The gas jet from a coaxial porous injector for two-phase flows is discharged radially from the porous surface, which encloses the center liquid jet. Several hot-firing test using ethanol/nitrous oxide propellants was conducted to analyze the effect of oxidizer/fuel ratio on the combustion performance, and the uncertainty analysis was performed for the results. The characteristic velocity was affected by oxidizer/fuel ratio similarly with the results of CEA calculation except that the maximum characteristic velocity was appeared in the stoichiometric ratio. The characteristic velocity efficiency was increased as the oxidizer/fuel ratio increases.