Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Verde Clean Fuels, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
0.32
0.33
0.45
0.59
General and administrative
0.46
4.51
11.5
11.2
11.9
Operating income
-0.46
2.72
-10.5
-11.7
-16.5
Interest expense
0.24
0
Other non-operating income
-0.02
2.45
0.45
1.19
2.43
Pre-tax income
-0.47
2.72
-10.3
-10.5
-14
Income tax
0.43
0.17
0.05
0.11
Net income to minority interests
-7.76
-7.18
-7.18
Net income
-0.47
2.72
-2.74
-3.33
-6.96
EBITDA
2.73
-10.5
-11.6
-16.4
EPS, diluted
-0.05
-0.45
-0.53
Shares, diluted (weighted)
4.03
6.14
6.29
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.51
0.46
28.8
19
57.2
Other current assets
0.22
0.11
0.37
0.8
0.47
Total current assets
0.73
3.84
29.3
20.2
57.9
Property, plant and equipment
0.01
0.06
1.1
0.06
Lease right-of-use assets
0.32
0.52
0.22
0.17
Intangible assets
1.93
1.93
1.93
1.93
Other non-current assets
1.93
0.16
Total assets
175
6.36
31.9
23.6
60.2
Accounts payable
0.24
2.86
0.18
0.73
0.99
Accrued liabilities
0.24
0.76
1.98
1.91
0.91
Total current liabilities
0.24
3.87
2.46
2.81
2.1
Lease liabilities
0.09
0.23
0.08
0.01
Total liabilities
6.28
5.25
3.1
2.89
2.11
Paid-in capital
35
37.5
64.1
Retained earnings
-5.55
-11.7
-23.9
-27.3
-34.2
Shareholders' equity
-5.55
-10.9
Minority interests
17.7
10.4
28.3
Total equity
-6.79
1.1
28.8
20.7
58.1
Total liabilities and equity
175
6.36
31.9
23.6
60.2
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-0.47
2.72
-10.5
-10.5
-14.1
Depreciation and amortization
0.01
0
0.01
0.02
Stock-based compensation
1.42
2.9
1.35
2.19
Deferred income tax
0.12
0
0
0
Change in payables
0.15
0.11
-0.01
0.14
-0.22
Cash from operations
-0.53
-3.28
-9.11
-8.88
-8.89
Capital expenditures
-0
-0.06
-2.55
-7.69
Cash from investing
-174
-0
-0.06
-0.86
-2.39
Stock issued
32
0
50
Cash from financing
175
3.66
37.5
0
49.4
Net change in cash
0.49
0.38
28.3
-9.74
38.2
Free cash flow
-3.28
-9.17
-11.4
-16.6
Interest paid
0.24
0
Income taxes paid
0.43
0.05
0.19
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.16 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-11.6%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
155.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
111.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
26.2x
Current assets / current liabilities.
Quick ratio
25.7x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
25.7x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
3.7%
Total liabilities / total assets.
Working capital
$52.3M
Current assets - current liabilities.
Goodwill and intangibles / assets
3.4%
(Goodwill + intangible assets) / total assets.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.30
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
FCF yield
-24.3%
Free cash flow / market cap.
Earnings yield
-12.7%
Net income / market cap (the inverse of P/E).
Was Verde Clean Fuels, Inc. profitable in fiscal 2025?
No. It reported a net loss of $7.0M.
How much free cash flow did Verde Clean Fuels, Inc. generate in fiscal 2025?
Cash from operations of $8.9M minus capital expenditures of $7.7M left free cash flow of -$16.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.