What is LanzaTech Global's operating income?

LanzaTech Global's total operating income in 2025 was -$79.16 million, based on the following breakdown: Total Gross Profit: $26.22 million Total Operating Expenses: $105.37 million

LanzaTech Global (LNZAW) Financials

$0.01 +0.00 (+2.05%)

As of 07/10/2026 03:22 PM Eastern

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Annual Income Statements for LanzaTech Global

This table shows LanzaTech Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-115	-138	-138	-49
Consolidated Net Income / (Loss)	-76	-134	-138	-49
Net Income / (Loss) Continuing Operations	-76	-134	-138	-49
Total Pre-Tax Income	-78	-131	-123	-36
Total Operating Income	-76	-106	-109	-79
Total Gross Profit	11	20	27	26
Total Revenue	37	63	50	56
Operating Revenue	37	63	50	56
Total Cost of Revenue	27	43	23	30
Operating Cost of Revenue	27	43	23	30
Total Operating Expenses	86	126	136	105
Selling, General & Admin Expense	27	50	50	47
Research & Development Expense	53	68	77	53
Depreciation Expense	4.66	5.45	5.57	4.23
Other Operating Expenses / (Income)	1.73	2.44	3.09	0.92
Total Other Income / (Expense), net	-2.75	-25	-15	43
Interest & Investment Income	0.01	4.57	3.16	1.21
Other Income / (Expense), net	-2.76	-29	-18	42
Other Gains / (Losses), net	1.99	-2.90	-14	-13
Basic Earnings per Share	($12.37)	($0.79)	($69.71)	($22.27)
Weighted Average Basic Shares Outstanding	9.30M	176.02M	1.98M	2.20M
Diluted Earnings per Share	($12.37)	($0.79)	($69.71)	($22.27)
Weighted Average Diluted Shares Outstanding	9.30M	176.02M	1.98M	2.20M
Weighted Average Basic & Diluted Shares Outstanding	195.45M	196.64M	-	10.09M

This table shows LanzaTech Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-25	-19	-26	-28	-57	-27	-19	-32	2.86	-0.08	-15
Consolidated Net Income / (Loss)	-25	-19	-26	-28	-57	-27	-19	-32	2.86	-0.08	-15
Net Income / (Loss) Continuing Operations	-25	-19	-26	-28	-57	-27	-19	-32	2.86	-0.08	-15
Total Pre-Tax Income	-25	-17	-25	-26	-52	-21	-13	-29	3.01	2.45	-10
Total Operating Income	-25	-19	-26	-23	-33	-27	-31	-32	-16	-0.21	-9.81
Total Gross Profit	5.97	9.26	4.33	13	2.49	7.63	2.45	3.16	2.47	18	3.75
Total Revenue	20	20	10	17	9.94	12	9.48	9.08	9.28	28	12
Operating Revenue	20	20	10	17	9.94	12	9.48	9.08	9.28	28	12
Total Cost of Revenue	14	11	5.92	4.63	7.46	4.40	7.04	5.93	6.81	9.85	8.27
Operating Cost of Revenue	14	11	5.92	4.63	7.46	4.40	7.04	5.93	6.81	9.85	8.27
Total Operating Expenses	31	28	30	36	35	35	33	35	18	18	14
Selling, General & Admin Expense	12	9.34	11	12	11	16	16	19	6.74	5.45	8.59
Research & Development Expense	17	16	17	21	22	16	16	15	10	12	4.01
Depreciation Expense	1.38	1.47	1.53	1.46	1.30	1.28	0.78	1.05	1.03	1.37	0.94
Other Operating Expenses / (Income)	0.74	0.78	0.85	0.86	0.69	1.17	0.48	0.30	0.10	0.03	0.02
Total Other Income / (Expense), net	-0.27	1.93	1.33	-3.28	-19	6.33	18	3.08	19	2.65	-0.32
Interest & Investment Income	1.25	1.41	1.15	0.51	0.79	0.71	0.44	0.19	0.31	0.27	0.10
Other Income / (Expense), net	-1.52	0.52	0.18	-3.79	-20	5.62	18	2.89	18	2.38	-0.42
Other Gains / (Losses), net	-0.46	-1.96	-0.68	-1.72	-5.54	-6.30	-6.53	-3.34	-0.15	-2.53	-4.55
Basic Earnings per Share	($0.13)	$0.06	($0.13)	($0.14)	($29.04)	($0.14)	($9.79)	($0.15)	$1.14	($0.04)	($1.77)
Weighted Average Basic Shares Outstanding	195.87M	176.02M	196.97M	197.75M	1.98M	197.58M	1.97M	218.12M	2.32M	2.20M	8.27M
Diluted Earnings per Share	($0.13)	$0.06	($0.13)	($0.14)	($29.04)	($0.14)	($9.79)	($0.15)	$0.99	($0.04)	($1.77)
Weighted Average Diluted Shares Outstanding	195.87M	176.02M	196.97M	197.75M	1.98M	197.58M	1.97M	218.12M	2.66M	2.20M	8.27M
Weighted Average Basic & Diluted Shares Outstanding	196.06M	196.64M	197.73M	197.77M	197.78M	0.00	231.96M	232.00M	2.32M	10.09M	10.09M

This table details how cash moves in and out of LanzaTech Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-45	-7.43	-31	-29
Net Cash From Operating Activities	-85	-97	-89	-65
Net Cash From Continuing Operating Activities	-85	-97	-89	-65
Net Income / (Loss) Continuing Operations	-76	-134	-138	-49
Consolidated Net Income / (Loss)	-76	-134	-138	-49
Depreciation Expense	4.66	5.45	5.59	4.23
Amortization Expense	0.00	-1.30	-0.85	-0.03
Non-Cash Adjustments To Reconcile Net Income	-3.97	38	45	-31
Changes in Operating Assets and Liabilities, net	-9.04	-5.57	-1.20	11
Net Cash From Investing Activities	-11	-58	28	11
Net Cash From Continuing Investing Activities	-11	-58	28	11
Purchase of Property, Plant & Equipment	-11	-8.55	-5.31	-1.26
Purchase of Investments	0.00	-94	-27	0.00
Sale of Property, Plant & Equipment	0.05	0.00	0.03	0.00
Sale and/or Maturity of Investments	0.00	50	61	12
Net Cash From Financing Activities	51	148	30	26
Net Cash From Continuing Financing Activities	51	148	30	26
Repayment of Debt	-	-	0.00	-13
Repurchase of Preferred Equity	-	-	0.00	-1.88
Repurchase of Common Equity	-0.65	-7.65	-0.05	0.00
Issuance of Preferred Equity	-	0.00	40	15
Issuance of Common Equity	50	-	0.00	25
Other Financing Activities, net	1.19	156	-9.74	0.00
Other Net Changes in Cash	-	-0.40	-0.05	-0.60

This table details how cash moves in and out of LanzaTech Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-18	-17	-19	5.44	-1.92	-16	-30	24	-16	-6.45	6.72
Net Cash From Operating Activities	-22	-16	-28	-15	-26	-20	-21	-22	-16	-6.16	-9.27
Net Cash From Continuing Operating Activities	-22	-16	-28	-15	-26	-20	-21	-22	-16	-6.16	-9.27
Net Income / (Loss) Continuing Operations	-25	-19	-26	-28	-57	-27	-19	-32	2.86	-0.08	-15
Consolidated Net Income / (Loss)	-25	-19	-26	-28	-57	-27	-19	-32	2.86	-0.08	-15
Depreciation Expense	1.38	1.47	1.53	1.46	1.30	1.30	0.78	1.05	1.03	1.37	0.94
Amortization Expense	-0.43	-0.37	-0.36	-0.14	-0.15	-0.21	-0.04	0.00	-	-	0.00
Non-Cash Adjustments To Reconcile Net Income	2.95	1.23	1.40	2.87	39	2.20	-5.97	6.86	-19	-13	5.27
Changes in Operating Assets and Liabilities, net	-1.02	0.61	-5.35	8.96	-8.82	4.02	3.35	2.87	-0.29	5.19	-0.80
Net Cash From Investing Activities	3.43	-1.42	9.22	20	-15	14	4.29	7.24	-0.17	-0.21	-2.01
Net Cash From Continuing Investing Activities	3.43	-1.42	9.22	20	-15	14	4.29	7.24	-0.17	-0.21	-2.01
Purchase of Property, Plant & Equipment	-1.82	-1.42	-1.48	-1.79	-0.29	-1.76	-0.71	-0.17	-0.17	-0.21	-0.06
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-2.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	-	-	-	0.04
Sale and/or Maturity of Investments	50	-	11	22	12	16	5.00	7.41	-	-	0.00
Net Cash From Financing Activities	0.56	0.91	0.19	0.04	40	-10	-13	38	-	-	18
Net Cash From Continuing Financing Activities	0.56	0.91	0.19	0.04	40	-10	-13	38	-	-	18
Repayment of Debt	-	-	0.00	-	-	-	-13	-	-	-	0.00
Issuance of Common Equity	-1.08	-	0.23	0.04	-	-	0.00	25	-	-	20
Other Financing Activities, net	1.64	0.91	-	-	-	-9.74	0.00	-	-	-	-2.00
Other Net Changes in Cash	-	-	0.05	-0.23	-0.11	-	-0.39	-0.04	-0.10	-0.08	-0.00

This table presents LanzaTech Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	151	177	242	175	100
Total Current Assets	0.68	124	173	99	40
Cash & Equivalents	0.34	83	76	43	13
Accounts Receivable	-	12	11	9.46	9.53
Other Current Assets	-	29	41	34	17
Plant, Property, & Equipment, net	0.00	20	23	22	17
Total Noncurrent Assets	150	33	46	53	43
Long-Term Investments	-	11	7.07	4.36	13
Other Noncurrent Operating Assets	150	23	39	49	30
Total Liabilities & Shareholders' Equity	151	177	242	175	100
Total Liabilities	12	125	127	161	91
Total Current Liabilities	0.75	56	28	30	28
Accounts Payable	0.14	7.46	4.06	5.29	11
Accrued Expenses	0.23	4.50	7.32	8.88	10
Current Employee Benefit Liabilities	-	7.03	5.47	2.30	1.84
Other Current Liabilities	0.39	37	11	14	4.73
Total Noncurrent Liabilities	11	69	99	131	63
Long-Term Debt	-	50	0.00	51	11
Other Noncurrent Operating Liabilities	11	19	99	80	52
Commitments & Contingencies	0.00	-	-	0.00	0.00
Redeemable Noncontrolling Interest	300	481	-	0.00	13
Total Equity & Noncontrolling Interests	-11	-429	114	13	-3.89
Total Preferred & Common Equity	-11	-429	114	13	-3.89
Preferred Stock	0.00	-	-	0.00	0.00
Total Common Equity	-11	-429	114	13	-3.89
Common Stock	0.00	25	944	982	1,013
Retained Earnings	-11	-456	-832	-970	-1,019
Accumulated Other Comprehensive Income / (Loss)	-	2.74	2.36	1.39	1.44

This table presents LanzaTech Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	246	214	212	216	126	116	99	105
Total Current Assets	177	147	125	137	58	66	51	48
Cash & Equivalents	91	57	62	59	14	37	20	20
Accounts Receivable	10	11	8.16	15	9.06	7.08	8.70	11
Other Current Assets	41	45	42	35	27	22	22	18
Plant, Property, & Equipment, net	23	23	23	22	20	19	18	16
Total Noncurrent Assets	46	45	64	58	48	31	30	41
Long-Term Investments	19	6.35	17	11	0.00	0.00	0.00	11
Other Noncurrent Operating Assets	27	39	47	47	48	31	30	30
Total Liabilities & Shareholders' Equity	246	214	212	216	126	116	99	105
Total Liabilities	118	123	144	203	127	128	91	57
Total Current Liabilities	34	21	28	47	27	56	25	24
Accounts Payable	5.78	2.07	4.01	3.12	6.43	3.94	6.20	10
Accrued Expenses	6.05	6.19	9.09	7.93	7.51	13	10	11
Current Employee Benefit Liabilities	7.20	5.11	5.93	6.58	2.45	2.74	1.87	1.73
Other Current Liabilities	15	7.95	9.36	29	10	36	6.38	1.10
Total Noncurrent Liabilities	84	101	116	156	100	72	66	33
Long-Term Debt	23	15	9.25	62	34	19	13	11
Other Noncurrent Operating Liabilities	61	86	107	94	66	53	53	22
Commitments & Contingencies	-	-	-	-	-	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	-	-	-	-	13	13	0.00
Total Equity & Noncontrolling Interests	128	92	68	14	-1.17	-25	-4.98	48
Total Preferred & Common Equity	128	92	68	14	-1.17	-25	-4.98	48
Preferred Stock	-	-	-	-	-	0.00	0.00	0.00
Total Common Equity	128	92	68	14	-1.17	-25	-4.98	48
Common Stock	940	947	951	954	984	994	1,012	1,080
Retained Earnings	-813	-857	-885	-943	-989	-1,021	-1,018	-1,033
Accumulated Other Comprehensive Income / (Loss)	1.79	2.41	2.22	2.16	3.65	1.73	1.57	1.44

This table displays calculated financial ratios and metrics derived from LanzaTech Global's official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	18,750,000.00	196,642,451.00	-	2,320,216.00
DEI Adjusted Shares Outstanding	187,500.00	1,966,425.00	-	2,320,216.00
DEI Earnings Per Adjusted Shares Outstanding	-613.48	-70.29	-	-21.10
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	67.72%	-20.82%	12.61%
EBITDA Growth	0.00%	-78.59%	7.37%	72.59%
EBIT Growth	0.00%	-73.27%	6.71%	70.30%
NOPAT Growth	0.00%	-40.72%	-2.40%	27.34%
Net Income Growth	0.00%	-75.62%	-2.71%	64.46%
EPS Growth	0.00%	93.61%	11.39%	68.05%
Operating Cash Flow Growth	0.00%	-14.87%	8.46%	27.18%
Free Cash Flow Firm Growth	0.00%	0.00%	-77.79%	52.27%
Invested Capital Growth	0.00%	-260.65%	132.41%	-244.78%
Revenue Q/Q Growth	0.00%	16.57%	-14.53%	40.05%
EBITDA Q/Q Growth	0.00%	2.07%	-2.77%	41.64%
EBIT Q/Q Growth	0.00%	2.10%	-2.66%	38.53%
NOPAT Q/Q Growth	0.00%	0.68%	-8.33%	25.30%
Net Income Q/Q Growth	0.00%	2.18%	-6.43%	35.47%
EPS Q/Q Growth	0.00%	80.87%	-40.00%	31.90%
Operating Cash Flow Q/Q Growth	0.00%	-2.49%	-4.63%	17.24%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-124.63%	54.53%
Invested Capital Q/Q Growth	0.00%	-320.73%	119.18%	-435.60%
Profitability Metrics	-	-	-	-
Gross Margin	28.88%	32.08%	53.86%	46.94%
EBITDA Margin	-197.35%	-210.15%	-245.85%	-59.85%
Operating Margin	-202.44%	-169.85%	-219.66%	-141.74%
EBIT Margin	-209.83%	-216.77%	-255.40%	-67.36%
Profit (Net Income) Margin	-204.47%	-214.11%	-277.73%	-87.66%
Tax Burden Percent	97.46%	102.21%	111.53%	134.47%
Interest Burden Percent	99.99%	96.63%	97.50%	96.77%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-637.35%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-583.61%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	490.26%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-147.10%	-161.19%	-215.34%	-430.83%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-2,172.45%	0.00%
Operating Return on Assets (OROA)	-47.82%	-64.89%	-60.85%	-27.37%
Return on Assets (ROA)	-46.60%	-64.09%	-66.17%	-35.62%
Return on Common Equity (ROCE)	189.47%	304.46%	-215.34%	-181.16%
Return on Equity Simple (ROE_SIMPLE)	17.81%	-117.15%	-1,024.25%	0.00%
Net Operating Profit after Tax (NOPAT)	-53	-74	-76	-55
NOPAT Margin	-141.71%	-118.90%	-153.76%	-99.22%
Net Nonoperating Expense Percent (NNEP)	-53.75%	-69.58%	-89.79%	52.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-65.05%	-118.11%	-790.66%
Cost of Revenue to Revenue	71.12%	67.92%	46.14%	53.06%
SG&A Expenses to Revenue	71.78%	80.53%	100.78%	84.24%
R&D to Revenue	142.44%	108.80%	155.28%	95.24%
Operating Expenses to Revenue	231.32%	201.93%	273.51%	188.69%
Earnings before Interest and Taxes (EBIT)	-78	-136	-127	-38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-74	-132	-122	-33
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	8.60	20.15	0.00
Price to Tangible Book Value (P/TBV)	0.00	8.60	20.15	0.00
Price to Revenue (P/Rev)	5.01	15.71	5.46	0.57
Price to Earnings (P/E)	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	75.17	0.00	60.57	0.00
Enterprise Value to Revenue (EV/Rev)	16.71	13.67	5.28	0.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.96	0.00	3.80	1.17
Long-Term Debt to Equity	0.96	0.00	3.80	1.17
Financial Leverage	-0.84	-1.03	-1.07	-1.09
Leverage Ratio	0.96	2.52	3.25	12.10
Compound Leverage Factor	0.96	2.43	3.17	11.71
Debt to Total Capital	49.06%	0.00%	79.17%	54.02%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	49.06%	0.00%	79.17%	54.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.01%
Noncontrolling Interests to Total Capital	471.63%	0.00%	0.00%	65.27%
Common Equity to Total Capital	-420.69%	100.00%	20.83%	-19.29%
Debt to EBITDA	-0.68	0.00	-0.42	-0.33
Net Debt to EBITDA	0.59	0.00	0.07	0.46
Long-Term Debt to EBITDA	-0.68	0.00	-0.42	-0.33
Debt to NOPAT	-0.94	0.00	-0.67	-0.20
Net Debt to NOPAT	0.82	0.00	0.12	0.28
Long-Term Debt to NOPAT	-0.94	0.00	-0.67	-0.20
Altman Z-Score	-3.50	-1.05	-8.40	-14.56
Noncontrolling Interest Sharing Ratio	228.81%	288.88%	0.00%	57.95%
Liquidity Ratios	-	-	-	-
Current Ratio	2.21	6.22	3.26	1.43
Quick Ratio	1.69	4.75	2.15	0.82
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-53	-94	-45
Operating Cash Flow to CapEx	-792.65%	-1,137.57%	-1,684.51%	-5,155.33%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-
Asset Turnover	0.23	0.30	0.24	0.41
Accounts Receivable Turnover	0.00	5.48	4.81	5.88
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	2.95	2.20	2.83
Accounts Payable Turnover	7.00	7.39	4.90	3.67
Days Sales Outstanding (DSO)	0.00	66.59	75.86	62.04
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	52.15	49.40	74.56	99.53
Cash Conversion Cycle (CCC)	-52.15	17.19	1.30	-37.49
Capital & Investment Metrics	-	-	-	-
Invested Capital	8.30	-13	4.32	-6.26
Invested Capital Turnover	4.50	-24.87	-11.00	-57.69
Increase / (Decrease) in Invested Capital	0.00	-22	18	-11
Enterprise Value (EV)	624	856	262	30
Market Capitalization	187	984	271	32
Book Value per Share	($22.87)	$0.59	$0.07	($1.68)
Tangible Book Value per Share	($22.87)	$0.59	$0.07	($1.68)
Total Capital	102	114	65	20
Total Debt	50	0.00	51	11
Total Long-Term Debt	50	0.00	51	11
Net Debt	-44	-128	-9.12	-16
Capital Expenditures (CapEx)	11	8.55	5.29	1.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	24	13	-1.20
Debt-free Net Working Capital (DFNWC)	68	145	69	12
Net Working Capital (NWC)	68	145	69	12
Net Nonoperating Expense (NNE)	23	60	61	-6.46
Net Nonoperating Obligations (NNO)	-44	-128	-9.12	-16
Total Depreciation and Amortization (D&A)	4.66	4.15	4.74	4.19
Debt-free, Cash-free Net Working Capital to Revenue	-40.51%	38.60%	26.24%	-2.15%
Debt-free Net Working Capital to Revenue	181.87%	231.38%	138.91%	21.43%
Net Working Capital to Revenue	181.87%	231.38%	138.91%	21.43%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	($0.28)	($0.79)	($0.70)	($22.27)
Adjusted Weighted Average Basic Shares Outstanding	37.50M	176.02M	197.58M	2.20M
Adjusted Diluted Earnings per Share	($0.28)	($0.79)	($0.70)	($22.27)
Adjusted Weighted Average Diluted Shares Outstanding	37.50M	176.02M	197.58M	2.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	195.45M	196.64M	0.00	10.09M
Normalized Net Operating Profit after Tax (NOPAT)	-53	-74	-76	-55
Normalized NOPAT Margin	-141.71%	-118.90%	-153.76%	-99.22%
Pre Tax Income Margin	-209.81%	-209.47%	-249.03%	-65.19%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.85%	-5.70%	-0.03%	0.00%

This table displays calculated financial ratios and metrics derived from LanzaTech Global's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	196,055,228.00	196,642,451.00	197,725,477.00	197,765,067.00	197,782,055.00	-	197,782,055.00	231,964,989.00	231,995,967.00	2,320,216.00	10,089,163.00
DEI Adjusted Shares Outstanding	1,960,552.00	1,966,425.00	1,977,255.00	1,977,651.00	1,977,821.00	-	1,977,821.00	2,319,650.00	2,319,960.00	2,320,216.00	10,089,163.00
DEI Earnings Per Adjusted Shares Outstanding	-12.92	-9.50	-12.90	-14.06	-29.04	-	-9.72	-14.01	1.23	-0.04	-1.45
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	142.88%	76.99%	6.20%	34.51%	-49.28%	-41.21%	-7.43%	-47.72%	-6.68%	132.74%	26.75%
EBITDA Growth	-22.16%	14.08%	59.77%	9.00%	-104.82%	-19.32%	50.05%	-11.96%	107.23%	117.43%	24.99%
EBIT Growth	-19.74%	13.84%	58.72%	7.07%	-101.77%	-18.12%	49.43%	-10.39%	105.13%	110.15%	22.09%
NOPAT Growth	-19.21%	3.77%	19.58%	25.53%	-34.00%	-44.92%	-18.73%	-41.40%	32.13%	98.92%	68.41%
Net Income Growth	-13.74%	13.80%	59.71%	-3.78%	-126.77%	-44.55%	24.62%	-16.91%	104.98%	99.69%	23.66%
EPS Growth	96.25%	101.83%	77.59%	0.00%	-126.77%	-333.33%	24.62%	-7.14%	103.41%	99.71%	81.92%
Operating Cash Flow Growth	22.14%	-17.69%	16.33%	42.10%	-17.79%	-25.08%	25.41%	-48.19%	39.96%	68.68%	56.08%
Free Cash Flow Firm Growth	681.45%	0.00%	-133.56%	-86.82%	-95.48%	-525.77%	43.38%	-155.28%	-826.78%	128.37%	6.82%
Invested Capital Growth	-95.84%	-260.65%	160.89%	-201.56%	-472.98%	132.41%	28.29%	-101.23%	108.27%	-244.78%	131.91%
Revenue Q/Q Growth	51.78%	4.38%	-49.94%	69.61%	-42.77%	20.99%	-21.17%	-4.21%	2.15%	201.75%	-57.07%
EBITDA Q/Q Growth	9.42%	32.36%	-45.76%	-1.90%	-103.89%	60.60%	38.98%	-128.38%	113.17%	-5.04%	-362.64%
EBIT Q/Q Growth	8.75%	30.60%	-43.34%	-2.38%	-98.12%	59.38%	38.63%	-123.49%	109.20%	-19.62%	-571.18%
NOPAT Q/Q Growth	19.67%	24.19%	-40.27%	12.82%	-44.54%	18.01%	-14.93%	-3.83%	30.63%	98.69%	-3,250.10%
Net Income Q/Q Growth	5.45%	26.27%	-36.60%	-8.98%	-106.59%	53.00%	28.76%	-69.01%	108.80%	-102.94%	-17,375.00%
EPS Q/Q Growth	7.14%	146.15%	-316.67%	-7.69%	-106.59%	51.72%	28.76%	-50.00%	760.00%	-104.04%	-4,325.00%
Operating Cash Flow Q/Q Growth	11.29%	29.93%	-79.83%	48.20%	-80.45%	25.59%	-7.24%	-2.91%	26.88%	61.19%	-50.41%
Free Cash Flow Firm Q/Q Growth	18.40%	-92.95%	-601.37%	131.52%	-59.39%	-763.56%	33.32%	69.23%	-433.88%	125.90%	-319.00%
Invested Capital Q/Q Growth	-58.76%	-320.73%	170.25%	-258.81%	-51.45%	119.18%	178.09%	-349.10%	106.23%	-435.60%	545.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.46%	45.23%	42.24%	73.34%	25.02%	63.42%	25.78%	34.76%	26.58%	64.81%	31.21%
EBITDA Margin	-128.34%	-83.16%	-242.14%	-145.47%	-518.29%	-168.79%	-130.67%	-311.53%	40.17%	12.64%	-77.33%
Operating Margin	-125.45%	-91.12%	-255.31%	-131.23%	-331.46%	-224.61%	-327.46%	-354.92%	-168.74%	-0.73%	-81.62%
EBIT Margin	-133.19%	-88.56%	-253.56%	-153.05%	-529.89%	-177.92%	-138.51%	-323.16%	29.12%	7.76%	-85.14%
Profit (Net Income) Margin	-129.18%	-91.26%	-249.00%	-159.99%	-577.60%	-224.38%	-202.77%	-357.76%	30.83%	-0.30%	-122.12%
Tax Burden Percent	101.86%	111.73%	102.74%	106.59%	110.67%	130.44%	151.45%	111.44%	94.96%	-3.44%	144.91%
Interest Burden Percent	95.22%	92.23%	95.58%	98.07%	98.50%	96.68%	96.67%	99.35%	111.51%	112.57%	98.98%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-62.40%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,046.43%	0.00%	0.00%	0.00%	-167.19%
ROIC Less NNEP Spread (ROIC-NNEP)	-49.15%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,053.67%	0.00%	0.00%	0.00%	56.53%
Return on Net Nonoperating Assets (RNNOA)	21.99%	0.00%	0.00%	0.00%	0.00%	0.00%	804.99%	0.00%	0.00%	0.00%	-8.42%
Return on Equity (ROE)	-40.41%	-161.19%	-73.77%	-89.02%	-182.17%	-215.34%	-241.44%	-490.45%	-696.09%	-430.83%	-175.61%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-1,011.32%	0.00%	0.00%	-2,172.45%	-769.72%	0.00%	-5,285.99%	0.00%	-282.68%
Operating Return on Assets (OROA)	-36.00%	-26.51%	-63.31%	-43.13%	-132.94%	-42.39%	-39.75%	-79.84%	7.36%	3.15%	-43.03%
Return on Assets (ROA)	-34.91%	-27.32%	-62.17%	-45.08%	-144.91%	-53.46%	-58.19%	-88.39%	7.79%	-0.12%	-61.72%
Return on Common Equity (ROCE)	-18.22%	304.46%	-73.77%	-89.02%	-182.17%	-215.34%	-241.44%	-374.12%	-275.52%	-181.16%	-175.61%
Return on Equity Simple (ROE_SIMPLE)	-106.70%	0.00%	-104.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-17	-13	-18	-16	-23	-19	-22	-23	-16	-0.21	-6.87
NOPAT Margin	-87.82%	-63.78%	-178.72%	-91.86%	-232.02%	-157.22%	-229.22%	-248.44%	-168.74%	-0.73%	-57.14%
Net Nonoperating Expense Percent (NNEP)	-13.25%	-6.56%	-5.39%	-10.82%	-43.34%	-11.80%	7.24%	-19.79%	87.21%	0.98%	-223.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-11.40%	-17.06%	-20.79%	-30.69%	-29.30%	-65.45%	392.57%	-188.14%	-2.93%	-11.63%
Cost of Revenue to Revenue	69.54%	54.77%	57.76%	26.66%	74.98%	36.58%	74.22%	65.24%	73.42%	35.19%	68.79%
SG&A Expenses to Revenue	60.23%	45.66%	107.74%	67.61%	115.18%	130.88%	166.07%	210.33%	72.64%	19.47%	71.49%
R&D to Revenue	84.90%	79.67%	166.55%	123.63%	221.32%	136.82%	173.93%	164.41%	110.52%	41.07%	33.34%
Operating Expenses to Revenue	155.91%	136.34%	297.55%	204.57%	356.48%	288.03%	353.24%	389.69%	195.31%	65.55%	112.84%
Earnings before Interest and Taxes (EBIT)	-26	-18	-26	-27	-53	-21	-13	-29	2.70	2.17	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-17	-25	-25	-52	-20	-12	-28	3.73	3.54	-9.30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.11	8.60	6.63	5.42	27.76	20.15	0.00	0.00	0.00	0.00	3.36
Price to Tangible Book Value (P/TBV)	7.11	8.60	6.63	5.42	27.76	20.15	0.00	0.00	0.00	0.00	3.36
Price to Revenue (P/Rev)	17.01	15.71	9.63	5.40	6.51	5.46	0.98	1.55	1.43	0.57	2.77
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	130.96	0.00	56.15	0.00	0.00	60.57	5.08	0.00	34.16	0.00	5.07
Enterprise Value to Revenue (EV/Rev)	14.73	13.67	8.32	4.19	5.89	5.28	1.25	1.43	1.60	0.53	2.42
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.00	0.17	0.14	4.53	3.80	-29.29	-1.62	1.62	1.17	0.23
Long-Term Debt to Equity	0.18	0.00	0.17	0.14	4.53	3.80	-29.29	-1.62	1.62	1.17	0.23
Financial Leverage	-0.45	-1.03	-1.02	-1.00	-1.12	-1.07	-0.76	-1.81	-1.95	-1.09	-0.15
Leverage Ratio	1.45	2.52	1.94	2.20	3.26	3.25	3.75	5.91	14.48	12.10	4.93
Compound Leverage Factor	1.38	2.32	1.85	2.16	3.21	3.15	3.63	5.87	16.14	13.62	4.88
Debt to Total Capital	15.38%	0.00%	14.42%	12.05%	81.90%	79.17%	103.54%	261.93%	61.89%	54.02%	18.63%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	15.38%	0.00%	14.42%	12.05%	81.90%	79.17%	103.54%	261.93%	61.89%	54.02%	18.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.01%	0.01%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	177.48%	61.28%	65.27%	0.00%
Common Equity to Total Capital	84.62%	100.00%	85.58%	87.95%	18.10%	20.83%	-3.54%	-339.41%	-23.16%	-19.29%	81.37%
Debt to EBITDA	-0.17	0.00	-0.16	-0.10	-0.52	-0.42	-0.31	-0.17	-0.23	-0.33	-0.36
Net Debt to EBITDA	0.91	0.00	0.87	0.89	0.30	0.07	-0.12	0.16	0.11	0.46	0.67
Long-Term Debt to EBITDA	-0.17	0.00	-0.16	-0.10	-0.52	-0.42	-0.31	-0.17	-0.23	-0.33	-0.36
Debt to NOPAT	-0.31	0.00	-0.22	-0.14	-0.87	-0.67	-0.43	-0.23	-0.18	-0.20	-0.27
Net Debt to NOPAT	1.63	0.00	1.18	1.28	0.51	0.12	-0.17	0.21	0.09	0.28	0.50
Long-Term Debt to NOPAT	-0.31	0.00	-0.22	-0.14	-0.87	-0.67	-0.43	-0.23	-0.18	-0.20	-0.27
Altman Z-Score	0.60	0.56	-2.02	-3.88	-5.02	-6.41	-10.43	-12.38	-13.18	-13.25	-11.55
Noncontrolling Interest Sharing Ratio	54.92%	288.88%	0.00%	0.00%	0.00%	0.00%	0.00%	23.72%	60.42%	57.95%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.26	6.22	6.89	4.40	2.91	3.26	2.17	1.19	2.04	1.43	1.96
Quick Ratio	4.05	4.75	4.80	2.93	2.16	2.15	1.14	0.80	1.14	0.82	1.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	122	8.59	-43	14	5.51	-37	-24	-7.50	-40	10	-23
Operating Cash Flow to CapEx	-1,234.14%	-1,110.95%	-1,911.42%	-819.52%	-9,149.48%	-1,121.14%	-2,959.47%	-13,080.72%	-9,450.60%	-2,920.38%	-71,292.31%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.30	0.25	0.28	0.25	0.24	0.29	0.25	0.25	0.41	0.51
Accounts Receivable Turnover	0.00	5.48	6.33	8.50	4.70	4.81	4.95	5.32	3.42	5.88	5.95
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	2.95	2.98	2.99	2.60	2.20	2.28	1.92	1.99	2.83	3.21
Accounts Payable Turnover	9.69	7.39	6.05	4.67	6.56	4.90	5.64	6.36	5.29	3.67	3.66
Days Sales Outstanding (DSO)	0.00	66.59	57.63	42.95	77.73	75.86	73.80	68.61	106.77	62.04	61.32
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.68	49.40	60.34	78.19	55.60	74.56	64.67	57.38	69.01	99.53	99.81
Cash Conversion Cycle (CCC)	-37.68	17.19	-2.71	-35.24	22.13	1.30	9.13	11.23	37.76	-37.49	-38.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6.04	-13	9.37	-15	-23	4.32	12	-30	1.87	-6.26	28
Invested Capital Turnover	0.71	-24.87	-21.01	-593.75	-7.04	-11.00	4.57	-1.81	-3.86	-57.69	2.93
Increase / (Decrease) in Invested Capital	-139	-22	25	-30	-29	18	2.65	-15	24	-11	16
Enterprise Value (EV)	791	856	526	283	342	262	61	58	64	30	141
Market Capitalization	914	984	609	366	378	271	48	63	57	32	162
Book Value per Share	$0.66	$0.59	$0.47	$0.34	$0.07	$0.07	($0.01)	($0.11)	($0.02)	($1.68)	$20.71
Tangible Book Value per Share	$0.66	$0.59	$0.47	$0.34	$0.07	$0.07	($0.01)	($0.11)	($0.02)	($1.68)	$20.71
Total Capital	152	114	107	77	75	65	33	7.42	21	20	59
Total Debt	23	0.00	15	9.25	62	51	34	19	13	11	11
Total Long-Term Debt	23	0.00	15	9.25	62	51	34	19	13	11	11
Net Debt	-122	-128	-82	-82	-36	-9.12	13	-18	-6.33	-16	-20
Capital Expenditures (CapEx)	1.82	1.42	1.48	1.79	0.29	1.76	0.71	0.17	0.17	0.21	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	24	34	22	2.83	13	9.96	-27	6.17	-1.20	3.69
Debt-free Net Working Capital (DFNWC)	144	145	126	97	90	69	31	10	26	12	24
Net Working Capital (NWC)	144	145	126	97	90	69	31	10	26	12	24
Net Nonoperating Expense (NNE)	8.11	5.62	7.20	12	34	8.08	-2.51	9.93	-19	-0.12	7.81
Net Nonoperating Obligations (NNO)	-122	-128	-82	-82	-36	-9.12	13	-18	-6.33	-16	-20
Total Depreciation and Amortization (D&A)	0.95	1.10	1.17	1.32	1.15	1.10	0.74	1.06	1.03	1.37	0.94
Debt-free, Cash-free Net Working Capital to Revenue	32.26%	38.60%	53.80%	31.81%	4.87%	26.24%	20.40%	-66.68%	15.46%	-2.15%	6.32%
Debt-free Net Working Capital to Revenue	267.52%	231.38%	198.61%	142.72%	154.57%	138.91%	63.79%	25.49%	64.68%	21.43%	40.33%
Net Working Capital to Revenue	267.52%	231.38%	198.61%	142.72%	154.57%	138.91%	63.79%	25.49%	64.68%	21.43%	40.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	$0.06	($0.13)	($14.00)	($29.00)	($0.14)	($10.00)	($15.00)	$1.14	($0.04)	($1.77)
Adjusted Weighted Average Basic Shares Outstanding	195.87M	176.02M	196.97M	1.98M	1.98M	197.58M	1.97M	2.18M	2.32M	2.20M	8.27M
Adjusted Diluted Earnings per Share	($0.13)	$0.06	($0.13)	($14.00)	($29.00)	($0.14)	($10.00)	($15.00)	$0.99	($0.04)	($1.77)
Adjusted Weighted Average Diluted Shares Outstanding	195.87M	176.02M	196.97M	1.98M	1.98M	197.58M	1.97M	2.18M	2.66M	2.20M	8.27M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.04)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	196.06M	196.64M	197.73M	1.98M	1.98M	0.00	2.32M	2.32M	2.32M	10.09M	10.09M
Normalized Net Operating Profit after Tax (NOPAT)	-17	-13	-18	-16	-23	-19	-22	-23	-11	-0.14	-6.87
Normalized NOPAT Margin	-87.82%	-63.78%	-178.72%	-91.86%	-232.02%	-157.22%	-229.22%	-248.44%	-118.12%	-0.51%	-57.14%
Pre Tax Income Margin	-126.82%	-81.67%	-242.36%	-150.10%	-521.94%	-172.02%	-133.89%	-321.05%	32.47%	8.73%	-84.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-6.05%	-5.70%	-0.05%	-0.05%	-0.04%	-0.03%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

LanzaTech Global (NASDAQ: LNZA) remains a highly cash-driven, loss-making business, but the latest quarter shows some signs of stabilization in revenue and liquidity compared with the prior quarter. Over the last four years, the company has continued to burn cash, rely on external financing, and post large operating losses. At the same time, revenue has been volatile, and the balance sheet has been reshaped significantly through equity issuance, debt changes, and investment balances.

What stands out most in Q1 2026: revenue was $12.0 million, down from $28.0 million in Q4 2025 but up slightly from $9.3 million in Q3 2025. Gross profit was $3.8 million, but operating expenses of $13.6 million led to an operating loss of $9.8 million. Bottom-line net loss was $14.7 million, or $1.77 per share. Cash from operations was negative $9.3 million, and the company ended the quarter with $19.9 million in cash and equivalents.

Revenue in Q1 2026 improved year over year versus Q1 2025, rising to $12.0 million from $9.5 million.
Gross profit remained positive at $3.75 million in Q1 2026, showing the company can generate positive gross margin on sales.
Cash and equivalents increased to $19.9 million at the end of Q1 2026 from $19.6 million in Q3 2025, helped by financing activity.
The company raised $20.0 million through issuance of common equity in Q1 2026, extending its liquidity runway.
Operating revenue has generally held in the low-to-high teens millions per quarter across the last year, suggesting some recurring business activity.
Q4 2025 showed a sharp revenue spike to $28.0 million, but that level was not sustained in Q1 2026, so the durability of that jump is still unclear.
Total assets were $105.2 million in Q1 2026, with current assets of $48.0 million and noncurrent assets of $41.1 million outside the near-term cash balance.
Long-term debt was $11.0 million in Q1 2026, down from $13.3 million in Q3 2025 and well below $19.4 million in Q2 2025.
The company’s equity position remains complicated by a large accumulated deficit; retained earnings were still negative $1.03 billion in Q1 2026.
LanzaTech posted an operating loss of $9.8 million in Q1 2026, continuing a multi-year trend of negative operating income.
Net loss widened to $14.7 million in Q1 2026, versus a loss of just $84,000 in Q4 2025, showing weak quarter-to-quarter earnings stability.
Cash from operations was negative $9.3 million in Q1 2026, so the core business is still consuming cash.
The company’s cash balance remains modest relative to quarterly cash burn, making future financing needs a meaningful risk.
Share count remains highly diluted over time, reflecting repeated equity issuance and a heavy reliance on external capital.
Operating expenses remain elevated, especially SG&A and R&D, which together exceeded gross profit by a wide margin in Q1 2026.

Longer-term trend: the last four years show a company that has not yet reached durable scale. Revenue has bounced around, but losses have remained large, especially in 2024 and early 2025. Q3 2025 was briefly profitable at the net income line, but that appears to have been driven by other income and non-operating items rather than a sustained improvement in the core business. In other words, the business still needs better operating leverage before investors can view profitability as repeatable.

Balance sheet and capital structure: LNZA has made clear progress reducing debt from prior peaks, but it is still not in a self-funding position. The company has repeatedly leaned on stock issuance and other financing sources to support operations. That helps keep the lights on, but it also creates dilution risk for shareholders.

Bottom line: LanzaTech’s latest quarter was not a turnaround, but it did show continued revenue generation and enough financing to maintain liquidity. The main issue remains unchanged: the company is still burning cash and has not demonstrated consistent operating profitability. For retail investors, this is still a high-risk, speculative name that depends heavily on execution, financing access, and eventual improvement in gross and operating margins.

07/12/26 04:58 PM ETAI Generated. May Contain Errors.

LanzaTech Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, LanzaTech Global's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

LanzaTech Global's net income appears to be on a downward trend, with a most recent value of -$48.95 million in 2025, falling from -$76.36 million in 2022. The previous period was -$137.73 million in 2024.

LanzaTech Global's total operating income in 2025 was -$79.16 million, based on the following breakdown:

Total Gross Profit: $26.22 million
Total Operating Expenses: $105.37 million

Over the last 3 years, LanzaTech Global's total revenue changed from $37.34 million in 2022 to $55.85 million in 2025, a change of 49.5%.

LanzaTech Global's total liabilities were at $90.93 million at the end of 2025, a 43.6% decrease from 2024, and a 683.1% increase since 2021.

In the past 4 years, LanzaTech Global's cash and equivalents has ranged from $343.40 thousand in 2021 to $83.05 million in 2022, and is currently $13.16 million as of their latest financial filing in 2025.

Over the last 3 years, LanzaTech Global's book value per share changed from -22.87 in 2022 to -1.68 in 2025, a change of -92.7%.

Related Companies

Financial statements for NASDAQ:LNZAW last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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LanzaTech Global (LNZAW) Financials

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LanzaTech Global (LNZAW) Financials

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