Operational sustainability is challenged by a consistent cash burn, resulting in a negative free cash flow of $7.0 million in 2026Q1 and an OCF/NI ratio of 0.24.
XCF Global, Inc. Class A Common Stock (SAFX) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -20.01M | -17.86M | -1.22M | -2.12M | -1.56M | -1.13M |
| Operating CF Margin % | - | -85.79% | - | - | - | - |
| Operating CF Growth % | 96.07% | -1360.3% | 42.3% | -36.13% | -37.99% | - |
| Net Income | -60.74M | 74M | -5.27M | 327.81K | 6.98M | 12.43M |
| Depreciation & Amortization | 0 | 128.93K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.49M | 8.78M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11.92M | -127.89M | -169.8K | -2.7M | -9.87M | -12.99M |
| Working Capital Changes | 27.33M | 27.12M | 4.22M | 257.52K | 1.34M | -565.99K |
| Change in Receivables | 8.6M | -19.95M | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.01M | -2.92M | 0 | 0 | 0 | 0 |
| Change in Payables | 15.91M | 35.77M | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.67M | -1.56M | 11.88M | 29.08M | 183.98M | -232.3M |
| Capital Expenditures | -310K | -1.78M | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 2.03% | 8.57% | - | - | - | - |
| Acquisitions | 0 | 220.9K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -6.36M | 0 | 11.69M | 0 | 0 | 0 |
| Cash from Financing | 26.59M | 19.17M | -11.27M | -26.52M | -183.54M | 234.56M |
| Debt Issued (Net) | 7.6M | 13.92M | 422.75K | 1.87M | 300K | 0 |
| Equity Issued (Net) | 18.49M | 5.25M | -11.69M | -28.39M | -183.84M | 234.56M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -11.69M | -28.39M | -183.84M | 0 |
| Other Financing | 500K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -81.81K | -253.77K | -611.67K | 617.62K | -1.12M | 1.13M |
| Free Cash Flow | -20.32M | -17.86M | -1.22M | -2.12M | -1.56M | -1.13M |
| FCF Margin % | -132.98% | -85.79% | - | - | - | - |
| FCF Growth % | 50.45% | -1360.3% | 42.3% | -36.13% | -37.99% | - |
| FCF per Share | -0.14 | -0.13 | -0.16 | -0.21 | -0.06 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.33x | -0.24x | 0.05x | 0.42x | -0.22x | -0.09x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SAFX stock.
XCF Global, Inc. Class A Common Stock (SAFX) generated $-17.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
XCF Global, Inc. Class A Common Stock (SAFX) reported negative free cash flow of $17.9M in 2025, indicating capital requirements exceeded cash from operations.
XCF Global, Inc. Class A Common Stock (SAFX) spent $1.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and Feedstock Volatility
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
According to recent financial filings, the company's OCF/NI ratio of 0.24 in 2026Q1 highlights a significant disconnect between reported net income and actual cash generation, suggesting that accounting-based earnings are failing to translate into the liquidity required to sustain ongoing operational activities at the Reno facility.
The persistent inability to convert net income into positive operating cash flow indicates that the company's earnings quality is currently poor. Investors should monitor this divergence, as it suggests that the business model is not yet self-funding and remains heavily reliant on external capital to cover its operational burn.
Negative Free Cash Flow Trajectory
As reported in quarterly statements, SAFX has consistently posted negative free cash flow, reaching a deficit of $7.0 million in 2026Q1, which underscores the structural challenges in achieving profitability while scaling production capacity in a highly competitive and capital-intensive renewable fuel market.
The negative FCF margins observed across recent periods suggest that the company is currently in a cash-consuming phase of its lifecycle. This trend warrants further investigation into whether the current cost structure can be optimized or if the company will remain permanently dependent on dilutive financing to fund its growth.
Working Capital Volatility Masks Burn
Based on reported figures, working capital changes have been highly erratic, including an $11.2 million inflow in 2026Q1, which appears to be masking the underlying cash burn from core operations rather than reflecting genuine improvements in the efficiency of the company's cash conversion cycle.
The reliance on working capital fluctuations to offset operating losses suggests a lack of operational stability. Analysts should be wary of these swings, as they may indicate aggressive payables management or timing differences that do not represent a sustainable improvement in the company's liquidity position.
Capital Intensity Strains Limited Resources
As evidenced by the 7.7% CapEx-to-revenue ratio in 2026Q1, the company continues to deploy capital into infrastructure despite a precarious cash position, suggesting that management is prioritizing facility expansion over the preservation of liquidity in an environment of negative gross margins.
The ongoing capital expenditure appears to be growth-oriented rather than maintenance-focused, which is a high-risk strategy given the current lack of operational cash flow. This approach may indicate that the company is attempting to reach a scale threshold before its existing cash reserves are fully exhausted.