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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 (鈥淔EED鈥�) for proposed Permian Basin project with Diamondback Energy
• Announced appointment of Mr. George Burdette as Chief Financial Officer in October 2024

HOUSTON--(BUSINESS WIRE)-- , Inc. (鈥淰erde鈥� or 鈥渢he Company鈥�) (NASDAQ: VGAS) today reported results for third quarter 2024.

鈥淲e 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,鈥� said Ernest Miller, CEO of Verde.

For 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鈥檚 net loss for the three and nine months ended September 30, 2024 was primarily attributable to ongoing general and administrative expenses.

As 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.

Subsequent 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.

About Verde Clean Fuels, Inc.

Verde 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+庐) process converts syngas, derived from diverse feedstocks (including biomass or stranded or flared natural gas) into fully finished liquid fuels that require no additional refining, such as Reformulated Blend-stock for Oxygenate Blending (鈥淩BOB鈥�) gasoline.

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Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include 鈥渇orward-looking statements鈥� 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 Verde鈥檚 expectations and any future financial performance, as well as Verde鈥檚 strategy, future operations, financial position, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渨ill,鈥� 鈥渕ay,鈥� 鈥渇ocused,鈥� 鈥渂elieve,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥減lans,鈥� 鈥済oal,鈥� 鈥減roject,鈥� 鈥減reliminary discussions,鈥� 鈥渄esigned,鈥� 鈥減roposed,鈥� 鈥減otential,鈥� 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. These forward-looking statements are based on Verde management鈥檚 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, Verde 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. Verde 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 control of Verde. These risks include, but are not limited to: general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the failure to develop its first commercial facility, whether due to the inability to obtain the required financing or for any other reason; the failure to realize the anticipated benefits of any particular project or transaction; the risks and uncertainties relating to the implementation of Verde鈥檚 business strategy and the timing of any business milestone; the ability of Verde to obtain financing to implement its business strategy with respect to anticipated projects (including its first proposed commercial facility); and the effects of competition on Verde鈥檚 business strategy. 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 Verde presently do not know or that Verde 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 Verde鈥檚 expectations and projections can be found in Verde鈥檚 filings with the Securities and Exchange Commission (the 鈥淪EC鈥�). Verde鈥檚 SEC filings are available publicly on the SEC鈥檚 website at .

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Investor Relations:

Caldwell Bailey (ICR)

[email protected]



Media Relations:

Juliet Fisher (Merchant)

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Source: Verde Clean Fuels, Inc.