XCF Global Inc (SAFX) is a renewable fuels company that produces sustainable aviation fuel (SAF) and other renewable fuels at its New Rise Reno production facility in McCarran, Nevada. Revenue is intended to come from the sale of SAF and co-products such as renewable naphtha, biodiesel, and renewable diesel, primarily through a supply and offtake agreement with Phillips 66 that carries an initial five-year term from September 1, 2024, with potential renewal to 15 years total. As of the 10-K filed March 31, 2026, the company had not yet generated sufficient revenue to fund operations, carried substantial indebtedness, and reported negative cash flow from operations, relying on convertible notes and an equity line of credit (Helena ELOC Agreement) to fund activities. SAF production at New Rise Reno was suspended as of the filing date, with resumption targeted for no later than the second quarter of 2026. The company acquired the New Rise entities in January and February 2025 and completed a deSPAC transaction.

Revenue model

Transactional sales of SAF and co-products (renewable naphtha, biodiesel, renewable diesel) to Phillips 66 under an exclusive supply and offtake agreement. For third-party sales at a premium to the Phillips 66 contract price, revenue sharing with Phillips 66 applies. As of the fiscal year ended December 31, 2025, the company had not established sufficient revenue to cover financial obligations per the 10-K filed March 31, 2026.

Products and services

Sustainable aviation fuel (SAF) as the primary product; renewable naphtha (a SAF co-product); biodiesel; renewable diesel. All products are produced or intended to be produced at the New Rise Reno facility in McCarran, Nevada. Production relies on licensed technology and feedstocks sourced from one or two counterparties as of the filing date.

Customers and end markets

Phillips 66 is the sole disclosed offtake customer under the P66 Agreement as of the 10-K filed March 31, 2026. End markets include aviation (SAF) and ground transportation (renewable diesel, biodiesel). The filing discloses no other feedstock supply or SAF offtake agreements beyond the P66 Agreement.

Value-chain role

Fuel producer occupying the midstream manufacturing role: sources feedstocks (recycled cooking oil, animal fats, vegetable oils, and related inputs) from external suppliers, processes them at the New Rise Reno facility into renewable fuels, and sells finished product to Phillips 66, which handles transportation, logistics, terminal, storage, blending, and distribution.

Geographic exposure

Operations centered on a single 10-acre production facility in McCarran, Nevada (New Rise Reno). No other active or completed production facilities disclosed in the 10-K filed March 31, 2026.

Source: SEC 10-K, filed 2026-03-31

Industry: Industrial Organic Chemicals