LNZA · LanzaTech Global, Inc.

LanzaTech's Q1 2026 results reflect substantial operational improvements from 2025 restructuring efforts, with operating expenses dropping 59% to $13.5 million due to headcount reductions in R&D and administrative areas. Revenue rose 26% to $12.0 million, primarily from a $4.6 million surge in engineering and other services to $6.4 million as new projects commenced with customers, though offset by declines in JDA, licensing from LanzaJet, contract research, and CarbonSmart sales. Cost of revenue increased modestly to $8.3 million in line with higher engineering volumes, shifting mix toward product manufacturing. These factors drove net loss improvement to $14.7 million and Adjusted EBITDA loss to $7.9 million. Balance sheet strengthened with cash at $23.8 million as of March 31, 2026, up from $17.1 million at year-end 2025, bolstered by $20 million January equity raise. May 2026 added $10 million immediate proceeds plus up to $20 million option through 2027, remediating prior going concern doubts per GAAP assessment. Strategic milestones included India 24K MTA ethanol plant contract, UK SAF site selection for Dragon II, and proven yields at Japan MSW-to-ethanol plant. CEO Jennifer Holmgren highlighted transformation delivering measurable results while advancing waste-to-SAF platform across feedstocks. LanzaJet investment reduced ownership to 46% post its $47 million raise at $650 million pre-money valuation.