XCF Global is a post-combination renewable-fuels company whose public story still outruns the plant that is supposed to support it. The second-quarter print shows a Reno, Nevada refinery that remains in construction accounting, a Phillips 66 offtake that ended in early May, and management language of substantial doubt about continuing as a going concern. Class A shares last changed hands near forty-seven cents on the publication date, inside a fifty-two-week range that stretches from twelve cents to about a dollar and a half. The market assigns roughly $197 million of equity value to the name. Enterprise value sits near $452 million. Cash at mid-year was $329 thousand. That capitalization is not a verdict on sustainable aviation fuel demand. It is a price on whether the New Rise Reno asset survives its lenders long enough to become an operating refinery.
The commercial break is the Phillips 66 supply and offtake contract, terminated effective May. That arrangement had supplied feedstock and taken the entire renewable-diesel stream from New Rise Reno. After the notice, Phillips 66 suspended purchase and payment obligations and asserted setoff rights against feedstock title still sitting at the plant. Second-quarter revenue fell to $691 thousand from almost $7 million a year earlier. First-half sales were just over $1 million. A $2 million receivable write-off followed the break. The prior-year income statement is not a useful base. Net income then was dominated by non-cash fair-value gains on warrants and notes, not by gallons sold at a profit. The current-period $14 million quarterly loss and $32 million first-half loss are closer to the cash economics.
What the market is actually debating is not whether aviation wants lower-carbon fuel. Demand is not the constraint. The debate is whether a three-party combination with DevvStream and Southern Energy Renewables, a new commercial framework with BGN, and more equity issuance can refinance defaults at Greater Nevada Credit Union and on the Twain ground lease before those counterparties take the plant. Combined cure amounts sit near $33 million at the credit union and $34 million on the lease. The stockholder meeting to enlarge authorized shares and approve the combination was postponed into late September. Until Reno receives final project acceptance and produces under a live offtake, the equity remains a residual claim behind defaulted paper.