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Verde Clean Fuels, Inc. Reports Third Quarter 2024 Results
Third Quarter 2024 and Subsequent Company Highlights Proceeding with front end engineering and design (“FEED”) for proposed Permian Basin project with
About this update from Verde Clean Fuels, Inc.
[{"type":"text","content":"\nThird Quarter 2024 and Subsequent Company Highlights\n\n\n\nProceeding with front end engineering and design (“FEED”) for proposed Permian Basin project with Diamondback Energy\n\n\n\nAnnounced appointment of Mr. George Burdette as Chief Financial Officer in October 2024\n\n\n\n HOUSTON--(BUSINESS WIRE)--\nVerde Clean Fuels, Inc. (“Verde” or “the Company”) (NASDAQ: VGAS) today reported results for third quarter 2024.\n\n\n“We remain focused on our plans to deploy our proprietary liquid fuels processing technology through the development of commercial production plants. During Q3 2024, we continued to progress the FEED for the proposed Permian Basin project with Diamondback, which could serve as a template for additional projects going forward. We also continue to evaluate other potential opportunities to deploy our technology while remaining disciplined with our resources,” said Ernest Miller, CEO of Verde.\n\n\nFor the three months ended September 30, 2024, the Company recorded net loss of $(2.5) million and diluted net loss per share of Class A common stock of ($0.12). For the nine months ended September 30, 2024, the Company recorded net loss of $(7.9) million and diluted net loss per share of Class A common stock of ($0.39). The Company’s net loss for the three and nine months ended September 30, 2024 was primarily attributable to ongoing general and administrative expenses.\n\n\nAs of September 30, 2024, the Company had cash and cash equivalents of $21.7 million and no debt. Also as of September 30, 2024, the Company had capitalized $0.7 million of FEED costs related to the proposed Permian Basin project, net of amounts reimbursable under the joint development agreement between Verde and a wholly owned subsidiary of Diamondback Energy.\n\n\nSubsequent to September 30, 2024, the Company announced the appointment of George Burdette as Chief Financial Officer. Mr. Burdette will be responsible for all aspects of finance for the Company and brings more than 15 years of financial, commercial, corporate development, and investment management experience.\n\n\nAbout Verde Clean Fuels, Inc.\n\n\nVerde 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 syngas-to-gasoline plus (STG+®) process converts syng...