Wed, Nov 13, 12:48 PM (90 days ago)
Verde Clean Fuels, Inc. (VGAS) reported a net loss of $2,493.4K for Q3 2024, a slight improvement from $2,632.1K in Q3 2023. General and administrative expenses rose to $2,693.5K, driven by increased salaries and benefits. Research and development costs remained stable at $91.3K. The company has not generated revenue as it continues to develop its first commercial production facility, expected to be operational by 2027. Cash and cash equivalents stood at $21.7M, sufficient to fund operations for at least the next 12 months. The firm is engaged in a joint development agreement with Cottonmouth Ventures to produce gasoline from natural gas, with costs partially reimbursed. The firm maintains a full valuation allowance against deferred tax assets due to its ongoing losses. Overall, while operational losses persist, cash reserves and strategic partnerships position Verde for future growth in the clean fuels sector amidst significant market uncertainties.