XCF Global Reports $9.6M Revenue in Q3 2025, Faces $12.5M Net Loss

XCF Global, Inc. has reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated revenues of $9.6 million for the third quarter, marking a substantial increase from zero revenue in the same period last year. For the nine months ending September 30, 2025, total revenue reached $16.1 million, again up from zero in the prior year. Despite this revenue growth, XCF Global reported a net loss of $12.5 million for the third quarter and a net income of $90.3 million for the nine-month period, largely due to a significant gain from the change in the fair value of warrants and notes payable.

The company’s financial position has changed markedly since the previous fiscal period. Total assets increased to $408.7 million as of September 30, 2025, up from $354.6 million at the end of 2024. This growth was driven by a rise in cash and cash equivalents, which reached $879,168, compared to $407,182 at the end of 2024. However, total liabilities also surged to $403.5 million, up from $313.2 million, primarily due to increased accounts payable and related party payables. The company’s accumulated deficit has decreased to $444,511 from $29 million, reflecting the impact of the recent business combination and operational changes.

Strategically, XCF Global has made significant moves, including the completion of its business combination with Focus Impact BH3 Acquisition Company on June 6, 2025. This merger has positioned XCF as a publicly traded entity focused on renewable energy, particularly sustainable aviation fuel (SAF). The company has also initiated production at its New Rise Reno facility, which began producing SAF and renewable naphtha in early 2025. However, the facility is currently operating below capacity, and management has indicated that it may take until early 2026 to reach full production levels.

Operationally, XCF Global has reported a notable increase in its customer base, with one major customer accounting for 100% of its revenue during the quarter. The company has also expanded its inventory, which now includes finished goods and raw materials valued at $4.4 million. Despite these advancements, XCF Global faces challenges, including a working capital deficit of $236.5 million and ongoing defaults on loans and lease agreements, raising concerns about its liquidity and ability to continue as a going concern. The company is actively seeking additional financing to address these issues and support its operational goals.

Looking ahead, XCF Global's management has expressed optimism about its growth potential in the renewable fuels market, driven by regulatory support and increasing demand for sustainable energy solutions. However, the company acknowledges the risks associated with its current financial position and the need for effective capital management to ensure long-term viability. The outlook remains contingent on securing additional funding and successfully ramping up production at its facilities.