Verde Clean Fuels(US:VGAS)2025-11-14 21:10Revenue Generation - As of September 30, 2025, the company has not generated any revenue from its principal business activities[145] - The company has not generated revenue from its principal business activities as it is still developing its first commercial production plant[177] Financial Performance - The total operating loss for the three months ended September 30, 2025, was $2,880,000, compared to $2,785,000 in 2024[167] - The net loss for the three months ended September 30, 2025, was $2,334,000, a decrease from $2,494,000 in the same period in 2024[167] - The total operating loss for the nine months ended September 30, 2025, was $9,301, compared to $8,822 for the same period in 2024[172] - The net loss for the nine months ended September 30, 2025, was $7,584, compared to $7,854 for the same period in 2024[172] Expenses - General and administrative expenses for the three months ended September 30, 2025, were $2,752,000, a 2% increase from $2,694,000 in the same period in 2024[167] - Research and development expenses increased to $128,000 for the three months ended September 30, 2025, compared to $91,000 in 2024[167] - General and administrative expenses increased by $372, or 4%, for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to additional employee headcount and stock options granted[173] - Research and development expenses rose by $107, or 30%, for the nine months ended September 30, 2025, mainly due to higher engineering software costs[175] Cash Flow - Net cash used in operating activities increased by $908 during the nine months ended September 30, 2025, primarily due to higher working capital requirements[183] - Net cash provided by financing activities was $49,446 for the nine months ended September 30, 2025, due to net proceeds from the PIPE Investment[185] - As of September 30, 2025, the company had cash and cash equivalents of $59,440, expected to be sufficient for the next 12 months[179] - Other income increased by $892, or 94%, for the nine months ended September 30, 2025, attributed to higher interest and dividend income from cash and cash equivalents following the PIPE Investment in January 2025[176] Project Development - The company has incurred capitalized development costs of $9,293,000 related to the Permian Basin Project, net of amounts reimbursable by Cottonmouth of $5,977,000[158] - The company is focused on developing its first commercial production facility using its patented STG+® technology[152] - The Permian Basin Project is expected to produce reformulated blendstock for oxygenate blending grade gasoline, contributing to future revenue[161] - The company continues to evaluate additional opportunities to deploy its technology while maintaining resource discipline[159] - The company anticipates needing additional capital to complete its first commercial production plant, with potential funding through equity or debt securities[181] Investment Activities - The company entered into a common stock purchase agreement with Cottonmouth Ventures, LLC, for an aggregate purchase price of $50 million[148]