Monitor H2 revenue ramp against guidance ($50-55M FY implies ~$29-34M in H2). The company needs to convert project pipeline into revenue to justify valuation. The SGLT stake could be monetized but is illiquid. Watch for further equity dilution given cash burn.
Price Chart
Executive Summary
LanzaTech reported Q2 2026 revenue of $9.0M (flat YoY) but operating expenses dropped 67% to $11.7M, driving a 74% improvement in Adjusted EBITDA loss to -$7.6M. Net income of $184.3M was driven by a $208.1M non-cash unrealized gain on its SGLT investment. The company reintroduced financial guidance for Q3 and full year 2026, signaling improved visibility after a period without guidance.
Key Financial Metrics
Key Facts
- Revenue $9.0M vs $9.1M YoY (-1%)
- Operating expenses $11.7M, down 67% from $35.1M
- Net income $184.3M vs net loss $32.5M (driven by $208.1M non-cash gain on SGLT)
- Adjusted EBITDA loss -$7.6M vs -$29.7M (improved 74%)
- Cash and restricted cash $48.9M, up from $17.1M at Dec 2025 (aided by $50M stock issuance)
- Reintroduced guidance: Q3 revenue $8-11M, FY revenue $50-55M; Q3 Adj. EBITDA -$9 to -$13M, FY -$22 to -$26M
- SGLT IPO created ~$110M market value stake (non-cash)
Financial Impact
Cost reduction is material, but revenue stagnation and continued cash burn limit upside. The SGLT stake provides a large non-operational asset.
Risk Factors
- Revenue growth uncertainty; H2 ramp may not materialize
- Continued negative operating cash flow (-$10.7M in H1 2026)
- Potential additional equity dilution (prior filing noted up to $20M SPV call option)
- Reliance on non-cash gains for reported net income
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-056930 |
| Document: amci-20260814.htm | 0001628280-26-056930 |
| Document: 0001628280-26-056930-index-headers.html | 0001628280-26-056930 |
| Document: 0001628280-26-056930-index.html | 0001628280-26-056930 |
| Document: 0001628280-26-056930.txt | 0001628280-26-056930 |
| 8-K Data (Synthetic) | 0001628280-26-056930 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $5.00 | awaiting T+60 | — | $4.99 (−0.20%) |
Sep 22, 2026 5w ago | Institutional Cluster | $6.20 | awaiting T+60 | — | $4.99 (−19.52%) |
Aug 14, 2026 10w ago | 8-K | $6.34 | awaiting T+60 | — | $4.99 (−21.29%) |
Jun 4, 2026 20w ago | Press Release | $6.99 $6.17 | ▼ −11.73% | ▼ −13.61% | $4.99 (−28.61%) |
May 27, 2026 21w ago | Press Release | $6.81 $6.22 | ▼ −8.66% | ▼ −10.54% | $4.99 (−26.73%) |
May 14, 2026 23w ago | Press Release | $17.15 $6.32 | ▼ −63.15% | ▼ −66.74% | $4.99 (−70.90%) |
May 6, 2026 24w ago | Press Release | $22.18 $5.52 | ▼ −75.11% | ▼ −77.17% | $4.99 (−77.50%) |
US Market Status
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