Tue, May 14, 8:33 PM (270 days ago)
Verde Clean Fuels, Inc. reported its financial results for the quarter ended March 31, 2024. The company remains in the development stage with no revenue generated to date. Key financial highlights include: - **Cash Position**: Cash and cash equivalents decreased to $25.9 million from $28.8 million at the end of 2023. - **Expenses**: General and administrative expenses decreased by 35% to $2.8 million, driven by a reduction in share-based compensation expenses. Research and development expenses remained stable at $85.8 thousand. - **Net Loss**: The net loss for the quarter was $2.5 million, an improvement from a $3.1 million loss in the same period last year, primarily due to the absence of contingent consideration expenses. - **Cash Flow**: Operating activities used $2.8 million in cash, consistent with the prior year. No significant investing or financing activities were reported for the quarter. The company finalized a joint development agreement with Cottonmouth Ventures LLC, a subsidiary of Diamondback Energy, to develop a gasoline production facility using natural gas feedstock. This project is expected to advance towards a final investment decision in the near future. Verde Clean Fuels anticipates needing additional financing to support ongoing development and operational activities.