季報
季度報告
10-Q
2026-05-15
XCF Global首季收入34.9萬美元 淨虧損1781萬美元 持續經營存
AI 繁中摘要
申報類型：10-Q（季度報告）｜公司：XCF Global, Inc.（Nasdaq: SAFX）｜財政季度：2026財年第一季（截至2026年3月31日）
【業績重點】
- 期內錄得收入約34.9萬美元（去年同期為零），主要來自可持續航空燃料（SAF）及可再生柴油的初期銷售。
- 銷售成本約66.1萬美元，導致毛損約31.2萬美元。
- 營運開支總額約1,002.5萬美元，包括一般及行政開支397萬美元、專業費用263.4萬美元，以及股權激勵開支（淨額）約-470萬美元。
- 營運虧損約1,033.8萬美元（去年同期虧損590.6萬美元）。
- 其他虧損約747.5萬美元，主要來自認股權證公平值變動（-456.5萬美元）及利息開支（-308.4萬美元）。
- 季度淨虧損約1,781.2萬美元（去年同期虧損746.7萬美元）；每股基本及攤薄虧損0.07美元（去年同期0.05美元）。
【資產負債及現金流】
- 截至2026年3月31日，現金及現金等價物約104.8萬美元（含限制性現金僅約105.2萬美元）；流動資產總額約422.5萬美元。
- 流動負債總額約2.448億美元，包括短期票據及應付款項；總負債約3.777億美元。
- 股東權益約2,530.9萬美元（累計虧損約3,453.8萬美元）。
- 期內營運現金流出約433.6萬美元；投資活動現金流出約269.6萬美元（主要用於在建工程）。
- 融資活動提供現金約792.4萬美元，包括向EEME發行普通股集資690萬美元，以及透過股權信貸額度（ELOC）出售股票集資約268萬美元。
【重大事項】
- 公司於2025年6月完成與Focus Impact BH3的業務合併（反向資本重組），並更名為XCF Global, Inc.。
- 2025年2月完成收購New Rise Renewables及New Rise SAF，主要資產為位於內華達州的SAF生產設施。該設施已於2025年3月開始交付SAF及可再生石腦油，但初期僅以約50%產能運作，尚未達到最終項目驗收。
- 2026年1月與Southern Energy Renewables及DevvStream Corp.簽訂具約束力條款清單，擬進行業務合併及融資；期內已向EEME發行6,900萬股普通股集資690萬美元，以支持設施改造。
- 與Phillips 66的供應及承購協議已於2026年5月1日終止，公司與BGN簽訂可再生燃料加工協議。
- 截至報告日，公司對持續經營能力存在重大疑問，需額外融資以支持營運及長期計劃。
- 期後事項：2026年4月至5月期間，公司與多個投資者及債權人達成股份購買、債務轉換及和解協議。
【對投資者的潛在影響】
公司仍處於商業化初期，營運虧損擴大，現金儲備薄弱，流動負債遠超流動資產，持續經營存在不確定性。雖然SAF業務具政策及市場潛力，但短期內需依賴股權或債務融資，可能導致股權攤薄或財務壓力。投資者應密切關注後續融資進展、生產達標情況及與BGN新協議的執行效果。
展開英文正文
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number: 001-42687 XCF Global, Inc. (Exact name of registrant as specified in its charter) Delaware 33-4582264 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2500 CityWest Blvd, Suite 150-138 Houston, TX 77042 (346) 630-4724 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title Of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.0001 per share SAFX The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 14, 2026, there were 332,563,485 outstanding shares of the registrant’s common stock, par value $0.0001 per share. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report, along with other documents that are publicly disseminated by us, contains or might contain forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements included in this report and in any subsequent filings made by us with the Securities and Exchange Commission (the “SEC”) other than statements of historical fact, that address activities, events or developments that we or our management expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements represent our reasonable judgment on the future based on various factors and using numerous assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause our actual results and financial position to differ materially. We claim the protection of the safe harbor for forward-looking statements provided in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act. Examples of forward-looking statements include: (i) statements regarding the company’s expectations with respect to future performance and anticipated financial impacts of the recently completed Business Combination, (ii) projections of revenue, earnings, capital structure and other financial items, (iii) statements of our plans and objectives, (iv) statements of expected future economic performance, and (v) assumptions underlying statements regarding us or our business. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “could,” “seeks,” “plans,” “intends,” “anticipates” “outlook,” “continues,” “approximately,” “predicts,” “estimates,” “projects,” or “scheduled to” or the negatives of those terms, or other variations of those terms or comparable language, or by discussions of strategy or other intentions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Important factors that could cause our actual results to be materially different from the forward-looking statements include the following risks and other factors discussed under the Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q and in our Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. These factors include: ● changes in domestic and foreign business, market, financial, political, regulatory and legal conditions; ● unexpected increases in our expenses, including manufacturing and operating expenses and interest expenses, as a result of potential inflationary pressures, changes in interest rates and other factors; ● the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any agreements with regard to our offtake arrangements; ● the risk that the proposed transaction between the Company, XCF, DEVS and EEME is not consummated; ● the outcome of any legal proceedings that may be instituted against the parties to the Business Combination or others; ● our ability to continue to meet Nasdaq’s continued listing standards; ● our ability to integrate the operations of New Rise and implement its business plan on its anticipated timeline; ● our ability to raise financing to fund our operations and business plan and the terms of any such financing; ● the New Rise Reno production facility’s ability to produce the anticipated quantities of SAF without interruption or material changes to the SAF production process; ● the New Rise Reno production facility’s ability to produce renewable diesel in commercial quantities without interruption during the ongoing SAF ramp-up process; ● our ability to resolve current disputes between our New Rise subsidiary and its landlord with respect to the ground lease for the New Rise Reno facility; ● our ability to resolve current disputes between our New Rise subsidiary and its primary lender with respect to loans outstanding that were used in the development of the New Rise Reno facility; ● payment of fees, expenses and other costs related to the completion of the Business Combination and the New Rise acquisitions; ● the risk of disruption to our current plans and operations as a result of the consummation of the Business Combination and the proposed transaction between the Company, XCF, DEVS and EEME; ● our ability to recognize the anticipated benefits of the Business Combination, the New Rise acquisitions and proposed transaction between the Company, XCF, DEVS and EEME, which may be affected by, among other things, competition, our ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; ● changes in applicable laws or regulations; ● risks related to extensive regulation, compliance obligations and rigorous enforcement by federal, state, and non-U.S. governmental authorities; ● the possibility that we may be adversely affected by other economic, business, and/or competitive factors; ● the availability of tax credits and other federal, state or local government support; ● risks relating to our and New Rise’s key intellectual property rights, including the possible infringement of their intellectual property rights by third parties; ● the risk that our reporting and compliance obligations as a publicly traded company divert management resources from business operations; ● the effects of increased costs associated with operating as a public company; and ● various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in our filings with the SEC, including the risk factors contained herein and filings we make with the SEC in the future. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this quarterly report, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company. XCF GLOBAL, INC. TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION (Unaudited) Item 1. Condensed Consolidated Financial Statements as of March 31, 2026 and for the three month periods ended March 31, 2026 and 2025 (unaudited) 3-6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3. Quantitative and Qualitative Disclosures about Market Risk 62 Item 4. Controls and Procedures 62 PART II. OTHER INFORMATION 64 Item 1. Legal Proceedings 64 Item 1A. Risk Factors 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 66 Item 5. Other Information 66 Item 6. Exhibits 67 SIGNATURES 68 2 PART I. FINANCIAL INFORMATION Item 1. XCF GLOBAL, INC. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 4 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 5 Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025 6 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 - 39 3 XCF GLOBAL, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2026 As of December 31, 2025 ASSETS Current assets Cash and cash equivalents $1,047,539 $154,937 Restricted cash 4,295 4,295 Accounts receivable, net 1,150,086 24,550,762 Related party receivables 739,917 739,917 Other receivable 950,000 1,076,080 Inventory, net 38,752 337,971 Other current assets 294,465 784,645 Total current assets 4,225,054 27,648,607 Security deposit 300,000 1,500,000 Property, plant and equipment 398,438,283 390,323,968 TOTAL ASSETS $402,963,337 $419,472,575 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $29,168,907 $48,122,947 Related party payable 16,701,982 16,701,982 Loans payable to related party 593,231 593,231 Notes payable, current portion 121,254,888 121,915,613 Warrant liabilities 5,316,300 751,800 Accrued expenses and other current liabilities 71,802,763 60,928,865 Total current liabilities 244,838,071 249,014,438 Financial liability, net of closing costs 132,815,971 132,806,188 TOTAL LIABILITIES 377,654,042 381,820,626 Commitments and contingencies (Note 11) - - STOCKHOLDERS’ EQUITY Preferred stock; $0.0001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025, respectively - - Common Stock; $0.0001 par value, 500,000,000 shares authorized; 290,948,677 and 206,473,533 shares issued and outstanding as of March 31, 2026, and December 31, 2025, respectively 29,092 20,646 Additional paid-in capital 59,818,303 54,356,988 Accumulated deficit (34,538,100) (16,725,685) TOTAL STOCKHOLDERS’ EQUITY 25,309,295 37,651,949 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $402,963,337 $419,472,575 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 XCF GLOBAL, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 Revenue $348,688 $- Cost of sales 660,938 - Gross loss (312,250) - Operating expenses: Operating expenses 3,435,684 1,546,865 General and administrative expenses 3,970,083 3,782,785 Severance expense, net (14,516) - Professional fees 2,634,006 576,635 Total operating expenses 10,025,257 5,906,285 Loss from operations (10,337,507) (5,906,285) Other income (expense) Change in the fair value of notes payable (142,858) (45,000) Change in fair value of warrants (4,564,500) - Interest income (expen