XCF Global, Inc.

What they do

The company produces renewable fuels, including sustainable aviation fuel (SAF) and renewable diesel, at its New Rise Reno production facility. XCF Global became a public company through a business combination completed June 6, 2025, and its Class A Common Stock trades on the Nasdaq Capital Market under the symbol SAFX. It is a smaller reporting company and non-accelerated filer headquartered in Houston, Texas.

Revenue drivers

• Renewable fuel sales (SAF and renewable diesel) — The company generated $20.8 million of revenue in fiscal 2025, its first year of commercial production, versus $0.00 in 2024, with quarterly revenue of $6.6M (2025-06-30) and $9.6M (2025-09-30).
• New Rise Reno production facility — The New Rise Reno facility is the operating asset behind reported fuel volumes; the company describes an ongoing SAF ramp-up while also producing renewable diesel in commercial quantities.
• Offtake arrangements — Management identifies the termination of negotiations or agreements regarding offtake arrangements as a risk factor, indicating fuel offtake contracts are a route to market.

Recent performance

Fiscal 2025 revenue was $20.8 million with net income of $74.0 million and diluted EPS of $0.52, versus $0.00 revenue and a $24.1 million net loss in 2024. Operating cash flow was negative in both periods: -$11.1 million in 2024 and -$17.9 million in 2025. Revenue fell sharply in 2026, to $348,688 for the quarter ended 2026-03-31 and $690,881 for the quarter ended 2026-06-30. At 2026-06-30, total assets were $421.0 million, total liabilities $383.8 million, shareholder equity $37.3 million, and cash and equivalents only $329,084. Long-term debt was $123.3 million at 2026-03-31.

Strategy

Management's stated priorities include integrating the operations of New Rise and implementing its business plan on an anticipated timeline, and completing the proposed transaction between the Company, XCF, DEVS and EEME. The company also cites raising financing to fund operations and its business plan, and resolving the New Rise Reno facility's SAF ramp-up and continued renewable diesel production. Multiple material agreements and unregistered equity sales were disclosed via Form 8-K between July and September 2026. The 10-K/A was filed solely to add Part III items omitted from the initial Form 10-K and does not update financial statements or subsequent events.

Risks

• Very low cash against debt — Cash and equivalents were just $329,084 at 2026-06-30 against $123.3 million of long-term debt at 2026-03-31 and $383.8 million of total liabilities.
• Revenue collapse in 2026 — Quarterly revenue fell from $9.6 million (2025-09-30) to under $0.7 million in each of the two most recent quarters, indicating production or sales disruption.
• Negative operating cash flow — Operating cash flow was -$11.1 million in 2024 and -$17.9 million in 2025, meaning operations have consumed rather than generated cash.
• Financing and transaction execution — The company flags its ability to raise financing on acceptable terms, complete the XCF/DEVS/EEME transaction, and maintain Nasdaq continued listing standards as risks.

Outlook

Management points to funding operations and the business plan, integrating New Rise, and executing the SAF ramp-up at New Rise Reno. The proposed transaction with XCF, DEVS and EEME is described as a pending item with completion risk. No forward revenue or earnings guidance is provided in the excerpts, and the 10-K/A does not update disclosures for events after the initial Form 10-K filing date.