LanzaTech Global Inc. reported its financial results for the first quarter of 2025, revealing total revenue of $9.5 million, a decrease from $10.2 million in the same period of 2024. This decline was primarily due to lower revenues from the biorefining and Joint Development Agreement & Contract Research sectors, although these were partially offset by a significant increase in CarbonSmart™ revenue. The company's net loss for Q1 2025 was $19.2 million, showing an improvement from a net loss of $25.5 million in the previous year. However, the adjusted EBITDA loss increased to $30.5 million from $22.1 million year-over-year. This increase was attributed to higher selling, general, and administrative expenses, as well as lower revenue and higher costs of sales. LanzaTech is actively transitioning its core operations from research and development to global deployment of its commercially proven technology. In line with this strategic shift, the company raised $40 million in preferred equity capital in May 2025. Despite these efforts, management expressed concerns about the company's ability to continue as a going concern due to ongoing liquidity challenges and other financial factors. As of March 31, 2025, LanzaTech reported total cash, restricted cash, and investments totaling $23.4 million, down from $58.1 million at the end of December 2024.