Lanzatech Global (LNZA) H.C. Wainwright 28th Annual Global Investment Conference summary

Business and Financial Transformation

• Achieved stable Q2 2026 revenue of $9.0M, with annual revenues of $50–60 million over the past two years and similar expectations for the current year.

• Reduced operating expenses by nearly 70%, with a 74% improvement in adjusted EBITDA loss and a materially lower cost structure.

• Raised $50M in January and May 2026, simplifying the capital structure and eliminating major obligations.

• Reinstated financial guidance for 2026, projecting $50–55M in revenue and $22–26M adjusted EBITDA loss, and resumed earnings calls.

• Priorities include accelerating commercialization, completing certifications, and maintaining financial discipline.

Commercial Operations and Project Pipeline

• Operates six commercial plants globally, converting industrial waste gases into ethanol at scale, with a total production capacity of 150M gallons per year.

• Notable projects include a 15M gallons/year ethanol plant in Belgium and a 10M gallons/year SAF plant with ~50% holding in LanzaJet.

• Project pipeline targets over $150M in profits and >13% IRRs by 2030, with average annual revenue exceeding $10M per project.

• Revenue model is capital-light, relying on licensing, development services, and recurring, production-linked revenue streams.

• Shifted from pure licensing to a development company structure to capture more value from ethanol and carbon credit sales.

Market Opportunity and Certifications

• Targeting large aviation and marine fuel markets, collectively valued at $2.5 trillion.

• ISCC EU certification opens access to high-value, regulated European and UK fuel markets, increasing margins by ~15%.

• Only commercial ethanol-to-sustainable aviation fuel facility in the world, operated by LanzaJet, producing 10 million gallons annually.

• Certified plants can supply road, aviation, and marine fuels into mandated markets.

• No additional capital raise is needed to execute on current plans.