XCF Global Reports $17.8 Million Net Loss and First Revenue Generation in Q1 2026

XCF Global, Inc. reported a net loss of $17.8 million for the first quarter of 2026, a significant increase from the $7.5 million loss recorded in the same period of 2025. The company's revenue for the quarter was $348,688, marking its first revenue generation, compared to no revenue in the prior year. The cost of sales amounted to $660,938, resulting in a gross loss of $312,250. Operating expenses surged to $10 million, up from $5.9 million in the previous year, driven by increased professional fees and general administrative costs.

The company's financial position showed a decline in total assets, which decreased to $403 million as of March 31, 2026, from $419 million at the end of 2025. Current liabilities also decreased slightly to $244.8 million, down from $249 million. Notably, the accumulated deficit rose to $34.5 million, reflecting ongoing operational challenges. The company had cash and cash equivalents of $1.05 million, a substantial increase from $154,937 at the end of 2025, primarily due to financing activities.

Strategically, XCF Global has been active in expanding its operations and capabilities. The company completed the acquisition of New Rise SAF and New Rise Renewables in early 2025, which are now wholly owned subsidiaries focused on producing sustainable aviation fuel (SAF). However, the company faced setbacks, including the cancellation of its Supply and Offtake Agreement with Phillips 66, which had previously accounted for all of its revenue. In response, XCF entered into a Renewable Fuel Tolling Agreement with BGN, which is expected to provide operational support and logistics for its SAF production.

Operationally, XCF Global is in the process of ramping up production at its New Rise Reno facility, which began initial SAF production in early 2025. The facility is currently operating at approximately 50% of its nameplate capacity, with plans to increase output as production stabilizes. The company is also exploring additional financing options to address its working capital deficit, which stood at $240.6 million as of March 31, 2026. Management has expressed concerns about the company's ability to continue as a going concern without securing additional funding.

Looking ahead, XCF Global aims to enhance its production capabilities and expand its market presence in the renewable fuels sector. The company is actively pursuing new financing arrangements and partnerships to support its growth strategy, particularly in light of the recent operational challenges and the need for significant capital investment to achieve its long-term objectives.