Slides
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Dr. Jennifer Holmgren A new industrial operating system for carbon
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DISCLAIMER These slides and any accompanying oral presentation contain forward-looking statements. All statements, other than statements of historical fact, included in these slides and any accompanying oral presentation are forward-looking statements reflecting management’s current beliefs and expectations. In some cases, you can identify forward-looking statements by terminology such as “will,” “anticipate,” “expect,” “believe,” “intend” and “should” or the negative of these terms or other comparable terminology. Forward-looking statements in these slides and any accompanying oral presentation include, but are not limited to, statements about estimates and forecasts of other financial and performance metrics and projections of market opportunity, expectations and timing related to the rollout of our business and timing of deployments, customer growth and other business milestones. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of our management and are not predictions of actual performance. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K filed with the Securities and Exchange Commission and subsequent annual reports, quarterly reports and other filings made with the Securities and Exchange Commission from time to time. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. DISCLAIMER These slides and any accompanying oral presentation contain forward -looking statements . All statements, other than statements of historical fact, included in these slides and any accompanying oral presentation are forward-looking statements reflecting management’s current beliefs and expectations . In some cases, you can identify forward-looking statements by terminology such as “will,” “anticipate,” “expect,” “believe,” “intend” and “should” or the negative of these terms or other comparable terminology . Forward -looking statements in these slides and any accompanying oral presentation include, but are not limited to, statements about estimates and forecasts of other financial and performance metrics and projections of market opportunity, expectations and timing related to the rollout of our business and timing of deployments, customer growth and other business milestones . These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of our management and are not predictions of actual performance . These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K filed with the Securities and Exchange Commission and subsequent annual reports, quarterly reports and other filings made with the Securities and Exchange Commission from time to time. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date hereof. Except as required by law, we assume no obligation to update these forward -looking statements, even if new information becomes available in the future. This presentation includes data obtained from third-party studies and internal company surveys prepared for other purposes . The company has not independently verified the data obtained from these sources . Forward -looking information obtained from these sources is subject to the same qualification and the additional uncertainties regarding the other forward -looking statements in this presentation . This presentation contains trademarks, service marks, trade names, and copyrights of ours and of other companies, which are the property of their respective owners . The use or display of third parties’ trademarks, service marks, trade name or products in this presentation is not intended to, and does not imply, a relationship with us, or an endorsement or sponsorship by or of LanzaTech . Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear with the TM or SM symbols, but such references are not intended to indicate, in any way, that LanzaTech will not assert, to the fullest extent permitted under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names . 2 LanzaTech 2026
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LanzaTech Disciplined Spend, Visible Revenue, Funded Plan Well -positioned for capital-efficient growth REVENUE PATH Established revenue from existing facilities $ 50 - 55M FY2026 revenue guidance MARKET SIZE (TAM) Aviation and Marine $2.5T market opportunity CAPITAL POSITION No additional capital raise needed ~ 6 3 %reduction in YTD operating expenses Y/Y $50M raised Jan & May 2026 2026 C E R T IFI CATI ON S Certifications increase revenue & margin ~ 15 % margin increase with ISCC EU certification to supply EU mandated markets in road, aviation and marine
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Commercial Plants Operating Profitably Today Commercial Plants Operating Profitably Today 150M Gallons/Year total production capacity across the fleet LanzaTech 2026 REFINERY EMISSIONS STEEL EMISSIONS AND CO -PROCESSED BIOMASS STEEL & FERRO - ALLOY EMISSIONS IndianOil – India Sh o u gan g – China ArcelorMittal – Belgium Feed Source
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2026 6 LanzaTech 55M tonnes crude steel produced in 2025 #1 Steel supplier to the global auto industry; 1 2 5 , 0 0 0 + employees across 60+ countries 15M gallons/year Ethanol Operating Now ArcelorMittal Steel Plant in Belgium ArcelorMittal $61.4B 2025 revenue
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2026 6 LanzaTech
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How Revenue Builds Across the Project Lifecycle H o w Revenue Builds Across the Project Lifecycle Sources: LanzaTech FY25 / Q1'26 results; JV IPO prospectus (HKEX 02553); EU Innovation Fund. LanzaTech 2026 Engagement Early -stage Engineering Advanced Engineering Construction Operation REVENUE Stage LNZA Activities Average Revenue Engagement Feasibility Study, TEA, LCA <$1M Development BEP, Site Selection, Permitting $5-10 M Construction Proprietary Equipment Sales, Site Support, Startup Services, $5 – 10M Operation Site Support, Royalties, Microbes/Media, Software, Product Sales, Carbon Credits >$10M per year 20 yr →
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Current Revenue Model: Two Engines of Value Creation Current Revenue Model: Two Engines of Value Creation Predictable licensing revenue + growing asset-linked value capture L I C E N S I N G Sources: LanzaTech FY25 / Q1'26 results; JV IPO prospectus (HKEX 02553); EU Innovation Fund. TEA: Technoeconomic Analysis LanzaTech 2026 L N Z A D E V C O / V A L U E C A P T U R E Capital -light, project -driven, predictable cash flow Revenue streams: • Project services (feasibility, TEA, engineering) • Technology licensing (upfront + milestone payments) • Proprietary equipment and consumables sales Economic characteristics: • Revenue tied to project milestones (FID, construction, start-up) • Staged, visible cash conversion • Scales with pipeline growth and global deployment Direct participation in asset economics Revenue streams: • Project development services • Equity / ownership in plants • Ethanol sales (merchant + contracted) Economic characteristics: • Recurring, production -linked revenue • Exposure to commodity pricing and CI-driven premiums • Optimization upside (product routing, carbon markets)
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CARBON- SMART ETHANOL Feedstock- flexible platform molecule DIRECT USE Sold and used as ethanol - no new conversion assets Road Transport Fuels Marine Fuels CarbonSmart Ethanol Products DOWNSTREAM PROCESSING Requires a conversion step before end use SAF via alcohol-to-jet CarbonSmart Materials Only the SAF and materials routes need new downstream capacity - the rest monetise ethanol directly. 2026 LanzaTech One Molecule: Two Routes to Market Ethanol Platform Optionality
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10M gallons/year LanzaJet Commercial S A F Plant N ow Operating LanzaTech: ~50% holding L A N Z A J E T LAST VALUATION $650M
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N T P C – INDIA CO 2 and Green H2 1.2M GPY ethanol Exelixis – N O R W A Y Industrial emissions 8M GPY ethanol S E D – INDIA Agricultural waste 7.7M GPY ethanol Project Pipeline: Path to >$150M in Profits Project Pipeline: Path to >$150M in Profits FLITE – BELGIUM First EU ATJ plant 30M GPY SAF 2027 2029 2030 2026 D R A G O N - UK First UK ATJ plant 30M GPY SAF LOTUS – IA US Biogas 25M GPY ethanol 19 > $ 1 5 0 M Profit potential at full run-rate > 1 3 % IRRs Across the project portfolio $ 5 0 0 M + secured Brookfield -backed, FID -ready LanzaTech
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2026 12 “Hardware” Existing Plants Microbe 1.0 Ethanol “Software” Microbe 2.0 Isopropanol Microbe 3.0 Isoprene etc … New Strains To Expand Product Portfolio & Efficiency Microbe 4.0 Fatty Acids/Alcohols + 1,2-PDO 3-HB 1,3-BDO 2,3-BDO linear branched Leucine Isoleucine C6+ Hydroxyacids Butylene 2-HIB 2-HB MEG 1,4-BDO Propionate Acrylate Valerate Ketovalerate Isopentenol Methionine Adipate Levulinate SuberateButadiene Ethylacetate Succinate Ethene Propene Acetate Lactate 3-HP Alanine n-propanol Isopropanol 1,3-PDO Acetone Butyrate 4-HB Ethylmalate n-butanol 2-butanol Acetoin MEK Isoprene MMA CitramalateKetoglutarate Valine PHB Mevalonate C6+ Alkylmalates C6+ Alcohols Farnesene 1,6-HDO Isoamylalcohol Ethanol Glycolate Glyoxylate MyrceneMonoterpenes Salicylic PhenolPhenylethanol PHAB C6+ Diols FAEE, FABE Ethylbutyrate C6+ Carboxylates Citrate Carotenoids Proteins Enzymes Nanobodies Silk Fibers Proof of Concept for Direct production of 100+ Molecules6 Commercial Plants Globally Direct Production of Chemicals Via Synthetic Biology
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LNZA’s value extends beyond its standalone market capitalization 13 Why We Win LNZA has embedded value across existing portfolio Shougang LanzaTech IPO 8.3% stake • ~$110M estimated retained value based on referenced market capitalization LanzaJet 46% ownership • Latest valuation approximately $650M Certified Plants 15% Margin • Potential margin increase for certified products into mandated markets. No new plants required BRIGHT / DTU partnership Next-generation • Fully funded work to create value beyond current markets leveraging AI and synthetic biology capability
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HKEX: 02553.HKBeijing Shougang LanzaTech Technology Co., Ltd. Joint Venture IPO June 3, 2026 Initial Public Offering of 40M Primary H-Shares on the Hong Kong Stock Exchange ~$75M Gross Proceeds (USD) ~$750M Implied Market Cap (USD) L A N Z A T E C H E Q U I T Y S T A K E 8.38% in the joint venture T R A D I N G S I N C E I P O • J U N 3 – A U G 2 7 , 2 0 2 6 +62% Gain vs. IPO offer price ~$2.68 Jun 3 ~$3.01 Aug 27 2026 LanzaTech AUG 27 CLOSE ~$3.01 MARKET CAP ~$1.22B ~$1.86 Offer price (USD) A s o f m a r k e t c l o s e • A u g u s t 2 7 , 2 0 2 6 ( H K E X )
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Road transport fuels Sustainable aviation fuel Marine fuels UK-recognized regulated fuel markets Certification is expected to create higher-value ethanol opportunities in regulated markets 15 2026 ISCC EU Certification → First -Of -Its -Kind Certification Opens Access to EU Regulated Markets → Certification creates a commercial pathway into high -value European and UK regulated fuel markets ISCC EU CERTIFICATION Market access gateway
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16 Solving the Complexity of Biology Requires Data Billions of data points 0 0.5 1 1.5 2 2.5 3 2011 20232013 2021201920172015 Gen 1 Gen 2 World-First Biofoundry for Anaerobes & C1 Gases LanzaTech built a world -leading automated lab & Biofoundry platform
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17 LanzaTech x BRIGHT Building a Next -Gen Biofoundry & Create Value Beyond Current Markets Faster strain development cycles Automation and parallelization allow thousands of microbial designs to be generated and tested at once. Reduced innovation risk High-throughput workflows enable testing many more variants, helping teams fail faster and optimize sooner. Integration of AI-driven design tools Data from large-scale strain screening feeds into models that guide the next design cycle, accelerating the DBTL loop. Safe, high-precision research on challenging organisms Working with non-model microbes and feedstocks requires specialized equipment and know-how.
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2026 18 Three Things Had to Be True. Now They All Are. Three Things Had to Be True. N o w They All Are. $2.5T Market Opportunity Aviation + marine clean fuel The headwinds are gone. This is a deployment story now. Technology works at scale. Legislation caught up. Markets exist today.
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REVENUE $9.0M stable vs. Q2 2025 Q2 OPEX $11.7M down 67% YoY ADJ. EBITDA LOSS $(7.6)M improved 74% YoY OPERATING LOSS $(9.9)M improved 69% YoY YTD OPEX $25.2M down 63% YoY Metric Q2 2026 Q2 2025 Change Revenue $9.0M $9.1M Stable Operating Expense $11.7M $35.1M ↓ 67% Operating Loss $(9.9)M $(32.2)M Improved 69% Adjusted EBITDA Loss $(7.6)M $(29.7)M Improved 74% What These Results Demonstrate • Revenue remained stable despite significant restructuring. • The lower cost structure is now visible in reported operating results. • Adjusted EBITDA and operating loss improved materially year over year. • The story shifts from restructuring to commercialization, certification and growth. The financial transformation is now visible in reported results; the next phase is commercial execution. Source: LanzaTech Q2 2026 earnings results. Adjusted EBITDA is a non-GAAP measure. LanzaTech 2026 Q2 Results Prove the Transformation The Company's financial profile has improved materially while maintaining stable revenue.
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Stronger Financial Position & Reinstated Guidance A stronger balance sheet and lower cost structure support execution against 2026 guidance. $50M RAISED $50M January and May 2026 financings completed CAPITAL STRUCTURE Simplified Preferred converted, FPA obligation eliminated, major litigation resolved IMPROVED OPERATING LEVERAGE Improved Lower operating expenses provide greater flexibility and a clearer path to profitability. 2026 GUIDANCE Metric Guidance Revenue $50M - $55M Adjusted EBITDA Loss $(22)M - $(26)M Operating Expense $51M - $55M Key messages • Reinstated guidance reflects improved visibility and operating discipline. • A materially lower cost structure provides a clearer path toward profitability. • The company is now positioned to focus on commercialization, certification milestones and growth. Cleaner balance sheet + lower burn + reinstated guidance = stronger foundation for the second half of 2026. Source: LanzaTech management materials and Q2 2026 earnings results. LanzaTech 2026
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Second Half Execution Priorities 2026 Priorities for Growth and Value Creation LanzaTech 2026 01 Accelerate Commercialization Convert existing customer demand into contracted revenue streams. 02 Complete ISCC EU Certification Enable access to regulated fuel markets and higher-value opportunities. 03 Maintain Financial Discipline Execute within guidance while preserving the lower operating cost structure. 04 Advance Value Creation Use the operating fleet, certification, and project pipeline to support long-term growth. Source: LanzaTech Q2 2026 earnings results and management materials. 2026LanzaTech The foundation has been reset. Focus now shifts to commercialization, certification and growth.
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Nasdaq: LNZA Investor contact: LNZA@alpha-ir.com Investor contact: LNZA@alpha-ir.com 22