XCF Global is an early-stage sustainable aviation fuel (SAF) producer. SAF is a synthetic kerosene made from waste-based feedstocks — including used cooking oils and animal fats — that blends with conventional jet fuel without aircraft modifications and can cut lifecycle carbon emissions by up to 80% vs. conventional jet fuel. XCF's only operating asset is the New Rise Reno facility in Reno, Nevada, acquired in early 2025, which is currently ramping up and transitioning from renewable diesel production to full SAF output, targeted for as early as Q2 2026. XCF uses the HEFA (hydrotreated esters and fatty acids) pathway — the only commercially available SAF production technology — to convert waste oils into SAF and co-products like renewable diesel. XCF sells essentially all output through a single agreement with Phillips 66, which supplies 100% of feedstock and purchases 100% of finished product. Revenue is driven by volume and per-gallon pricing tied to renewable fuel index prices plus a stack of regulatory credits and tax incentives, including EPA Renewable Identification Numbers (RINs), California's Low Carbon Fuel Standard credits, and the 45Z tax credit worth up to $1.75/gallon for SAF. XCF is currently in financial distress, with the New Rise Reno facility in default on roughly $112.6M in debt and ~$29M in past-due ground lease payments. XCF's growth strategy targets 80 million gallons per year of SAF capacity by end of 2028 through additional facilities in Nevada, Florida, and North Carolina, plus international licensing — all contingent on raising substantial capital.