XCF Global Reports $6.58 Million Revenue and $102.8 Million Net Income in Latest 10-Q

XCF Global, Inc. has reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated revenue of $6.58 million during the quarter, a notable increase from zero revenue in the same period last year. However, the company incurred a gross loss of $1.24 million, primarily due to a cost of sales amounting to $7.81 million. For the six-month period ending June 30, 2025, XCF reported a net income of $102.8 million, compared to a net loss of $7.78 million for the same period in 2024. This substantial shift in profitability is attributed to significant gains from changes in the fair value of financial instruments, including a $206.17 million increase in the fair value of warrants.

The company has undergone significant changes since its merger with Focus Impact BH3 Acquisition Company, which was completed on June 6, 2025. This business combination has positioned XCF as a publicly traded entity focused on renewable energy, particularly sustainable aviation fuel (SAF). The merger resulted in the issuance of approximately 142.13 million shares of Class A common stock, significantly altering the company’s capital structure. Additionally, XCF has made strategic acquisitions, including New Rise SAF Renewables and New Rise Renewables, which are expected to enhance its production capabilities in the renewable fuels sector.

Operationally, XCF has reported challenges in ramping up production at its New Rise Reno facility, which began initial production of SAF in February 2025. The facility has operated at approximately 50% capacity, and management has indicated that it may take until the first quarter of 2026 to achieve full production capacity. The company has also begun selling renewable diesel as an interim product while it works to optimize SAF production. As of June 30, 2025, XCF had current liabilities of $247.26 million, leading to a working capital deficit of $229.29 million, raising concerns about its ability to continue as a going concern.

Looking ahead, XCF Global is actively seeking additional financing to support its operations and growth strategy, which includes constructing new production facilities and expanding existing ones. The company has entered into an equity line of credit agreement with Helena Global Investment Opportunities, allowing it to raise up to $50 million in capital. However, the company faces substantial risks, including reliance on a single customer for all its revenue and potential disruptions in feedstock supply. The management has acknowledged that its ability to execute its business plan is contingent upon securing sufficient funding and achieving operational stability at its production facilities.