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.

Overall Financial Performance

LanzaTech Global, Inc. reported a net loss of - $49.0 million for the year ended December 31, 2025, representing a 64.5% improvement compared to a net loss of - $137.7 million in the prior year. The accumulated deficit as of December 31, 2025, was - $1,018.6 million. The company has not achieved operating profitability in any quarter since its formation and anticipates continuing to incur losses until operations are sufficiently scaled.

Revenue by Segment

Total revenue increased by $6.3 million, or 12.6%, to $55.8 million for the year ended December 31, 2025, from $49.6 million in the prior year.

• Biorefining Revenue: This segment generated $36.0 million in 2025, an increase from $31.1 million in 2024.
  • Licensing Revenue: Increased to $19.8 million in 2025 from $11.3 million in 2024, primarily due to $8.5 million in licensing revenue from LanzaJet for sublicensing LanzaTech’s technology.
  • Engineering and Other Services Revenue: Decreased to $16.2 million in 2025 from $19.8 million in 2024, mainly due to project completions and fewer new customers.
• Joint Development and Contract Research Revenue: Decreased to $5.2 million in 2025 from $10.6 million in 2024, primarily due to a - $3.8 million decrease in Joint Development Agreement (JDA) revenue and a - $3.6 million decrease in engineering and other services revenue.
• CarbonSmart Product Sales: Revenue increased to $14.6 million in 2025 from $7.9 million in 2024, driven by expanded commercialization and higher customer adoption.

Cost of Revenues

Cost of revenues (exclusive of depreciation) increased by $4.6 million, or 17.6%, to $30.5 million in 2025 from $26.0 million in 2024. This increase was mainly due to a $6.6 million rise in costs associated with CarbonSmart product sales and a $0.6 million increase in engineering and other services costs, partially offset by a - $1.9 million decrease in costs related to JDAs and a - $0.8 million decrease in costs associated with other contract research activities.

Operating Expenses

• Research and Development (R&D) Expense: Decreased by - $23.8 million, or - 30.9%, to $53.2 million in 2025 from $77.0 million in 2024, mainly due to reductions in external R&D services, personnel and contractor expenses, and facilities and consumables expenses.
• Selling, General and Administrative (SG&A) Expense: Decreased by - $2.9 million, or - 5.9%, to $47.0 million in 2025 from $50.0 million in 2024, primarily due to a - $9.6 million decrease in personnel and contractor expenses and a - $1.0 million decrease in facilities-related expenses, partially offset by a $7.7 million increase in professional fees.

Other Income (Expense)

• Interest Income, Net: Decreased by - $1.9 million in 2025 compared to 2024, primarily due to lower cash balances.
• Other Income (Expense), Net: Increased by $59.3 million in 2025 compared to 2024, driven by a $55.7 million gain from the change in fair value of the convertible note and a $23.2 million gain on the change in fair value of the FPA in 2024. These gains were partially offset by a - $23.4 million loss due to the increase in fair value of the Brookfield Loan and a - $2.5 million loss due to the increase in fair value of the Brookfield SAFE.
• Loss from Equity Method Investees, Net: Was - $12.5 million in 2025, compared to - $14.2 million in 2024.

Cash Flow

• Cash and Cash Equivalents: Total cash, cash equivalents, and restricted cash decreased by - $28.7 million, or - 62.7%, to $17.1 million as of December 31, 2025, from $45.7 million as of December 31, 2024.
• Net Cash Used in Operating Activities: Decreased by - $24.2 million, or - 27.2%, to - $64.9 million in 2025 from - $89.1 million in 2024, reflecting reduced operational costs and increased revenues.
• Net Cash Provided by Investing Activities: Was $11.2 million in 2025, a decrease from $28.4 million in 2024, primarily due to lower proceeds from debt security maturities, partially offset by reduced capital expenditure.
• Net Cash Provided by Financing Activities: Was $25.6 million in 2025, compared to $30.2 million in 2024, mainly due to lower cash from the issuance of Series A Preferred Stock and a - $12.5 million partial repayment of the Brookfield Loan.

Unique Metrics

• Commercial Plants and Ethanol Production: LanzaTech’s technology has been deployed at six commercial plants, producing over 139 million gallons of fuel-grade ethanol, with the first commercial facility in China having sold over 63 million gallons.
• LanzaJet Ownership: As of December 31, 2025, LanzaTech held 53.16% of LanzaJet’s outstanding common stock, which was reduced to approximately 45.6% on a fully diluted basis as of February 11, 2026.

Outlook / Guidance

LanzaTech is focusing on streamlining operations, enhancing capital efficiency, and accelerating technology deployment by shifting towards global commercialization. The company is implementing a cohort-based commercialization model to de-risk execution and build revenue visibility. While near-term revenue has some reliance on U.S. government programs, LanzaTech is actively diversifying funding sources and sequencing project cohorts to manage potential delays.