LanzaTech Q1 2026 Results

Financing and Liquidity

Closed a $20.0M private placement in January 2026 and a $10.0M subscription in May 2026, with a mutual option to require up to an additional $20.0M of common stock through May 2027 subject to a month-end cash-threshold condition; management concluded these financings plus cost actions alleviate substantial doubt about going concern for the next 12 months; cash and restricted cash totaled $23.8M at March 31, 2026 (vs. $17.1M at December 31, 2025).

Q1 2026 Financial Performance

Revenue $12.0M (up from $9.5M), cost of revenue $8.3M, operating expenses $13.5M (down 59% y/y), net loss $14.7M (improved from $19.2M), and adjusted EBITDA loss $7.9M (improved from $30.5M); revenue growth driven mainly by a $4.6M increase in engineering and services while JDA, sublicensing, contract research and CarbonSmart sales declined; operating expense decline reflected headcount reductions and efficiency measures.

Project and Technology Milestones

Awarded contract to Spray Engineering Devices Ltd. to build a 24K MTA commercial advanced biofuel plant in India using sugarcane bagasse to produce low-carbon ethanol; selected px Saltend Chemicals Park in the UK as the site for the Dragon II SAF project; a 1/10th commercial facility in Japan achieved ethanol yields above guaranteed performance from unsorted MSW-derived syngas (article cites a potential TAM of ~$300B for converting MSW to SAF).

Related Corporate Transaction

On February 11, 2026, LanzaJet completed a Series A preferred equity transaction that raised $47M with a first close at a $650M pre-money valuation, reducing LanzaTech’s ownership interest in LanzaJet common stock to approximately 46%.