XCF Global, Inc. (NASDAQ: SAFX), a U.S.-based producer of renewable diesel and sustainable aviation fuel, announced on October 16, 2026 that it completed its all-stock business combination with Southern Energy Renewables Inc. and DevvStream Corp. The same day, CEO Chris Cooper issued a letter to shareholders addressing recent volatility and decline in the company’s share price.

What the Combination Adds

Southern and DevvStream are now wholly owned subsidiaries of XCF, which remains the publicly traded parent. Former Southern and DevvStream equity holders hold approximately 20.0% and 10.43% of XCF’s outstanding common stock, respectively. Under an amendment to the agreement filed with the SEC in September, existing XCF stockholders’ expected ownership rose to approximately 69.57%, from approximately 66.7% under the original terms.

XCF said Southern adds a future gasification pathway that could use lower-cost feedstocks, alongside the HEFA-based process at its New Rise Renewables Reno facility. DevvStream brings capabilities to manage and monetize carbon credits, renewable fuel incentives and other environmental attributes. Chad Langley, John Wharton and Carl Stanton joined XCF’s board in connection with the closing, while Carter McCain stepped down.

“Today marks an important milestone for XCF as we bring together renewable fuel production, new technology pathways and environmental-asset optimization capabilities on one vertically integrated platform,” said Cooper.

The CEO’s Message to Shareholders

In his letter, Cooper said that “the recent volatility and decline in our share price have been concerning and frustrating for our shareholders,” adding that while short-term market movements are outside the company’s control, management remains focused on executing its strategy and managing resources responsibly.

Cooper pointed to progress at the Reno facility as it moves from commissioning to commercial operations. XCF reported more than $10 million in revenue for August and more than $12 million in gross product sales for September, a non-GAAP measure, from shipments of approximately 1.4 million gallons of renewable diesel. Daily production reached approximately 85,000 gallons by the end of September, against a nameplate capacity of 105,000 to 110,000 gallons per day.

“We know that shareholder confidence is earned through execution, transparency, and results,” Cooper said.

Outlook and Financial Position

With the closing, XCF updated its 2027 outlook to gross product sales of $650 million to $700 million, net revenue of $120 million to $130 million and EBITDA of $70 million to $75 million. The company also set 2030 targets of more than $1.4 billion in gross product sales and more than $300 million in EBITDA, which it noted are targets rather than projections.

Those figures compare with second quarter 2026 revenue of $690,881, down from $6.58 million a year earlier, and cash of $329,084 as of June 30, 2026. The 10-Q states there is substantial doubt about the company’s ability to continue as a going concern. In the closing release, XCF also listed among its risks the need to regain compliance with NASDAQ’s continued listing standards and to resolve disputes with its Reno facility landlord and its primary lender.

Strategic Investment Summary

• Combination Closed: XCF Global (NASDAQ: SAFX) completed its all-stock combination with Southern Energy Renewables and DevvStream on October 16, 2026.
• Ownership Split: Former Southern and DevvStream holders own approximately 20.0% and 10.43% of XCF, with existing stockholders at approximately 69.57%.
• Shareholder Letter: CEO Chris Cooper acknowledged the recent decline in the share price and said management is focused on execution and capital discipline.
• Production Ramp: The Reno facility reached approximately 85,000 gallons per day by the end of September, with September gross product sales above $12 million.
• 2027 Outlook: XCF updated its 2027 outlook to net revenue of $120 million to $130 million and EBITDA of $70 million to $75 million.
• Financial Position: XCF held $329,084 in cash as of June 30, 2026, and its 10-Q includes a going concern disclosure.

Find out more about the latest corporate developments and financial reports at the XCF Global investor portal.

The post XCF Global Closes Southern Energy and DevvStream Combination as CEO Addresses Share Price Decline appeared first on PRISM MarketView.

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