XCF Global (SAFX) Q2 2026 earnings summary

Executive summary

• Focused on renewable fuels, especially sustainable aviation fuel (SAF), with a nationwide facility buildout strategy and a fully integrated business model from feedstock to sales.

• New Rise Reno facility began SAF and renewable naphtha production in early 2025, but is still under construction pending final project acceptance; interim production of renewable diesel is ongoing.

• The Phillips 66 offtake agreement was terminated in May 2026; a new commercialization partnership with BGN was established in July 2026.

• The company is pursuing a business combination with Southern Energy Renewables and DevvStream Corp., with related equity investments and planned facility upgrades.

Financial highlights

• Revenue for Q2 2026 was $690,881, down sharply from $6,576,232 in Q2 2025; six-month revenue was $1,039,569, also down from $6,576,232 year-over-year.

• Net loss for Q2 2026 was $(14,133,018), compared to net income of $110,268,109 in Q2 2025; six-month net loss was $(31,945,434) versus net income of $102,800,908 year-over-year.

• Gross loss for Q2 2026 was $(1,235,070), compared to gross loss of $(1,235,070) in Q2 2025.

• Total operating expenses for Q2 2026 were $6,032,317, down from $33,142,471 in Q2 2025.

• Cash and cash equivalents at June 30, 2026, were $329,084; working capital deficit was $238.4 million.

Outlook and guidance

• Management expects continued operating losses and negative cash flows until the New Rise Reno refinery is fully operational.

• SAF production is expected to resume in Q4 2026, but timing and ability to reach full capacity remain uncertain.

• The company is actively seeking additional financing and exploring refinancing options for major debt obligations.