LanzaTech Global, Inc.

Pre-profit carbon-conversion company with explicit going-concern doubt and roughly one quarter of cash runway.

Strengths

• Strong IP position (118 patent families, 800+ patents) and validated commercial deployments with major industrial partners
• Quick ratio of 1.4 (50th pct) provides modest near-term liquidity

Risks

• Substantial-doubt going concern, 0.8-quarter cash runway (18th pct), deeply negative FCF (-$66M, 10th pct) and operating margin (-142%)
• Severe dilution, Nasdaq listing risk, material weaknesses in internal controls, and heavy China/VIE exposure

Notable findings

• Going concern• There is substantial doubt about our ability to continue as a going concern
• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -87.7%)
• Cash burnNegative free cash flow (-66.1M)
• Auditor changeRecent 8-K item 4.01 8-K ↗
• Material weakness• We have identified deficiencies in our internal control over financial reporting that constitute “material weaknesses” as defined in Regulation S-X
• Buying back stockNet buyback — share count -54%/yr over 2y
• Revenue declineRevenue -57.1% YoY