LanzaTech Q4 & FY2025 Financial Results

Strategic transactions

Dec 16, 2025: received final tranches of LanzaJet common stock, raising LanzaTech’s non-controlling interest in LanzaJet to 53%; Feb 11, 2026: Series A preferred stock transaction closed first round ($47M new capital; $650M pre-money) reducing LanzaTech’s common ownership to ~46%; Jan 2026: closed $20M private placement.

Operations and production

LanzaJet’s Freedom Pines Fuels facility in Soperton, GA was commissioned and began producing ASTM-certified SPK (sustainable aviation fuel) and Renewable Diesel from ethanol, cited as the first commercial-scale plant of its kind.

Financial performance (FY and Q4 2025)

Revenue: Q4 $28.0M, FY $55.8M (up from $12.0M and $49.6M in 2024), driven by $8.5M in sublicensing/licensing revenue from LanzaJet and increased CarbonSmart product sales; gross margin Q4 65% vs 54% in 2024. Cost of revenue: Q4 $9.9M, FY $30.5M. Operating expenses: Q4 $18.3M, FY $104.5M (down 21% y/y; Q4 down 45% y/y). Net loss: Q4 $0.1M, FY $49.0M (vs $137.7M FY 2024). Adjusted EBITDA: Q4 positive $2.4M, FY loss $71.3M (vs $88.2M FY 2024).

Balance sheet and funding context

Cash and restricted cash totaled $17.1M as of Dec 31, 2025 (vs $58.1M at Dec 31, 2024), reflecting cash use for operations, timing of receipts and limited new inflows, partially offset by investment liquidations and financing; awarded a €40M EU Innovation Fund grant (awarded Nov 2025) linking CCU and CCS for chemicals, marine and aviation sectors.