SAFXHIGH SIGNALFINANCIAL10-Q

SAFX underwent a reverse recapitalization business combination that substantially worsened operating losses while management explicitly warned about going concern issues and the need for additional financing.

The company's operating losses expanded meaningfully in the nine-month period, and management has added stark language about their ultimate success being dependent on obtaining additional financing to meet obligations. The reverse recapitalization structure suggests this was likely a SPAC transaction or similar business combination that has left the entity in a precarious financial position.

Comparing 2025-11-14 vs 2025-10-16View on EDGAR →
FINANCIAL ANALYSIS

SAFX showed revenue growth of 45% to $9.6M, but this was overshadowed by substantially reduced operating losses that remain deeply negative. Current assets increased meaningfully to $29M while stockholders' equity declined significantly to $5.2M. The overall picture signals a company in financial distress despite revenue growth, with management explicitly highlighting going concern issues and dependency on external financing.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+74.9%
-$34.4M→-$8.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Assets
Balance Sheet
+61.3%
$18.0M→$29.0M

Current assets grew 61.3% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
-56.8%
$12.1M→$5.2M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Revenue
P&L
+45.3%
$6.6M→$9.6M

Strong top-line growth of 45.3% — accelerating demand or successful expansion into new markets.

Inventory
Balance Sheet
+31.7%
$3.4M→$4.4M

Inventory surged 31.7% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

LANGUAGE CHANGES
NEW — 2025-11-14
PRIOR — 2025-10-16
ADDED
As such, reporting periods prior to the three and nine months ended September 30, 2025 will not present share or per share data.
The Business Combination was accounted for as a reverse recapitalization in accordance with US GAAP.
See Note 2 and Note 10 for further information on the Public Warrants.
Our loss from operations was $ 90,285,942 and $ 11,181,115 , respectively, for the nine month periods ended September 30, 2025 and 2024.
We had an accumulated deficit of $ 444,511 and current liabilities of $ 265,458,645 as of September 30, 2025, and cash equivalents, excluding restricted cash, of $ 879,168 .
Our ultimate success is dependent on our ability to obtain additional financing and generate sufficient cash flow to meet its obligations on a timely basis.
Use of Estimates The preparation of financial statements in conformity with U.S.
Inventory Inventories are comprised of raw materials, work-in-process and finished goods, and are stated at the lower of cost or net realizable value.
Derivative Warrant Liabilities The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity ( ASC 480 ), and ASC 815, Derivatives and Hedging ( ASC 815 ).
Income Taxes The Company records income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and attributable to operating loss and tax credit carryforwards.
REMOVED
Employer Identification No.) 2500 CityWest Blvd , Suite 150-138 Houston , TX 77042 ( 346 ) 630-4724 (Address, including zip code, and telephone number, including area code, of registrant s principal executive offices) Focus Impact BH3 New Co.
Condensed Consolidated Financial Statements as of June 30, 2025 and for the three month periods ended June 30, 2025 and 2024 (unaudited) 3 Item 2.
Management s Discussion and Analysis of Financial Condition and Results of Operations XCF Global, Inc.
As such, reporting periods prior to the three and six months ended June 30, 2025 will not present share or per share data.
See Note 2 and Note 9 for further information on the Public Warrants.
Net loss attributed to Legacy XCF from the acquisition date of February 19, 2025 to June 30, 2025 was $ 1,223,267 .
Our net income and net loss was $ 102,800,908 and $ 7,782,851 , respectively, for the six-month periods ended June 30, 2025 and 2024.
We had retained earnings of $ 12,070,455 and current liabilities of $ 247,261,884 as of June 30, 2025, and cash equivalents, excluding restricted cash, of $ 405,575 .
As of June 30, 2025, the Company had $ 1,482,900 and $ 1,867,825 of raw material and finished goods inventory, net of reserves, respectively.
As of June 30, 2025, the Company had reserves for raw material and finished goods inventory of $ 626,671 and $ 1,955,203 , respectively.
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