The company's commercial output remains unstable, with revenue contracting from $9.6 million in 2025Q3 to $348.7K in 2026Q1, while gross margins remain deeply negative at -89.5%.
XCF Global, Inc. Class A Common Stock (SAFX) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 15.28M | 20.82M | 0 | 0 | 0 | 0 |
| Revenue Growth % | 132.34% | - | - | - | - | - |
| Cost of Goods Sold | 17.85M | 24.59M | 0 | 3.92M | 0 | 0 |
| COGS % of Revenue | - | 118.11% | - | - | - | - |
| Gross Profit | -2.57M | -3.77M | 0 | -3.92M | 0 | 0 |
| Gross Margin % | -16.83% | -18.11% | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | - |
| Operating Expenses | 35.18M | 44.95M | 21.17M | 1.13M | 2.21M | 562.18K |
| OpEx % of Revenue | - | 215.96% | - | - | - | - |
| Selling, General & Admin | 26.88M | 37.94M | 18.19M | 1.13M | 2.21M | 562.18K |
| SG&A % of Revenue | - | 182.28% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 7.01M | 2.99M | 0 | 0 | 0 |
| Operating Income | -37.75M | -48.72M | -21.17M | -5.05M | -2.21M | -562.18K |
| Operating Margin % | -247.06% | -234.07% | - | - | - | - |
| Operating Income Growth % | - | -130.12% | -319.47% | -128.32% | -293.25% | - |
| EBITDA | 90.76M | -48.6M | -21.17M | -4.99M | 7.66M | 12.43M |
| EBITDA Margin % | 593.99% | -233.45% | - | - | - | - |
| EBITDA Growth % | -19.07% | -129.51% | -324.12% | -165.14% | -38.33% | - |
| D&A (Non-Cash Add-back) | 0 | 128.93K | 0 | 0 | 0 | 0 |
| EBIT | 90.76M | 83.16M | -21.17M | -4.99M | 7.66M | 12.43M |
| Net Interest Income | -14.52M | -9.16M | -2.93M | 2.3M | 3.04M | 0 |
| Interest Income | 0 | 0 | 22 | 2.3M | 3.04M | 0 |
| Interest Expense | 14.52M | 9.16M | 2.93M | 0 | 0 | 0 |
| Other Income/Expense | -22.99M | 122.73M | -2.93M | 55.3K | 9.87M | 12.99M |
| Pretax Income | -60.74M | 74M | -24.1M | -4.99M | 7.66M | 12.43M |
| Pretax Margin % | -397.54% | 355.52% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 683.05K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 8.91% | 0% |
| Net Income | -60.74M | 74M | -24.1M | -4.99M | 6.98M | 12.43M |
| Net Margin % | -397.54% | 355.52% | - | - | - | - |
| Net Income Growth % | -159.09% | 407.01% | -382.83% | -171.51% | -43.83% | - |
| Net Income (Continuing) | -60.74M | 74M | -24.1M | -4.99M | 6.98M | 12.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.43 | 0.52 | -3.18 | -0.49 | 0.25 | 0.43 |
| EPS Growth % | -237.32% | 116.35% | -548.98% | -296% | -41.86% | - |
| EPS (Basic) | - | 0.52 | -3.18 | -0.49 | 0.25 | 0.43 |
| Diluted Shares Outstanding | 142.3M | 142.3M | 7.59M | 10.12M | 27.57M | 28.75M |
| Basic Shares Outstanding | 142.3M | 142.3M | 7.59M | 10.12M | 27.57M | 28.75M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying SAFX stock.
For fiscal year 2025, XCF Global, Inc. Class A Common Stock (SAFX) reported total revenue of $20.8M.
XCF Global, Inc. Class A Common Stock (SAFX) is profitable, generating $74.0M in net income for the fiscal year ending 2025 with a net profit margin of 355.5%.
XCF Global, Inc. Class A Common Stock (SAFX) reported an operating income of $-48.7M, resulting in an operating profit margin of -234.1%. This margin reflects the operational efficiency of the business before interest and taxes.
XCF Global, Inc. Class A Common Stock (SAFX) generated $-3.8M in gross profit for the year, representing a gross profit margin of -18.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and Feedstock Volatility
Metrics are mathematically derived from official filings.
Revenue Volatility Following Commercial Launch
As reported in recent financial statements, SAFX revenue peaked at $9.6 million in 2025Q3 before contracting to $348.7K in 2026Q1, highlighting the extreme volatility inherent in the company's transition from developmental phases to commercial-scale production at the New Rise Reno facility.
The sharp decline in top-line performance suggests that the company has yet to establish a consistent offtake cadence or reliable market demand for its neat SAF output. Investors should monitor whether this contraction reflects temporary operational downtime or a fundamental inability to secure long-term supply contracts in the competitive Nevada and California corridors.
Structural Gross Margin Deficit Persists
Based on the company's latest quarterly filings, SAFX reported a gross margin of -89.5% in 2026Q1, indicating that the cost of feedstock procurement and refining inefficiencies currently far exceeds the market value of the fuel produced at their primary facility.
This negative margin profile suggests that the company's brownfield conversion strategy is struggling to achieve the necessary economies of scale to offset high variable input costs. Without a significant reduction in the carbon intensity of their feedstock, the core refining business appears structurally unviable under current market pricing for renewable credits.
Non-Operating Items Distort Profitability
According to historical income statement data, the company recorded a net margin of 355.52% in 2025Q2, a figure that appears entirely decoupled from the underlying operating loss of $34.4 million during that same period, suggesting heavy reliance on non-recurring accounting adjustments.
The massive divergence between operating and net results warrants extreme caution, as it implies that reported bottom-line figures are driven by one-time environmental credit recognition or asset revaluations rather than repeatable operational success. Analysts should strip away these non-core items to assess the true cash-burn rate of the business.
SG&A Overhang Strains Capital Base
As evidenced by the most recent quarterly data, SAFX incurred $6.6 million in SG&A expenses against a revenue base of only $348.7K, demonstrating a cost structure that remains disproportionately high relative to the company's current commercial output.
The inability to scale SG&A efficiency alongside production suggests that management is maintaining a high fixed-cost overhead that the current revenue stream cannot support. This mismatch indicates that the company may be over-leveraged in administrative and development expenses while the core refining operations remain in a precarious, loss-making state.
Liquidity Constraints Threaten Operational Continuity
Based on reported figures, the company's cash position of $154,937 is critically low, which, when viewed alongside consistent operating losses, suggests that SAFX may face an imminent need for dilutive financing to sustain its planned expansion projects in North Carolina and Florida.
Short-sellers would likely focus on the company's inability to generate positive operating cash flow, which leaves it highly vulnerable to any disruption in the credit-stacking regulatory environment. The lack of a robust cash buffer implies that any delay in production or regulatory credit realization could lead to a liquidity crisis.