VGAS maintains a conservative capital structure with a debt-to-equity ratio of 0.01 as of 2026Q1, though total equity has contracted to $29.2 million due to persistent net losses.
Verde Clean Fuels, Inc. (VGAS) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Total Assets | 56.82M | 60.25M | 23.57M | 31.93M | 6.36M | 2.53M | 3.25M |
| Asset Growth % | 278.8% | 155.58% | -26.16% | 402.29% | 150.86% | -22.07% | - |
| PP&E (Net) | 392K | 235K | 1.31M | 587.32K | 330.58K | 317.13K | 30.34K |
| PP&E / Total Assets % | 0.69% | 0.39% | 5.57% | 1.84% | 5.2% | 12.52% | 0.93% |
| Total Current Assets | 54.34M | 57.93M | 20.17M | 29.25M | 3.84M | 141.4K | 1.15M |
| Cash & Equivalents | 53.45M | 57.22M | 19.04M | 28.78M | 463.48K | 87.64K | 1.05M |
| Receivables | 0 | 145K | 226.16K | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 100K | 566K | 904.19K | 100K | 3.27M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.93M | 1.93M | 1.93M | 1.93M | 1.93M | 1.93M | 1.93M |
| Other Assets | 161K | 161K | 160.67K | 160.67K | 258K | 150K | 150K |
| Total Liabilities | 2.08M | 2.11M | 2.89M | 3.1M | 5.25M | 9.32M | 422.35K |
| Total Debt | 359K | 186K | 232.16K | 939.15K | 334.34K | 312.28K | 44.96K |
| Net Debt | -53.09M | -57.03M | -18.81M | -27.84M | -129.14K | 224.64K | -1.01M |
| Long-Term Debt | 0 | 12K | 0 | 409.61K | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 11.17K | 8.19K | 44.96K |
| Capital Lease Obligations | 858K | 174K | 232.16K | 529.54K | 323.17K | 304.09K | 0 |
| Total Current Liabilities | 2.08M | 2.1M | 2.81M | 2.46M | 3.87M | 390.61K | 382.35K |
| Accounts Payable | 443K | 985K | 734.37K | 184.34K | 2.86M | 59.42K | 33.72K |
| Accrued Expenses | 2.13M | 438K | 597.36K | 388.84K | 762.12K | 98.44K | 303.67K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 134K | 503K | 1.32M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 0 | 1.3M | 8.85M | 40K |
| Total Equity | 54.74M | 58.13M | 20.68M | 28.83M | 1.1M | -6.79M | 2.83M |
| Equity Growth % | 334.78% | 181.07% | -28.25% | 2512.49% | 116.26% | -339.91% | - |
| Shareholders Equity | 28.83M | 29.86M | 10.25M | 11.1M | 1.1M | -6.79M | 2.83M |
| Minority Interest | 25.92M | 28.28M | 10.43M | 17.73M | 0 | 0 | 0 |
| Common Stock | 2K | 4K | 3.21K | 3.19K | 12.78M | 7.61M | 4.3M |
| Additional Paid-in Capital | 65.15M | 64.07M | 37.5M | 35.01M | 0 | 0 | 0 |
| Retained Earnings | -36.33M | -34.22M | -27.26M | -23.92M | -11.67M | -14.39M | -1.47M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -10.84% | -33.73% | -12.02% | -14.33% | 61.18% | -446.86% | -108.27% |
| Return on Equity (ROE) | -11.26% | -35.87% | -13.47% | -18.33% | 246.45% | - | -124.44% |
| Debt / Equity | 0.01x | 0.00x | 0.01x | 0.03x | 0.30x | - | 0.02x |
| Debt / Assets | 0.63% | 0.31% | 0.98% | 2.94% | 5.26% | 12.33% | 1.38% |
| Net Debt / EBITDA | 3.54x | - | - | - | - | - | - |
| Book Value per Share | 2.48 | 3.26 | 3.29 | 4.69 | 0.14 | -0.73 | 0.26 |
Quick answers to the most common questions about buying VGAS stock.
As of 2025, Verde Clean Fuels, Inc. (VGAS) had total assets of $60.2M including $57.9M in current assets.
Verde Clean Fuels, Inc. (VGAS) carries total debt of $0.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Verde Clean Fuels, Inc. (VGAS) has total shareholders' equity (book value) of $29.9M ($3.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Verde Clean Fuels, Inc. (VGAS) reported a current ratio of 27.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Pre-revenue liquidity depletion
Metrics are mathematically derived from official filings.
Minimal Asset Base Development Progress
As reported in financial statements, VGAS maintains a negligible net PPE balance of $0.5 million as of 2026Q1, which underscores the company's failure to transition from a development-stage entity into an operational utility with a meaningful, revenue-generating regulated asset base or tangible infrastructure footprint.
The lack of significant growth in net PPE suggests that the company has yet to commit to the large-scale capital deployment required for commercial production. Investors should monitor whether this stagnation reflects a strategic pivot toward a capital-light licensing model or an inability to secure the necessary project-level financing to build out its proprietary STG+ facilities.
Debt-Free Status Masks Funding Needs
Based on the company's reported figures, VGAS maintains a debt-to-equity ratio of 0.01 as of 2026Q1, indicating that the firm has avoided traditional leverage but remains entirely dependent on equity-based funding to sustain its operations and research initiatives in the absence of any recurring cash flow.
While the absence of debt provides a clean balance sheet, it also implies that the company lacks the regulatory capital structure typical of a utility, which usually utilizes debt to optimize the cost of capital. This reliance on equity suggests that future growth will likely continue to be dilutive to existing shareholders until the company achieves commercial-scale profitability.
Cash Runway Depletion Remains Critical
According to quarterly filings, the company's cash position has declined from a peak of $65.3 million in 2025Q1 to $54.4 million in 2026Q1, reflecting a persistent burn rate that necessitates further capital raises to support ongoing development and administrative overhead in the near term.
The current liquidity profile appears adequate for immediate operations, but the lack of revenue generation means that the cash balance is strictly finite. Analysts should interpret this downward trend as a signal that the company must reach a definitive Final Investment Decision on its flagship projects soon to avoid a potential liquidity crunch.
Equity Quality Diluted by Losses
As indicated by the company's balance sheet, total equity has contracted from $33.7 million in 2025Q1 to $29.2 million in 2026Q1, a trend that reflects the cumulative impact of persistent net losses on the firm's book value and overall financial health.
The erosion of equity suggests that the company is consuming its capital base to fund R&D rather than building long-term value through asset accumulation. Investors should monitor whether future equity issuances are used to fund productive infrastructure or simply to cover the ongoing operational deficit, which would further impair the quality of the equity.