Verde Clean Fuels, Inc. Reports Q3 2025 Results

HOUSTON--(BUSINESS WIRE)--November 13, 2025--

Verde Clean Fuels, Inc. ("Verde" or "the Company") today reported results for the third quarter of 2025.

"We continue to advance our plans to deploy our proprietary liquid fuels processing technology through the development of commercial production plants. To this end, we also continue to advance front-end engineering and design ("FEED") for the Permian Basin project, a proposed natural gas-to-gasoline plant to be jointly developed with Cottonmouth, a wholly owned subsidiary of Diamondback. The proposed plant would utilize our technology and associated natural gas from Diamondback's operations. We also continue to identify and evaluate other potential opportunities to deploy our technology while remaining disciplined with our resources," said Ernest Miller, CEO of Verde.

For the three months ended September 30, 2025, the Company recorded a net loss of $(2.3) million and diluted net loss per share of Class A common stock of $(0.06). For the nine months ended September 30, 2025, the Company recorded a net loss of $(7.6) million and diluted loss per share of Class A common stock of $(0.21). The Company's net loss for the three and nine months ended September 30, 2025 was primarily due to ongoing general and administrative expenses.

As of September 30, 2025, the Company had cash and cash equivalents of $59.4 million and no debt. Also as of September 30, 2025, the Company had construction in progress of $3.3 million, comprised of $9.3 million of capitalized development costs (which include costs associated with the FEED study) related to the Permian Basin project, net of $6.0 million of costs reimbursable to the Company by Cottonmouth in accordance with the joint development agreement between Verde and Cottonmouth.

About Verde Clean Fuels, Inc.

Verde is a clean fuels company focused on the deployment of its innovative and proprietary liquid fuels processing technology through development of commercial production plants. Verde's synthesis gas ("syngas")-to-gasoline plus (STG+(R) ) process converts syngas, derived from diverse feedstocks, into fully finished liquid fuels that require no additional refining. Verde is currently focused on opportunities to convert associated natural gas into gasoline, which is expected to provide a market for such natural gas with the added potential benefits of flare mitigation and production of gasoline with a lower carbon intensity than conventional gasoline.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company's expectations and any future financial performance, the Company's strategy, future operations, financial position, prospects, plans, goals and objectives of management are forward-looking statements. The words "could," "should," "would," "will," "aim," "may," "focus," "believe," "anticipate," "intend," "estimate," "expect," "advance," "project," "plan," "potential," "goal," "strategy," "proposed," "positions," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the Company, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to: changes in general economic, financial, legal, political, governmental and business conditions; changes in domestic and foreign markets and policies; the failure of Verde to develop its first commercial facility, whether due to the inability to obtain the required financing or for any other reason; the failure of Verde to develop any additional commercial facility for any reason; the risks and uncertainties relating to the implementation of Verde's business strategy and the timing of any business milestone; and delays in acquisition, financing, construction and development of any potential project. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company's expectations and projections can be found in the Company's filings with the Securities and Exchange Commission (the "SEC"). The Company's filings with the SEC are available publicly on the SEC's website at www.sec.gov.

 
                        VERDE CLEAN FUELS, INC. 
                 CONSOLIDATED STATEMENTS OF OPERATIONS 
                              (Unaudited) 
 
                    Three Months Ended           Nine Months Ended 
                       September 30,               September 30, 
                 -------------------------  --------------------------- 
(in thousands, 
except share 
and per share 
amounts)             2025         2024          2025          2024 
                 ------------  -----------  ------------  ------------- 
General and 
 administrative 
 expenses        $     2,752   $    2,694   $     8,844   $    8,472 
Research and 
 development 
 expenses                128           91           457          350 
                  ----------    ---------    ----------    --------- 
Total operating 
 loss                  2,880        2,785         9,301        8,822 
                  ----------    ---------    ----------    --------- 
 
Other (income)          (650)        (291)       (1,846)        (954) 
                  ----------    ---------    ----------    --------- 
Loss before 
 income taxes         (2,230)      (2,494)       (7,455)      (7,868) 
Income tax 
 expense 
 (benefit)               104           --           129          (14) 
                  ----------    ---------    ----------    --------- 
Net loss         $    (2,334)  $   (2,494)  $    (7,584)  $   (7,854) 
                  ==========    =========    ==========    ========= 
Net loss 
 attributable 
 to 
 noncontrolling 
 interest        $    (1,179)  $   (1,716)  $    (3,922)  $   (5,400) 
                  ==========    =========    ==========    ========= 
Net loss 
 attributable 
 to Verde Clean 
 Fuels, Inc.     $    (1,155)  $     (778)  $    (3,662)  $   (2,454) 
                  ==========    =========    ==========    ========= 
 
Earnings per 
share 
Weighted 
 average Class 
 A common stock 
 outstanding, 
 basic and 
 diluted          18,836,078    6,336,078    17,508,239    6,269,230 
                  ==========    =========    ==========    ========= 
Loss per share 
 of Class A 
 common stock    $     (0.06)  $    (0.12)  $     (0.21)  $    (0.39) 
                  ==========    =========    ==========    ========= 
 
 
                         VERDE CLEAN FUELS, INC. 
                       CONSOLIDATED BALANCE SHEETS 
                               (Unaudited) 
 
                                                      As of 
                                       ----------------------------------- 
(in thousands, except share and per     September 30,      December 31, 
share amounts)                               2025               2024 
                                       ----------------  ----------------- 
ASSETS 
Current assets: 
    Cash and cash equivalents          $        59,440   $       19,044 
    Restricted cash                                100              100 
    Accounts receivable -- other                 1,315              226 
    Prepaid expenses and other 
     current assets                                595              804 
                                           -----------       ---------- 
        Total current assets                    61,450           20,174 
                                           -----------       ---------- 
 
Non-current assets: 
    Property, plant and equipment, 
     net                                         3,382            1,096 
    Intellectual property and 
     patented technology                         1,925            1,925 
    Operating lease right-of-use 
     assets, net                                   263              216 
    Deposits                                       161              161 
                                           -----------       ---------- 
        Total non-current assets                 5,731            3,398 
                                           -----------       ---------- 
Total assets                           $        67,181   $       23,572 
                                           ===========       ========== 
 
LIABILITIES AND STOCKHOLDERS' EQUITY 
Current liabilities: 
    Accounts payable                   $         2,186   $          734 
    Accrued liabilities                            643            1,907 
    Operating lease liabilities                    252              154 
    Other current liabilities                       26               16 
                                           -----------       ---------- 
        Total current liabilities                3,107            2,811 
                                           -----------       ---------- 
 
Non-current liabilities: 
    Operating lease liabilities                     29               78 
                                           -----------       ---------- 
        Total non-current liabilities               29               78 
                                           -----------       ---------- 
        Total liabilities                        3,136            2,889 
                                           -----------       ---------- 
    Commitments and Contingencies 
 
Stockholders' equity 
    Class A common stock, par value 
     $0.0001 per share, 22,049,621 
     and 9,549,621 shares issued and 
     outstanding as of September 30, 
     2025 and December 31, 2024, 
     respectively                                    2                1 
    Class C common stock, par value 
     $0.0001 per share, 22,500,000 
     shares issued and outstanding as 
     of September 30, 2025 and 
     December 31, 2024, respectively                 2                2 
    Additional paid in capital                  63,429           37,503 
    Accumulated deficit                        (30,919)         (27,257) 
    Noncontrolling interest                     31,531           10,434 
                                           -----------       ---------- 
        Total stockholders' equity              64,045           20,683 
                                           -----------       ---------- 
Total liabilities and stockholders' 
 equity                                $        67,181   $       23,573 
                                           ===========       ========== 
 

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CONTACT: Investor Relations:

Caldwell Bailey (ICR)

verdeIR@icrinc.com

Media Relations:

Juliet Fisher (Merchant)

juliet@merchant.agency