XCF Global (SAFX) Q1 2025 earnings summary

Executive summary

• Incorporated in March 2024, the entity was formed to facilitate a business combination with XCF Global Capital, Inc., aiming to become a publicly traded company upon completion of the transaction.

• All activities to date have focused on preparing for the business combination, with no revenue-generating operations.

Financial highlights

• Reported a net loss of $6,100 for the three months ended March 31, 2025, compared to a net loss of $2,953 for the period from inception to March 31, 2024.

• Operating and formation costs totaled $16,100 for the quarter, partially offset by a $10,000 gain from the change in fair value of the 2024 Non-Redemption Agreement.

• As of March 31, 2025, the company had no cash and a working capital deficit of $1,283,853.

Outlook and guidance

• The company expects to close the business combination with XCF Global Capital, Inc. in the first half of 2025.

• Substantial doubt exists regarding the ability to continue as a going concern for the next twelve months without additional financing or completion of the business combination.