Verde Clean Fuels, Inc. (VGAS) Balance Sheet
VGAS balance sheet, 2025
December 31, 2025 · U.S. dollars$60.2M assets = $2.1M liabilities + $58.1M equity
Both columns are drawn to the same scale: what VGAS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VGAS financial health
Descriptive bands, not a rating. Fiscal 2025.
VGAS balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.3M2020 | $60.2M2025 | +79.3%/yr | |
| Total liabilities | $422,3542020 | $2.1M2025 | +38.0%/yr | |
| Shareholders’ equity | $2.8M2020 | $29.9M2025 | +60.2%/yr | |
| Cash & short-term investments | $1.1M2020 | $57.2M2025 | +122.4%/yr | |
| Total debt | $44,9622020 | $186,0002025 | +32.8%/yr | |
| Net cash (debt) | $1.0M2020 | $57.0M2025 | +$56.0M | |
| Working capital | $763,2862020 | $55.8M2025 | +$55.1M | |
| Book value per share | $0.262020 | $1.672025 | +45.0%/yr | |
| Debt / equity | 0.022020 | 0.012025 | −0.01 | |
| Shares outstanding | 10.8M2020 | 17.8M2025 | +10.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VGAS assets
VGAS liabilities and equity
VGAS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VGAS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $57.2M | $19.0M | $28.8M | $463,475 | $87,638 | $1.1M |
| Cash & equivalents | $57.2M | $19.0M | $28.8M | $463,475 | $87,638 | $1.1M |
| Receivables | $145,000 | $226,157 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $566,000 | $904,186 | $473,324 | $3.4M | $53,761 | $94,364 |
| Total current assets | $57.9M | $20.2M | $29.3M | $3.8M | $141,399 | $1.1M |
| Property, plant & equipment (net) | $235,000 | $1.3M | $587,318 | $330,584 | $317,131 | $30,344 |
| Goodwill & intangible assets | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $161,000 | $160,669 | $160,669 | $258,000 | $150,000 | $150,000 |
| Total assets | $60.2M | $23.6M | $31.9M | $6.4M | $2.5M | $3.3M |
| Liabilities | ||||||
| Accounts payable | $985,000 | $734,374 | $184,343 | $2.9M | $59,423 | $33,722 |
| Short-term debt | $174,000 | $153,917 | $297,380 | $249,136 | $232,751 | $44,962 |
| Total current liabilities | $2.1M | $2.8M | $2.5M | $3.9M | $390,614 | $382,354 |
| Long-term debt | $0 | $0 | $409,612 | $0 | $0 | $0 |
| Lease obligations | $186,000 | $232,162 | $529,542 | $323,170 | $304,094 | — |
| Other long-term liabilities | $12,000 | $78,245 | $232,162 | $1.4M | $8.9M | $40,000 |
| Total liabilities | $2.1M | $2.9M | $3.1M | $5.3M | $9.3M | $422,354 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $4,000 | $3,205 | $3,189 | $12.8M | $7.6M | $4.3M |
| Retained earnings (deficit) | −$34.2M | −$27.3M | −$23.9M | −$11.7M | −$14.4M | −$1.5M |
| Accumulated other comprehensive income | — | — | — | — | $0 | $0 |
| Minority interest | $28.3M | $10.4M | $17.7M | $0 | — | — |
| Total shareholders' equity | $29.9M | $10.2M | $11.1M | $1.1M | −$6.8M | $2.8M |
| Key figures | ||||||
| Total debt | $186,000 | $232,162 | $939,154 | $334,336 | $312,279 | $44,962 |
| Net cash (debt) | $57.0M | $18.8M | $27.8M | $129,139 | −$224,641 | $1.0M |
| Working capital | $55.8M | $17.4M | $26.8M | −$26,170 | −$249,215 | $763,286 |
| Tangible book value | $27.9M | $8.3M | $9.2M | −$821,786 | −$8.7M | $903,630 |
| Book value per share | $1.67 | $1.63 | $1.81 | $0.14 | −$0.73 | $0.26 |
| Shares outstanding | 17.8M | 6.3M | 6.1M | 7.7M | 9.4M | 10.8M |
| Current ratio | 27.58 | 7.18 | 11.90 | 0.99 | 0.36 | 3.00 |
| Quick ratio | 27.31 | 6.86 | 11.71 | 0.12 | 0.22 | 2.75 |
| Debt / equity | 0.01 | 0.02 | 0.08 | 0.30 | — | 0.02 |
| Equity / assets | 49.6% | 43.5% | 34.8% | 17.4% | −267.8% | 87.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $53.5M | $54.4M | $57.2M | $59.4M | $62.1M | $65.3M | $19.0M | $21.7M | $23.2M | $26.0M | $28.8M | $31.2M |
| Cash & equivalents | $53.5M | $54.4M | $57.2M | $59.4M | $62.1M | $65.3M | $19.0M | $21.7M | $23.2M | $26.0M | $28.8M | $31.2M |
| Receivables | $0 | $4,000 | $145,000 | $1.3M | $1.0M | $629,319 | $226,157 | $242,138 | $644,194 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $890,000 | $943,000 | $566,000 | $695,000 | $909,318 | $1.3M | $904,186 | $859,285 | $1.1M | $1.4M | $473,324 | $941,776 |
| Total current assets | $54.3M | $55.3M | $57.9M | $61.5M | $64.0M | $67.2M | $20.2M | $22.8M | $25.0M | $27.4M | $29.3M | $32.1M |
| Property, plant & equipment (net) | $392,000 | $496,000 | $235,000 | $3.6M | $2.7M | $2.0M | $1.3M | $1.0M | $782,673 | $521,653 | $587,318 | $282,086 |
| Goodwill & intangible assets | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $161,000 | $161,000 | $161,000 | $161,000 | $160,668 | $160,669 | $160,669 | $162,119 | $160,669 | $160,669 | $160,669 | $268,668 |
| Total assets | $56.8M | $57.9M | $60.2M | $67.2M | $68.7M | $71.3M | $23.6M | $25.9M | $27.8M | $30.1M | $31.9M | $34.6M |
| Liabilities | ||||||||||||
| Accounts payable | $443,000 | $284,000 | $985,000 | $2.2M | $1.8M | $2.2M | $734,374 | $1.1M | $211,986 | $367,036 | $184,343 | $475,119 |
| Short-term debt | $359,000 | $429,000 | $174,000 | $252,000 | $328,198 | $372,291 | $153,917 | $221,213 | $287,289 | $326,446 | $297,380 | $664,690 |
| Deferred revenue | — | — | — | — | — | — | — | — | $2.0M | — | — | — |
| Total current liabilities | $2.1M | $1.5M | $2.1M | $3.1M | $2.9M | $3.5M | $2.8M | $3.5M | $3.3M | $3.0M | $2.5M | $3.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $409,612 | $0 |
| Lease obligations | $359,000 | $461,000 | $186,000 | $281,000 | $373,940 | $461,648 | $232,162 | $315,111 | $396,278 | $473,918 | $529,542 | $255,078 |
| Other long-term liabilities | $0 | $32,000 | $12,000 | $29,000 | $45,742 | $89,357 | $78,245 | $93,898 | $108,989 | $147,472 | $232,162 | $0 |
| Total liabilities | $2.1M | $1.6M | $2.1M | $3.1M | $3.0M | $3.5M | $2.9M | $3.6M | $3.5M | $3.1M | $3.1M | $3.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $4,000 | $4,000 | $4,000 | $4,455 | $4,455 | $3,205 | $3,205 | $3,205 | $3,193 | $3,189 | $3,189 |
| Retained earnings (deficit) | −$36.3M | −$35.4M | −$34.2M | −$30.9M | −$29.8M | −$28.5M | −$27.3M | −$26.4M | −$25.6M | −$24.7M | −$23.9M | −$23.3M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | — | — | $0 | — | — |
| Minority interest | $25.9M | $27.1M | $28.3M | $31.5M | $32.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $28.8M | $29.2M | $29.9M | $32.5M | $33.0M | $33.7M | $10.2M | $10.1M | $10.5M | $11.0M | $11.1M | $11.5M |
| Key figures | ||||||||||||
| Total debt | $359,000 | $461,000 | $186,000 | $281,000 | $373,940 | $461,648 | $232,162 | $315,111 | $396,278 | $473,918 | $939,154 | $664,690 |
| Net cash (debt) | $53.1M | $53.9M | $57.0M | $59.2M | $61.7M | $64.8M | $18.8M | $21.4M | $22.8M | $25.6M | $27.8M | $30.5M |
| Working capital | $52.3M | $53.8M | $55.8M | $58.3M | $61.0M | $63.7M | $17.4M | $19.3M | $21.6M | $24.5M | $26.8M | $28.3M |
| Tangible book value | $26.9M | $27.3M | $27.9M | $30.6M | $31.1M | $31.8M | $8.3M | $8.2M | $8.5M | $9.1M | $9.2M | $9.5M |
| Book value per share | $1.31 | $1.33 | $1.59 | $1.73 | $1.75 | $2.28 | $1.62 | $1.59 | $1.66 | $1.78 | $1.80 | $1.86 |
| Shares outstanding | 22.1M | 22.1M | 18.8M | 18.8M | 18.8M | 14.8M | 6.3M | 6.3M | 6.3M | 6.2M | 6.2M | 6.2M |
| Current ratio | 26.16 | 35.93 | 27.58 | 19.78 | 21.81 | 19.43 | 7.18 | 6.47 | 7.47 | 9.29 | 11.90 | 8.40 |
| Quick ratio | 25.74 | 35.31 | 27.31 | 19.55 | 21.50 | 19.07 | 6.86 | 6.22 | 7.14 | 8.82 | 11.71 | 8.15 |
| Debt / equity | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 | 0.04 | 0.08 | 0.06 |
| Equity / assets | 50.7% | 50.5% | 49.6% | 48.4% | 48.1% | 47.3% | 43.5% | 38.9% | 37.6% | 36.5% | 34.8% | 33.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
VGAS financial position
At the end of fiscal 2025 (December 31, 2025), Verde Clean Fuels had total assets of $60.2 million (up 155.6% from a year earlier), total liabilities of $2.1 million and shareholders' equity of $29.9 million. It held $57.2 million in cash and short-term investments against $0.2 million of debt, a net cash position of $57.0 million. Its current ratio was 27.58. In the latest quarter (ended June 30, 2026) total assets were $56.8 million and equity $28.8 million.
Related: VGAS income statement, VGAS cash flow statement, VGAS key metrics. See the VGAS stock overview for the latest quote and news.
VGAS balance sheet FAQ
What are Verde Clean Fuels's total assets?
Verde Clean Fuels reported total assets of $60.2 million at the end of fiscal 2025 (December 31, 2025), compared with $23.6 million a year earlier.
How much debt does Verde Clean Fuels have?
Verde Clean Fuels had $0.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does Verde Clean Fuels have?
Verde Clean Fuels held $57.2 million in cash and short-term investments at the end of fiscal 2025; with $0.2 million of debt that is net cash of $57.0 million.
What is Verde Clean Fuels's book value?
Verde Clean Fuels's shareholders' equity (book value) was $29.9 million at the end of fiscal 2025, or $1.67 per share.
What is Verde Clean Fuels's current ratio?
Verde Clean Fuels had current assets of $57.9 million and current liabilities of $2.1 million, a current ratio of 27.58 (it can cover its short-term obligations).
How much goodwill does Verde Clean Fuels have?
Verde Clean Fuels carried $1.9 million of goodwill and intangible assets, 3.2% of total assets, at the end of fiscal 2025.