Drake 項目是一個每年3000 萬加侖、基於歐盟的乙醇轉可持續航空燃料項目，我們在過去三年中一直在開發，該項目將利用Lanzatech 廢物中的乙醇轉變成乙醇技術平台和透過 LanzaJet 平台將其轉換為 SAF。我們已經完成了該專案電池範圍內的前端工程和設計或供電工作，預計將在 2025 年達成最終投資決策，並為該專案的建設階段提供全額資金。

Today, I'm announcing that we have entered into an exclusivity and financing commitment agreement with a new financial partner whereby they intend to acquire certain rights in the development of this project, fund the remaining capital needed to reach FID and enter into a development services agreement with Lanzatech for this remaining work.

今天，我宣布，我們與新的金融合作夥伴簽訂了獨家經營權和融資承諾協議，他們打算獲得該項目開發的某些權利，為達成最終投資決定所需的剩餘資本提供資金，並簽訂開發服務協議。

We expect to maintain significant upside participation in this project and have already received the 1st $5 million in fees associated with this agreement and expect to share more about this exciting project and its potential additional impact on our 2024 and 2025 results later in the quarter. As we finalize these agreements, I want to clarify that we are not shifting to a capital intensive business model where we're taking binary company risk on individual projects. Rather we're taking more control of our own success, shortening project development, life cycles and positioning ourselves for greater upside and multiple projects by partnering with world class visionary capital partners from the earliest stages of our project development, securing capital for development stage projects is difficult and time consuming, especially on a project by project basis, which is why we have adopted this partnership approach with strong capital partners for financing the various stages of project development and securing financing partnerships upfront and then designing and developing projects to meet our partners' investment criteria.

我們預計將繼續大力參與該項目，並已收到與該協議相關的第一筆500 萬美元費用，並預計在本季度晚些時候分享更多有關這一令人興奮的項目及其對我們2024年和2025 年業績的潛在額外影響的資訊。當我們敲定這些協議時，我想澄清的是，我們不會轉向資本密集型業務模式，在這種模式下，我們在各個專案上承擔二元公司風險。相反，我們更控制自己的成功，縮短專案開發、生命週期，並透過從專案開發的最早階段與世界一流的有遠見的資本合作夥伴合作，為開發階段專案確保資本，從而為更大的優勢和多個專案做好準備是困難且耗時的，特別是在逐個專案的基礎上，這就是為什麼我們採用與強大的資本合作夥伴建立夥伴關係的方式，為專案開發的各個階段提供融資並確保預先建立融資夥伴關係，然後設計和開發項目以滿足我們的合作夥伴的要求' 投資標準。

We are also continuing to expand access to ethanol volumes produced from our licensed biorefineries in order to grow our carbon smart business and its margins.

我們也繼續擴大獲得許可的生物精煉廠生產的乙醇數量，以發展我們的碳智慧業務及其利潤。

Today, we also announced a two stage ethanol off-take agreement with our ArcelorMittal, a short term contract with a $6 million annual revenue potential and a five year contract with annual commitments of 5,000 to 10,000 tons generating a potential $10 million to $20 million per year.

今天，我們也宣布了與安賽樂米塔爾簽訂的兩階段乙醇承購協議，一份年收入潛力為600 萬美元的短期合同，以及一份每年承諾5,000 至10,000 噸的五年合同，每年潛在收入為1,000 萬至2,000 萬美元。

This is our first long term ethanol purchase agreement which enhances our access to products and allows carbon smart customers to make longer larger commitments which has the potential to significantly boost our future revenues. This progress is thanks to the foundation we developed for delivering carbon smart ethanol to our customers and trading ethanol from our China plant.

這是我們的第一份長期乙醇採購協議，該協議增強了我們獲得產品的機會，並允許碳智慧客戶做出更長期、更大的承諾，這有可能顯著提高我們未來的收入。這項進展得益於我們為向客戶提供碳智慧乙醇以及從我們的中國工廠交易乙醇而建立的基礎。

Now let's talk further about why we're in a strong position for 2025 and beyond. If you look back at a Lanzatech team has accomplished since our last earnings call, it is truly impressive and speaks to the solid foundation we continue to build for long term growth first on the sustainable aviation fuel front. In addition to project to we have announced several projects and milestones which demonstrate the interest in Lanzatech ethanol produced from waste resources to produce SAF through circular air.

現在讓我們進一步討論為什麼我們在 2025 年及以後處於有利地位。如果您回顧一下自上次財報電話會議以來 Lanzatech 團隊所取得的成就，您會發現它確實令人印象深刻，並且說明了我們繼續首先在可持續航空燃料方面為長期增長奠定了堅實的基礎。除了該項目之外，我們還宣布了幾個項目和里程碑，這些項目和里程碑表明了 Lanzatech 對利用廢物資源生產乙醇透過循環空氣生產 SAF 的興趣。

That is our joint offering in partnership with LanzaJet.

這是我們與 LanzaJet 合作提供的聯合產品。

The global market for sustainable aviation fuel produced from ethanol is experiencing significant growth and we expect the pull of our ethanols be up for SAF to grow right along with it.

由乙醇生產的可持續航空燃料的全球市場正在經歷顯著增長，我們預計我們的乙醇對 SAF 的拉力將隨之增長。

There are projects underway in the UK, the EU, India, Australia and New Zealand, and we expect LanzaJet Freedom Pines steel facility here in the US to start producing barrels eminently. What all these projects reinforce is the massive interest in our ethanol producing technology which provides a critical source of feedstock for the multiple SAF projects underway leveraging LanzaJet' technology.

英國、歐盟、印度、澳洲和紐西蘭都有專案正在進行，我們預計美國的 LanzaJet Freedom Pines 鋼鐵廠將開始生產桶。所有這些項目都強化了人們對我們的乙醇生產技術的巨大興趣，該技術為利用 LanzaJet 技術進行的多個 SAF 項目提供了重要的原料來源。

During the third quarter, we also expanded the scope of our work with our New Zealand LanzaJet, to assess the use of municipal solid waste as a local feed stuff for shaft production in New Zealand.

在第三季度，我們也擴大了與紐西蘭 LanzaJet 的合作範圍，以評估紐西蘭城市固體廢棄物作為當地軸生產原料的使用情況。

After successfully completing a feasibility study for locally grown woody waste. This builds upon the work we're doing with Wagner's sustainable fuels in Australia. Our first circular project around municipal solid waste is feedstock for their planned SAF refinery at the Port of Brisbane, and adding to a project using municipal solid waste to feed stuff to ethanol production is the master licensing agreement with city Sue that we signed in September to develop multiple waste to ethanol plants across Japan.

成功完成當地種植的木質廢料的可行性研究後。這建立在我們在澳洲對瓦格納可持續燃料所做的工作的基礎上。我們的第一個圍繞城市固體廢物的循環項目是布里斯班港計劃中的SAF 煉油廠的原料，而我們在9 月與Sue 市簽署的主許可協議增加了一個利用城市固體廢物為乙醇生產提供原料的項目。

We are in the early stages of executing this plan but are truly excited about developing a replicable global blueprint for other countries and businesses to follow on how to access and utilize the carbon lock in local garbage. Turning Now to progress with industrial offgas as a feed stop for ethanol production. Our collaboration with Eramet in Norway represents what we believe to be the first of a kind integrated CCU and CCUS facility designed to achieve leading edge carbon abatement results for hard to evade industries. Metals, cement, chemical shipping and aviation are among the hardest industrial sectors to evade, and we see a number of avenues ahead where we can leverage and replicate the work we're doing in Norway to provide profitable decarbonization solutions to other companies grappling with the same situation. As we expand our biorefining global reach, we're also expanding our platform's capabilities. In early October, we announced our ability to produce single cell protein a product we're calling Lanzatech nutritional protein.

我們正處於執行該計劃的早期階段，但我們對為其他國家和企業製定可複製的全球藍圖感到非常興奮，以了解如何獲取和利用當地垃圾中的碳鎖。現在轉向工業廢氣作為乙醇生產的進料站的進展。我們與挪威埃赫曼 (Eramet) 的合作代表了我們相信的首個整合 CCU 和 CCUS 設施，旨在為難以逃避的行業實現領先的碳減排成果。金屬、水泥、化學品運輸和航空是最難規避的工業領域，我們看到了未來的許多途徑，我們可以利用和複製我們在挪威所做的工作，為其他努力解決這一問題的公司提供有利可圖圖的脫碳解決方案。隨著我們擴大生物精煉的全球影響力，我們也正在擴大我們平台的功能。十月初，我們宣布能夠生產單細胞蛋白，我們稱之為 Lanzatech 營養蛋白。

The estimated $1 trillion alternative protein market is expected to grow significantly, and our nutrient rich product is designed to be an ideal ingredient for animal feed, pet food and human nutrition that can be produced from co two oxygen and hydrogen anywhere in the world.

預計價值 1 兆美元的替代蛋白市場預計將顯著增長，我們營養豐富的產品旨在成為動物飼料、寵物食品和人類營養的理想成分，可以在世界任何地方用二氧化碳和氫氣生產。

Our bioreactors have been producing protein as a co-product to ethanol for years, and now we have developed the capability to produce protein as the primary product. Importantly, we continue to develop partnerships with animal pet and human food producers to enable us to aggregate demand for the production of Lanzatech nutritional protein at commercial scale.

多年來，我們的生物反應器一直在生產蛋白質作為乙醇的副產品，現在我們已經具備了生產蛋白質作為主要產品的能力。重要的是，我們繼續與動物寵物和人類食品生產商發展合作夥伴關係，使我們能夠以商業規模聚集對 Lanzatech 營養蛋白生產的需求。

To close, we are focused on a strong Q4 to finish the year with nearly two months left. There's still a lot of time on the clock to execute what we have in the process. Several of the largest initiatives we have in development right now have some element of timing and certainty which results in a large range of potential fourth quarter financial outcomes. Those initiatives are project three where we are finalizing agreements, our project in Norway where we are preparing a package for FID review by Brookfield and Project SECURE, which we announced in March of this year and is progressing well, we are working on finalizing the contracting framework with technique energies and the Department of Energy.

最後，我們的重點是第四季表現強勁，以結束今年剩下近兩個月的時間。我們還有很多時間來執行流程中的任務。我們目前正在製定的幾項最大的舉措都具有一定的時機和確定性，這會導致第四季度的大量潛在財務結果。這些舉措是項目三，我們正在敲定協議，我們在挪威的項目，我們正在準備一攬子計劃供布魯克菲爾德進行 FID 審查，以及項目 SECURE，我們於今年 3 月宣布該項目，進展順利，我們正在努力敲定合同技術能源和能源部的框架。

Additionally, the next Lanzatech sublicensing event and the related issuance of additional shares of Lanzatech to Lanzatech has timing and certainty as well.

此外，下一次 Lanzatech 分許可事件以及相關的向 Lanzatech 增發 Lanzatech 股份也具有時機和確定性。

It's important to note that we expect these projects will unlock access to cash that will significantly boost our financial liquidity. I am confident that the moves we're making with our business model will improve the certainty of development timelines as we go forward and will be accretive to our short term and long term business economics.

值得注意的是，我們預計這些項目將釋放現金管道，從而顯著提高我們的財務流動性。我相信，隨著我們的發展，我們對業務模式的措施將提高發展時間表的確定性，並將促進我們的短期和長期商業經濟。

We expect these moves will allow us to control more of the feed stock operations and offtake in our asset portfolio, which should increase our cash flow generation and accelerate our path to profitability, and with that, I'll turn it over to Geoff for the financial update.

我們預計這些舉措將使我們能夠控制更多的原料業務和資產組合中的承購，這應該會增加我們的現金流產生並加速我們的盈利之路，這樣，我將把它交給傑夫財務更新。

Thank you Jennifer. Good morning everyone and thank you for joining us on the call. I'm going to provide some additional details associated with our results for the third quarter of 2024 and further details on our expectations for the fourth quarter. As Jennifer mentioned, headline revenue for the third quarter of 2024 was lighter than expected but would have been in line with expectations if the next LanzaJet sublicensing agreement had been signed in Q3. As we expected for Q3, we reported $9.9 million of total revenue which included $5.9 million of biorefining revenues, $1.8 million of revenue from joint development agreements and contract research, and $2.2 million of revenue associated with carbon smart product sales.

謝謝你詹妮弗。大家早安，感謝您加入我們的電話會議。我將提供與 2024 年第三季業績相關的一些其他詳細信息，以及我們對第四季度預期的更多詳細信息。正如 Jennifer 所提到的，2024 年第三季的整體收入低於預期，但如果下一份 LanzaJet 分許可協議在第三季簽署，則將符合預期。正如我們對第三季度的預期，我們報告了990 萬美元的總收入，其中包括590 萬美元的生物精煉收入、來自聯合開發協議和合約研究的180 萬美元的收入以及與碳智慧產品銷售相關的220 萬美元的收入。

Drilling down into the separate revenue categories biorefining revenues of $5.9 million in Q3 was similar to Q2 excluding the $7.9 million related to the additional LanzaJet share consideration we received in Q2. As compared to Q3 of the prior year, this quarter was down $6.5 million. The key variants item being higher engineering services revenue being reported in Q3 of 2023. Specifically, the engineering services associated with Project Dragon were particularly high in the third quarter of last year as that work was wrapping up. Going forward, we expect to see quarter over quarter uplift related to the monetization of engineering work to be done on project rate and other projects we have in our pipeline. Joint development and contract research revenue for the third quarter of 2024 sequentially down $1 million to 1.8 million, as compared to $2.8 million for second quarter 2024, primarily due to the completion of a few pieces of government projects and some downtime before new projects kick off in fourth quarter, with results materializing in 2025. We announced the project adapt government funding in October and I expect to receive at least one other government contract before the end of the year, which sets us up nicely for 2025 growth in this category. And for carbon smart, product sales revenue for the third quarter of 2024 was $2.2 million up significantly from two Q24 of $0.9 million, and in line with third quarter 2023. The quarter over quarter increase this year was driven by incremental direct fuel product sales, built upon having the right licensing structure partners and supply chain in place, which we announced during our 2Q24 earnings call.

深入研究各個收入類別，第三季生物精煉收入為 590 萬美元，與第二季類似，不包括與我們在第二季收到的額外 LanzaJet 股票對價相關的 790 萬美元。與去年第三季相比，本季減少了 650 萬美元。關鍵變數是 2023 年第三季報告的工程服務收入增加。具體來說，去年第三季度，隨著龍計畫的工作即將結束，與龍計畫相關的工程服務特別高。展望未來，我們預計與工程費率和我們正在籌備的其他項目的貨幣化相關的季度將比去年同期成長。2024 年第三季的共同開發和合約研究收入連續下降100 萬美元至180 萬美元，而2024 年第二季為280 萬美元，這主要是由於一些政府項目的完成以及新項目啟動前的一些停機時間第四季度，結果將於 2025 年實現。我們於 10 月宣布了該項目調整政府資金，我預計在今年年底之前將至少收到一份其他政府合同，這為我們在 2025 年實現這一類別的增長奠定了良好的基礎。對於碳智慧而言，2024 年第三季的產品銷售收入為 220 萬美元，較 2024 年第二季的 90 萬美元大幅成長，與 2023 年第三季持平。今年的環比成長是由直接燃料產品銷售的增量推動的，而直接燃料產品銷售的成長是建立在擁有正確的許可結構合作夥伴和供應鏈的基礎上的，我們在2024 年第二季度的財報電話會議上宣布了這一點。

We had access to more volumes but ethanol prices for fuels dropped in China where we had targeted to sell these volumes, prompting us to scale back our trading activity. Going forward, we expect to have access to more volumes from our middles plant again which will drive growth in our carbon smart business for fourth quarter and beyond. Turning out the cost of revenue which was $8.1 million as compared to $14.4 million for third quarter 2023 and $5.5 million for second quarter, 2024. This was largely related to head count allocations associated with the delivery of our biorefining services and JDA work during the third quarter of 2024, and the higher carbon smart sales. Gross margin was a relatively low 18% of revenue for the quarter as a function of revenue mix including additional lower margin, carbon smart sales, and the fact that we did not realize the revenue which was effectively 100% margin associated with another LanzaJet share issues. On the operating cost front, third quarter 2024 operating expenses were $34.8 million, of approximately $5 million from prior year, essentially flat as compared to second quarter 2024 and overall below budget as we have focused on controlling and reducing our costs. The increase year over year is driven by expenses associated with projects that we are developing with the intent of transferring them to our infrastructure and capital partners later this year or early next year, at which point we expect to recoup these costs.

我們獲得了更多的產量，但在中國，燃料乙醇價格下跌，我們的目標是出售這些產量，促使我們縮減貿易活動。展望未來，我們預計將再次從我們的中間工廠獲得更多產量，這將推動我們第四季及以後碳智慧業務的成長。收入成本為 810 萬美元，而 2023 年第三季為 1,440 萬美元，2024 年第二季為 550 萬美元。這很大程度上與 2024 年第三季生物精煉服務和 JDA 工作交付相關的人員分配以及較高的碳智慧銷售有關。本季毛利率相對較低，佔營收的18%，這是由於收入組合的影響，包括額外的較低利潤率、碳智慧銷售，以及我們沒有意識到與另一項LanzaJet 股票發行相關的實際上100% 利潤率的收入這一事實。在營運成本方面，2024 年第三季的營運費用為3,480 萬美元，比上年同期減少約500 萬美元，與2024 年第二季基本持平，總體低於預算，因為我們專注於控制和降低成本。同比成長是由我們正在開發的專案相關費用推動的，這些專案的目的是在今年稍後或明年初將這些專案轉移給我們的基礎設施和資本合作夥伴，屆時我們預計將收回這些成本。

And as for adjusted EBITDA. Our third quarter, 2024 adjusted EBITDA loss was $27.1 million as compared to third quarter, 2023 adjusted EBITDA loss of $19.1 million the year over year. Variance is attributable mostly to lower revenues reported year over year and the higher year over year project development expenses and OpEx that I just discussed wrapping up my remarks related to third quarter 2024. I'll give an update on our cash position. At the end of September, we had $89.1 million in cash on hand, including cash restricted cash and investments. This compares to $75.8 million at the end of the second quarter, 2024.

至於調整後的 EBITDA。2024 年第三季調整後 EBITDA 虧損為 2,710 萬美元，而 2023 年第三季調整後 EBITDA 虧損為 1,910 萬美元。差異主要是由於報告的收入同比下降以及項目開發費用和營運支出同比上升，我剛剛在總結與 2024 年第三季度相關的演講時討論了這一點。我將提供有關我們現金狀況的最新資訊。截至 9 月底，我們手頭現金為 8,910 萬美元，包括現金限制現金和投資。相比之下，2024 年第二季末的銷售額為 7,580 萬美元。

The increase in our cash position quarter over quarter is attributable to the $40 million investment by carbon direct capital, we closed in August and announced on our second quarter call.

我們的現金部位環比增加歸因於碳直接資本的 4,000 萬美元投資，我們於 8 月結束並在第二季電話會議上宣布。

We ended the quarter in a stronger cash position than forecasted even on lower than expected revenues. We are focused on cost control and the fact that the forecasted revenues that we did not recognize in Q3 were not expected to have material cash flow impact on September 30th. We made a $10 million settlement payment to ACM which is one of the two parties involved in the forward purchase agreement was put in place in 2023.

即使營收低於預期，本季末我們的現金狀況仍強於預期。我們專注於成本控制，而且我們在第三季未確認的預測收入預計不會對 9 月 30 日產生重大現金流影響。我們向 ACM 支付了 1000 萬美元的和解金，ACM 是參與 2023 年簽訂的遠期購買協議的兩方之一。

It was our decision to fully satisfy our obligations to ACM under the FDA in cash. In order to achieve two main benefits.

我們決定以現金方式完全履行 FDA 規定的 ACM 義務。為了實現兩個主要好處。

First, we reduced the number of issued and outstanding common shares, and second, we limited future downward pressure on our stock price in the event that ACM was to sell our equity position in Lanzatech on the open market.

首先，我們減少了已發行和已發行普通股的數量，其次，如果 ACM 在公開市場上出售我們在 Lanzatech 的股權，我們可以限制我們股價未來的下行壓力。

Now, I'd like to take some time and discuss our fourth quarter outlook.

現在，我想花一些時間討論我們第四季的前景。

As Jennifer mentioned, we have a wide range of possible outcomes for the final quarter of this year.

正如詹妮弗所提到的，今年最後一個季度我們有多種可能的結果。

Natural drivers of revenue for fourth quarter, 2024 include five key components. First, for the past three quarters, our current base business has generated about $10 million per quarter.

2024 年第四季營收的自然驅動因素包括五個關鍵組成部分。首先，在過去的三個季度中，我們目前的基礎業務每季創收約 1,000 萬美元。

Second, we expect our project in Norway to be in Brookfield's hands for FID evaluation soon and we estimate that represents approximately $20 million of revenue for us upon positive FID.

其次，我們預計我們在挪威的計畫很快就會交由 Brookfield 進行 FID 評估，我們估計，在 FID 獲得肯定後，這將為我們帶來約 2000 萬美元的收入。

Third, Project Drake is in a similar ballpark to a project in Norway in terms of potential cash flow and income for fourth quarter. In addition to baselining revenue for 2025 fourth, assuming we rapidly finalize our award contracting process for project secure, we forecast recording approximately $4 million of revenue before the end of the year.

第三，就第四季度的潛在現金流量和收入而言，Drake 專案與挪威的一個專案大致相似。除了 2025 年第四季的收入基準外，假設我們迅速完成專案安全的合約簽訂流程，我們預計在年底前將錄得約 400 萬美元的收入。

And finally, LanzaJet is working tirelessly on a number of sublicensing agreements and the successful signing of another agreement could result in additional share consideration in incremental revenue during the quarter.

最後，LanzaJet 正在不懈地致力於多項再授權協議，而另一項協議的成功簽署可能會導致本季度增量收入中的額外份額考慮。

We discussed our LanzaJet sublicensing arrangement in detail during our second quarter, 2024 earnings call, so I won't go into it as much today but the potential for us to receive both the second and the third and final tranche of LanzaJet equity in the next several months would also be expected to result in significant revenue recognition associated with that share of consideration with that. I'll turn the call back to Jennifer for some closing remarks before we open the call for Q&A.

我們在2024 年第二季財報電話會議上詳細討論了LanzaJet 的再許可安排，因此今天我不會過多討論，但我們有可能在接下來的時間裡獲得LanzaJet 股權的第二筆、第三筆和最後一筆股權預計幾個月後也會產生與該對價份額相關的大量收入確認。在我們開始問答環節之前，我會將電話轉回給詹妮弗，讓她做一些結束語。

Jennifer.

珍妮佛.

Thank you, Geoff. I want to close by reiterating a few key points. First, we're happy with the progress we're making to evolve our business model and develop projects like the Eramet collaboration in Norway and Project Drake in the EU.

謝謝你，傑夫。最後，我想重申幾個關鍵點。首先，我們對我們在發展業務模式和開發項目（如挪威的 Eramet 合作和歐盟的 Project Drake）方面所取得的進展感到高興。

Second, there is strong enthusiasm for alcohol to jet enabled SAF projects that are wastes low carbon ethanol. This has led to exciting announcements with Wagner's Sustainable Fuels and Air New Zealand with more anticipated.

其次，人們對使用酒精噴射的 SAF 計畫有著強烈的熱情，這些計畫是廢棄的低碳乙醇。這導致瓦格納永續燃料公司和紐西蘭航空發布了令人興奮的公告，並帶來了更多的期待。

Third, we remain sharply focused on commercial growth and increased product sales in tandem with disciplined cost control in order to accelerate our path to midterm profitability and positive cash flow from our operations. With that. Let's open up the call for questions.

第三，我們仍然高度關注商業成長和增加產品銷售，同時嚴格控製成本，以加速我們實現中期利潤和業務現金流的正向目標。就這樣。讓我們開始提問吧。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Leo Mariani, Roth MKM.

裡奧·馬裡亞尼，羅斯·MKM。

You guys wanted to ask a little about some of these revenue components here. I guess I'm a little confused on Project Drake. I guess you guys said that you received $5 million already. So is that $5 million of revenue it's going to hit in the fourth quarter? Is it going to be accounted for? Is something else? And then is that $5 million included as part of that roughly $10 million base revenue business that you expect or that would be additional to that?

你們想在這裡詢問一些有關其中一些收入組成部分的問題。我想我對德雷克計劃有點困惑。我猜你們說你們已經收到 500 萬美元了。那麼第四季的營收會達到 500 萬美元嗎？會被算帳嗎？還有別的事嗎？那麼這 500 萬美元是否包含在您預期的約 1000 萬美元基本收入業務中，或者是額外的？

Hey Leo, good morning. Thanks for joining us on the call. So to address it. So project Drake is a project we've been working on for a while. The $5 million is an exclusivity fee associated with it. We do expect it to, to think about it as a effectively as a deposit or the first part of a broader payment in Q4 associated with the paying for the development services packages work that we've done that. So, you know, we expected, we assuming we're able to finalize the agreements that we do expect that $5 million to be part of what will be recognized as revenue and, and not part of that, you know, kind of $10 million that you quoted, which is we're just trying to connotate there that that's what the business has been doing, you know, little conservatively speaking, it's been doing a little bit better than that quarter, over quarter year-to-date. So that's not in that $10 million that would be incremental to it.

嘿，利奧，早安。感謝您加入我們的通話。所以要解決它。Drake 專案是我們已經研究了一段時間的專案。500 萬美元是與之相關的排他性費用。我們確實希望將其視為有效的押金或第四季度更廣泛付款的第一部分，與支付我們所做的開發服務包工作相關。所以，你知道，我們預計，我們假設我們能夠敲定協議，我們確實預計 500 萬美元將成為收入的一部分，而不是其中的一部分，你知道，大約 1000 萬美元你引用的，我們只是想暗示這就是該業務一直在做的事情，你知道，保守地說，它的表現比該季度、年初至今的季度要好一些。因此，這並不在增量的那 1000 萬美元中。

Okay. That's helpful, and then just wanted to jump over to the the cost side here, you guys have talked a lot about cost savings initiatives. You know for quite some time and I guess if I just look at the numbers here, you know, I guess I define your cash cost is basically cash G&A plus R&D. I guess those numbers have gone up the last three quarters here. So, can you kind of help me out a little bit with the cost savings initiatives that they not yet hit the numbers or maybe they were going to be higher than you reported? And, and now there's sort of less growth, I guess in, in the cost. So I'm just trying to understand that, and you know, how do you think cost evolve as you roll into, you know, fourth quarter into the next year?

好的。這很有幫助，然後我想跳到成本方面，你們已經談論了很多關於成本節約舉措的內容。你知道很長一段時間了，我想如果我只看這裡的數字，你知道，我想我定義你的現金成本基本上是現金 G&A 加上 R&D。我猜這些數字在過去三個季度有所上升。那麼，您能否幫我解決一些尚未達到目標的成本節約計劃，或者可能會比您報告的更高？而且，現在我想成本的成長已經減少。所以我只是想了解這一點，你知道，當你進入明年第四季時，你認為成本會如何演變？

Thank you for the question, Leo, what is happening is as you know, Project Drake and also Project X Alexis, we are delivering those projects to FID and then they are transferred or sold if you will because we're doing all the work now we're doing, we're expensing all of that cost now that includes external dollars because as you know, to get to FID, we also have to do feed package with external contractors. We also have to do applications permitting all of these things for environmental issues. So there is an awful lot of work internal and external that is required to get a project to FID. All of those expenses are being booked right now, and then when the projects, both Drake and X Alexis, the, the Norwegian project get transferred, we will be in a position to simply recoup all those costs. Geoff, do you want to add something to that?

謝謝你的提問，Leo，正如你所知，正在發生的事情，Drake 項目和Alexis 項目，我們正在將這些項目交付給FID，然後如果你願意的話，它們會被轉讓或出售，因為我們現在正在做所有的工作我們正在這樣做，我們現在正在支出所有成本，包括外部資金，因為如您所知，為了達到最終投資決定，我們還必須與外部承包商一起進行飼料包。我們還必須申請允許所有這些事情解決環境問題。因此，要使專案獲得最終投資決定，需要進行大量的內部和外部工作。所有這些費用現在都已登記，然後當 Drake 和 X Alexis 以及挪威項目轉移時，我們將能夠簡單地收回所有這些成本。傑夫，你想補充點什麼嗎？

Yeah, I would just say that with that and, and Gene. Absolutely. Right. That, that has driven a significant component of our OpEx. OpEx is fairly consistent quarter over quarter, but it is, that piece of it is overshadowing some of the cost reductions we've had on specific OpEx items. So we've actually reduced, you know, quarter over quarter, many of our OpEx line items as well as reduced it relative to budget for the year. So we're driving costs down relative to what we planned at the beginning of the year and on things like, you know, you know, salaries and benefits expense, you know, contractors, right. Other things we reduce cost quarter over quarter as well.

是的，我只想用那個和，還有吉恩來這麼說。絕對地。正確的。這推動了我們營運支出的重要組成部分。營運支出與季度相比相當一致，但事實是，這部分掩蓋了我們在特定營運支出項目上的一些成本降低。因此，您知道，我們實際上逐季減少了許多營運支出項目，並相對於當年的預算進行了減少。因此，相對於年初的計劃，我們正在降低成本，以及諸如工資和福利費用、承包商等方面的成本。其他方面我們也逐季降低成本。

Okay, and then just on your, you know, sort of bit of a tweak to the, the business model here. You talked about bringing in, you know, infrastructure partners, you know, to, to finance, I guess, you know, new projects maybe accelerate some of these. Can you provide a little bit more color there, you know, is Lanza going to be putting, you know, some equity into these projects? Maybe it's a small amount. But maybe zero, I don't know, just wanted to get a sense of that and I guess maybe, you know, do you have discussions going on with multiple infrastructure partners? And presumably this is beyond Brookfield. Other people live in Brookfield.

好吧，然後就是對這裡的商業模式做一些調整。你談到引入基礎設施合作夥伴，你知道，融資，我想，你知道，新項目可能會加速其中一些。你能否提供更多的信息，你知道，Lanza 是否會在這些項目中投入一些股權？也許是小數額。但也許為零，我不知道，只是想了解一下，我想也許，你知道，你是否正在與多個基礎設施合作夥伴進行討論？想必這超出了布魯克菲爾德的範圍。其他人住在布魯克菲爾德。

That's absolutely right, Leo. As you know, a long, a while back ago, we announced we were doing a JV with Olayan. That JV is now completed. Olayan as you will know, we are working with them in the Middle East, especially in the Kingdom of Saudi Arabia. That JV is completed and we are now developing projects together in that region, and you'll hear a lot more about that in the coming quarters. In addition, there are the Project Drake that we're transferring is to an infrastructure type investor, and because of the fact that Brookfield is our relationship with Brookfield is regional Europe, US, UK. We are looking, we are actually talking to multiple other infrastructure partners. The key for us in relationship to infrastructure partners is getting a project to FID, and once that happens, we have multiple folks that have committed to building them, whether they be ethanol projects or SAF projects. One of the things that a lot of our infrastructure partners are excited about it, the ability to go all the way through SAF via LanzaJet starting with ethanol made from waste resources via the Lanzatech technology. We call that integration circular, but the point is clear, it's all about the feedstock and the importance of the feedstock and building SAF projects globally and there's lots of interest from infrastructure partners on that. Does that address your question or do you need more than that?

完全正確，利奧。如您所知，很久以前，我們宣布將與 Olayan 建立合資企業。該合資企業現已竣工。如你所知，奧拉揚（Olayan）正在與他們在中東，特別是沙烏地阿拉伯王國合作。該合資企業已經完成，我們現在正在該地區共同開發項目，您將在接下來的幾個季度聽到更多有關這方面的信息。此外，我們正在轉讓的 Drake 項目是基礎設施類型的投資者，因為布魯克菲爾德是我們與布魯克菲爾德的關係是歐洲、美國、英國地區。我們正在尋找，實際上我們正在與多個其他基礎設施合作夥伴交談。對我們來說，與基礎設施合作夥伴關係的關鍵是讓一個項目獲得 FID，一旦發生這種情況，我們就會有多個人承諾建設這些項目，無論是乙醇項目還是 SAF 項目。我們的許多基礎設施合作夥伴對此感到興奮的一件事是，能夠透過 LanzaJet 一路通過 SAF，從透過 Lanzatech 技術從廢棄物資源中生產乙醇開始。我們稱之為整合通告，但要點很明確，這都是關於原料和原料的重要性以及在全球範圍內建設 SAF 項目的問題，基礎設施合作夥伴對此非常感興趣。這是否解決了您的問題，還是您需要更多？

Oh, that was helpful. Thank you.

哦，那很有幫助。謝謝。

Thank you.

謝謝。

Jeff Campbell, Seaport Securities.

傑夫坎貝爾，海港證券。

Good morning.

早安.

I'd like to sort of pick up the discussion of the changed business plan here and we'll use Norway maybe as a lens for future efforts.

我想在這裡繼續討論改變後的商業計劃，我們可能會以挪威作為未來努力的鏡頭。

First, if I understand this correctly, the aditor is not contributing capital to the project. So what specific benefit is it receiving?

首先，如果我理解正確的話，編輯並沒有為該專案提供資金。那麼它獲得了什麼具體好處呢？

And then second, does this suggest a template where admits will agree to provide waste carbon, but the projects can be financed by other parties?

其次，這是否暗示了一個模板，其中承認者同意提供廢碳，但這些項目可以由其他方資助？

And then third, will the finance retain a long term interest in the project or is this going to be something more similar to say, a partnership flip type structure where the partner retains most of the cash flow up to a target return and then the cash flows revert to, to Lanzatech.

第三，財務部門是否會保留對該專案的長期興趣，或者這是否會更類似於合夥翻轉型結構，其中合作夥伴保留大部分現金流量直至達到目標回報，然後保留現金流量返回 Lanzatech。

Hi, Jeffrey, thank you for the questions. Let me start by saying that part of the shift in the business model is not just taking more control by developing the projects and getting them to FID, but it is also, as you can see from the norwegian project. We are also so retaining 50% of the offtake so that we can get the revenues that a producer would normally get, which is the upside from selling the product, the ethanol or the SAF or anything else, right? So that's an important part of this. We will so we will be receiving those revenues in addition to our normal revenues, our Brookfield arrangement and this is what we would do generally is we still receive the licensing the equipment, the engineering and the services revenue in the agreement with Brookfield, we have to get the project to FID, and also we need to get it to the point where there is a specific return to them. If there is upside beyond that, we can potentially share in it. But it's, it's a path for us to be able not just to control the timelines, but also it is a path to expand who we work with. We have been working to date with emitters who want to build a plant, indian Oil, right? They need ethanol to blend into gasoline, they need ethanol to make s and so we tend to work with. These kinds of folks are solo meal, they will fund their own plant. But there are a lot of other emitters who want to reduce their carbon intensity that don't want to put a gas fermentation refinery at that site and pay for that because that takes them outside of the core business, and that is where our infrastructure partners have a big role to play. They enable us to work with them. Even though traditionally, these folks would not have been in the pipeline because we wouldn't have had the revenues, and I would just say one last thing about this, it is important to note that these relationships with infrastructure partners depend so much on the fact that we have six commercially operating plants. We've established the credibility. These are now cookie cutter projects, right? They're not first of a kind, and so that's why we have so much interest from infrastructure, and of course, the benefit to the emitter, as you asked initially is the fact that they are reducing their emissions, which is something that is critically important to them.

你好，傑弗裡，謝謝你的提問。首先我要說的是，商業模式轉變的一部分不僅僅是透過開發專案並將其提交最終投資決定來獲得更多控制權，而且正如您從挪威專案中看到的那樣。我們也保留了 50% 的承購量，以便我們可以獲得生產商通常會獲得的收入，這是銷售產品、乙醇或 SAF 或其他任何東西的好處，對嗎？所以這是其中一個重要的部分。我們會的，因此，除了我們的正常收入、我們的布魯克菲爾德安排之外，我們還將收到這些收入，這就是我們通常會做的，我們仍然收到與布魯克菲爾德協議中的設備許可、工程和服務收入，我們有為了讓專案獲得 FID，我們還需要讓專案能為他們帶來特定的回報。如果除此之外還有什麼好處，我們就有可能分享。但這是我們不僅能夠控制時間表的途徑，也是擴大我們合作對象的途徑。到目前為止，我們一直在與想要建造工廠的排放者合作，印度石油公司，對嗎？他們需要乙醇來混合到汽油中，他們需要乙醇來製造汽油，所以我們傾向於與之合作。這類人都是獨食，他們會資助自己的工廠。但還有許多其他排放者想要降低碳強度，他們不想在該地點建立氣體發酵精煉廠並為此付費，因為這使他們脫離了核心業務，而這正是我們的基礎設施合作夥伴的業務範圍可以發揮很大的作用。他們使我們能夠與他們合作。儘管傳統上，這些人不會在管道中，因為我們不會有收入，我只想說最後一件事，重要的是要注意，與基礎設施合作夥伴的這些關係在很大程度上取決於事實上，我們有六家商業營運工廠。我們已經建立了信譽。這些現在都是千篇一律的項目，對吧？它們不是首創的，所以這就是為什麼我們對基礎設施如此感興趣，當然，正如您最初所問的那樣，排放者的好處是他們正在減少排放，這對他們來說至關重要。

No, that's very helpful.

不，這非常有幫助。

And, and I agree, I think being able to widen the, the the pool of money that can go into the projects is really critical. I was curious to know what, what motivated Arsalan at all to I guess, ask for more exposure into the ethanol business, particularly as you noted, weak ethanol pricing.

而且，我同意，我認為能夠擴大可用於專案的資金池確實至關重要。我很想知道是什麼促使阿爾薩蘭要求更多地涉足乙醇業務，特別是正如您所指出的，乙醇定價疲軟。

I heard Carbon Smart during the third quarter.

我在第三季聽到了Carbon Smart。

Well, our what what we've announced this quarter actually is that we are accessing 5,000 tons from the 1st year of ethanol and then 10,000 tons for the next five years. So they've always intended to sell the ethanol themselves. They've just agreed that we could take a portion of it and therefore create more upside from the value we bring but than a standard license. But the last thing I would say is they've never wavered on their interest to use their carbon to make fuels and chemicals versus use their carbon to make power. I think there's a view that just wasting carbon and power production is not the future, and so they've leaned into the idea of of making a product like ethanol and and beyond.

嗯，我們本季宣布的實際上是，我們將從第一年獲取 5,000 噸乙醇，然後在未來五年獲取 10,000 噸。所以他們一直打算自己賣乙醇。他們只是同意我們可以獲得其中的一部分，從而從我們帶來的價值中創造出比標準許可證更多的優勢。但我要說的最後一件事是，他們從未動搖過使用碳來製造燃料和化學品而不是使用碳來發電的興趣。我認為有一種觀點認為，僅僅浪費碳和電力生產並不是未來，因此他們傾向於生產乙醇等產品。

Okay, and let me ask one question on a different subject. Will obtain green hydrogen be a necessary ingredient for success in the incipient Lance tech, nutritional protein effort and whatever source of hydrogen is appropriate is this likely to represent a capital expense. Should an existing lens of facility wish to convert to protein production?

好的，讓我就另一個主題問一個問題。獲得綠色氫將成為新興蘭斯技術成功的必要因素，營養蛋白的努力以及任何合適的氫源都可能代表資本支出。現有的工廠是否應該轉而生產蛋白質？

So, first of all, on the, the, the great thing about nutritional pro protein is that the production of protein is is so energy intensive. So water intensive that even if you use gray hydrogen to to convert to use CO2 to make protein, you actually reduce the carbon intensity of the protein product. Obviously, you reduce it more when you use blue and green. So we are not dependent on green hydrogen, and in fact, we can transition, we can have an impact from gray to blue to green. You have to remember that there are food security issues as well, and food availability for a growing population, not just low carbon food and, and Lanzatech nutritional protein allows you to do both. Not just one. Now, will there be a capital expense? The, the reaction would require CO2 and hydrogen as well as a small amount of oxygen. So if you wanted to convert a plant, you would need to add some safety systems that would be different, and then if hydrogen is available, you could build out to add hydrogen, but really the expense would be minimal compared to starting from scratch.

因此，首先，營養原蛋白的偉大之處在於，蛋白質的生產是能源密集的。如此耗水，即使您使用灰氫轉化為使用二氧化碳來製造蛋白質，實際上也降低了蛋白質產品的碳強度。顯然，當你使用藍色和綠色時，你會減少更多。所以我們不依賴綠色氫，事實上，我們可以過渡，我們可以產生從灰色到藍色到綠色的影響。您必須記住，還存在糧食安全問題，以及不斷增長的人口的糧食供應問題，而不僅僅是低碳食品，而 Lanzatech 營養蛋白可以讓您做到這兩點。不只是一個。現在，會有資本支出嗎？此反應需要二氧化碳和氫氣以及少量的氧氣。因此，如果你想改造一座工廠，你需要添加一些不同的安全系統，然後如果有氫氣，你可以建造以添加氫氣，但與從頭開始相比，實際上費用是最小的。

Okay. No.

好的。不。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you.

謝謝。

Thomas Meric, Janney Montgomery Scott.

湯瑪斯·梅里克，珍妮·蒙哥馬利·史考特。

Good morning team. Thanks for the time. Just wanted to follow up on a few things related to the transfer of the Norwegian project.

早上好，團隊。謝謝你的時間。只是想跟進一些與挪威專案轉讓相關的事情。

Is it correct that the $20 million is, you know, a quarterly number or will some of that be spread out over multiple quarters? And then second part of that is what are, what do we model for kind of free cash flow conversion of that bucket of revenue?

您知道，這 2000 萬美元是季度數字嗎？第二部分是什麼，我們為該收入的自由現金流轉換建模什麼？

And then finally, just thinking about future projects that are transferred to infrastructure partners, you know, Brookfield or otherwise, how do we think about the free cash flow conversion of those projects? And then kind of as a side to that, what have you learned from the first project that you want to carry forward? Into the future ones that.

最後，只要考慮一下轉移給基礎設施合作夥伴的未來項目，你知道，布魯克菲爾德或其他合作夥伴，我們如何考慮這些項目的自由現金流轉換？另一方面，你從你想要推進的第一個專案中學到了什麼？進入未來的那些。

Thanks Thomas, great to hear from you and, and appreciate the question. Couple of questions in there. So I'll try and unpack both of them. So first, in terms of just the, the dollar amounts that we're talking about here, relative to the fourth quarter, as Jennifer mentioned, there's a catch up aspect of a recouping of cost aspect of cost that we've incurred previously that we expect to recognize, you know, in the quarter. So those are actually kind of more of the one time. So I don't want to call it a one time, but it's it's retrospect, it kind of is kind of catching up on the retrospective expense. There is a long tail future revenue expectation associated with those projects as well as we continue to play the the kind of majority role in those projects. We'll continue to be providing development services. We'll continue to in some cases, provide additional engineering support, we'll provide startup services, all of our kind of traditional economics associated with one of our projects as a license or you know, we'll translate to these projects, the the owner or the customer in those cases will, you know, it's work, takes it over one of the other infrastructure partners. They will effectively be the customer, we're going to be doing kind of build and operate as a service. So it does create this long tail, you know, revenue stream associated with us. But the $20 million is indicative of the catch up of the cost we incurred, you know, to this point.

謝謝托馬斯，很高興收到你的來信，並感謝你提出這個問題。裡面有幾個問題。所以我會嘗試打開它們兩個的包裝。因此，首先，就我們在這裡討論的美元金額而言，相對於第四季度，正如詹妮弗提到的，我們之前發生的成本回收方面有一個追趕的方面你知道，我們預計會在本季度得到認可。所以這些其實更像是一次性的。所以我不想稱其為一次性，但它是回顧，它是一種追趕回顧費用的方式。這些項目有一個長尾的未來收入預期，而且我們將繼續在這些項目中發揮主導作用。我們將繼續提供開發服務。在某些情況下，我們將繼續提供額外的工程支持，我們將提供啟動服務，所有與我們的項目之一相關的傳統經濟學作為許可證，或者你知道，我們將轉化為這些項目，在這種情況下，所有者或客戶將把它接管到其他基礎設施合作夥伴之一，你知道，這是工作。他們實際上將成為客戶，我們將進行某種形式的建置和營運作為服務。所以它確實創造了與我們相關的長尾收入流。但 2000 萬美元足以彌補我們目前所產生的成本。

Let me.

讓我。

Please go ahead.

請繼續。

No, I was just going to add 1 quick thing. You asked about replicability and why we're choosing one project to begin with as, as you know, to transfer to Brookfield, one is to learn how to transfer a project. But also we're trying to develop a platform that is replicable, it designed with partners in the E PC world in this case floor and in other cases technique that can be replicated across the world. So the amount of time it takes to get there and and the cost of getting there for us since we bear the cost until the transfer are lower, we call this a lift and shift strategy, and so this first project with Brookfield with Arae with floor is something that we hope to duplicate and we have identified multiple locations and created a pipeline where we could just literally move the same exact copy copy of that project somewhere else. Project Drake is also an example of that. This is a project Drake represents the 30 million gallon per year facility that that we developed for Project Dragon and it is an ethanol disaster facility and we absolutely intend to replicate that across the world in partnership with LanzaJet. So we're very excited that we are creating a platform that can be duplicated.

不，我只是想快速添加 1 件事。您詢問了可複製性以及為什麼我們首先選擇一個項目，因為正如您所知，要轉移到布魯克菲爾德，一個是學習如何轉移項目。但我們也在努力開發一個可複製的平台，它是與 E PC 世界的合作夥伴一起設計的，在這個案例中，在其他案例中，技術可以在世界範圍內複製。因此，到達目的地所需的時間以及到達目的地的成本（因為我們承擔轉移之前的費用）較低，我們稱之為“提升和轉移策略”，因此這是與Brookfield 和Arae 合作的第一個項目是我們希望複製的東西，我們已經確定了多個位置並創建了一個管道，我們可以在其中將該項目的相同副本移動到其他地方。德雷克計劃也是一個例子。Drake 專案代表了我們為 Dragon 專案開發的每年 3000 萬加侖的設施，它是一個乙醇災難設施，我們絕對打算與 LanzaJet 合作在世界各地複製這一設施。因此，我們非常高興我們正在創建一個可以複製的平台。

And it's something that we would just be specific about what have we learned, and we've learned a lot associated with each of these projects that we've been developing at these pre-FID stages, you know, and as part of the reason and part of what we commented in our prepared remarks about this evolution of our business model, given the ability to develop these projects and continue to develop projects, you know, as led us to this conclusion that partnering with capital partners at the very earliest stages of, of these projects so that we're well aligned with them throughout the pre FID stage. It was also important.

我們只是具體說明我們所學到的東西，我們已經學到了很多與我們在 FID 之前階段開發的每個項目相關的東西，你知道，這也是原因的一部分考慮到開發這些項目並繼續開發項目的能力，我們在準備好的評論中對我們業務模式的演變進行了部分評論，您知道，這使我們得出這樣的結論：在最早階段與資本合作夥伴合作的這些項目，以便我們在整個FID 前階段與它們保持良好的一致性。這也很重要。

Thanks. That's it for me.

謝謝。對我來說就是這樣。

Jason Gabelman, TD Cowen.

賈森·加貝爾曼，TD·考恩。

Morning. Thanks for taking my questions.

早晨。感謝您回答我的問題。

I wanted to ask on the revenue build up for four Q given the lumpiness of the revenues quarter to quarter and, and the potential for things to move around are these revenues that if you don't earn in 4Q, you expect to get a 1Q25? Just so that we, we properly kind of calibrate our expectations on the delivery on these revenues.

我想問一下第四季度的收入成長情況，因為每個季度的收入都不穩定，而且事情發生變化的可能性是這些收入，如果你在第四季度沒有賺到，你預計會在2025 年第一季獲得收入？這樣我們就可以適當地調整我們對這些收入交付的期望。

That's right. It's, it's not a question of if but a question of when and so how long it takes to do some of the transfers and, and complete agreements is really what this is all about rather than a yes or a no decision on going forward.

這是正確的。這不是一個是否的問題，而是一個何時以及需要多長時間進行一些轉讓的問題，而完整的協議才是真正的問題，而不是繼續進行是或否的決定。

Got it. That's helpful. Thanks, and, and then the $10 million base business, what does that exactly re represent? I'm just trying to understand how that could potentially grow over time. So we have more confidence in, in kind of what the company can earn steady state moving forward.

知道了。這很有幫助。謝謝，然後是 1000 萬美元的基礎業務，這到底代表什麼？我只是想了解隨著時間的推移，這種情況會如何增長。因此，我們對公司能穩定地向前發展更有信心。

Yeah, thanks, Jason. I think what we're trying to connotate there is that if you kind of look at the, the three prior quarters and the the engineering services, the JV and contract research, you know, the work we've been doing kind of quarter over quarter, you know, we expect to continue and then we're adding additional revenue as things convert through the pipeline. So we talked, we have a project kind of move, you know, out of advanced engineering and into the kind of post FID, you know, construction stage. We've got additional projects that we expect to move into those stages, which will continue to create additional revenues while we continue to bring projects through the same stages that we've been working on. So it's, it is really the same you know, story we've been trying to articulate previously, which is that it's about taking projects, you know, building the pipeline and converting those projects through the various stages of our pipeline, and we're excited about a couple of those projects now having moved, you know, beyond advanced engineering, I think that's something that we've been telling the market and telling you that we expected to do, you know, later this year, and so we're pleased that that is happening, but we expect more of those in 2025 and kind of creating additional revenue associated with those.

是的，謝謝，傑森。我認為我們試圖暗示的是，如果你看看前三個季度和工程服務、合資企業和合約研究，你知道，我們一個季度以來所做的工作你知道，我們預計會繼續下去，然後隨著事物透過管道進行轉換，我們會增加額外的收入。所以我們討論了，我們有一個專案的移動，你知道，從高級工程進入那種最終投資決定後，你知道，建設階段。我們還有其他項目預計將進入這些階段，這將繼續創造額外的收入，同時我們將繼續使專案進入我們一直在努力的相同階段。所以，這確實是一樣的，你知道，我們之前一直試圖闡明的故事，那就是它是關於接受項目，你知道，構建管道並通過管道的各個階段轉換這些項目，我們'我對其中一些項目現在已經超越了先進工程感到興奮，我認為這是我們一直在告訴市場並告訴你們我們預計會在今年晚些時候做的事情，所以我們我們很高興這種情況發生，但我們預計2025 年會有更多這樣的情況，並會創造與這些相關的額外收入。

Got it, and my, my final question is on the ethanol offtake agreement. So just trying to understand the $6 million number is that tied directly to ethanol prices so that $6 million is is going to move around based on where ethanol prices are, and, and then what exactly is driving the change from the $6 million to the wider $10 million to $20 million range? Is that just the the offtake volumes?

明白了，我的最後一個問題是關於乙醇承購協議的。因此，只是想了解 600 萬美元的數字與乙醇價格直接相關，因此 600 萬美元將根據乙醇價格的變化而變化，然後到底是什麼推動了從 600 萬美元到更廣泛的變化1000萬到2000萬美元範圍？這只是承購量嗎？

That's right. So we are using approximate numbers based on both ethanol trading numbers but also on our carbon smart business and what value we can get for that ethanol, and the only difference between that is the two numbers is in the first case, it's 5,000 tons per year, which is what we have acquired for the 1st year of production, and the rest is 10,000 tons per year for the five years after that 1st year, and that, that's how we got those numbers. We intend to continue to do this.

這是正確的。因此，我們使用的近似數字既基於乙醇交易數量，也基於我們的碳智能業務以及我們可以從乙醇獲得的價值，這兩個數字之間的唯一區別是在第一種情況下，每年 5,000 噸，這是我們第一年的產量，剩下的就是第一年之後五年的每年10,000 噸，這就是我們得到這些數字的方式。我們打算繼續這樣做。

We have been using almost a spot timing for asking for ethanol from China that we then put into our carbon smart products, and now what we're doing is we're trying to get long term offtake commitments from our production facilities and in turn flip that over to offtake commitments for our carbon smart users, and I think that will give them certainty that they'll be able to access product as well. So it really is us getting product and then transferring that product to other to our customers and, and creating more certainty, and for us also creating more upside. I mean, the licensing model is you need a lot of money on the table for the value that you've generated, and while that's good because you know, somebody else is putting the capital, I, we would like our business to participate more in, you know, based on all the IP that we've generated. So that's why we're transitioning.

我們幾乎一直在使用現貨時間從中國索取乙醇，然後將其放入我們的碳智慧產品中，現在我們正在做的是，我們正在努力從我們的生產設施中獲得長期承購承諾，進而翻轉這是為了承擔我們對碳智慧用戶的承諾，我認為這將使他們確信他們也能夠獲得產品。因此，這實際上是我們獲得產品，然後將該產品轉移給我們的客戶，並創造更多的確定性，也為我們創造更多的優勢。我的意思是，授權模式是你需要大量資金來獲得你所產生的價值，雖然這很好，因為你知道，其他人正在投入資金，我，我們希望我們的企業更多地參與你知道，基於我們產生的所有IP。這就是我們轉型的原因。

Okay, great.

好的，太好了。

That's really helpful colour . Thanks for the help.

這個顏色真的很有用。感謝您的幫助。

Thank you.

謝謝。

Steve Byrne, Bank of America.

史蒂夫伯恩，美國銀行。

Yes. Thank you. I'd like to drill a little bit more into your nutritional protein product.

是的。謝謝。我想更深入地了解你們的營養蛋白質產品。

Is, is this actually a protein or is it a series of amino acids? And I I ask, are you able to, to affect the composition of amino acids in, in what is produced? You know, in some cases, it could really have a benefit in animal feed for certain amino acids. That's, that's one the other question I had on this is what's the source of nitrogen for, for this process to do these, are these bacteria able to fix atmospheric nitrogen into organic nitrogen and then the last one, Jennifer, your comment about, you know, the the carbon carbon footprint of of animal feed is is very provocative. Have, have you done any life cycle analysis on this, this product? And you know, the the carbon intensity of it as opposed to the carbon intensity of of either animal feed or animal protein.

這是，這實際上是一種蛋白質還是一系列氨基酸？我問，你能夠影響所產生的胺基酸的組成嗎？您知道，在某些情況下，它對動物飼料中的某些氨基酸確實有好處。也就是說，這是我對此的另一個問題是氮的來源是什麼，對於這個過程來說，這些細菌是否能夠將大氣中的氮固定成有機氮，然後最後一個，詹妮弗，你的評論，你要知道，動物飼料的碳足跡是非常具有挑戰性的。你有沒有對這個產品做過生命週期分析嗎？你知道，它的碳強度與動物飼料或動物性蛋白質的碳強度相反。

Great, thanks Steve for the great series of questions. So let me address the last first and then work backwards. So absolutely, we have done both life cycle and and cost analysis for this protein. This protein has all 20 amino acids. Our bacteria has all 20 amino acids and is 85% protein, and so it looks very different than plant protein and very similar to animal protein.

太好了，感謝史蒂夫提出了一系列精彩的問題。因此，讓我先解決最後一個問題，然後再倒退。因此，我們絕對已經對這種蛋白質進行了生命週期和成本分析。這種蛋白質含有全部 20 種氨基酸。我們的細菌含有全部 20 種氨基酸，並且 85% 是蛋白質，因此它看起來與植物蛋白質非常不同，但與動物蛋白質非常相似。

We do not affect the the amino acid composition. There's no need to because we have all 20 we have learned how to genetically modify the organism to add vitamins and minerals.

我們不影響胺基酸組成。沒有必要，因為我們擁有全部 20 種，我們已經學會如何對生物體進行基因改造以添加維生素和礦物質。

I shouldn't say vitamins and minerals, vitamins or other beneficial products like antiinflammatories, omega threes, et cetera. That is from a genetically modified material. Our initial offering will be as always the non genetically modified material that has been optimized to provide the 20 amino acids. I would add something also quite important in our current system. We have a lot of experience with nutritional protein because as you know, today, our organism, our bacteria is alive. It does produce ethanol as the primary product. But approximately 10% of the carbon goes to growing the bacteria, right. It's alive and reproducing. We typically remove that bacteria from the bio reactor and we dry it and we already sell it as fish food that is already marketed. We've sold 25,000 tons of protein since we started our ethanol facilities, and we just, the only shift now is to say, hey, we want protein to be the primary product because the world is, you know, population is growing and, and it's difficult to grow food. The reality is we're making it harder and harder to grow food, and so fundamentally, we felt why not leverage our capability to make a product that's 100% food versus food being a co product, and then the last thing I would say is you asked an important question, where does the nitrogen and the sulfur come from? Unfortunately, we don't fix nitrogen from the atmosphere. So this is still an enclosed bioreactor and inside the bio reactor where the water is where the bacteria lives. We have to add vitamins and minerals, nitrogen, sulfur, et cetera to, to help the bacteria produce those amino acids. However, net net the economics as well as the life cycle are excellent, and we have done some comparisons and we'll be posting more and more of these comparisons, but really one commercial plant that would produce 45,000 tons, just like our ethanol facilities. 45,000 tons of nutritional protein is the equivalent of 200 million chickens per year. That is the type of impact that this nutritional protein can have, and it does it without impacting water supply because it's in an enclosed bio reactor and then it doesn't, doesn't have the same needs as, as growing plants. So, so really the carbon intensity is tremendously lower. The impact on, on food is tremendous, and we already have the experience having done it using, using that currently byproduct of our, our work producing ethanol.

我不應該說維生素和礦物質、維生素或其他有益的產品，如抗發炎藥、歐米伽三等。那是來自基因改造材料。我們最初的產品將一如既往地提供經過優化以提供 20 種氨基酸的非基因改造材料。我想添加一些在我們目前系統中也非常重要的內容。我們在營養蛋白質方面擁有豐富的經驗，因為如您所知，今天，我們的有機體、我們的細菌仍然活著。它確實生產乙醇作為主要產品。但大約 10% 的碳用於細菌生長，對吧。它是活的並且正在繁殖。我們通常從生物反應器中去除細菌並將其乾燥，然後我們已經將其作為魚食出售並已上市。自從我們啟動乙醇工廠以來，我們已經售出了 25,000 噸蛋白質，我們現在唯一的轉變就是，嘿，我們希望蛋白質成為主要產品，因為世界，你知道，人口正在增長，而且，而且種植糧食很困難。現實是我們讓種植糧食變得越來越困難，所以從根本上來說，我們覺得為什麼不利用我們的能力來生產 100% 糧食的產品而不是糧食作為副產品，然後我要說的最後一件事是你問了一個重要的問題，氮和硫從哪裡來？不幸的是，我們不固定大氣中的氮。所以這裡仍然是一個封閉的生物反應器，在生物反應器內部，水是細菌生存的地方。我們必須添加維生素和礦物質、氮、硫等，以幫助細菌產生這些胺基酸。然而，淨淨經濟性和生命週期都非常出色，我們已經做了一些比較，我們將發布越來越多的比較，但實際上是一個可生產 45,000 噸的商業工廠，就像我們的乙醇工廠一樣。每年4.5萬噸營養蛋白相當於2億隻雞。這就是這種營養蛋白質可以產生的影響類型，而且它不會影響供水，因為它位於封閉的生物反應器中，它沒有與種植植物相同的需求。所以，碳強度確實大大降低了。對食品的影響是巨大的，我們已經擁有使用我們目前生產乙醇的副產品來做到這一點的經驗。

Interesting can imagine what CO2 emissions are from 200 million chickens. But also wanted to just ask you a little bit about Project Secure. What's the level of interest that you've received from, from some of the polyethylene producers along the US Gulf to include one of their ethylene crackers in in this project, and, and how close are you to identifying a site?

有趣的是，可以想像一下 2 億隻雞的二氧化碳排放量是多少。但也想向您詢問一些關於 Project Secure 的情況。美國海灣沿岸的一些聚乙烯生產商對您將其乙烯裂解裝置納入該專案的興趣程度如何？

So, working with our partner technique, we have in fact identified a primary site. We're just not able to discuss it right now. There is a lot of interest and it's not. So that would be interest here in the US for project Secure. But as we travel the world, many who are have trackers in Europe and the Middle East are also quite interested in a replica of what is project secure. So our ability to extend and replicate that project globally is is a very important part of our, our future plan, and I, I want to add one thing because we don't talk about it enough. But I think you saw us announce with IKEA that we have that we have been producing isopropanol, not just ethanol and we have a bacteria now that's genetically modified that cros ethanol and isopropanol. So you can imagine that a project secured today is making ethylene but a project secure tomorrow because our IP isopropanol bacteria is ready to commercialize. That project could produce isopropanol and ethanol and then make ethylene and propylene by going over technique hummingbird technology. So now we're impacting the ethylene and the propylene value chain and that is the beauty of our technology because that should not take any additional capital investment. It just takes putting in that new bacteria. So we see a path and that's what our partners see globally, a path to making both ethylene products and propylene products and really growing their pro their low carbon portfolio. As far as I know today, very little non 100% fossil carbon propylene and polypropylene are made today. So this is game changing.

因此，透過與我們的合作夥伴技術合作，我們實際上已經確定了一個主要站點。我們現在無法討論它。有很多興趣，但事實並非如此。所以這會引起美國對 Secure 計畫的興趣。但當我們環遊世界時，許多在歐洲和中東擁有追蹤器的人也對專案安全的複製品非常感興趣。因此，我們在全球範圍內擴展和複製該專案的能力是我們未來計劃的一個非常重要的部分，我想補充一件事，因為我們對此討論得還不夠。但我想你看到我們與宜家宣布，我們一直在生產異丙醇，而不僅僅是乙醇，我們現在有一種經過基因改造的細菌，可以生產交聯乙醇和異丙醇。因此，您可以想像今天安全的專案正在生產乙烯，但明天的專案安全是因為我們的 IP 異丙醇細菌已準備好商業化。該專案可以生產異丙醇和乙醇，然後透過改進蜂鳥技術生產乙烯和丙烯。所以現在我們正在影響乙烯和丙烯價值鏈，這就是我們技術的優點，因為這不應該需要任何額外的資本投資。只需放入新細菌即可。因此，我們看到了一條道路，這也是我們的全球合作夥伴所看到的，一條生產乙烯產品和丙烯產品並真正發展其低碳產品組合的道路。據我目前所知，目前非 100% 化石碳丙烯和聚丙烯的產量非常少。所以這正在改變遊戲規則。

Very good. Thank you.

非常好。謝謝。

Thank you.

謝謝。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Yeah, thanks for taking the question. If we go to the website of Freedom Pines, there actually have not been any updates on the plan since the grand opening in January. So I thought I would see if you guys can give us the latest on that facility.

是的，感謝您提出問題。如果我們造訪Freedom Pines的網站，實際上自一月份開業以來該計劃還沒有任何更新。所以我想看看你們能否給我們提供有關該設施的最新資訊。

Thanks for the first of all noted that we need to update the website. We haven't, in fact, started feed into the system and we are not producing SAF right now. You'll be the first to know when we, when we do. But, but right now we have started feed, so we're past the, the early shakedowns.

首先感謝您指出我們需要更新網站。事實上，我們還沒有開始向系統提供數據，而且我們現在也不生產 SAF。當我們這樣做時，您將是第一個知道的人。但是，但是現在我們已經開始提供飼料，所以我們已經度過了早期的調整。

Okay. That's that helpful. Let me zoom out as well. You know, given that we're three days out from the election, and you know, a lot of questions about, for example, you know, section 45Q tax credits as a part of the broader climate conversation in Washington, just generally, what are your thoughts on what we can expect that would be directly relevant for your business next year?

好的。這很有幫助。讓我也縮小一下。你知道，考慮到我們距離選舉還有三天，而且你知道，有很多問題，例如，你知道，作為華盛頓更廣泛的氣候對話的一部分，第 45Q 節稅收抵免，一般來說，什麼您認為我們可以期待哪些與您明年的業務直接相關的內容？

Yeah, that's a great question, and I wouldn't dare to pretend that I am a politician or a pundit or somebody that, that could address your question in the broader view, but I will address it from our business. First of all, it's great that the election is behind us because it removes uncertainty. One of the biggest problems we've had is that the election and the results and what people's opinion of how it could be different has impacted projects moving forward, right? Everybody's just waiting to see what happens.

是的，這是一個很好的問題，我不敢假裝我是政客或專家或其他人，可以從更廣泛的角度解決你的問題，但我會從我們的業務中解決這個問題。首先，很高興選舉已經過去，因為它消除了不確定性。我們遇到的最大問題之一是選舉和結果以及人們對它如何不同的看法影響了項目的進展，對嗎？每個人都在等著看會發生什麼。

I would also say that you have to remember that we are not just doing projects in the US. We have, we are a global company with projects in India, in Europe, Middle East, and so our geographically diverse business is not just impacted by the US elections, and the fact is that different countries have different motivations for what they do. You know that in the Middle East, in the kingdom of Saudi Arabia, they focus on the circular economy to try to grow an alternate business, and that's why we're working with all in, you know that in Europe, it's about carbon abatement. That's why we have projects in Norway and the UK and the EU and they're all focused on getting away from food. We have projects in Australia and New Zealand markets where SAS is so critically important to their industries because of the fact that they are so far away from everything, and so they need low carbon fuel as a license to continue to grow, and in New Zealand specifically to continue to grow their tourism business, they're an ecotourism country, right? You need to get people there with low carbon intensity products and you need to get them back out of there with low carbon intensity fuel. So really, you know what the administration does, may, may impact the US. But the reality is the IRA is bipartisan and the reason it's bipartisan is not a carbon project or a climate bill, it's actually a jobs bill So I think I, I think it, the fact that the election is past us is we can move on strong support for public, private and, and job creating technologies which frankly is what we are. So I think, you know, it's where we are and it's good progress in my mind that we can move forward.

我還想說，你必須記住，我們不僅僅是在美國做專案。我們是一家全球性公司，在印度、歐洲、中東都有項目，因此我們的業務分佈在不同的地區，不僅受到美國大選的影響，而且事實上，不同的國家有不同的動機。你知道，在中東，在沙烏地阿拉伯王國，他們專注於循環經濟，試圖發展替代業務，這就是為什麼我們與所有人合作，你知道，在歐洲，這是關於碳減排的。這就是為什麼我們在挪威、英國和歐盟都有項目，它們都專注於擺脫食物。我們在澳洲和紐西蘭市場都有項目，SAS 對他們的行業至關重要，因為他們距離一切都很遠，因此他們需要低碳燃料作為繼續增長的許可，而在新西蘭特別是為了繼續發展他們的旅遊業務，他們是生態旅遊國家，對嗎？你需要用低碳強度產品讓人們到達那裡，你需要用低碳強度燃料讓他們離開那裡。所以說真的，你知道政府的所作所為可能會影響美國。但現實是愛爾蘭共和軍是兩黨合作的，它兩黨合作的原因不是一個碳項目或氣候法案，它實際上是一個就業法案所以我認為我，我認為，選舉已經過去的事實是我們可以繼續前進對公共、私人和創造就業機會的技術的大力支持，坦白說，這就是我們的本質。所以我認為，你知道，這就是我們現在的處境，在我看來，我們可以向前邁進，這是一個很好的進步。

Thanks very much.

非常感謝。

Thank you, and this does conclude our Q&A session. I will turn the call back to Dr. Jennifer Holmgren for closing remarks.

謝謝，我們的問答環節到此結束。我將把電話轉回給 Jennifer Holmgren 博士，讓其致閉幕詞。

Thank you, everybody for joining us. As you can see, we continue to make steady progress in executing our commercial strategy. Even during times like this, when we are in our industry are facing a number of headwinds.

謝謝大家加入我們。正如您所看到的，我們在執行商業策略方面繼續穩步取得進展。即使在這樣的時期，我們所處的產業也面臨許多阻力。

Lanzatech is in a unique position where we have six commercial scale facilities already operating and the progress we're making is building on that solid foundation. We've earned the right to develop projects, to build projects, to access offtake these things are really important in growing our revenue and getting us to profitability.

Lanzatech 處於獨特的地位，我們已經擁有六個商業規模的設施，並且我們正在取得的進展建立在這一堅實的基礎上。我們已經獲得了開發項目、建設項目、獲得承購權的權利，這些對於增加我們的收入和實現盈利非常重要。

We're looking forward with confidence for our strong 2025 and beyond and, and we thank you for all your support.

我們滿懷信心地期待 2025 年及以後的輝煌，並感謝你們的支持。

It's not an easy journey. We'll get there with the help of everybody who's on this line.

這不是一個輕鬆的旅程。我們將在這條線上的每個人的幫助下到達那裡。

Thank you, and this does conclude today's presentation. Thank you all for your participation and you may disconnect at any time.

謝謝大家，今天的演講到此結束。感謝大家的參與，您可以隨時斷開連線。