The associated cost savings initiatives are also well underway and on track deliver the previously estimated full year cost reductions. CapEx spend during first quarter 2024 totaled $1.3 million and we continue to project CapEx for the full year 2024 to be consistent with or below our CapEx for the prior couple of years. Turning to adjusted EBITDA and cash flow for the quarter, as expected our adjusted EBITDA loss increased quarter-on-quarter in the first quarter to $22.1 million largely as a result of the lower Q1 revenue and gross profit as compared to the fourth quarter 2023. Our total cash burn in the quarter was $29.2 million which was up quarter-over-quarter as a result of the lower revenue and larger adjusted EBITDA loss. It was also materially impacted by a number of large annual payments including 2023 incentive compensation, 2024 insurance premiums and others that are expensed throughout the year but are paid in Q1.
Importantly we also expected to invoice and receive a multi-million dollar payment in a quarter associated with one of our government contracts, but some administrative contracting issues span the end of the quarter resulting in a simple delay in this payment. As a result we do not believe that this burn rate is indicative of our average quarterly burn rate for the full year 2024. Turning to the balance sheet. As of March 31, 2024 we had $92.3 million of cash on hand including cash, restricted cash and investments and in quarter with more than $92 million of cash on hand we remain confident that we have the financial flexibility to execute our plan and deliver on our primary objectives outlined for the full year 2024. With that said, we’re also announcing today the filing with the SEC of a registration statement on Form S3 that includes a prospectus offering for an At-the-Market or ATM issuance for up to $100 million in the company’s company shares.
We recently passed the one-year anniversary of the completion of our business combination and became eligible to do so, we believe that having a universal shelf S-3 on file is good corporate housekeeping and the ATM provides us with a tool to opportunistically access additional capital even though we have no plans at present to utilize it. While we believe we have sufficient liquidity to execute on our near-term objectives and obligations, we will also continue to opportunistically and patiently explore other strategic financing alternatives to ensure we are best positioned to achieve our longer-term growth objectives. Pursuing these additional financing options enables us to maximize potential opportunities that could further supplement our financial flexibility as we continue to explore strategic opportunities to accelerate our growth and path to profitability.
Looking ahead to the second quarter and the rest of the year we continue to anticipate a strong quarter-over-quarter revenue ramp with an expected 20% to 40% quarter-over-quarter growth in Q2 and a very strong back half in the year underscored by the expectation of moving multiple projects in the later stages of development and in the construction. As Jennifer mentioned earlier as outlined on slide 11 we are reiterating our full year 2024 guidance of $90 million to $105 million in total revenue with full year growth across all components of the business and an obviously significant back-and-weighted shape to the year, as well as negative $65 million to $85 million on adjusted EBITDA. We anticipate the biorefining revenue growth will come from ongoing and new engineering services revenue as well as the sales of equipment packages related to several projects to be expected to achieve final investment decision and proceed to the construction phase in 2024.
Biorefining will also be bolstered in 2024 by the anticipated kickoff of Project SECURE, our DOE funded project with Technip for the decarbonization of ethylene production and the multiple opportunities that we are working on to address the growing demand for SAF including the projects we are co-developing with LanzaJet and the broader need for waste-based ethanol as an enabler of Alcohol-to-Jet globally. Finally we continue to anticipate moderate year-on-year growth in CarbonSmart business and our JDA and Contract Research business. With that I will turn the call back over to Jennifer for some closing remarks before we open the call for Q&A. Jennifer?
Jennifer Holmgren: Thank you Geoff. Our performance is not just a set of numbers it’s a tangible manifestation of progress in the field where every small victory has a significant impact. We are at the vanguard of an industry that is as challenging as it is essential. The opportunities before us are not only progressing but are the cornerstone in creating a new carbon economy. This quarter was a good quarter and I want to close with coming back to the five key takeaways I outlined at the outset of the call. First, we delivered financial results for the first quarter right in line with our guidance provided last quarter. The second, Project SECURE was a huge win and we’re excited about the project and the replicability of this technology integration.
Third, SAF continues to be an enormous demand for waste-based ethanol and we are well positioned in this massive sector. Fourth, our commercial project pipeline is growing and progressing and finally a reiteration of our full year 2024 financial and operating guidance. Thank you for your continued trust and support. Together we’re not simply participants in this economy we are the architects and builders laying down the foundations for a sustainable future. Operator, we can now open the line for Q&A please.
Operator: Certainly, Dr. Holmgren. [Operator Instructions] We go first this morning to Leo Mariani at ROTH MKM.
Leo Mariani: Hi guys. I wanted to just start off on the revenue side here. So if I heard you guys right you’re expecting roughly 20% revenue growth in 2Q versus 1Q here. But kind of do the math that gives me about 23% of your revenues in the first half kind of relative to your midpoint of your full year revenue guidance. Given that can you just kind of elaborate a little bit on kind of what you expect to hit in the second half of ’24 which obviously has pretty big significant ramp to hit that guidance this year?
Geoff Trukenbrod: Yes. Good morning Leo and thanks for being on as always. So yes, we quoted a little bit of a range for Q2 so 20% to 40% growth over the first quarter just to reiterate that. So there’s a little bit of variability there in Q2 as well as timing of projects as well. But yes, that does certainly suggest that we expect a large ramp in the back half of the year. We did reiterate our guidance, so we do expect to be earning those revenues in the back half. It’s a function of a combination of things including a variety of projects moving kind of into the construction stage as well as ongoing projects that have already moved into it as well as the other components.
