XCF Global's Sustainable Aviation Fuel Production Surges
By ATTN Desk · Editorial oversight: Sean Han
Introduction
XCF Global Inc. (ticker: SAFX) is the first publicly traded pure-play sustainable aviation fuel (SAF) producer in the United States. Founded in 2023 and headquartered in San Francisco, California, the company develops and operates modular SAF production facilities that convert waste-based feedstocks into low-carbon jet fuel. XCF’s common shares began trading on the Nasdaq on June 9, 2025.
| Ticker | Exchange | Price (2025-07-10) | Change (%) | Volume |
|---|---|---|---|---|
| SAFX | Nasdaq | $3.7102 | +147.35 | 29,590,903 |
Corporate Structure
As of mid-2025, XCF Global employs between 11 and 50 people and is governed by a six-member Board of Directors along with a senior leadership team:
- Mihir Dange, Chief Executive Officer & Board Chair
- Simon Oxley, Chief Financial Officer
- Pamela Abowd, Chief Accounting Officer (appointed June 6, 2025)
- Jonathan Seeley, Vice President, Treasurer (appointed June 6, 2025)
The Board consists of Anne Anderson (Lead Independent Director), Sanford Cockrell, Si-Yeon Kim, Carter McCain, and Wray Thorn. As a result of its business combination with Focus Impact BH3 Acquisition Co., XCF shareholders hold approximately 91.4% of the new entity, which has an implied pro forma enterprise value of $1.84 billion.
Sustainable Aviation Fuel by John McArthur
Recent Developments and News
On March 12, 2024, XCF Global Capital, Inc. entered a definitive business combination agreement with Focus Impact BH3 Acquisition Co., facilitating a Nasdaq listing. Key milestones since then include:
- February 2025: Conversion of the New Rise Renewables facility in Reno, Nevada to HEFA SAF production with a nameplate capacity of 38 million gallons per year.
- March 2025: First deliveries of neat SAF to Phillips 66 under a long-term offtake and feedstock agreement.
- June 9, 2025: XCF Global Inc. commenced trading on Nasdaq under SAFX.
- July 8, 2025: The company reported that New Rise Reno produced SAF, renewable diesel, and renewable naphtha during its initial ramp-up phase.
- Mid-2025: A Memorandum of Understanding was signed with Continual Renewable Ventures to license XCF’s modular plant design in Australia, forming “New Rise Australia.”
Financial and Strategic Analysis
As of the trailing twelve months ended June 18, 2025, XCF Global reported:
- Revenue (ttm): $23 million
- Net loss attributable to common shareholders: $3.54 million
- Profit margin: 0.00%
- Total cash (mrq): $34,910
- Total debt/equity (mrq): 18.62%
- Market capitalization (intraday): $276.14 million
- Beta (5-year monthly): 0.30
The absence of a P/E ratio reflects negative earnings. Additionally, an equity line of credit agreement announced in June 2025 offers supplemental liquidity. Strategic partnerships—including a 15-year feedstock and offtake agreement with Phillips 66—enhance cash-flow visibility. XCF’s patented modular 10-acre footprint design aims to support rapid capacity additions at lower capital costs, targeting an aggregate 159 million gallons per year of neat SAF by 2028 across four U.S. sites.
Market Position and Industry Context
XCF Global differentiates itself from legacy crude oil refiners by focusing solely on SAF. Regulatory incentives such as federal production credits under the Inflation Reduction Act (valid through 2027) and emerging state-level credits, like Nevada’s AB 481, are anticipated to support project economics. International mandates—Europe’s increasing SAF blending requirements, Japan’s potential mandate and ongoing discussions in Australia—provide additional growth opportunities. Under CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation), global airlines seek low-carbon fuels, generating long-term demand. XCF’s patent-pending modular approach is designed to meet localized demand and facilitate exports through deepwater ports in Florida and North Carolina.
tl;dr
XCF Global began trading on Nasdaq under SAFX on June 9, 2025, following its merger with Focus Impact BH3. Its Reno facility, rated at 38 million gallons per year, delivered first SAF volumes to Phillips 66 in March 2025. An equity line of credit and a 15-year offtake agreement with Phillips 66 enhance liquidity and feedstock supply. By 2028, XCF expects four U.S. sites to generate 159 million gallons per year of neat SAF. International licensing in Australia and state-level incentives aim to facilitate expansion as federal credits phase out in 2027.