New Rise Reno was commissioned in February 2025 and has produced SAF, renewable diesel, and renewable naphtha. Since the start of commercial operations in March 2025, the facility has produced more than 2.5 million gallons of renewable fuels. New Rise Reno is in the final stages of its planned upgrade, intended to strengthen long-term operability and repeatability. Current workstreams are focused on improving operating stability and equipment readiness, reinforcing quality systems required for certified fuel, and strengthening start-up and operating procedures. XCF is targeting a return to operations in June, subject to completion of upgrade activities and standard start-up procedures.

Under the Agreement, the Landlord agreed to forbear from exercising certain rights and remedies under the applicable lease documents with respect to certain alleged events of default through January 1, 2027, subject to New Rise's compliance with the terms and conditions of the Agreement including the required payments therein. For more information, please see the form of agreement filed today on Form 8-k.