Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported free cash flow was -$66M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$66M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- Shareholders' equity was non-positive
Debt/equity is shown as not meaningful rather than as a negative leverage ratio.
Why this surfaced
Same-period reported shareholders' equity was zero or negative; review the balance sheet and capital structure. Period end 2025-12-31.
- 3 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +12.6% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin improved
Operating margin changed +77.9 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-10-21
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Reportable Segment$55.8M100.0%+12.6% yoy
Members sum to the consolidated $55.8M for this period.
- Reportable Segment-$79.2M100.0%-27.3% yoy
Members sum to the consolidated -$79.2M for this period.
- Biorefining$36Mshare n/a+16.0% yoy
- License And Service$19.8Mshare n/a+75.6% yoy
- Engineering And Other Services$16.2Mshare n/a-18.1% yoy
- Carbon Smart$14.6Mshare n/a+84.1% yoy
- Grant Contributions Engineering And Other Services$5.77Mshare n/a-9.9% yoy
- Research And Development$5.19Mshare n/a-51.0% yoy
- Other Contract Research$2.77Mshare n/a-36.6% yoy
- Joint Development Agreements$2.42Mshare n/a-61.1% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- North America$24.7M44.2%+4.6% yoy
- Asia$16.5M29.6%+86.4% yoy
- Europe$14.6M26.2%-9.9% yoy
- Australia$00.0%-100.0% yoy
Members sum to the consolidated $55.8M for this period.
- Reportable Segment$9.01M100.0%no prior
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,060 US-listed filers · 790 in Materials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $56M | 22ndof 3,247 bottom third | 38thof 512 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 12.6% | 67thof 3,083 top third | 61stof 464 middle third |
Operating margin operating income ÷ revenue | -141.7% | 14thof 2,777 bottom third | 38thof 474 middle third |
Net margin net income ÷ revenue | -87.7% | 15thof 3,212 bottom third | 38thof 508 middle third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -118.4% | 11thof 2,640 bottom third | 32ndof 425 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 12.9% | 22ndof 2,852 bottom third | 43rdof 466 middle third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | 11.6% | 4thof 3,845 bottom third | 8thof 752 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -154.2% | 96thof 3,301 top third | 93rdof 662 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 32 changed periods, 30 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Cash CashAndCashEquivalentsAtCarryingValue | balance at 2022-12-31 | $6.67K 10-K 2023-03-29 | $83M 10-K 2024-02-29 | +1244765.8% | first · latest · 7 filings carry it |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2022-12-31 | -$346K 10-K 2023-03-29 | -$84.7M 10-K 2024-02-29 | -24399.9% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-09-30 | -$5.1M 10-Q 2022-11-14 | -$408M 10-Q 2023-11-13 | -7894.7% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-06-30 | -$283K 10-Q 2022-08-15 | -$19.1M 10-Q/A 2023-12-04 | -6666.1% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | fiscal year 2022-12-31 | -$1.36M 10-K 2023-03-29 | -$76.4M 10-K 2024-02-29 | -5520.8% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2022-03-31 | -$344K 10-Q 2022-05-17 | -$18.1M 10-Q/A 2023-12-04 | -5165.6% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-12-31 | -$8.33M 10-K 2023-03-29 | -$429M 10-K 2025-04-15 | -5044.6% | first · latest · 11 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-06-30 | -$10.9M 10-Q 2022-08-15 | -$387M 10-Q/A 2023-12-04 | -3437.6% | first · latest · 5 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-12-31 | -$10.7M 10-K 2022-03-25 | -$355M 10-K 2024-02-29 | -3204.8% | first · latest · 11 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-03-31 | -$14.3M 10-Q 2022-05-17 | -$371M 10-Q/A 2023-12-04 | -2497.5% | first · latest · 8 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-09-30 | -$1.03M 10-Q 2022-11-14 | -$20.6M 10-Q 2023-11-13 | -1898.2% | first · latest |
| Net income NetIncomeLoss | quarter 2022-09-30 | $1.24M 10-Q 2022-11-14 | -$22.3M 10-Q 2023-11-13 | -1889.2% | first · latest |
| Total liabilities Liabilities | balance at 2022-12-31 | $9.71M 10-K 2023-03-29 | $125M 10-K 2024-02-29 | +1186.3% | first · latest · 7 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2022-12-31 | -$6.49M 10-K 2023-03-29 | -$75.6M 10-K 2024-02-29 | -1064.9% | first · latest |
| Net income NetIncomeLoss | quarter 2022-06-30 | $3.35M 10-Q 2022-08-15 | -$15.9M 10-Q/A 2023-12-04 | -574.9% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$2.79M 10-Q 2022-05-17 | -$16.5M 10-Q/A 2023-12-04 | -491.3% | first · latest · 3 filings carry it |
| Net income NetIncomeLoss | quarter 2022-03-31 | -$3.54M 10-Q 2022-05-17 | -$16.8M 10-Q/A 2023-12-04 | -373.6% | first · latest · 8 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2024-09-30 | 197,773,376 shares 10-Q 2024-11-08 | 1,977,734 shares 10-Q 2025-11-19 | -99.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | fiscal year 2024-12-31 | 197,579,945 shares 10-K 2025-04-15 | 1,975,799 shares 10-K 2026-03-31 | -99.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-03-31 | 196,514,267 shares 10-Q 2025-05-19 | 1,965,143 shares 10-Q 2026-05-14 | -99.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-06-30 | 218,121,734 shares 10-Q 2025-08-19 | 2,181,217 shares 10-Q 2026-08-14 | -99.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2024-09-30 | 197,773,376 shares 10-Q 2024-11-08 | 1,977,734 shares 10-Q 2025-11-19 | -99.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | fiscal year 2024-12-31 | 197,579,945 shares 10-K 2025-04-15 | 1,975,799 shares 10-K 2026-03-31 | -99.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2025-03-31 | 196,514,267 shares 10-Q 2025-05-19 | 1,965,143 shares 10-Q 2026-05-14 | -99.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2025-06-30 | 218,121,734 shares 10-Q 2025-08-19 | 2,181,217 shares 10-Q 2026-08-14 | -99.0% | first · latest |
| Total liabilities Liabilities | balance at 2023-03-31 | $78.1M 10-Q 2023-05-15 | $123M 10-Q/A 2023-12-04 | +57.1% | first · latest |
| Total liabilities Liabilities | balance at 2023-06-30 | $90.7M 10-Q 2023-08-09 | $117M 10-Q/A 2023-12-04 | +29.5% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2023-06-30 | $212M 10-Q 2023-08-09 | $151M 10-Q 2024-11-08 | -28.6% | first · latest · 5 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2023-03-31 | $230M 10-Q 2023-05-15 | $169M 10-Q 2024-11-08 | -26.4% | first · latest · 8 filings carry it |
| Total assets Assets | balance at 2022-12-31 | $152M 10-K 2023-03-29 | $177M 10-K 2024-02-29 | +16.0% | first · latest · 7 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for LNZA yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.