Revenue: As of FY2025, the actual value is USD 55.85 M.

EPS: As of FY2025, the actual value is USD -22.27.

EBIT: As of FY2025, the actual value is USD -80.37 M.

Financial Performance Summary

Net Loss

• LanzaTech reported a net loss of -$0.1 million for the fourth quarter of 2025, significantly improving from a net loss of -$27.0 million in the fourth quarter of 2024. For the full fiscal year 2025, the net loss decreased to -$49.0 million, down from -$137.7 million in 2024.

Adjusted EBITDA

• Adjusted EBITDA for the fourth quarter of 2025 was $2.4 million, a positive shift from a loss of -$21.2 million in the same period of 2024. The full-year 2025 Adjusted EBITDA loss decreased to -$71.3 million, compared to a loss of -$88.2 million in 2024.

Operating Expenses

• Operating expenses for the fourth quarter of 2025 decreased by 45% year-over-year to $18.3 million, from $33.5 million in the fourth quarter of 2024. Full-year 2025 operating expenses declined by 21% year-over-year to $104.5 million, down from $132.6 million in 2024. This decrease was primarily due to reductions in personnel and contractor expenses related to R&D projects and administrative operations, reflecting cost optimization initiatives.

Cost of Revenue

• Cost of revenue for the fourth quarter of 2025 was $9.9 million, compared to $5.6 million in the fourth quarter of 2024. For the full year 2025, cost of revenue was $30.5 million, up from $26.0 million in 2024.

Gross Margin

• Gross margin for the fourth quarter of 2025 was 65%, an increase from 54% in the fourth quarter of 2024, primarily driven by licensing revenue from LanzaJet.

Cash Flow

• Net cash used in operating activities for the full year 2025 was -$64,854 thousand, an improvement from -$89,060 thousand in 2024. Net cash provided by investing activities was $11,150 thousand in 2025, compared to $28,352 thousand in 2024. Net cash provided by financing activities was $25,619 thousand in 2025, compared to $30,213 thousand in 2024.

Balance Sheet and Liquidity

• As of December 31, 2025, total cash and restricted cash stood at $17.1 million, a decrease from $58.1 million as of December 31, 2024. Total current assets were $39,688 thousand as of December 31, 2025, down from $99,334 thousand as of December 31, 2024. Total assets were $100,207 thousand as of December 31, 2025, compared to $174,683 thousand as of December 31, 2024. Total liabilities were $90,930 thousand as of December 31, 2025, a decrease from $161,236 thousand as of December 31, 2024.

Unique Metrics and Operational Highlights

• LanzaTech’s ownership interest in LanzaJet reached 53% on December 16, 2025, and subsequently reduced to approximately 46% on February 11, 2026, following a Series A Preferred Stock Purchase and Exchange Agreement. In January 2026, LanzaTech closed a private placement financing, generating gross proceeds of $20 million. The company was awarded a €40 million grant from the European Union’s Innovation Fund in November 2025, aimed at linking carbon capture and utilization with carbon capture and storage for various sectors.

Outlook / Guidance

• LanzaTech’s CEO stated that the company has undergone a year of disciplined transformation, strengthening its position and regaining momentum by aligning its structure to market realities. The company is focusing on high-value paths, particularly the growing demand for Sustainable Aviation Fuel (SAF), and is positioning itself for future growth in the marine fuels market, contingent on obtaining necessary capital.