Blue Biofuels Inc (OTC: BIOF) is a pre-revenue biofuels development company working to produce cellulosic ethanol using non-corn feedstocks. The company has generated zero revenue in both FY2025 and FY2024, funding operations through private placements, convertible notes, warrant exercises, and a $1,150,000 Department of Energy grant, of which $865,000 was received in 2025 and $285,000 in 2024. As of December 31, 2025, BIOF carried a working capital deficit of $2,907,651 and an accumulated deficit, with auditors noting going concern conditions. The company plans to develop biofuels plants requiring EPA permits and project-based financing, targeting cellulosic feedstock supply agreements to differentiate from the more than 200 corn-based ethanol producers operating in the United States. CEO Benjamin Slager received total reported compensation of $665,661 in FY2025. No commercial operations, customers, or product sales have been disclosed in the 10-K filed March 19, 2026.

Revenue model

No revenue has been generated as of FY2025 or FY2024. The company is funded through equity private placements, convertible note issuances, warrant exercises, and government grants, specifically a $1,150,000 Department of Energy grant disclosed in the 10-K filed March 19, 2026.

Products and services

Cellulosic ethanol produced from non-corn biomass feedstocks. No products are commercially available as of the 10-K filing date of March 19, 2026.

Customers and end markets

No customers disclosed. The intended end market is renewable fuels, subject to EPA Office of Transportation and Air Quality approval and the Renewable Fuel Standard Program under the Energy Policy Act of 2005.

Value-chain role

Early-stage biofuels technology developer. Plans to build production plants using cellulosic feedstocks under long-term purchase agreements. No plant has been built or permitted as of the filing date.

Geographic exposure

United States. Regulatory framework cited is U.S. federal, including EPA and the Renewable Fuel Standard Program.

Competitors

Corn-based ethanol producers (200+ plants in the United States per 10-K filing)

Source: SEC 10-K, filed 2026-03-19

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