# LanzaTech Global, Inc. (LNZA) Q2 2025 Financial Results Summary
Release date: August 19, 2025
LanzaTech Global, Inc. (NASDAQ: LNZA), a leader in carbon management solutions, has announced its financial and operational results for the second quarter ending June 30, 2025. The company is transitioning from a research-focused organization to a commercially driven entity. Below is a detailed summary of the company’s financial performance, significant initiatives, and operational highlights.
## Key Financial Metrics
– **Total Revenue**:
– **Q2 2025**: $9.1 million
– **Q2 2024**: $17.4 million
– **Change**: -47.8% year-over-year
– **Cost of Revenue**:
– **Q2 2025**: $6.2 million
– **Q2 2024**: $5.5 million
– **Change**: +12.7% year-over-year
– **Operating Expenses**:
– **Q2 2025**: $35.1 million
– **Q2 2024**: $34.7 million
– **Change**: +1.2% year-over-year
– **Net Loss**:
– **Q2 2025**: $32.5 million
– **Q2 2024**: $27.8 million
– **Change**: -16.9% year-over-year
– **Adjusted EBITDA Loss**:
– **Q2 2025**: $29.7 million
– **Q2 2024**: $17.8 million
– **Change**: -66.8% year-over-year
## Operational Highlights
– **Personnel Changes**: LanzaTech announced executive leadership transitions and workforce reductions in a bid to enhance operational efficiency and align its cost structure with long-term goals.
– **Growth Initiatives**: Focus remains on advancing significant commercial projects and expanding partnerships to tap into the growing carbon transformation opportunities across various sectors, including sustainable aviation fuel (SAF).
– **Government Funding**: The company received a £6.4 million grant from the UK’s Advanced Fuels Fund in July 2025 for the development of two SAF facilities (Project Dragon).
## Revenue Breakdown
– **Licensing Revenue**:
– **Q2 2025**: $1.1 million
– **Q2 2024**: $8.5 million
– **Change**: -87% year-over-year
– **Engineering and Other Services Revenue**:
– **Q2 2025**: $1.9 million
– **Q2 2024**: $5.1 million
– **Change**: -62.7% year-over-year
– **Revenue from JDA and Contract Research**:
– **Q2 2025**: $2.3 million
– **Q2 2024**: $2.8 million
– **Change**: -17.9% year-over-year
– **CarbonSmart Revenue**:
– **Q2 2025**: $3.8 million
– **Q2 2024**: $0.9 million
– **Change**: +322.2% year-over-year
## Costs and Expenses
– **Cost of Revenue**:
– Increased by $0.7 million, or 13%, year-over-year, attributed mainly to a change in revenue mix due to increased sales in CarbonSmart, which is a lower-margin product.
– **Operating Expenses**:
– Rose marginally by $0.4 million year-over-year, largely due to increased professional fees tied to financing and strategic initiatives.
## Balance Sheet and Liquidity
– **Cash Position**: Total cash, including restricted cash and investments, stood at $39.6 million as of June 30, 2025, compared to $23.4 million at the end of Q1 2025, bolstered by a $40 million preferred equity financing in May 2025.
## Dividends and Share Repurchase
LanzaTech did not declare a quarterly dividend for this period nor did they announce any share repurchase activity.
## Summary
LanzaTech’s second-quarter results highlight significant year-on-year declines in both revenue and net loss as the company works towards efficiency and strategic operational execution amidst ongoing transformations in the clean energy sector. The substantial increase in CarbonSmart revenue and strategic funding from the UK government showcases potential growth avenues, while leadership changes indicate a focused approach towards achieving long-term operational goals.
Here are the extracted tables from the press release:
### CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
*(Unaudited, in thousands, except share and per share data)*
| Revenues: | 2025 | 2024 | 2025 | 2024 |
|---|---|---|---|---|
| Contracts with customers and grants | 2,766 | 6,235 | 5,823 | 12,485 |
| CarbonSmart product sales | 3,818 | 938 | 8,022 | 1,801 |
| Collaborative arrangements | 1,313 | 1,329 | 2,363 | 3,552 |
| Related party transactions | 1,187 | 8,873 | 2,359 | 9,781 |
| Total revenues | 9,084 | 17,375 | 18,567 | 27,619 |
| Costs and operating expenses: | ||||
| Contracts with customers and grants (1) | 2,194 | 4,019 | 5,096 | 9,017 |
| CarbonSmart product sales (1) | 3,732 | 614 | 7,868 | 1,533 |
| Collaborative arrangements (1) | 283 | 759 | 744 | 1,555 |
| Related party transactions (1) | 21 | 99 | 35 | 156 |
| Research and development expense | 14,935 | 21,481 | 31,429 | 38,542 |
| Depreciation expense | 1,054 | 1,458 | 1,835 | 2,988 |
| Selling, general and administrative expense | 19,106 | 11,747 | 34,854 | 22,784 |
| Total cost and operating expenses | 41,325 | 40,177 | 81,861 | 76,575 |
| Loss from operations | -32,241 | -22,802 | -63,294 | -48,956 |
| Other income (expense): | ||||
| Interest income, net | 192 | 513 | 630 | 1,661 |
| Other income (expense), net | 2,885 | -3,791 | 20,803 | -3,612 |
| Total other income (expense), net | 3,077 | -3,278 | 21,433 | -1,951 |
| Loss from equity method investees, net | -3,335 | -1,719 | -9,867 | -2,400 |
| Net loss | -32,499 | -27,799 | -51,728 | -53,307 |
| Other comprehensive loss: | ||||
| Changes in credit risk of fair value instruments | -1,605 | 1,091 | ||
| Foreign currency translation adjustments | -313 | -191 | -754 | -150 |
| Comprehensive loss | -34,417 | -27,990 | -51,391 | -53,457 |
| Net loss per common share – basic and diluted | -0.15 | -0.14 | -0.25 | -0.27 |
| Weighted-average number of common shares | 218,121,734 | 197,746,569 | 207,377,690 | 197,360,539 |
| outstanding – basic and diluted |
(1) exclusive of depreciation
—
### CONSOLIDATED BALANCE SHEETS
*(Unaudited, in thousands, except share and per share data)*
| Assets | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | 37,367 | 43,499 |
| Held-to-maturity investment securities | — | 12,374 |
| Trade and other receivables, net of allowance | 7,079 | 9,456 |
| Contract assets | 8,016 | 18,975 |
| Other current assets | 13,689 | 15,030 |
| Total current assets | 66,151 | 99,334 |
| Property, plant and equipment, net | 19,215 | 22,333 |
| Right-of-use assets | 15,030 | 26,790 |
| Equity method investment | — | 4,363 |
| Equity security investment | 14,990 | 14,990 |
| Other non-current assets | 910 | 6,873 |
| Total assets | 116,296 | 174,683 |
| Liabilities, Mezzanine Equity and Shareholders’ Equity/(Deficit) | ||
| Current liabilities: | ||
| Accounts payable | 3,944 | 5,289 |
| Other accrued liabilities | 12,647 | 8,876 |
| Warrants | 296 | 3,531 |
| PIPE Warrant | 28,350 | — |
| Fixed Maturity Consideration and current | 4,123 | 4,123 |
| FPA Put Option liability | ||
| Contract liabilities | 3,547 | 6,168 |
| Accrued salaries and wages | 2,739 | 2,302 |
| Current lease liabilities | 170 | 158 |
| Total current liabilities | 55,816 | 30,447 |
| Non-current lease liabilities | 16,645 | 30,619 |
| Non-current contract liabilities | 5,887 | 5,233 |
| FPA Put Option liability | 30,015 | 30,015 |
| Brookfield SAFE liability | — | 13,223 |
| Brookfield Loan liability | 19,435 | — |
| Convertible Note | — | 51,112 |
| Other long-term liabilities | 513 | 587 |
| Total liabilities | 128,311 | 161,236 |
| Mezzanine Equity | ||
| Redeemable convertible preferred stock, | 2 | — |
| $0.0001 par value; 20,000,000 shares | ||
| authorized as of June 30, 2025 and | ||
| December 31, 2024; 20,000,000 and no | ||
| shares issued and outstanding as of June | ||
| 30, 2025 and December 31, 2024, respectively | ||
| Preferred stock – additional paid-in capital | 13,167 | — |
| Total mezzanine equity | 13,169 | — |
| Shareholders’ Equity/(Deficit) | ||
| Common stock, $0.0001 par value, | 23 | 19 |
| 600,000,000 shares authorized as of June | ||
| 30, 2025 and December 31, 2024; | ||
| 231,995,967 and 194,915,711 shares | ||
| issued and outstanding as of June 30, | ||
| 2025 and December 31, 2024, respectively | ||
| Additional paid-in capital | 994,394 | 981,638 |
| Accumulated other comprehensive income | 1,730 | 1,393 |
| Accumulated deficit | -1,021,331 | -969,603 |
| Total shareholders’ equity/(deficit) | -25,184 | 13,447 |
| Total liabilities, mezzanine equity and | ||
| shareholders’ equity/(deficit) | 116,296 | 174,683 |
