XCF Global (SAFX) Registration filing summary

Company overview and business model

• Focuses on producing sustainable aviation fuel (SAF) and renewable fuels from waste- and residue-based feedstocks, aiming to decarbonize the aviation sector and reduce global carbon emissions.

• Operates a flagship facility in Reno, Nevada, with plans to expand to additional sites in Florida and North Carolina, and to build a second Reno facility by 2028.

• Utilizes a vertically integrated model, controlling feedstock supply, production, and sales, and leverages licensed technology for feedstock flexibility.

• Has entered into a long-term supply and offtake agreement with Phillips 66 for both feedstock and product sales at the Reno facility.

• Pursues international expansion through licensing its modular facility design, starting with a partnership in Australia.

Financial performance and metrics

• For the six months ended June 30, 2025, reported revenue of $6.6 million and a net income of $102.8 million, driven by non-operating gains; operating loss was $40.3 million.

• For the year ended December 31, 2024, reported a net loss of $4.8 million; New Rise Renewables, a key subsidiary, reported a net loss of $18.4 million for the same period.

• As of June 30, 2025, had $405,575 in cash and cash equivalents and a working capital deficit of $229.3 million.

• Substantial doubt exists about the ability to continue as a going concern without additional financing.

• Total indebtedness as of June 30, 2025, was approximately $254.9 million, including $112.6 million in defaulted loans and $132.8 million in lease-related financial liabilities.

Use of proceeds and capital allocation

• May receive up to $50 million in gross proceeds from the equity line of credit (ELOC) with Helena, to be used for working capital, facility development, and debt repayment.

• Management has broad discretion over the use of proceeds, which may vary based on capital needs and market conditions.

• Proceeds from ELOC are not guaranteed and depend on market price and company election to sell shares.