Beijing Shougang LanzaTech Technology (2553) investor relations material

Executive summary

• Revenue rose 9.9% year-over-year to RMB292.5 million, driven by higher ethanol and microbial protein sales.

• Gross loss narrowed by 63.9% to RMB20.0 million, with gross loss margin improving from 20.8% to 6.8%.

• Net loss decreased 30.1% to RMB118.1 million; loss attributable to owners fell to RMB82.1 million.

• Adjusted EBITDA loss improved to RMB18.8 million from RMB68.4 million year-over-year.

• Successful IPO on June 3, 2026, raised HK$486.5 million, boosting cash and cash equivalents to RMB423.0 million.

Financial highlights

• Ethanol revenue up 10.5% to RMB240.5 million; microbial protein revenue up 8.1% to RMB49.4 million.

• Cost of sales decreased 2.8% to RMB312.5 million, mainly due to a 47.7% drop in maintenance and cultivation costs.

• Other income and gains fell 42.1% due to lower government grants.

• Administrative expenses down 3.5% to RMB57.7 million; R&D expenses up 6.6% to RMB19.4 million.

• No interim dividend declared.

Outlook and guidance

• Focus on ramping up new Hebei Shoulang Phase II facility and scaling ethanol/protein production.

• Advancing Sustainable Aviation Fuel (SAF) project, targeting contract signings in Q3 2026 and construction start in Q1 2027.

• Expanding market for new protein products, including fishmeal replacement and cosmetics applications.