XCF Global, Inc.

XCF Global, Inc. is a U.S.-based clean-fuels company focused on developing and commercializing sustainable aviation fuel (SAF) and related modular production facilities. The business combines proprietary process technology, facility design, and intellectual property with plans to license its modular plant model in selected international markets.

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— XCF Global, Inc.
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Sustainable aviation fuel70% Low-carbon jet fuel sold to aviation and fuel-market participants.
Technology licensing20% Licensing of proprietary modular facility design and related IP.
Facility development and deployment10% Design, development, and commercialization of SAF production plants.

XCF’s primary customers are expected to be commercial airlines and other jet-fleet operators that need SAF to reduce...

  • Commercial airlinesprimary

    Buy SAF for jet fleets to support emissions-reduction targets and fuel sourcing needs.

  • Jet-fleet operatorsprimary

    Purchase SAF for aviation operations where lower-carbon fuel is required or preferred.

  • International licenseessecondary

    Adopt XCF’s modular facility design and IP to build SAF production assets abroad.

  • Renewable fuel partnerssecondary

    Work with XCF on commercialization, deployment, and market access for SAF projects.

XCF is headquartered in the United States and its core development and corporate activities are U.S.-based...

  • •United States is the core operating and corporate base
  • •International markets are targeted through technology licensing
  • •Foreign jurisdictions may differ on permitting and environmental rules
  • •Cross-border rollout depends on local partner execution
  • •IP protection is especially important in overseas markets

XCF’s strategy centers on commercializing SAF through proprietary modular production facilities and extending that...

01
Scale SAF commercializationmedium-term

SAF is the core product and the basis for customer adoption and market entry.

02
License modular facility technologymedium-term

Licensing can broaden reach while reducing capital intensity.

03
Protect intellectual propertyshort-term

Technology value depends on preventing unauthorized use and preserving differentiation.

XCF faces execution risk in a competitive SAF market where larger or better-capitalized entrants may have stronger...

critical

Funding and going-concern risk

The company needs substantial additional financing to execute its plan.

Scope
Corporate continuity and project development
Materiality
high
high

Competition from existing and new SAF producers

Rivals may have greater scale, experience, capital, and customer relationships.

Scope
SAF product sales and market share
Materiality
high
high

Feedstock and technology disadvantage

Competitors may secure better feedstocks or develop lower-cost technologies.

Scope
Production economics and pricing power
Materiality
high
high

International execution and regulatory risk

Foreign permitting, tax, environmental, and trade regimes can delay projects.

Scope
Licensing rollout outside the U.S.
Materiality
high
high

Intellectual property protection risk

Unauthorized use or infringement could erode differentiation and licensing value.

Scope
Proprietary modular facility design and IP
Materiality
high
Fair value of 2024 Non-Redemption Agreements
Can materially change reported earnings and liabilities
Going-concern assessment
Affects liquidity disclosures and investor assessment of continuity
Internal control over financial reporting
Raises risk of misstatement and delayed reporting
Formation and transaction costs
Distorts comparability with operating companies

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: 29/04/2026