LanzaTech Global, Inc.

Q2 2026 revenue was $9 million versus $9.1 million in Q2 2025. Gross profit was $1.8 million with gross margin of approximately 20%, versus $2.9 million in the prior-year quarter. Operating expenses were $11.7 million, down 67% from $35.1 million, and adjusted EBITDA loss was $7.6 million versus a loss of $29.7 million. For the first half of 2026, revenue was $21 million versus $18.6 million, gross profit was $5.6 million with gross margin of approximately 26%, operating expenses were $25.2 million versus $68.1 million, and adjusted EBITDA loss was $15.5 million versus $60.2 million. Cash, cash equivalents and restricted cash were $48.9 million at June 30, 2026, including $45 million of cash and cash equivalents. Full-year 2026 guidance calls for revenue of $50 million to $55 million, adjusted EBITDA loss of $22 million to $26 million, and operating expenses of $51 million to $55 million.

Jennifer Holmgren framed the quarter as evidence that LanzaTech has moved from an R&D-led model toward commercialization, with a leaner cost base and more focused execution. She said the most important near-term development is certification for the first plant serving mandated European fuel markets, which she described as the gateway to monetizing recycled carbon fuels. Her tone was confident and forward-looking, emphasizing embedded value, project milestones and multiple commercialization pathways across ethanol, SAF, marine and chemicals.

Sushmita Koyanagi focused on the financial reset: Q2 revenue of $9 million, gross margin of approximately 20%, operating expenses of $11.7 million, and an adjusted EBITDA loss of $7.6 million. She attributed the cost improvement to headcount reductions, lower personnel and contractor costs, reduced external R&D services, and lower facilities and consumables expenses. She also noted cash, cash equivalents and restricted cash of $48.9 million at quarter end, helped by common stock issuance, and said the company now has enough visibility to reintroduce full-year guidance.

There was no analyst Q&A because no questions were in queue, so no specific back-and-forth on the results or outlook occurred. The only additional management commentary repeated the key themes: cost discipline, certification as a near-term catalyst, and a focus on converting technical progress into commercial and financial results. Management also reiterated that European road transport is expected to be the most immediate commercial opportunity for EU-certified ethanol, while SAF and marine remain important markets.