XCF Global (SAFX) Q3 2025 earnings summary

Executive summary

• The company completed a business combination in June 2025, becoming a publicly traded entity focused on renewable fuels, especially sustainable aviation fuel (SAF).

• Initial SAF and renewable naphtha production began in Q1 2025, with ramp-up at the Reno facility ongoing and temporary renewable diesel sales underway.

• The company owns additional dormant biodiesel plants in Florida and North Carolina, targeted for future SAF and renewable fuel production.

Financial highlights

• Revenue for the nine months ended September 30, 2025 was $16.1M, compared to $0 in the prior year period.

• Net income for the nine months ended September 30, 2025 was $90.3M, compared to a net loss of $11.2M in the prior year.

• Gross margin for the nine months was $2.1M, with significant non-recurring gains from warrant revaluation and derivative settlements.

• Operating expenses rose sharply to $51.0M, driven by $13.2M in severance, $19.1M in G&A, and $13.3M in professional fees.

• Significant non-operating items included a $206.6M gain from warrant revaluation and a $40.5M loss on issuance of debt to a related party.

Outlook and guidance

• SAF production is expected to resume as early as Q1 2026, but timing and ability to reach full capacity remain uncertain.

• Delays in ramping up SAF or renewable diesel production at the Reno facility could adversely affect future revenues and profitability.

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