Coming up next in today's RedChip Future Tech Investor Conference, LanzaTech Global, ticker LNZA on the NASDAQ. Presenting today will be CEO Jennifer Holmgren. Jennifer, are you there? I am. Good to be with you. Thank you. Good to see you. If you're going to be showing your presentation today, please put it up now while I get some preliminaries out of the way. Ready to go. Thank you. All right. Let me give the safe harbor here. This segment may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Forward-looking statements involve risks and uncertainties. To submit your question, audience, please use the Q&A button at the bottom of your Zoom window. Dr. Holmgren, please go right ahead. Thank you, and thanks again for the invitation. Just at a high level, what LanzaTech does is it converts waste carbon emissions from sectors like steel and refining into products. For a steel company, it gives them the ability to monetize a carbon by-product and create something that is sellable and potentially of high value. This is not science fiction, this is real, and I will go ahead and share how far along we have come. As a company, 2025 was an important reset for us. Part of it is we had to transition from a very heavy platform, creating new technology company that was very focused on R&D and technology development, to a company that is much more focused on deployment and creating a profitable outcome from the technology we do have. We reduced our spend by more than 50% year-over-year. You will see that first quarter results. We have fully capitalized the company now through to profitability. We do not expect to do another raise. We've just completed $50 million of additional financing, and that should be what we need through profitability. We are not a pre-revenue company. In 2025, we generated $56 million of revenue, albeit we were still EBITDA negative. Importantly, one of the things that started to happen is this use of a waste gas from a steel mill is now getting a lot of attention and traction in the U.K. and in the EU, where they've started to realize that this is a non-food ethanol alternative that can be used to meet road transport, aviation, and marine fuel demand. The technology is proven. It is operating at six commercial plants across the world. Just as a reference, the marine and aviation markets are a $2.5 trillion opportunity. It's a massive opportunity, and it is what we are absolutely focused on. As mentioned, we're producing around 150 million gallons a year at our six operating plants using gas resources. We've been around for 20 years, so we're not the new kid on the block. Our headquarters are in Chicago. We have a scale-up facility in Georgia, near Savannah, and we have commercial plants in Europe, India, and China. We are on a path to higher revenues for 2026 and higher profitability. Importantly, most people don't realize that the opportunity of just using a waste gas from a steel mill or an industrial emission is over 100 billion gallons. When you consider that the aviation market today uses 100 billion gallons of jet fuel, that means that this feedstock opportunity, industrial emissions, is really well-aligned with the demand in the market. These are pictures of our six commercially operating plants, and I'll deep dive into these in a second. We have four in China using gases from steel and ferroalloy mills, one in Europe and one in India. Here's a more detailed picture of our plant in Europe. This plant is at an ArcelorMittal steel mill in Belgium in Ghent. ArcelorMittal is one of the largest steel companies in the world with over $60 billion of revenue. They produce over 55 million tons of crude steel. They're actually the number one steel supplier to the global auto market. We've partnered with them to decarbonize their facilities and more importantly, to take a waste gas and create an additional revenue stream. If you look at this video, you see what our plant looks like from a drone image. I'll go through this a couple of times to explain the key pieces and what's unique. If you look at the orange pipe, that is where the gas, the excess gas from the steel mill comes in. You can see the four bioreactors, which is where the gas is converted to ethanol, the distillation tower, and then in the bigger picture, you could see the wastewater treatment plant. Essentially what we've built is a refinery at the steel mill, and this refinery converts gases that are completely underutilized or wasted at the steel mill. Just to take a step back and explain the technology at a high level, what is happening in those bioreactors, you're used to the fermentation of sugar, you're used to making wine from sugar using yeast. The reality is what we're doing is instead of feeding a bacteria that's in these bioreactors sugar, we're actually feeding them carbon monoxide and carbon dioxide. Carbon oxides, which are literally byproducts of steel production. Normally, these byproduct gases would be flared and just literally wasted into the atmosphere, or they can be converted to access a little bit of the heat and power residual that is in that gas. This is completely different, completely disruptive, completely outside of the food supply chain. What to me is even most important is the fact that when you do conventional fermentation with sugars, you usually do it in a big vat, and you go away for weeks, months, years, while you get the fermentation. Our fermentation happens in seconds, and so these bioreactors are actually not batch processes that are stagnant, but rather continuous processes. The gas from the orange pipe comes in, it is converted in the bioreactor in seconds to ethanol, and then the ethanol is distilled in that tower. Why is that important? This now starts to look more like a refinery where you are continuously processing the feedstock, which in this case is the gas, and making products. It is by definition much more efficient. I want to switch from our European plant to our plants that we have in China. We have four commercially operating plants in China, and we have a JV in China. It's called the Beijing Shougang LanzaTech company. This company IPO'd in the Hong Kong Exchange on Wednesday, June 3rd. You see the ticker symbol on the top right. It was a share price of $1.86. It closed on its first day of trading at $3.55. Last night, it closed at $4.02. The market cap that represents is $1.6 billion. We own 8.4% of that JV, and we're very excited about the fact that not only do we have an ownership stake that is quite valuable, but importantly, this company, whose entire platform is based on our technology, has shown that they are profitable, able to IPO, and able to create successful revenue streams. Just going to run through the four pictures. The first plant started operation in 2018, so this is not new technology anymore. It is really commercially proven. We have also a plant at the ferroalloy mill in Ningxia, a second one in Ningxia, also at ferroalloy, and one in Guizhou. These plants constitute a portfolio of commercial plants that have been operating and creating margin for our JV in China. I do want to make a comment in that I showed you a picture of what is essentially a refinery at a steel mill. I think it's worth noting that with new technology, once you build the first few, you're able to get down the cost curve and continue to improve the technology, just like solar did. I also think it's important in this day when people like to talk about AI as being important, and of course, I know this is a technology conference, that our technology is coupled with AI systems that allow full automation and full control of the plants, and that is part of what we offer. It's also important to let you know that the development of the bacteria used a lot of AI. What most people are used to is large language models. We do not do that. What we focus on instead is large science models, large technology models, which is just another level of infrastructure in the AI community, and it's something we've been doing for the last 5-10 years, and it is all embedded in our offering. How do we make money? Our current revenue model is licensing, and what we have done with all the plants, even with the one where we JV'd, is that we help our partners build the plants by licensing the technology today to them. We transfer the technology via an engineering package. They use that engineering package with their EPC, in other words, their procurement construction partner, to build the plant. Then what we do is we receive a percentage of the revenues as a technology license fee. We also provide them with proprietary equipment and a number of consumables. Sometimes we replenish the bacteria and we provide that to them. Also the software that I just told you has the AI and process control embedded. Obviously, this is a great model because it's capital light. You leave a lot of money on the table because it's your partner who puts in the capital and also then does most of the ethanol sales, and that's where the upside is in trading the ethanol. Just to give you a sense of the value of each of the stages that we go through in building one of these refineries, I've shown it here. The early stages is not significant revenue. We are doing feasibility studies and making sure that that particular plant is going to make economic sense. Not every plant in every location makes economic sense, even though there are more steel plants in the world than there are refineries, and we have a massive capacity potential, in locations where the price of electricity is high or where there are other reasons like permitting that could delay a project, that may not be the first choice. We, during the first engagement phase, we work very hard with our partner to define whether this is going to be a money maker or not. We work on developing the project. Some of that revenue comes to us, some of it goes to our EPC partners, the plant is constructed, where what we provide is services and support over that two-year period. When we start operations, that's when you see the licensing model really kick in, because that's when you start to aggregate on the order of $8 million to $10 million a year from the licensing fees as the plants are in full production. We have not yet realized full licensing fees from our early plants because, as you can imagine, they were putting in $50 million or $100 million to build the plant. Because it was first of a kind, we actually gave discounts on our royalties as part of being able to prove the technology out. That is no longer true, these $10 million of revenue, which are essentially profit because a licensing model is just profit, at that point, we will start to see this aggregate with our new plants. That is the licensing model. Like I said, we like the licensing model, you leave a lot of money on the table because of the fact that your partner is the one that's selling the fuel. It's almost like being Shell and having somebody else sell your fuel for you. That's not really what you want. You actually want to control some of that. What we've been doing is we have now started to do what we call a DevCo structure, where we now have the ability to develop the project ourselves and work with the procurement and construction partners. That means we have the ability to also sell some of the ethanol product. By being able to do that, we will be able to capture higher margins. It does expose you to more commodity risk than a pure licensing model, there is a lot more upside. For us, our success will come from blending these two models and being able to create revenues and profits from that. Our target markets are two very large markets, the marine market and the aviation market. In the marine market, a lot of people talk about dual-engine ships that have conventional petroleum bunker fuel, which is a heavy diesel, heavy and dirty diesel. That happens to be coupled with a second engine where people are talking about putting methanol in those ships. You hear a lot about this. What people are starting to realize is that you can put ethanol directly into that methanol engine, and you get 40% more energy density. If you're running a cargo ship, 40% more energy density in your fuel means more cargo. That higher energy density of ethanol versus methanol, the fact that ethanol is a drop-in, literally into those methanol engines in those ships, creates a massive opportunity. Right now, the marine industry is looking to certify ethanol, just like they have ethanol as a marine fuel. For us who already have operating plants producing ethanol, this is just a massive opportunity. When it comes to aviation, sustainable aviation fuel, which is something everybody is really excited about, you have to convert the ethanol into a drop-in hydrocarbon that looks a lot more like conventional kerosene, conventional jet fuel. When people talk about sustainable aviation fuel, it is a drop-in replacement only because it is a hydrocarbon. What we've done is developed the technology to convert ethanol to the hydrocarbon jet fuel. This is a certified technology commercial flight. We already did a commercial flight with Virgin Atlantic and another one with ANA, showing that you can take recycled carbon emissions from a steel mill, convert them to jet fuel, and fly across the Atlantic or across the Pacific, as we did with Virgin and ANA respectively. What we had done is we launched a company called LanzaJet to focus specifically on this ethanol to sustainable aviation fuel conversion. What you're seeing here is a plant in Georgia, like I said, near Savannah. That plant is producing sustainable aviation fuel today. Its full capacity when it's fully operating will be 10 million gallons a year. This will be the first commercial ethanol-to-SAF plant in the world. They just raised a round at a $650 million valuation, and they are a private company. LanzaJet is a private company of which we own approximately 50%. This is a very important development, it's progress that we're monitoring right now. I like to think of us as being ready for takeoff. The fact is that we are at an inflection point. When you do something disruptive, something completely new, you have to make sure the technology works. We've ticked that box and hopefully I've shown you that. You have to make sure legislation is with you. The reality is that often when you're first to do something, legislation had not contemplated how you would fit. You note that ethanol can be made from corn, from sugarcane, from other feedstocks, but the use of ethanol made from a recycled emission that is steel mill was something people had not really considered. In the U.K. and in the EU, legislation has caught up. Recycled carbon fuels are explicitly included in legislation, and we are getting certified to qualify for that. We will be the first certification for a recycled carbon fuel. It is happening right now. It will allow us to access those much higher value markets. I think we already talked about how large the aviation and the marine market are. We have been developing projects either through license or through development ourselves, and this is our portfolio that should be commercially operating by 2030. We have six plants in development. A number of these, NTPC, SED, are licenses. The other four are own development projects. In our planning period through 2031, these projects represent $150 million in profits. This is something that's very important is the significance of this portfolio in aggregate. They all are very good in terms of return, greater than 13% IRRs. We do have infrastructure funding from Brookfield for each of the projects when they are FID ready. Obviously, NTPC, which is the largest power company in India, is not going to require infrastructure funding. That's a pure license. They will fund projects themselves. Nonetheless, it gives you a sense of how we can leverage infrastructure funding to build the plants. I talked about 2025 as a year of transition. Q1 of 2026 operating costs for us were $13 million. The first quarter of 2025 was $33 million. We have already implemented the reductions and as you can see, are on track to deliver under $45 million of expenses this year. This is a massive restructuring for the company that has already happened. It was not a temporary cut. These are structural changes that will help pave the way for a break-even company in the next couple of years. Really very focused on deployment and commercialization rather than on continuing to develop our platform. This is a significant part of our 2025. In 2025, we also de-risked our balance sheet. I've already mentioned the cost reduction, but I also mentioned that we had raised $50 million of capital. Importantly, we also got rid of residual litigation overhang. We unwound the FPA that we had that was not helping us. We had preferred equity on our books, and we actually eliminated that in that we were able to get the preferred converted to common. Now everybody has common stock. We have eliminated any of the overhang that comes from the preferred shares. We do have an ATM facility in place that has been activated and is ready to use should we need it or want to use it. In conclusion, how to become a company that transitions from a platform development to actually creating revenue and profits. I think you've seen that a number of those things are in place. You see how significant an ownership stake is in assets that have already been deployed, like LanzaJet, like our JV in China. We are looking at the certifications in Europe and the U.K. to be able to increase our margin by going to these premium markets. In addition, we are getting certified for carbon credits and other approaches that will again allow us to capture margin, not from new installed capacity, which I talked about, but from already installed capacity. Some of these carbon credits can be retroactive. We really believe we are transitioning to a much more profitable, much more commercial model. Thank you for your attention. Thank you, Jennifer. To submit your question to us, we invite you to join us on Zoom. If you're joining us on social media, use the link provided there. Once you're in Zoom, press the Q&A button at the bottom of your window, a text box will appear. You can then submit your question. Jennifer, we've got several questions already for you. You've spoken about a structural cost reset and a much lower operating burn rate. At what point do you believe investors will begin to see the benefits of that new cost structure flow through more clearly into your financial results? Yeah, we've already seen it in Q1. We've already seen the difference between the $30-some million Q1 2025 and the $13 million Q1 2026. We're seeing it right now. Next question, Jennifer. The SAF market is attracting enormous attention, but many proposed pathways remain unproven at scale. What differentiates LanzaTech's recycled carbon approach from competing SAF technologies in terms of scalability, economics, and feedstock availability? Brilliant. That's a great question. The only path that had been commercially proven to date is the conversion of fats, oils, and greases to aviation fuel, and that's it. As of November last year, we showed a second pathway at commercial scale, ethanol to sustainable aviation fuel in that plant in Georgia that I showed you. Really, there's only now two commercially proven technologies. Lots of things in the labs, but only two operating commercially. When you look at our plants, the world uses 100 billion gallons of aviation fuel per year today. There's under 100 million gallons of sustainable aviation fuel, and part of that is feedstock limitation. The HEFA route tends to use used cooking oils and greases. How much used cooking oil is there in the world? Really that is going to be capped. There are concerns about food versus fuel and other such things, and that's the beauty of recycled carbon fuels. We're literally completely outside of the supply chain. The last bit is on economics. What you see is a technology where there is no feedstock preparation. The recycled carbon fuel gas literally comes into these bioreactors and is converted very efficiently. This will always be available globally at steel mills and refineries and petrochemical complexes, but also a direct conversion, so that there is not a lot of extra steps and a lot of extra steel that is required on the ground, which make the economics rough. SAF, often described as a multi-decade growth opportunity. If investors look out, say, three to five years, Jennifer, what milestones would demonstrate that LanzaTech is becoming one of the leading platforms in the global SAF value chain? We have two plants that are already in development, two projects that I mentioned earlier, Dragon and FLITE. Those should be operating by 2030. Each of them will produce over 30 million gallons a year. That's a total of 60 million gallons of production. That is significant. If you're targeting 10% SAF by 2030, that means we need another billion gallons. We will contribute alone almost 100 million gallons by 2029, and we have other plants in the pipeline as well. I think we will establish ourselves as lowest cost and already in the market with production. You can sneak in maybe 15 seconds to answer this quick one. Feedstock flexibility, why is it such an important competitive advantage? Lots of waste carbon out there. You can use trash, municipal solid waste, you can use biomass, and you can use all these industrial resources. It becomes a regional choice, and in these days when security of supply is important, we have an advantage in we can use anybody's feedstock. Perfect. Dr Jennifer Holmgren, thank you very much, and welcome to RedChip. Thank you. Bye for now.