LanzaTech Global Inc Financials
This page shows LanzaTech Global Inc (LNZAW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing rather than internal cash generation still carries the business, even after a smaller FY2025 operating drain.
FY2025's reported improvement in losses did not restore financial breathing room: operating cash burn narrowed to-$64.9M from-$89.1M . Even so, cash fell to$13.2M and the current ratio slipped to 1.4x, showing liquidity tightened faster than operations improved because the funding cushion shrank while the core business still consumed cash.
The cash deficit is mostly operational, not capital-intensive: free cash flow was
In FY2025, R&D nearly matched revenue at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of LanzaTech Global Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
LanzaTech Global Inc has an operating margin of -141.7%, meaning the company retains $-142 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -219.7% the prior year.
LanzaTech Global Inc's revenue grew 12.6% year-over-year to $55.8M, a solid pace of expansion. This earns a growth score of 24/100.
LanzaTech Global Inc has elevated debt relative to equity (D/E of -23.36), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
LanzaTech Global Inc's current ratio of 1.43 is below the typical benchmark, resulting in a score of 24/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While LanzaTech Global Inc generated -$64.9M in operating cash flow, capex of $1.3M consumed most of it, leaving -$66.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
LanzaTech Global Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, LanzaTech Global Inc generates $1.32 in operating cash flow (-$64.9M OCF vs -$49.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
LanzaTech Global Inc generated $55.8M in revenue in fiscal year 2025. This represents an increase of 12.6% from the prior year.
LanzaTech Global Inc's EBITDA was -$74.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.5% from the prior year.
LanzaTech Global Inc reported -$49.0M in net income in fiscal year 2025. This represents an increase of 64.5% from the prior year.
LanzaTech Global Inc earned $-22.27 per diluted share (EPS) in fiscal year 2025. This represents an increase of 68.1% from the prior year.
Cash & Balance Sheet
LanzaTech Global Inc generated -$66.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 29.9% from the prior year.
LanzaTech Global Inc held $13.2M in cash against $0 in long-term debt as of fiscal year 2025.
LanzaTech Global Inc had 2M shares outstanding in fiscal year 2025. This represents an increase of 19.1% from the prior year.
Margins & Returns
LanzaTech Global Inc's operating margin was -141.7% in fiscal year 2025, reflecting core business profitability. This is up 77.9 percentage points from the prior year.
LanzaTech Global Inc's net profit margin was -87.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 190.1 percentage points from the prior year.
Capital Allocation
LanzaTech Global Inc invested $53.2M in research and development in fiscal year 2025. This represents a decrease of 30.9% from the prior year.
LanzaTech Global Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
LanzaTech Global Inc invested $1.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 76.3% from the prior year.
LNZAW Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $28.0M+201.7% | $9.3M+2.1% | $9.1M-4.2% | $9.5M-21.2% | $12.0M+21.0% | $9.9M-42.8% | $17.4M+69.6% | $10.2M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $11.5M+12.1% | $10.3M-31.3% | $14.9M-9.5% | $16.5M+0.2% | $16.5M-25.2% | $22.0M+2.4% | $21.5M+25.9% | $17.1M |
| SG&A Expenses | $5.5M-19.1% | $6.7M-64.7% | $19.1M+21.3% | $15.7M0.0% | $15.7M+37.5% | $11.5M-2.5% | $11.7M+6.4% | $11.0M |
| Operating Income | -$205K+98.7% | -$15.7M+51.4% | -$32.2M-3.8% | -$31.1M-14.9% | -$27.0M+18.0% | -$33.0M-44.5% | -$22.8M+12.8% | -$26.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$84K-102.9% | $2.9M+108.8% | -$32.5M-69.0% | -$19.2M+28.8% | -$27.0M+53.0% | -$57.4M-106.6% | -$27.8M-9.0% | -$25.5M |
| EPS (Diluted) | N/A | $0.99 | $-0.15-50.0% | $-0.10 | N/A | $-29.04-20642.9% | $-0.14-7.7% | $-0.13 |
LNZAW Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $100.2M+0.9% | $99.3M-14.6% | $116.3M-7.6% | $125.8M-28.0% | $174.7M-19.2% | $216.2M+2.0% | $211.9M-1.2% | $214.5M |
| Current Assets | $39.7M-21.6% | $50.6M-23.5% | $66.2M+14.7% | $57.7M-41.9% | $99.3M-27.3% | $136.6M+9.3% | $125.0M-14.9% | $146.9M |
| Cash & Equivalents | $13.2M-32.9% | $19.6M-47.5% | $37.4M+171.2% | $13.8M-68.3% | $43.5M-25.9% | $58.7M-5.5% | $62.2M+9.6% | $56.7M |
| Inventory | $684K | N/A | N/A | N/A | $2.2M | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $90.9M-0.2% | $91.1M-29.0% | $128.3M+1.0% | $127.0M-21.2% | $161.2M-20.4% | $202.6M+40.4% | $144.3M+17.7% | $122.7M |
| Current Liabilities | $27.7M+11.6% | $24.8M-55.5% | $55.8M+110.5% | $26.5M-12.9% | $30.4M-35.1% | $46.9M+65.3% | $28.4M+33.1% | $21.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | $9.3M-40.2% | $15.5M |
| Total Equity | -$3.9M+21.8% | -$5.0M+80.2% | -$25.2M-2045.1% | -$1.2M-108.7% | $13.4M-1.2% | $13.6M-79.9% | $67.5M-26.4% | $91.8M |
| Retained Earnings | -$1.0B0.0% | -$1.0B+0.3% | -$1.0B-3.3% | -$988.8M-2.0% | -$969.6M-2.9% | -$942.6M-6.5% | -$885.2M-3.2% | -$857.4M |
LNZAW Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.2M+61.2% | -$15.9M+26.9% | -$21.7M-2.9% | -$21.1M-7.2% | -$19.7M+25.6% | -$26.4M-80.5% | -$14.7M+48.2% | -$28.3M |
| Capital Expenditures | $211K+25.6% | $168K+1.2% | $166K-76.7% | $713K-59.4% | $1.8M+507.3% | $289K-83.8% | $1.8M+20.8% | $1.5M |
| Free Cash Flow | -$6.4M+60.3% | -$16.0M+26.7% | -$21.9M-0.3% | -$21.8M-1.8% | -$21.4M+19.8% | -$26.7M-62.6% | -$16.4M+44.8% | -$29.8M |
| Investing Cash Flow | -$211K-25.6% | -$168K-102.3% | $7.2M+68.9% | $4.3M-69.9% | $14.2M+192.5% | -$15.4M-175.8% | $20.3M+120.0% | $9.2M |
| Financing Cash Flow | $0 | $0-100.0% | $38.1M+405.0% | -$12.5M-24.9% | -$10.0M-125.0% | $40.0M+105163.2% | $38K-79.6% | $186K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $48K |
LNZAW Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -0.7%+168.0pp | -168.7%+186.2pp | -354.9%-27.5pp | -327.5%-102.8pp | -224.6%+106.8pp | -331.5%-200.2pp | -131.2%+124.1pp | -255.3% |
| Net Margin | -0.3%-31.1pp | 30.8%+388.6pp | -357.8%-155.0pp | -202.8%+21.6pp | -224.4%+353.2pp | -577.6%-417.6pp | -160.0%+89.0pp | -249.0% |
| Return on Equity | N/A | N/A | N/A | N/A | -200.7%+221.4pp | -422.1%-381.0pp | -41.2%-13.4pp | -27.8% |
| Return on Assets | -0.1%-3.0pp | 2.9%+30.8pp | -28.0%-12.7pp | -15.3%+0.2pp | -15.4%+11.1pp | -26.6%-13.4pp | -13.1%-1.2pp | -11.9% |
| Current Ratio | 1.43-0.6 | 2.04+0.9 | 1.19-1.0 | 2.17-1.1 | 3.26+0.4 | 2.91-1.5 | 4.40-2.5 | 6.89 |
| Debt-to-Equity | -23.36-5.1 | -18.30-13.2 | -5.09+103.1 | -108.18-120.2 | 11.99-2.9 | 14.89+14.8 | 0.14-0.0 | 0.17 |
| FCF Margin | -22.8%+150.2pp | -172.9%+67.9pp | -240.9%-10.8pp | -230.0%-51.9pp | -178.2%+90.7pp | -268.8%-174.2pp | -94.6%+196.0pp | -290.6% |
Note: Shareholder equity is negative (-$3.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
What is LanzaTech Global Inc's annual revenue?
LanzaTech Global Inc (LNZAW) reported $55.8M in total revenue for fiscal year 2025. This represents a 12.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is LanzaTech Global Inc's revenue growing?
LanzaTech Global Inc (LNZAW) revenue grew by 12.6% year-over-year, from $49.6M to $55.8M in fiscal year 2025.
Is LanzaTech Global Inc profitable?
No, LanzaTech Global Inc (LNZAW) reported a net income of -$49.0M in fiscal year 2025, with a net profit margin of -87.7%.
What is LanzaTech Global Inc's EBITDA?
LanzaTech Global Inc (LNZAW) had EBITDA of -$74.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is LanzaTech Global Inc's operating margin?
LanzaTech Global Inc (LNZAW) had an operating margin of -141.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is LanzaTech Global Inc's net profit margin?
LanzaTech Global Inc (LNZAW) had a net profit margin of -87.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is LanzaTech Global Inc's free cash flow?
LanzaTech Global Inc (LNZAW) generated -$66.1M in free cash flow during fiscal year 2025. This represents a 29.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is LanzaTech Global Inc's operating cash flow?
LanzaTech Global Inc (LNZAW) generated -$64.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are LanzaTech Global Inc's total assets?
LanzaTech Global Inc (LNZAW) had $100.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are LanzaTech Global Inc's capital expenditures?
LanzaTech Global Inc (LNZAW) invested $1.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does LanzaTech Global Inc spend on research and development?
LanzaTech Global Inc (LNZAW) invested $53.2M in research and development during fiscal year 2025.
What is LanzaTech Global Inc's current ratio?
LanzaTech Global Inc (LNZAW) had a current ratio of 1.43 as of fiscal year 2025, which is considered adequate.
What is LanzaTech Global Inc's debt-to-equity ratio?
LanzaTech Global Inc (LNZAW) had a debt-to-equity ratio of -23.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is LanzaTech Global Inc's return on assets (ROA)?
LanzaTech Global Inc (LNZAW) had a return on assets of -48.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is LanzaTech Global Inc's cash runway?
Based on fiscal year 2025 data, LanzaTech Global Inc (LNZAW) had $13.2M in cash against an annual operating cash burn of $64.9M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is LanzaTech Global Inc's debt-to-equity ratio negative or unusual?
LanzaTech Global Inc (LNZAW) has negative shareholder equity of -$3.9M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is LanzaTech Global Inc's Piotroski F-Score?
LanzaTech Global Inc (LNZAW) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are LanzaTech Global Inc's earnings high quality?
LanzaTech Global Inc (LNZAW) has an earnings quality ratio of 1.32x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is LanzaTech Global Inc?
LanzaTech Global Inc (LNZAW) scores 8 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.