Held to maturity (“HTM”) debt securities are comprised of corporate debt securities. HTM debt securities are classified as short-term or long-term based upon the contractual maturity of the underlying investment.


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Accrued Interest
Short-term:

Corporate debt securities	$	12,374	$	3	$	(6)	$	12,371	$	83

Total	$	12,374	$	3	$	(6)	$	12,371	$	83

As of June 30, 2025, the Company did not have any HTM debt securities. The Company regularly reviews HTM securities for declines in fair values that are determined to be credit related. As of June 30, 2025 and December 31, 2024, the Company did not have an allowance for credit losses related to HTM securities.

On May 13, 2020, the Company contributed $15,000 in intellectual property in exchange for a 37.5% interest (“Original Interest”) of LanzaJet in connection with an investment agreement (“Investment Agreement”). The Company accounts for the transaction as a revenue transaction with a customer under ASC 606. The licensing and technical support services provided are recognized as a single combined performance obligation satisfied over the expected period of those services, beginning May 2020 through December 2025.

Under the Investment Agreement, LanzaTech has a right to receive up to an aggregate of 45,000,000 additional LanzaJet shares for no additional consideration if (i) certain other LanzaJet shareholders make additional investments for the funding of the development and operation of commercial facilities that would sublicense the relevant fuel production technology from LanzaJet, or (ii) a non-LanzaJet shareholder sublicenses the Company’s technology through collaboration with LanzaJet, and LanzaTech and the LanzaJet board of directors waive the requirement on a pro-rata basis.

On June 18, 2024, LanzaJet issued to LanzaTech 15,000,000 shares related to the sublicensing of the Company’s technology to a non-LanzaJet shareholder, as the first tranche of the additional consideration per the Investment Agreement. This was accounted for as revenue from contract modification with a cumulative catch-up, net of intra-entity profit elimination, and as an increase in the Company’s equity method investment in LanzaJet. As a result, LanzaTech’s ownership in LanzaJet increased to 37.01% as of June 30, 2024.

During the three months ended June 30, 2025 and 2024, the Company recognized revenue from the Investment Agreement of $1,050 and $8,541, respectively, net of intra-entity profit elimination. During the six months ended June 30, 2025 and 2024, the Company recognized revenue from this arrangement of $2,101 and $9,121, respectively, net of intra-entity profit elimination and had associated deferred revenue of $2,689 and $5,375 as of June 30, 2025 and December 31, 2024, respectively. Net intra-entity profits related to this arrangement were $293 and $3,101 for the three months ended June 30, 2025 and 2024, respectively, and $585 and $3,193 for the six months ended June 30, 2025 and 2024, respectively. Intra-entity profits are amortized over a 15-year period through 2034.

In connection with the LanzaJet Note Purchase Agreement (see Note 13 - Related Party Transactions), LanzaJet issued warrants to its lenders that became exercisable at an exercise price of $0.01 upon the drawdown of the related funding commitments. The warrants are considered in-substance common stock under U.S. GAAP once the associated funding is drawn and the warrants become exercisable. The Company committed a proportionally smaller amount of funding relative to other participating investors and, as a result, received fewer warrants. Accordingly, when warrants held by other investors become exercisable and meet the criteria for in-substance common stock, the Company’s ownership interest in LanzaJet would be diluted. All such warrants became exercisable during the year ended December 31, 2024. No gain on dilution was recognized for the three months ended June 30, 2025 and 2024. The Company recorded a gain on dilution of $0 and $77 during the six months ended June 30, 2025 and 2024, respectively. The Company’s ownership in LanzaJet as of June 30, 2025 was 36.33%.

The carrying value of the Company’s equity method investment in LanzaJet as of June 30, 2025 was zero. As of December 31, 2024, the carrying value of the Company’s equity method investment in LanzaJet was $2,100 less than its proportionate share of its equity method investees’ book values. The carrying value balance went to zero as of March 31, 2025 as a result of recording losses against the balance. Additional losses recorded in the second fiscal quarter were taken against the loans receivable balance bringing it to zero. The Company will not recognize additional losses until the investment returns to a positive carrying value. The Company will continue to monitor LanzaJet’s financial results and track its share of any future profits or losses off-balance sheet.

In connection with a sublicense agreement to LanzaJet under the Company’s license agreement with Battelle Memorial Institute (“Battelle”), LanzaTech remains responsible for any failure by LanzaJet to pay royalties due to Battelle. The fair value of LanzaTech’s obligation under this guarantee was immaterial as of June 30, 2025 and 2024.


	Six Months Ended June 30,
	2025		2024
Selected Statement of Operations Information:
Revenues	$	5,035	$	10,800
Gross profit	1,729		5,303
Net loss	(39,628)		(10,204)
Net loss attributable to the Company	$	(14,396)	$	(2,478)

	As of
	June 30, 2025		December 31, 2024
Selected Balance Sheet Information:
Current assets	$	31,027	$	79,060
Non-current assets	275,585		271,019
Current liabilities	(19,159)		(29,069)
Non-current liabilities	$	(307,981)	$	(303,352)

On September 28, 2011, the Company contributed RMB 25,800 (approx. $4,000) in intellectual property in exchange for 30% of the registered capital of Beijing Shougang LanzaTech Technology Co., LTD (“SGLT”). Since then, the Company’s interest in SGLT’s registered capital has decreased to approximately 9.31% as a result of investment by new investors. The Company accounts for its investment in equity securities of SGLT using the alternative measurement principles as permitted under ASC 321, Investments - Equity Securities, because SGLT's fair value is not readily determinable. For the three and six months ended June 30, 2025 and 2024, there was no change in the recorded amount of the investment in SGLT.