Company: VGASW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052351
Chunk: 11

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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Item 1. Financial Statements

VERDE CLEAN FUELS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

As of (in thousands, except share and per share amounts)September 30,2025December 31,2024ASSETSCurrent assets:Cash and cash equivalents$59,440 $19,044 Restricted cash100 100 Accounts receivable – other1,315 226 Prepaid expenses and other current assets595 804 Total current assets61,450 20,174 Non-current assets:Property, plant and equipment, net3,382 1,096 Intellectual property and patented technology1,925 1,925 Operating lease right-of-use assets, net263 216 Deposits161 161 Total non-current assets5,731 3,398 Total assets$67,181 $23,572 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities:Accounts payable$2,186 $734 Accrued liabilities643 1,907 Operating lease liabilities252 154 Other current liabilities26 16 Total current liabilities3,107 2,811 Non-current liabilities:Operating lease liabilities29 78 Total non-current liabilities29 78 Total liabilities3,136 2,889 Commitments and contingencies (see Note 7)Stockholders’ equityClass 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, respectively2 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, respectively2 2 Additional paid in capital63,429 37,503 Accumulated deficit(30,919)(27,257)Noncontrolling interest31,531 10,434 Total stockholders’ equity64,045 20,683 Total liabilities and stockholders’ equity$67,181 $23,572 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1

VERDE CLEAN FUELS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months