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what it is
LanzaTech turns industrial emissions and waste gases into recycled-carbon ethanol and fuels.
how it gets paid
Last year Lanzatech Global made $50M in revenue. Technology licensing was the main engine at $18M, or 36% of sales.
what just happened
LanzaTech posted $28M of revenue, but the latest quarter still lost $22.66 per share.
At a glance
C+ balance sheet — struggling to keep the lights on
-$70.00 fy2024 eps est
$50M fy2024 rev est
n/a operating margin
2.2 beta
xvary composite: 17/100 — weak
What they do
LanzaTech turns industrial emissions and waste gases into recycled-carbon ethanol and fuels.
The moat is patents and process know-how. You are not buying a generic fuel plant; you are buying a proprietary fermentation recipe that is hard to copy and harder to certify. The 53% stake in LanzaJet gives you more control over a downstream fuel business that already made ASTM-certified fuel at Freedom Pines. That is switching costs plus certification friction, which makes leaving painful for customers and slow for rivals.
How they make money
$50M
annual revenue
Technology licensing
$18M
Project engineering services
$14M
Carbon recycling solutions
$10M
LanzaJet SAF platform
$8M
The products that matter
carbon-to-ethanol output
CarbonSmart Ethanol
part of $39.9M trailing revenue
this is the proof-of-concept product. it turns captured carbon into something customers can buy, but the whole company still produced only $39.9M in trailing revenue.
core output
licensing and royalty model
Technology Licensing & Royalties
$28M · 56% of the $50M total shown here
this is the part that should scale without carrying all the plant economics on its back. instead it fell 48%, which is why confidence broke.
economic test
sustainable aviation fuel route
LanzaJet SAF Technology
strategic pivot after a 47.7% revenue drop in Q2 2025
this is the next act. if SAF adoption lands, the story changes. if it does not, you are left with a company that already had to raise $20M in jan 2026 to keep moving.
highest-stakes bet
Key numbers
-$70.00
fy2024 eps est
$50M
fy2024 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $30M (28% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for LNZA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
LanzaTech posted $28M of revenue, but the latest quarter still lost $22.66 per share.
Revenue was up 200% vs. prior year, which is a real change in size. The problem is that the company is still burning cash while it tries to scale the platform.
$28M
revenue
-$22.66
eps
28.0%
gross margin
the number that mattered
The $28M revenue number mattered most because it showed the platform can still grow while losses stay large.
source: company earnings report, 2026
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What could go wrong
the top risk is running out of time before commercialization catches up.
med
liquidity pressure
lanzatech raised $20M in a private placement in jan 2026. pair that with a -168.7% operating margin and a C+ balance-sheet grade, and the funding question stops being theoretical.
impact: dilution, project delays, or both.
med
commercial model still not proven
technology licensing and royalties fell 48%, and total revenue declined 20.8% last year. the part of the model that should scale with less capital is moving the wrong way.
impact: the stock stays priced as science without a durable business attached.
med
SAF pivot may take longer than the market allows
the company is leaning harder on LanzaJet after a 47.7% revenue drop in q2 2025. if commercial SAF deployment slips, the next chapter arrives late while cash burn keeps running.
impact: more capital needed before the new story earns revenue proof.
$39.9M in trailing revenue, a -168.7% operating margin, and a $20M financing need are enough to make this a survival-and-scale story, not a stable operating business.
source: institutional data · regulatory filings · risk analysis
Pay attention to
cash
whether the $20M raise bought enough time
if another financing shows up before the SAF story produces harder revenue proof, dilution stays front and center.
revenue
licensing and royalties after the 48% drop
this is the cleanest signal on whether partners are scaling with the platform or walking away from it.
calendar
q4 2025 earnings expected around mar 18, 2026
you want updated revenue, cash, and management commentary on how far the jan 2026 financing carries the company.
execution
whether the SAF pivot turns into signed commercial traction
partnership headlines are nice. revenue conversion is what counts. if the pivot stays mostly narrative, the stock keeps wearing a distressed multiple.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
bottom 5%
momentum rank 5 — the lowest rating — significant underperformance expected.
source: institutional data
Institutional activity
institutional ownership data for LNZA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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