Verde Clean Fuels, Inc. Reports Q3 2026 Results

Lower administrative expenses accompanied narrower losses, while cash and cash equivalents declined from year-end.

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• Maintained strong balance sheet with $52.6 million cash and no debt
• Continuing to evaluate strategic alternatives and opportunities to deploy our STG+^® technology
• Continuing to execute on cost savings initiatives

HOUSTON--(BUSINESS WIRE)-- Verde Clean Fuels, Inc. (“Verde” or the "Company”) (Nasdaq: VGAS) announced today financial results for the third quarter and nine months of 2026.

“We are continuing to evaluate strategic alternatives and opportunities to deploy our STG+^® technology with a disciplined approach to capital allocation. We remain focused on preserving shareholder capital and evaluating opportunities to maximize shareholder value," said George Burdette, CEO of Verde.

As of September 30, 2026, the Company had $52.6 million of cash and cash equivalents and no debt. Shares outstanding remained unchanged at 44.5 million shares including both Class A and Class C common stock.

For the third quarter 2026, the Company recorded a net loss of $(2.0) million and diluted net loss per share of Class A common stock of $(0.04) compared to a net loss of $(2.3) million and diluted net loss per share of Class A common stock of $(0.06) for the same period in 2025. For the nine months of 2026, the Company recorded a net loss of $(6.3) million and diluted net loss per share of Class A common stock of $(0.14), compared to a net loss of $(7.6) million and diluted net loss per share of Class A common stock of $(0.21) for the same period in 2025. The lower losses were primarily due to implementation of our cost savings initiatives, which was partially offset by higher share-based compensation expense.

About Verde Clean Fuels, Inc.

Verde owns an innovative and proprietary gas-to-liquids processing technology capable of converting low-value or stranded feedstocks into higher-value clean transportation fuels. Our synthesis gas (“syngas”)-to-gasoline plus (STG+^®) process is designed to convert syngas, derived from a variety of feedstocks, including natural gas and biomass, into fully finished liquid fuels that require no additional refining. The STG+^® technology is engineered for industrial-scale deployment and intended to be delivered in standardized modular units. Over $150 million has been invested in the development and demonstration of the STG+^® technology since 2007, including the construction and operation of a demonstration plant that has completed over 10,000 hours of operation.

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 herein, 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, regulatory, political, governmental and business conditions; changes in domestic and foreign markets and policies; the inability of the Company to deploy its technology; the inability of the Company to commercialize its technology for any reason; the inability of the Company to complete any transaction; the risks and uncertainties relating to the implementation of the Company’s 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 September 30,								Nine Months Ended September 30,
(in thousands, except share and per share amounts)			2026				2025				2026				2025
General and administrative expenses		$	2,293			$	2,752			$	7,325			$	8,844
Research and development expenses			168				128				514				457
Operating loss			2,461				2,880				7,839				9,301
Other (income)			(477	)			(650	)			(1,462	)			(1,846	)
Loss before income taxes			(1,984	)			(2,230	)			(6,377	)			(7,455	)
Income tax (benefit) expense			(19	)			104				(78	)			129
Net loss		$	(1,965	)		$	(2,334	)		$	(6,299	)		$	(7,584	)
Net loss attributable to noncontrolling interest		$	(1,002	)		$	(1,179	)		$	(3,221	)		$	(3,922	)
Net loss attributable to Verde Clean Fuels, Inc.		$	(963	)		$	(1,155	)		$	(3,078	)		$	(3,662	)
Earnings per share
Weighted average Class A common stock outstanding, basic and diluted			22,070,453				18,836,078				22,070,453				17,508,239
Loss per share of Class A common stock		$	(0.04	)		$	(0.06	)		$	(0.14	)		$	(0.21	)

VERDE CLEAN FUELS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
		As of
(in thousands, except share and per share amounts)		September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	52,551			$	57,215
Restricted cash			100				100
Accounts receivable – other			-				145
Prepaid expenses and other current assets			700				466
Total current assets			53,351				57,926
Non-current assets:
Property, plant and equipment, net			50				62
Intellectual property and patented technology			1,925				1,925
Operating lease right-of-use assets, net			236				173
Deposits			161				161
Total non-current assets			2,372				2,321
Total assets		$	55,723			$	60,247
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	471			$	985
Accrued liabilities			1,264				906
Operating lease liabilities			251				174
Other current liabilities			192				35
Total current liabilities			2,178				2,100
Non-current liabilities:
Operating lease liabilities			-				12
Total non-current liabilities			-				12
Total liabilities			2,178				2,112
Commitments and contingencies
Stockholders’ equity
Class A common stock, par value $0.0001 per share, 22,049,621 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			2				2
Class C common stock, par value $0.0001 per share, 22,500,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			2				2
Additional paid in capital			65,987				64,070
Accumulated deficit			(37,293	)			(34,215	)
Noncontrolling interest			24,847				28,276
Total stockholders’ equity			53,545				58,135
Total liabilities and stockholders’ equity		$	55,723			$	60,247

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109656199/en/

Investor Relations:
Caldwell Bailey (ICR)
verdeIR@icrinc.com

Source: Verde Clean Fuels, Inc.

Key Terms

diluted net loss per share financial

Diluted net loss per share measures how much of a company’s reported loss is attributable to each share after accounting for all potential shares that could exist if options, convertible bonds or other convertible instruments were turned into stock. Investors care because it shows the worst-case loss per share if ownership were spread thinner — like slicing a pie into more pieces, each existing share would bear a smaller portion of company value (or larger portion of the loss).

share-based compensation expense financial

Share-based compensation expense is the accounting cost a company records when it pays employees or executives with stock, stock options, or other equity instead of cash. It matters to investors because it reduces reported profits and can dilute existing owners’ stake over time — like a bakery paying workers with slices of cake instead of money, leaving fewer slices for original owners and changing each slice’s value.

syngas technical

Syngas is a manufactured fuel gas made mainly of hydrogen and carbon monoxide, produced by heating carbon-based materials (like coal, natural gas, biomass or waste) in a controlled, low-oxygen process—think of it as breaking raw ingredients into a simple cooking gas. Investors care because syngas can be turned into electricity, fuels or chemical feedstocks and its cost, efficiency and emissions profile directly affect project profits, regulatory compliance and long-term market demand.

gas-to-liquids technical

Gas-to-liquids is the industrial process that converts natural gas into usable liquid fuels and chemicals through chemical processing. For investors, it matters because it can turn a low-value, hard-to-transport commodity into higher-value, transportable products, affecting a company's revenue mix, profit margins and exposure to gas price swings — like turning raw grain into packaged food that’s easier to sell and worth more per unit.

noncontrolling interest financial

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.