XCF Global, Inc.

XCF Global CEO Chris Cooper updates shareholders on recent market volatility, production progress, strategic priorities, and long-term value creation.

The combination brings together both today-and future technology alternative fuel production capability, biomass-to-fuels development and environmental-asset monetization to support domestic energy security, reduced carbon emissions and alternative uses for agricultural waste products.

• With the closing of the business combination, XCF is updating its 2027 financial outlook to reflect gross product sales of $650 to 700 million, net revenue of $120- 130 million and EBITDA of $70-75 million.¹
• XCF believes that the combination will create meaningful shareholder value resulting from combined target 2030 annual gross product sales of more than $1.4 billion, net revenue of more than $400 million and EBITDA of more than $300m.

¹ "Please refer to the important note regarding Non-GAAP Measures at the end of this press release for additional information regarding gross product sales. These targets are not projections and are forward-looking statements and are subject to the risks, uncertainties, and assumptions described under "Cautionary Note Regarding Forward-Looking Statements" below

Operational and commercial activity at XCF's New Rise Renewables Reno facility continued to ramp resulting in increased gross product sales, shipments and production

• Daily production increased to ~85,000 gallons per day, approaching the facility's nameplate capacity of 105,000 -110,000 gallons per day

Approval Advances Strategic Growth of XCF's Diversified Alternative Energy Platform and Marks a Major Milestone as the Parties Work Toward Closing as Soon as Practicable

XCF Global reports more than $10 million in August revenue from shipping 1.3 million gallons of renewable diesel from its New Rise Reno facility.

XCF Global Special Meeting Rescheduled to October 5, 2026

Amended terms increase expected XCF shareholder ownership in the combined company for existing XCF shareholders to approximately 69.57% and for former DevvStream shareholders to approximately 10.43%, respectively while adding committed and new post-closing capital support for XCF and streamline certain closing conditions as the proposed combination advances toward completion.

XCF Global Special Meeting Rescheduled to September 24, 2026; DevvStream Special Meeting Rescheduled to September 17, 2026

• Commercial Deliveries Underway: New Rise Reno is actively shipping orders to paying customers, currently at approximately 55,000 gallons per day.

• Dual Revenue Model Activated: More than 886,400 gallons produced to date, generating over 1.5 million D4 Renewable Identification Numbers (RINs), with XCF executing its first RIN monetization transaction at $2.27 per RIN.

• Pathway Toward Nameplate Capacity: Current operations demonstrate progress toward the facility's permitted nameplate production capacity of up to 38 million gallons per year.

• Major Q4 Catalyst: Sustainable aviation fuel (SAF) blending component production is currently targeted to begin in Q4 2026.

As Canadian oil sands cutbacks squeeze conventional refiners, XCF Global demonstrates how domestic waste-to-fuel production insulates transportation fuel supplies from cross-border disruptions.

Milestone marks a crucial operational achievement and the Company's transition to active commercial revenue generation

XCF Global is delivering 55,000 gallons of renewable diesel daily from its New Rise Reno facility, marking active commercial sales and revenue generation.

Renewable diesel sales support commercial fleet access to lower-carbon fuel options for road transportation.

Recent increases in renewable fuel credit values underscore the market framework supporting domestic renewable fuel production.

New Rise Renewables Reno advances renewable diesel operations following upgrade work; operational improvements are designed to support reliability, efficiency and commercial execution

New Rise Renewables Reno Continues Its Production Ramp Following Upgrade Work; Recent Commercial Agreements Support Feedstock Supply, Logistics and Commercialization

• Agreement builds on prior planning and technical alignment to establish a more structured development framework for proposed renewable fuels production in Australia

• New Rise ANZ platform is intended to support proposed SAF and renewable diesel development in Australia, with potential expansion across New Zealand and select Asia-Pacific markets

• XCF Global may earn up to a 10% equity interest in the project entity through milestone-based technical, development and project support

• The New Rise ANZ platform is designed to combine proven renewable fuels technology, advanced modular infrastructure, diversified feedstock strategy and local project development to support what is intended to be one of Australia's first fully integrated SAF and renewable fuels platforms

• Flexible warrant framework intended to support ongoing operations, production optimization and commercial expansion overtime

• Closing on initial $1 million investment from warrant strategy expected July 31st; agreement provides for investment of up to $100 million in XCF through end of 2026

• New Rise Renewables Reno continues production of renewable diesel as XCF works to advance its long-term SAF strategy
   

Recent reporting on tightening U.S. diesel supplies may underscore the potential value of additional domestic renewable fuel production

Market figures reported by The Wall Street Journal on July 16, 2026:

• 20%: Rise in U.S. diesel futures since the prior week began

• More than 85%: Rise in U.S. diesel futures since the start of 2026

• $5.01 a gallon: National average retail diesel price

XCF Global CEO Chris Cooper will join Water Tower Research on July 21, 2026, to discuss renewable fuels production, growth strategy and capital plans.

• Initial renewable diesel production marks commissioning and restart milestone as facility advances toward planned sustainable aviation fuel configuration

• Marks transition to expected revenue-generating operations following completion of commissioning and startup

Agreements establish framework for feedstock supply, production, logistics and commercialization as Reno advances through startup activities

Jet fuel and diesel prices up sharply in 2026, with jet fuel ~70% higher year-over-year and U.S. diesel prices rising ~50%+, reflecting global supply disruptions

• Approximately 55 million shares previously reserved for issuance are no longer reserved

• Reduced related potential dilution and associated market overhang

• Company retains flexibility to pursue financing alternatives as it deems appropriate

• Reinforces disciplined capital management and shareholder-aligned financing strategy

Final commissioning activities progressing as facility advances toward initial renewable fuel production

XCF Global Granted Additional Period to Regain Listing Compliance by Nasdaq

• Leadership transition reinforces governance structure as Company advances toward next phase of operational readiness and growth

• Chris Cooper to become Board Chair, in addition to his role as Chief Executive Officer

• Wray Thorn to serve as Chairperson of the Finance Committee

• Si‑Yeon Kim to serve as Lead Independent Board Member in addition to her role as Chairperson of the Governance Committee

• Key refinery upgrades completed and process catalyst successfully delivered to New Rise Reno, marking a pivotal operational milestone

• Catalyst loading initiates the final sequencing phase as the facility advances from commissioning toward expected commercial production operations

• XCF remains on schedule for an expected early June 2026 production start, bringing the facility one step closer to fuel production and becoming a revenue-generating asset

Cooper will discuss how renewable and next generation fuels can support domestic energy security, and opportunities to repurpose underutilized industrial infrastructure

Policy momentum and rising demand continue to reinforce long-term growth in renewable fuels, while underscoring the importance of domestic fuel supply and energy security

• Up to 500 kW of power recovered from excess steam to help reduce purchased electricity and support more efficient plant operations

• Approximately 35 gallons per minute of water recovered-more than 50,000 gallons per day, an important conservation measure in an arid operating environment

• Integrated resource recovery initiatives help lower operating costs while supporting XCF's broader efforts to reduce emissions and improve carbon intensity over time

• Upgrade work at the refinery continues to move forward in support of restart planning and operational readiness

• Catalyst manufacturing is complete and delivery remains on track, subject to customary international shipping and customs processes

• XCF continues to target a June 2026 restart

The Transaction is expected to strengthen XCF's balance sheet, supports its financial flexibility and demonstrates key stakeholder's confidence in XCF's long-term strategy.

As global fuel markets tighten, XCF points to renewable fuels' expanding role in domestic supply resilience

XCF Global's New Rise Reno Facility Is Designed for 38M Gallons of Annual Nameplate SAF Capacity

Elevated jet fuel prices reinforce the strategic relevance of domestic, waste-based SAF production

• WTI moved >3% to ~$105.46 (as of 05/04/26)

• Recent public reports citing vessel-tracking data indicate Hormuz traffic is near a standstill

• EIA analysis indicates ~20MM bpd typically transits Hormuz in recent years

Operational and corporate updates highlight leadership actions, a signed definitive business combination agreement (subject to closing conditions), and continued progress toward sustained SAF production. XCF also emphasizes the role of domestic jet fuel alternatives in supporting energy resilience and national security, and its modular, repeatable build-out and licensing model designed to deploy SAF production facilities globally.

Key Developments This Period

Agreement continues through January 1, 2027, subject to specified conditions, supporting New Rise's planned upgrade path and operational progress.

Certification and chain-of-custody systems are valid today, positioning XCF to deliver CORSIA-eligible SAF documentation when production resumes.

• RIN volume increased by 15.6% in 2026 renewable fuel volume requirement vs. 2025 (25.82B RINs vs. 22.33B, reinforcing RIN credit demand under the Renewable Fuel Standard, RFS.

• XCF estimates D4 RINs currently represent approximately ~$3.06 of incremental value per gallon of SBC (synthetic blending component for SAF) in its internal SAF economics framework.

Previously announced licensing agreement with New Rise Australia is expected to enable scalable domestic production to support fuel security.

• Crude exposure can be highly volatile, with global benchmarks swinging sharply over short periods (U.S. EIA).

• Waste‑based SAF inputs are more domestically driven: USDA-reported DCO pricing is primarily influenced by U.S. supply-and-demand fundamentals, such as corn processing volumes, feedstock availability, and downstream renewable fuel demand-rather than global crude disruptions.

XCF Global CEO Chris Cooper discusses sustainable aviation fuel, soaring jet fuel prices, and domestic SAF production on the WTR podcast.

• CEO planning to address how capital and infrastructure alignment can support resilient fuel supply, enabling faster, lower‑risk expansion as demand for sustainable aviation fuel grows.

• CEO is expected to engage investors on aviation fuel supply risks in the UK and Europe, amid rising jet fuel prices, tightening inventories, and growing reliance on imports.

• Discussion to include a highlight XCF's modular, distributed production strategy, designed to deploy scalable fuel capacity closer to customers and feedstock sources.

XCF Global announces CEO Chris Cooper’s participation in a Water Tower Research podcast on SAF, CCUS, and the circular economy.

XCF announces receipt of $10 million in plant conversion funding to support its proposed business combination and advance sustainable aviation fuel production

XCF Targets Up to 38Million Gallons of Annual Neat SAF Production at New Rise Reno Facility Planned Output Expected to Support up to 100 million Gallons of Blended Jet Fuel.

• Creation of a next‑generation energy transition platform: The proposed transaction brings together SAF, green methanol, renewable products, environmental attribute monetization, and advanced energy infrastructure into a single, globally scalable platform.

• Integrated fuels, infrastructure, and environmental markets: The combined company is expected to link low‑carbon fuel production with carbon credits and related instruments, long‑term offtake commercialization, and infrastructure development.

• Supports customer decarbonization strategies: By combining scalable low‑carbon fuels with environmental attribute monetization, the platform helps airlines and corporate customers address regulatory and sustainability requirements with greater flexibility.