Blue Biofuels, Inc. reported another pre-revenue quarter for the three months ended March 31, 2026, as it continues developing its Cellulose-to-Sugar (CTS) and sustainable aviation fuel technologies. The company generated no revenue and posted a net loss of $663,801, versus a loss of $243,833 a year earlier, largely because 2025 included $444,970 of DOE grant income.
Operating expenses were $659,498, with general and administrative costs of $274,585 and research and development of $384,913, reflecting ongoing pilot and commercialization work. Cash used in operations was $418,535, leaving only $8,665 in cash at quarter-end.
Total liabilities were $5,246,366 against total assets of $1,309,640, resulting in a stockholders’ deficit of $3,936,726 and a working capital deficit of $3,098,898. Management disclosed substantial doubt about the company’s ability to continue as a going concern, noting accumulated losses of $60,794,163 and dependence on new financing.
Blue Biofuels, Inc. reported a net loss of $2.87 million for the year ended December 31, 2025, compared with a $1.42 million loss in 2024, and again generated no revenue from its core operations. Results were helped by $865,000 of U.S. Department of Energy grant income, but the company still recorded an accumulated deficit of $60.13 million.
Blue Biofuels advanced its patented Cellulose-to-Sugar (CTS) technology, completed pilot-plant upscaling work, and formed a 50-50 joint venture with Vertimass to target sustainable aviation fuel production in Florida. However, it ended 2025 with only $65,200 in cash, a working capital deficit of $2.91 million, negative equity of $3.71 million, and its auditors highlighted substantial doubt about its ability to continue as a going concern. Management estimates it will need roughly $90 million in project financing to fund its share of the VertiBlue Fuels joint venture and move into commercial production.
Blue Biofuels (BIOF) filed its Q3 2025 10‑Q, reporting no revenue and a net loss of $422,547 for the quarter and $1,587,132 for the nine months ended September 30, 2025. The company recognized $420,030 in DOE grant income in the quarter and $865,000 year‑to‑date, which partially offset operating expenses.
Cash was $95,194 and total liabilities were $4,543,537 as of September 30, 2025. Stockholders’ deficit widened to $3,057,336. Management disclosed “substantial doubt” about the company’s ability to continue as a going concern due to recurring losses, limited liquidity, and the need for additional financing.
During 2025 to date, the company raised cash through equity and debt: $435,000 from private placements of common stock and warrants, $185,000 of related‑party notes, and $6,250 from warrant exercises. Shares outstanding were 315,723,332 as of October 23, 2025; this is a baseline figure, not an amount being offered.