XCF Global Reports Reno Facility Progress in Shareholder Update After Market Volatility
XCF Global addressed recent share-price volatility while reporting operational milestones at its Reno facility and the closing of its business combination with Southern Energy Renewables and DevvStream.
XCF Global, Inc. (NASDAQ:SAFX) has updated shareholders following recent volatility and a decline in its share price, highlighting operating progress at its Reno facility and the closing of its business combination with Southern Energy Renewables and DevvStream.
Chief Executive Officer Chris Cooper said the company recognised that recent market movements had concerned and frustrated shareholders. He said short-term share-price movements were outside XCF Global’s control, while management remained focused on executing its strategy, managing resources responsibly, strengthening the business and pursuing long-term shareholder value.
The company said its priorities include disciplined capital allocation, responsible management of its capital structure and protecting shareholders’ long-term interests. It also said operational progress needs to translate into sustainable profitability and greater financial strength.
XCF Global said its New Rise Renewables Reno facility has been moving from development and commissioning towards commercial operations. The company reported more than $10 million in revenue for August and over $12 million in gross product sales for September.
Daily production reached approximately 85,000 gallons by the end of September, according to the company. XCF Global linked the reported progress to the work of its team and said it believed the facility was positioned to respond to continued demand for renewable fuels as low-carbon fuel programmes expand across a growing number of states.
Gross product sales is a non-GAAP financial measure. XCF Global describes it as a management estimate of the dollar value of finished renewable fuel products sold in end-customer markets. The company said the measure should not be treated as an alternative to revenue, net income or loss, or another performance measure prepared under U.S. GAAP. It also cautioned that calculations may differ between companies.
#Business combination with Southern Energy Renewables and DevvStream
XCF Global also said its business combination with Southern Energy Renewables and DevvStream had closed. The company said it was working to advance a broader strategy of building a diversified energy platform.
The release identified the integration of Southern and DevvStream on the anticipated timeline as a risk. It also cited fees, expenses and other costs connected with completing the combination, possible disruption to current plans and operations, and the possibility that anticipated benefits may not be realised.
XCF Global is a U.S.-based producer of renewable diesel and sustainable aviation fuel, or SAF. The company says its activities focus on decarbonising transportation, supporting domestic fuel supply and energy security, and creating alternative uses for agricultural waste products.
The New Rise Renewables Reno facility has permitted nameplate capacity of 38 - 40 million gallons per year. XCF Global trades on the Nasdaq Capital Market under the symbol SAFX.
XCF Global said actual results could differ materially from its forward-looking statements because of changes in business, market, financial, political and legal conditions; higher manufacturing, operating or interest expenses; and the possible termination of negotiations or agreements involving offtake arrangements.
The company also identified risks related to its ability to regain and maintain compliance with Nasdaq’s continued listing standards, obtain financing on acceptable terms, and produce anticipated quantities of SAF without interruption or material changes to the production process. Additional facility-related risks include continued renewable diesel production during the planned transition towards SAF production and unresolved disputes involving the Reno facility’s ground lease and loans with its primary lender.
Other risks listed by the company include regulation and compliance requirements, government support and tax credits, competition, management of growth, customer and supplier relationships, employee retention, intellectual property, economic and business conditions, and the possibility that letters of intent or memoranda of understanding will not progress to definitive agreements or commercial deployment. XCF Global said its forward-looking statements were based on estimates and assumptions that were inherently uncertain and subject to material change.
XCF Global announced that it had shared a shareholder update following recent volatility and a decline in its share price. The company also announced the closing of its business combination with Southern Energy Renewables and DevvStream.
XCF Global said the recent volatility and decline in its share price had been concerning and frustrating for shareholders, and that it took those concerns seriously. Chief Executive Officer Chris Cooper said short-term market movements were outside the company’s control, while management remained focused on executing its strategy, managing resources responsibly, strengthening the business and creating sustainable long-term value.
XCF Global reported more than $10 million in revenue for August. The figure was included in management’s update on progress at the company’s Reno facility.
XCF Global reported over $12 million in gross product sales for September. The company identified gross product sales as a non-GAAP financial measure and said the metric is a management estimate of the dollar value of finished renewable fuel product sales in end-customer markets.
XCF Global said daily production at its Reno facility reached approximately 85,000 gallons by the end of September. Management described the figure as part of the facility’s transition from development and commissioning to commercial operations.
XCF Global said its Reno facility had made progress in transitioning from development and commissioning to commercial operations. The company also attributed the progress to the dedication of its team and said it was positioned to respond to continued growth in demand for renewable fuels, supported by the expansion of low-carbon fuel programmes across a growing number of states.
XCF Global is a U.S.-based producer of renewable diesel and SAF focused on decarbonising transportation, supporting domestic fuel supply and energy security, and enabling alternative uses for agricultural waste products. Its New Rise Renewables Reno facility has permitted nameplate capacity of 38 - 40 million gallons per year.
XCF Global said it had closed its business combination with Southern Energy Renewables and DevvStream. The company said it was working towards advancing its broader strategy to build a diversified energy platform and warned that its ability to integrate the operations of Southern and DevvStream on its anticipated timeline was among the risks identified in the release.
XCF Global said its priorities included disciplined capital allocation, responsible management of its capital structure and protection of shareholders’ long-term interests. Management also said operational progress needed to translate into sustainable profitability and greater financial strength, although the release does not provide a forecast for either measure.
XCF Global said it believed the progress at its Reno facility positioned the company to respond to continued growth in demand for renewable fuels. The company linked that view to the expansion of low-carbon fuel programmes across a growing number of states.
XCF Global trades on the Nasdaq Capital Market under the symbol SAFX.
XCF Global said actual results could differ materially from its forward-looking statements because of risks including changes in business, market, financial, political and legal conditions; higher manufacturing, operating or interest expenses; potential termination of negotiations or agreements relating to offtake arrangements; difficulty regaining or maintaining compliance with Nasdaq’s continued listing standards; financing availability and terms; and disruption or changes to the New Rise Reno facility’s production of SAF and renewable diesel. The release also identified risks concerning disputes over the Reno facility’s ground lease and loans with the primary lender, business-combination costs and operational disruption, failure to realise anticipated business-combination benefits, competition, growth management, customer and supplier relationships, key employees, regulation, government support, intellectual property, and LOIs or MOUs not advancing to definitive agreements or commercial deployment; further risks, uncertainties and factors were set out in XCF Global’s SEC filings and the release. XCF Global said forward-looking statements were based on estimates and assumptions that were inherently uncertain and subject to material change, and were not guarantees, assurances, predictions or definitive statements of fact or probability.
XCF Global said gross product sales is a non-GAAP measure and should not be considered an alternative to revenue, net income or loss, or another performance measure derived under U.S. GAAP. The company also said its calculation may not be comparable with similarly titled measures used by other companies because companies may use different definitions or calculations.