Executive Summary

Q1 2025 saw continued execution toward first commercial plant: FEED progressed and a new Permian Basin site with improved access to key utilities was identified .
Liquidity was significantly strengthened by the January 29 closing of a $50 million equity investment from Cottonmouth Ventures (Diamondback Energy subsidiary); VGAS ended Q1 with $65.3M cash and no debt .
Pre-revenue operating profile persisted: net loss was $2.70M and diluted loss per share was $(0.08), primarily reflecting G&A and R&D spend to advance FEED activities .
Near-term stock reaction catalysts include FEED completion, site finalization, and further joint development milestones with Cottonmouth/Diamondback that would signal line of sight to FID and construction .

What Went Well and What Went Wrong

Closed $50M strategic equity financing with Cottonmouth/Diamondback, expanding their total investment to $70M and materially extending runway; CEO: “Diamondback’s continued confidence in our team and our technology is instrumental as we continue advancing our plans” .
FEED advanced and a new site with improved access to key utilities was identified for the Permian Basin natural gas-to-gasoline project, de-risking development .
Strong liquidity: $65.3M cash, no debt at quarter-end, supporting FEED and pre-construction workstreams .

Continued pre-revenue status; net loss of $2.70M driven by ongoing G&A and R&D expenses, underscoring execution risk until commercial operations commence .
Diluted loss per share $(0.08) despite improved balance sheet, reflecting rising operating loss as FEED investment scaled .
No formal quantitative guidance provided and no earnings call transcript identified for Q1 2025, limiting external visibility into timelines and milestone cadences .

Metric	Q1 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	N/A (pre-revenue)	N/A (pre-revenue)	N/A (pre-revenue)
General & Administrative ($USD Millions)	$2.79	$2.73	$3.00
Research & Development ($USD Millions)	$0.09	$0.10	$0.18
Total Operating Loss ($USD Millions)	$2.88	$2.84	$3.18
Other (Income) ($USD Millions)	$(0.35)	$(0.24)	$(0.53)
Net Loss ($USD Millions)	$(2.53)	$(2.66)	$(2.70)
Net Loss Attributable to VGAS ($USD Millions)	$(0.77)	$(0.88)	$(1.25)
Diluted EPS ($USD)	$(0.13)	$(0.14)	$(0.08)
Weighted Avg Class A Shares (Millions)	6.17	6.34	14.81

Segment breakdown: Not applicable (no reported revenue segments) .

KPIs

KPI	Q3 2024	Q4 2024	Q1 2025
Cash & Equivalents ($USD Millions)	$21.7	$19.0	$65.3
Capitalized FEED Costs ($USD Millions)	$0.7	$1.0	$1.5
Debt	None	None	None
Weighted Avg Class A Shares (Millions)	6.34	6.34	14.81

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2025	Not provided	Not provided	Maintained (no guidance)
Margins (EBIT/Net)	FY2025	Not provided	Not provided	Maintained (no guidance)
OpEx	FY2025	Not provided	Not provided	Maintained (no guidance)
CapEx/FEED	FY2025	Not quantified	Not quantified; FEED progressing	Maintained (qualitative only)
Tax Rate	FY2025	Not provided	Not provided	Maintained (no guidance)
Dividends	FY2025	None	None	Maintained

No formal quantitative guidance was issued; commentary focused on FEED progress and site selection .

Note: No Q1 2025 earnings call transcript identified; themes below reflect press releases and 8-Ks .

Topic	Q-2 (Q3 2024)	Q-1 (Q4 2024)	Current (Q1 2025)	Trend
FEED progress	Continued FEED with Diamondback; template for future projects	FEED underway; JDA in place; highlighted subsequent Cottonmouth investment	FEED continued; new site with better utilities access identified	Improving execution momentum
Capital/Financing	No new capital; cash $21.7M	Announced $50M Cottonmouth investment; cash $19.0M YE	Closed $50M; cash $65.3M; no debt	Liquidity strengthened
Project site/infrastructure	Not specified	Not specified	New site identified with improved access to utilities	De-risking site
Leadership	New CFO appointed (George Burdette)	No change highlighted	No change highlighted	Stable
R&D/Execution KPIs	FEED capitalized $0.7M	FEED capitalized $1.0M	FEED capitalized $1.5M	Increasing investment
Regulatory/Legal	No material updates	No material updates	No material updates	Unchanged

“We continue to advance our plans to deploy our proprietary liquid fuels processing technology through the development of commercial production plants. During the first quarter, we closed a $50 million equity investment by Cottonmouth into Verde.” — Ernest Miller, CEO .
“We also continue to advance FEED for the Permian Basin project… and have also identified a new site for the Permian Basin project with improved access to key utilities.” — Ernest Miller, CEO .
“More recently, we announced the signing and closing of an additional $50 million equity investment by Cottonmouth into Verde, which positions us to continue advancing our joint development activities.” — Ernest Miller, CEO (Q4 release) .

No Q1 2025 earnings call transcript was identified; therefore no Q&A highlights or clarifications are available .

Wall Street consensus (S&P Global) for VGAS Q1 2025 was unavailable; coverage remains limited given pre-revenue status.

Metric	Q1 2025
Primary EPS Consensus Mean (S&P Global)	N/A*
Primary EPS – # of Estimates (S&P Global)	N/A*
Revenue Consensus Mean (S&P Global)	N/A*
Revenue – # of Estimates (S&P Global)	N/A*

Values retrieved from S&P Global.*

Given the absence of consensus, no beat/miss determination versus estimates could be made .

Liquidity step-change: $65.3M cash and no debt post Cottonmouth financing increases execution capacity for FEED and pre-construction workstreams .
Visible FEED progress and site de-risking: new site with better utility access suggests operational readiness is improving toward eventual FID .
Operating losses likely to persist until first plant commissioning; Q1 net loss $(2.70)M and $(0.08) diluted EPS reflect pre-revenue profile .
Strategic alignment with Diamondback via Cottonmouth strengthens feedstock sourcing, project pipeline potential, and credibility with stakeholders .
Near-term trading catalysts: FEED completion, site finalization, and additional JV milestones or EPC/permit updates could drive sentiment and liquidity in shares .
Estimate vacuum persists; lack of formal guidance or sell-side consensus may amplify volatility around milestone news flow .
Watch capitalized FEED and cash burn trajectory: FEED capitalization ramped from $0.7M (Q3’24) to $1.5M (Q1’25), indicating accelerated engineering progress while maintaining balance sheet strength .