Business UpdateMay 4, 2026, 05:32 PM
XCF Global Targets $110-120M Net Revenue, 40-43M Gallons Fuel by 2027
AI Summary
XCF Global provided a Q1 2026 corporate and operational update, setting ambitious 2027 targets including $110-$120 million net revenue and 40-43 million gallons of renewable fuel production. The company also signed a definitive business combination agreement with Southern Energy Renewables and DevvStream, and a binding offtake agreement with BGN INTL for Sustainable Aviation Fuel (SAF) production. Additionally, XCF's subsidiary, New Rise Renewables Reno, entered a forbearance agreement with its landlord until January 1, 2027, resolving alleged defaults, in exchange for issuing 4,000,000 shares of common stock. The Reno facility is undergoing upgrades, targeting a return to operations in June 2026.
Key Highlights
- Signed definitive business combination agreement with Southern Energy Renewables and DevvStream.
- Targeting 2027 net revenue of $110-$120 million and EBITDA of $65-$70 million.
- Aims for 40-43 million gallons of renewable fuel production at New Rise Reno by 2027.
- Entered forbearance agreement with landlord until January 1, 2027, issuing 4 million shares.
- Signed binding offtake agreement with BGN INTL for Sustainable Aviation Fuel (SAF) production.
- New Rise Reno facility upgrade targets return to operations in June 2026.
- Appointed Chris Cooper as CEO and Harvey Schnitzer as Interim CFO.
- Plans second Reno facility to double production capacity by 2029.