Lanzatech Global Inc
lanzatech.comWhat Do They Do?
Licenses gas-fermentation technology and provides engineering services to industrial customers converting waste gases into ethanol and chemicals; it also sells CarbonSmart ethanol products to end customers.
10-K for FY2025, filed Mar 31, 2026We are a nature-based carbon refining company that develops technology to transform waste carbon into the chemical building blocks for…View ↗
LanzaTech employs a licensing business model whereby our customers build, own and operate facilities that use our technology, and in…View ↗
The Company purchases ethanol from the customers who have deployed the Company’s proprietary technologies in their biorefining plants and…View ↗
How Do They Make Money?
Biorefining customers buy feasibility and engineering services, technology licenses, and microbes or media; engineering is provided over time, while licenses bring fixed fees or royalties as plants deploy or sales or use occur. Research customers pay at milestones or when reports are submitted; CarbonSmart customers buy ethanol products when shipped or delivered.
10-K for FY2025, filed Mar 31, 2026The Company provides feasibility studies and basic design and engineering services used for detailed design, procurement, and construction…View ↗
The Company licenses intellectual property to generate recurring revenue, in the case of running royalties, or one-time revenue, in the…View ↗
Revenue is not recognized in advance of customer acceptance of a milestone when such acceptance is contractually required. Payments for R&D…View ↗
The Company purchases ethanol from the customers who have deployed the Company’s proprietary technologies in their biorefining plants and…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$55.8M
-
10-K for FY2025, filed Mar 31, 2026
$55.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Biorefining revenue
Mix
10-K for FY2025, filed Mar 31, 2026 |
65%
FY2022: 57%
|
Biorefining revenue, FY2025
$36M Sources
|
Mix |
|
Joint development and contract research revenue
Sold outright
|
9.3%
FY2022: 32%
|
Joint development and contract research revenue, FY2025
$5.2M Sources
|
Sold outright |
|
CarbonSmart product
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
26%
FY2022: 11%
|
CarbonSmart product, FY2025
$14.6M Sources
|
Sold outright |
Who Are Their Customers?
Industrial customers build, own and operate facilities that use LanzaTech technology; end customers buy CarbonSmart ethanol and derivatives, while commercial and government customers engage LanzaTech for research services.
10-K for FY2025, filed Mar 31, 2026LanzaTech employs a licensing business model whereby our customers build, own and operate facilities that use our technology, and in…View ↗
The Company performs R&D services related to novel technologies and development of biocatalysts for commercial applications, mainly to…View ↗
The Company purchases ethanol from the customers who have deployed the Company’s proprietary technologies in their biorefining plants and…View ↗
10-K for FY2025, filed Mar 31, 2026
For the fiscal year ended December 31, 2025, our largest contracting entity accounted for 37% of our revenue, as compared to 25% for the…View ↗
Do Revenues Turn Into Profits?
No. It lost $49M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$79.2MView ↗
10-K for FY2025, filed Mar 31, 2026
−$49MView ↗
10-K for FY2025, filed Mar 31, 2026
−$66.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
$184.3MView ↗
- ▲ Now profitable
- vs −$32.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 14, 2026
Open tableView ↗
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Apr 16, 2026
Replaced Deloitte with BDO as the independent auditor
Sources
8-K, filed Apr 16, 2026
On April 10, 2026, upon the recommendation and approval of the Audit Committee of the Board of Directors (the “Audit Committee”), the Board…View ↗
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