XCF Global (SAFX) Q4 2025 earnings summary

Executive summary

• Achieved $20.8M in revenue for 2025, primarily from renewable diesel and environmental credits, but reported a net loss from operations of $67.9M before significant non-operating gains.

• Net income for 2025 was $74.0M, driven by a $209.9M gain from warrant revaluation and other non-operating items, offsetting operating losses.

• Company completed a business combination and became publicly traded as XCF Global, Inc. in June 2025.

• Operations focused on sustainable aviation fuel (SAF) and renewable fuels, with initial production ramp-up at the New Rise Reno facility.

Financial highlights

• Revenue: $20.8M in 2025, up from $0 in 2024, as production commenced.

• Cost of sales: $24.6M in 2025, resulting in a gross loss of $3.8M.

• Operating expenses: $64.1M in 2025, including $19.2M in severance and $15.6M in professional fees.

• Net income: $74.0M in 2025, compared to a net loss of $24.1M in 2024, due to large non-operating gains.

• Cash and cash equivalents at year-end: $154,937; working capital deficit of $221.4M.

Outlook and guidance

• SAF production at New Rise Reno expected to reach nameplate capacity as early as Q2 2026, but delays or further downtime could impact revenue and profitability.

• Expansion plans include New Rise Reno 2 (targeting 2028) and potential build-outs in Florida and North Carolina, contingent on securing additional funding.

• Company faces substantial doubt about its ability to continue as a going concern without new financing.