Revenue performance remains highly erratic, with gross margins fluctuating significantly from a low of 18.1% to a peak of 68.4% due to the project-specific nature of the business model.
LanzaTech Global, Inc. (LNZA) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 58.31M | 55.84M | 49.59M | 62.63M | 37.34M | 25.46M | 18.35M |
| Revenue Growth % | 43.84% | 12.61% | -20.82% | 67.72% | 46.67% | 38.73% | - |
| Cost of Goods Sold | 33.24M | 30.54M | 25.97M | 44.98M | 28.29M | 15.23M | 11.59M |
| COGS % of Revenue | - | 54.69% | 52.37% | 71.82% | 75.75% | 59.81% | 63.16% |
| Gross Profit | 25.07M | 25.3M | 23.62M | 17.65M | 9.06M | 10.23M | 6.76M |
| Gross Margin % | 42.99% | 45.31% | 47.63% | 28.18% | 24.25% | 40.19% | 36.84% |
| Gross Profit Growth % | - | 7.11% | 33.82% | 94.92% | -11.49% | 51.34% | - |
| Operating Expenses | 60.62M | 104.46M | 132.56M | 124.03M | 84.66M | 61.25M | 46.46M |
| OpEx % of Revenue | - | 187.05% | 267.29% | 198.04% | 226.7% | 240.57% | 253.16% |
| Selling, General & Admin | 29.54M | 47.05M | 49.98M | 50.44M | 26.8M | 13.22M | 9.03M |
| SG&A % of Revenue | - | 84.24% | 100.78% | 80.53% | 71.78% | 51.91% | 49.2% |
| Research & Development | 27.73M | 53.18M | 77.01M | 68.14M | 53.19M | 44.23M | 34.45M |
| R&D % of Revenue | - | 95.23% | 155.28% | 108.8% | 142.44% | 173.71% | 187.73% |
| Other Operating Expenses | 2.96M | 4.23M | 5.57M | 5.45M | 4.66M | 3.81M | 2.98M |
| Operating Income | -35.55M | -79.16M | -108.93M | -106.38M | -75.6M | -51.02M | -39.7M |
| Operating Margin % | -60.96% | -141.74% | -219.66% | -169.85% | -202.44% | -200.38% | -216.32% |
| Operating Income Growth % | - | 27.34% | -2.4% | -40.72% | -48.18% | -28.51% | - |
| EBITDA | -31.25M | -74.93M | -103.34M | -100.93M | -70.94M | -47.21M | -36.72M |
| EBITDA Margin % | -53.6% | -134.17% | -208.38% | -161.15% | -189.97% | -185.43% | -200.09% |
| EBITDA Growth % | 73.7% | 27.49% | -2.39% | -42.27% | -50.25% | -28.57% | - |
| D&A (Non-Cash Add-back) | 4.29M | 4.23M | 5.59M | 5.45M | 4.66M | 3.81M | 2.98M |
| EBIT | 159.49M | -48.95M | -151.97M | -134.1M | -76.36M | -48.63M | -39.53M |
| Net Interest Income | 793K | 1.21M | 3.16M | 4.57M | 8K | -7K | -351K |
| Interest Income | 793K | 1.21M | 3.16M | 4.57M | 8K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 7K | 351K |
| Other Income/Expense | 195.04M | 30.2M | -43.03M | -27.72M | -757K | 4.33M | 1.99M |
| Pretax Income | 159.49M | -48.95M | -151.97M | -134.1M | -76.36M | -46.69M | -37.71M |
| Pretax Margin % | 273.51% | -87.66% | -306.43% | -214.11% | -204.47% | -183.37% | -205.49% |
| Income Tax | -12.91M | 0 | -14.23M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -8.1% | 0% | 9.37% | 0% | 0% | 0% | 0% |
| Net Income | 172.4M | -48.95M | -137.73M | -134.1M | -76.36M | -46.69M | -37.71M |
| Net Margin % | 295.66% | -87.66% | -277.73% | -214.11% | -204.47% | -183.37% | -205.49% |
| Net Income Growth % | 226.63% | 64.46% | -2.71% | -75.62% | -63.54% | -23.8% | - |
| Net Income (Continuing) | 172.4M | -48.95M | -137.73M | -134.1M | -76.36M | -46.69M | -37.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 74.31 | -22.27 | -69.71 | -78.52 | -1236.58 | -445.05 | -42.34 |
| EPS Growth % | 209.59% | 68.05% | 11.22% | 93.65% | -177.85% | -951.13% | - |
| EPS (Basic) | - | -22.27 | -69.71 | -78.52 | -1236.58 | -445.05 | -42.34 |
| Diluted Shares Outstanding | 2.32M | 2.32M | 1.98M | 1.76M | 93.02K | 187.5K | 1.63M |
| Basic Shares Outstanding | 2.32M | 2.32M | 1.98M | 1.76M | 93.02K | 187.5K | 890.75K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LNZA stock.
For fiscal year 2025, LanzaTech Global, Inc. (LNZA) reported total revenue of $55.8M. This represents a 204.3% increase compared to $18.4M in 2020.
LanzaTech Global, Inc. (LNZA) reported a net loss of $49.0M for the fiscal year ending 2025.
LanzaTech Global, Inc. (LNZA) reported an operating income of $-79.2M, resulting in an operating profit margin of -141.7%. This margin reflects the operational efficiency of the business before interest and taxes.
LanzaTech Global, Inc. (LNZA) generated $25.3M in gross profit for the year, representing a gross profit margin of 45.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Capital Intensity and Dilution
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Patterns Observed
As reported in financial statements, LanzaTech's quarterly revenue exhibits significant volatility, with growth rates fluctuating between a 47.7% contraction and a 132.7% expansion, suggesting that the company's reliance on project-based milestones creates an unpredictable top-line trajectory that complicates long-term forecasting for institutional investors.
The inconsistency in revenue recognition appears to be a direct consequence of the company's reliance on large-scale industrial engineering contracts. Investors should monitor whether the firm can transition from these transactional project cycles toward a more predictable, recurring licensing model to stabilize its growth profile.
Gross Margin Volatility Reflects Complexity
Based on the provided income statement data, gross margins have swung wildly from a low of 18.1% to a peak of 68.4%, indicating that the company's cost of goods sold is highly sensitive to the specific nature and stage of the industrial projects being executed.
This margin instability suggests that LanzaTech has not yet achieved the economies of scale necessary to standardize its fermentation technology. The wide variance implies that profitability is currently dictated by project-specific technical challenges rather than a consistent, high-margin intellectual property licensing framework.
Operating Expenses Outpace Revenue Generation
According to recent SEC filings, the company's operating expenses, particularly R&D, consistently dwarf gross profits, resulting in a persistent operating loss that highlights the significant capital burden required to maintain and optimize the proprietary microbial libraries essential to the firm's core technology platform.
The high fixed-cost structure appears to be a structural hurdle, as R&D spending remains elevated regardless of revenue fluctuations. This suggests that management is prioritizing long-term technical viability over near-term expense discipline, which may continue to weigh on the bottom line until commercial scale is fully realized.
Sustainability of Current Burn Rate
As evidenced by the reported net losses and the current cash position of $13.16 million, the company faces a precarious liquidity situation that may necessitate further dilutive financing to sustain operations, a risk that short-sellers likely emphasize given the company's ongoing inability to achieve operational profitability.
The discrepancy between the company's ambitious technological goals and its current financial performance warrants further investigation into the timing of future capital raises. If the company cannot demonstrate a clear path to self-funding through licensing revenue, the risk of significant shareholder dilution appears elevated.