VGASWNasdaqIndustrial Organic ChemicalsUS GAAP · USD

Verde Clean Fuels, Inc.

Verde Clean Fuels, Inc. is a U.S.-based clean fuels company focused on developing and commercializing its proprietary STG+® process, which converts synthesis gas into finished liquid fuels. The company is organized around the development of commercial production plants and related project ownership and operating roles, with its initial focus in the Permian Basin and other natural-gas-rich basins.

Liikevoitto (EBIT)−16,5milj. USD
−41,2 %v/v
Nettotulos−7,0milj. USD
−108,7 %v/v
Vapaa kassavirta−16,6milj. USD
−45,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

−20−15−10−505milj. USD2021: EBIT −0,46 milj. USD20212022: EBIT 2,7 milj. USD20222023: EBIT −11 milj. USD20232024: EBIT −12 milj. USD20242025: EBIT −16 milj. USD2025−16
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
STG+® technology licensing and deployment35 %

Proprietary syngas-to-gasoline process technology used to convert feedstocks into finished liquid fuels.

Project development35 %

Engineering, site selection, FEED work, permitting, and commercialization of production plants.

Project ownership economics20 %

Expected distributions from Verde's ownership interest in project-level fuel production assets.

Project operations and operator fees10 %

Fees earned for operating commercial fuel production facilities once projects are built.

Asiakkaat

Verde's direct counterparties are project partners, development counterparties, and future asset-level customers tied to its fuel production projects rather than a broad consumer base. The end market is gasoline and low-carbon liquid fuels, with the company targeting natural gas producers and project sponsors that want to monetize stranded or flared gas through conversion into finished fuel.

Project development partners

Counterparties such as Cottonmouth that share development costs and advance project documents toward final investment decision.

Natural gas producers

Producers with associated, stranded, or flared gas that can be converted into syngas feedstock for gasoline production.

Fuel market buyers

Downstream buyers of fully refined gasoline or blendstock produced by Verde's future plants.

Project operators and infrastructure counterparties

Engineering, construction, utility, and operating partners involved in building and running commercial facilities.

Strategia

Verde's strategy is to move its STG+® technology from development into its first commercial plant, using FEED work, site selection, and project agreements to reach final investment decision. It is also positioning the Permian Basin project as a template for additional basin-scale deployments where natural gas can be converted into gasoline with lower carbon intensity.

Advance the Permian Basin project to final investment decisionLyhyt aikaväli

The company has no commercial revenue until its first plant is built and operating.

Secure project financing and contractual frameworkLyhyt aikaväli

Commercial construction depends on definitive agreements and funding commitments.

Replicate the technology across additional basinsKeskipitkä aikaväli

The company is building a template for future natural gas-to-gasoline projects.

Maantiede

Verde is headquartered in the United States and its first planned commercial project is in the Permian Basin. The company also frames its technology as applicable to other pipeline-constrained basins in the U.S. and to flared or stranded gas opportunities internationally, so its geographic exposure is tied to hydrocarbon basin economics and regulatory conditions.

Riskit

Verde is exposed to execution risk because it is still developing its first commercial facility and depends on project milestones, financing, and regulatory approvals. Its business model also depends on policy support for low-carbon fuels and carbon credits, plus the economics of natural gas supply, construction timing, and partner execution.

Järjestetty vakavuuden mukaan
First-project execution riskKorkea

The company is still developing its first commercial production facility, so delays or technical issues would postpone revenue generation.

Kohdistuu: Permian Basin Project

Financing and capital availabilityKorkea

Commercial plants require substantial funding and the company explicitly depends on obtaining financing for current and future projects.

Kohdistuu: Project development and construction

Regulatory and permitting riskKorkea

Project development depends on governmental and regulatory approvals, environmental rules, and policy support for renewable fuels.

Kohdistuu: U.S. and local project jurisdictions

Carbon credit and incentive riskKeskitaso

The economics of the business may depend on low-carbon fuel credits or other carbon credits, which can decline in value or be reduced by policy changes.

Kohdistuu: Renewable energy and carbon markets

Feedstock and project partner dependenceKeskitaso

The model relies on access to associated or stranded gas and on counterparties such as Cottonmouth and engineering vendors.

Kohdistuu: Permian Basin and future basin projects

Kirjanpito

Harkinnanvaraiset erät
Capitalized development costs

FEED and related project costs can be capitalized as construction in progress, affecting reported assets and future depreciation or impairment.

Vaikutus: Capitalized FEED costs were disclosed net of reimbursable amounts under the JDA.

Cost reimbursements under joint development agreement

A portion of approved development spending is reimbursed by Cottonmouth, affecting cash flow and the net amount capitalized.

Vaikutus: 65% reimbursement of approved development costs

Project-based future revenue recognition

Future revenue is expected from distributions and operator fees, so timing will depend on project completion and operating status.

Vaikutus: No revenue has been generated to date

Research and development expense classification

Engineering labor, software, and demo plant costs may be expensed or capitalized depending on project stage and accounting judgment.

Vaikutus: A portion of engineers' and consultants' time was reclassified to construction in progress

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.9.2026