XCF Global, Inc. (formerly Focus Impact BH3 NewCo, Inc.) completed its Business Combination on June 6, 2025, and is focused on producing Sustainable Aviation Fuel (SAF). The company acquired New Rise SAF and New Rise Renewables in January and February 2025, respectively, establishing the New Rise Reno facility as its flagship SAF production site. The New Rise Reno facility was converted to SAF production in October 2024 and began its ramp-up process in February 2025, with initial SAF and renewable naphtha deliveries in March 2025. Due to production ramp-up issues and until final plant acceptance, the New Rise Reno facility is temporarily producing and selling renewable diesel at approximately 2,000 barrels per day, which is 20% below nameplate capacity. Management expects to resume SAF production at nameplate capacity (38 million gallons/year) as early as the second quarter of 2026, but cannot assure when or if full capacity will be achieved. The company has experienced repeated maintenance-related downtime and unanticipated operating expenses at the New Rise Reno facility. A proposed transaction with Southern Energy Renewables, Inc., DevvStream Corp., and EEME Energy SPV I LLC (EEME) was announced on January 26, 2026, aiming to create an integrated platform for SAF and environmental attribute monetization. EEME has committed to invest $10 million, with $6.9 million already received for 69,000,000 shares as of March 30, 2026, and the remaining $3.1 million expected by the week of March 31, 2026. XCF Global reported a net income of $74,004,768 for the year ended December 31, 2025, a significant improvement from a net loss of $(24,104,797) in 2024. Revenue for 2025 was $20,815,955, primarily from renewable diesel and environmental credits, compared to $0 in 2024. The company incurred a gross loss of $(3,770,113) and operating expenses of $64,117,068 in 2025. As of December 31, 2025, cash and cash equivalents totaled $154,937, and the company had a working capital deficit of $221,365,831. Management has identified substantial doubt about the company's ability to continue as a going concern. XCF Global is in default on a $112.58 million loan from Greater Nevada Credit Union (GNCU), with approximately $29 million past due as of December 31, 2025. The company is also in default on its Ground Lease with Twain GL XXVIII, LLC for the New Rise Reno facility, with approximately $29 million past due as of December 31, 2025. Defaults exist on unsecured loan agreements totaling approximately $1.7 million in principal and $609,000 in interest payable for the Fort Myers and Wilson facilities. Material weaknesses in internal control over financial reporting were identified for both Legacy XCF and New Rise. The company is non-compliant with Nasdaq's minimum bid price requirement, with its stock trading at $0.36 per share as of March 25, 2026, below the $1.00 threshold.