Net loss significantly decreased to $(48.9) million in 2025 from $(137.7) million in 2024. Total revenue increased by 12.6% to $55.8 million in 2025, driven by licensing revenue from LanzaJet and CarbonSmart product sales. Recurring revenue, including licensing and sales of microbes and media, grew by 79% to $20.9 million in 2025. Research and Development (R&D) expenses decreased by 30.9% to $53.2 million in 2025, reflecting cost optimization efforts. Selling, General and Administrative (SG&A) expenses decreased by 5.9% to $47.0 million in 2025. The company had cash and cash equivalents of $13.2 million as of December 31, 2025, a 62.7% decrease from the prior year. An accumulated deficit of $(1,018.6) million was reported as of December 31, 2025. Management concluded there is substantial doubt about the company's ability to continue as a going concern due to recurring losses and insufficient liquidity. A private placement in January 2026 raised $20.0 million in gross proceeds through the issuance of 4,000,000 common shares and 510,968 bonus shares. The PIPE Warrant, issued in May 2025, allows the purchase of 7,800,000 common shares at a nominal exercise price, exercisable until December 31, 2026. LanzaTech's ownership interest in LanzaJet decreased to approximately 45.6% on a fully diluted basis following a Series A transaction in February 2026. The LanzaJet Note Purchase Agreement was amended in February 2026 to defer principal payments until June 30, 2027. Six commercial plants utilizing LanzaTech's technology have produced over 139 million gallons of fuel-grade ethanol globally. The company implemented a 1-for-100 reverse stock split effective August 18, 2025, to regain Nasdaq compliance.