SAFX · CIK 2019793
What XCF Global, Inc. told the SEC could break it.
XCF's disclosures describe a company concentrated to a single point of almost everything — and under acute financial strain. One production facility, New Rise Reno in Nevada, is its only operating asset and sole source of revenue, and a single customer, Phillips 66, accounted for 100% of its 2025 revenue ($20.8 million) and 100% of receivables under their sustainable-aviation-fuel offtake agreement. That facility is in distress: the bank loans financing it, secured by substantially all its assets, are in default after missed payments, and the landlord has issued a default notice on the ground lease the plant sits on — either of which could halt operations. Compounding it, XCF has no feedstock-supply agreements beyond the Phillips 66 deal, leaving its inputs uncontracted, with four vendors making up about 71% of its accounts payable.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one customer (Phillips 66) = 100% of revenue and 100% of receivableshigh
XCF's entire 2025 revenue ($20.8M) and accounts receivable ($24.6M) came from a single customer — Phillips 66, its SAF off-taker under the P66 Agreement — so its business is wholly dependent on that one offtake relationship.
“As of December 31, 2025, the Company had one major customer that accounted for approximately 100 % of its revenues totaling $ 20,815,955 for the period ended December 31, 2025. The Company had one major customer that accounted for 100 % of accounts receivable totaling $ 24,550,762 as of December 31, 2025.”
SEC filing →As of 2026
Liquidity & debt
- GNCU bank loans (secured by ~all assets) in default; ground-lease default noticehigh
New Rise Reno's facility was financed by Greater Nevada Credit Union loans secured by substantially all its assets (USDA-guaranteed), and the lender has issued a default notice for missed payments; separately the ground-lease landlord asserts a lease default — defaults that could force cessation of XCF's only operations.
“The New Rise Reno facility's development was financed through bank loans, and the lender has provided notice to New Rise Reno asserting that New Rise Reno is in default of the terms of the loans for its failure to make certain payments that are”
SEC filing →As of 2026
Other disclosures
- single production facility (New Rise Reno) is the only operating asset and sole revenue sourcehigh
New Rise Reno (McCarran, NV) is XCF's only operating production facility and sole source of renewable-fuels revenue, and it sits on leased land under a ground lease asserted to be in default — so damage, shutdown or lease loss at this one site would halt the entire business.
“Our existing New Rise Reno production facility is currently our only operating production facility and sole source of revenue from renewable fuels production, and New Rise Reno leases the land on which the New Rise Reno production facility is located pursuant to a ground lease. The landlord under the ground lease has provided notice to New Rise Reno asserting that New Rise Reno is in default of the t”
SEC filing →As of 2026
Supplier concentration
- no feedstock-supply agreements beyond P66; four vendors = 71% of accounts payablehigh
XCF and New Rise Reno have no feedstock-supply (or additional SAF off-take) agreements in place beyond the P66 Agreement, leaving feedstock procurement uncontracted, and four major vendors accounted for ~71% ($36.3M) of accounts payable — concentrated, uncommitted input supply.
“As of December 31, 2025, the Company had four major vendors that accounted for approximately 71 % and $ 36,320,298 of accounts payable as of December 31, 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“For sales to a third-party that result in a premium to the price provided in the P66 Agreement, New Rise Reno and Phillips 66 will share in the price premium 77% and 23% respectively. Phillips 66 will remain responsible for blending and logistics services for sales to a third-party as well.”
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