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.
Fiscal year 2025 · change from previous year
Development 2024–2025
Business
Share of revenueLow-carbon jet fuel sold to aviation and fuel-market participants.
Licensing of proprietary modular facility design and related IP.
Design, development, and commercialization of SAF production plants.
Products
Reported · share of revenue- Renewable Diesel Products54.1 %
- Renewable Diesel Environmental Credits45.2 %
- Naphtha Product Sales0.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
XCF’s primary customers are expected to be commercial airlines and other jet-fleet operators that need SAF to reduce lifecycle emissions and meet fuel procurement or regulatory goals. The company also targets third-party industrial partners and licensees that may deploy its modular facility design in international jurisdictions. Its customer base is tied to aviation fuel demand, renewable-fuel adoption, and the ability of partners to build and operate SAF assets.
Buy SAF for jet fleets to support emissions-reduction targets and fuel sourcing needs.
Purchase SAF for aviation operations where lower-carbon fuel is required or preferred.
Adopt XCF’s modular facility design and IP to build SAF production assets abroad.
Work with XCF on commercialization, deployment, and market access for SAF projects.
Strategy
XCF’s strategy centers on commercializing SAF through proprietary modular production facilities and extending that model through licensing. The company is also pursuing international expansion via third-party deployment of its technology, which can scale more capital-efficiently than building every facility itself.
SAF is the core product and the basis for customer adoption and market entry.
Licensing can broaden reach while reducing capital intensity.
Technology value depends on preventing unauthorized use and preserving differentiation.
Geography
XCF is headquartered in the United States and its core development and corporate activities are U.S.-based. The company has also described an international growth strategy built around licensing its modular facility design and intellectual property to third parties in foreign jurisdictions, which expands its addressable market but adds regulatory and execution complexity.
Risks
XCF faces execution risk in a competitive SAF market where larger or better-capitalized entrants may have stronger feedstock access, technology, and customer relationships. The business is also exposed to project, regulatory, and partner-performance risk because its international strategy depends on third parties, local permitting, and effective IP protection. As a development-stage company, it also carries financing and going-concern risk until it can secure sufficient capital and complete its business plan.
- Funding and going-concern riskImpact: CriticalLikelihood: High
The company needs substantial additional financing to execute its plan.
Exposure: Corporate continuity and project development
- Competition from existing and new SAF producersImpact: HighLikelihood: Medium
Rivals may have greater scale, experience, capital, and customer relationships.
Exposure: SAF product sales and market share
- Feedstock and technology disadvantageImpact: HighLikelihood: Medium
Competitors may secure better feedstocks or develop lower-cost technologies.
Exposure: Production economics and pricing power
- International execution and regulatory riskImpact: HighLikelihood: Medium
Foreign permitting, tax, environmental, and trade regimes can delay projects.
Exposure: Licensing rollout outside the U.S.
- Intellectual property protection riskImpact: HighLikelihood: Medium
Unauthorized use or infringement could erode differentiation and licensing value.
Exposure: Proprietary modular facility design and IP
Accounting
Judgemental itemsValuation relies on likelihood-weighted scenario analysis and significant estimates.
Impact: Can materially change reported earnings and liabilities
Management has disclosed substantial doubt about continuing operations without financing.
Impact: Affects liquidity disclosures and investor assessment of continuity
Material weaknesses were identified in Legacy XCF controls.
Impact: Raises risk of misstatement and delayed reporting
Early-stage results are dominated by SPAC/business-combination related costs.
Impact: Distorts comparability with operating companies
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Last updated: 24/09/2026