XCF Global Reports 90% Revenue Decline and $14M Net Loss in Latest Quarter

XCF Global, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated revenue of $690,881 for the three months ended June 30, 2026, a stark decline of approximately 90% compared to $6,576,232 for the same period in 2025. For the six months ending June 30, 2026, revenue totaled $1,039,569, down from $6,576,232 in the prior year. The company also reported a net loss of $14,133,018 for the three months and $31,945,434 for the six months, contrasting sharply with net income of $110,268,109 and $102,800,908 for the same periods in 2025.

The financial performance reflects a substantial increase in operating expenses, which totaled $6,032,317 for the three months ended June 30, 2026, compared to $33,142,471 in the previous year. This increase was driven by higher professional fees and general administrative expenses, which rose to $3,544,729 and $913,028, respectively. The company also faced significant losses related to the change in fair value of its notes payable and warrants, contributing to the overall financial strain.

Strategically, XCF Global has been focusing on its renewable energy initiatives, particularly in sustainable aviation fuel (SAF) production. The company has made efforts to ramp up production at its New Rise Renewables facility in Reno, Nevada, which began initial production in early 2025. However, the facility has not yet reached full operational capacity, and the termination of a key supply agreement with Phillips 66 in May 2026 has further complicated its operational landscape. The company is now engaged in discussions with BGN INT US, LLC to establish a new tolling agreement for renewable fuels production.

Operationally, XCF Global has seen a significant reduction in customer counts and engagement metrics, with one major customer accounting for approximately 90% of its revenues in the latest quarter. The company reported a working capital deficit of $238,351,910 as of June 30, 2026, raising substantial doubt about its ability to continue as a going concern. Management has indicated that the company will require additional financing to meet its obligations and execute its long-term business plan, which may include debt or equity financing.

Looking ahead, XCF Global's management has acknowledged the need for significant capital to sustain operations and execute its strategic initiatives. The company is actively seeking new financing options and exploring potential partnerships to stabilize its financial position. However, there is no assurance that it will be able to secure the necessary funding on favorable terms, which could materially impact its operations and future prospects.