Verde Clean Fuels files audited FY22 financials of acquired Bluescape; net income $2.7M vs loss $12.9M

Verde Clean Fuels, Inc.

Bluescape Clean Fuels Intermediate had $0 revenue in FY22 and FY21; net income $2.7M in FY22 vs net loss $12.9M in FY21.
FY22 net income driven by $7.6M non-cash contingent consideration gain; accumulated deficit $11.7M as of Dec 31, 2022.
Cash and cash equivalents $463k as of Dec 31, 2022; no revenue generated from principal operations.
Business combination with SPAC closed Feb 15, 2023; implied equity value $225M; contingent consideration terminated.
Audited by Deloitte; unaudited pro forma condensed combined financials for year ended Dec 31, 2022 also filed.

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