BLUE BIOFUELS, INC.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 10, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0001493152-26-021038
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001493152-26-036714
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 42 previous paragraphs and 47 current paragraphs.
24 unchanged; 18 reworded; 5 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
To obtain project financing, in September 2024 and September 2025, the Company applied for two USDA loan guarantees through its Section 9003 Loan Guarantee Program: one for a $149 million loan guarantee to build a commercial-scale facility for its CTS process; and one for a $148 million loan guarantee through its joint venture VertiBlue Fuels, LLC, to build a commercial-scale facility for the Vertimass Process. According to the USDA’s specification in its Section 9003 Loan Guarantee Program, to obtain these loan guarantees for first-of-a-kind commercial-scale renewable technology projects, companies need to complete an integrated demonstration unit for each technology and run them for 120 days using the same feedstock as anticipated in a commercial facility, and having the products meet the technical requirements outlined.
Current report
From January 1, 2026, through the date of filing, 2,600,000 warrants expired.
Current report
For the six months ended June 30, 2026, the Company’s general and administrative expenses decreased by $97,239 to $671,993 from $769,232 in 2025. This decrease is primarily due to a reduction in equity-based compensation from $238,135 in 2025 to 165,534 in 2026.
Current report
Interest expense increase in the six months ended June 30, 2026, by $5,845 to $23,992 from $18,147 in 2025.
Current report
Research and development (R&D) costs for the six months ended June 30, 2026, were $816,111, a decrease of $6,065 from $822,176 in 2025.
Reworded paragraphs (18)
Previous wording
In 2025, the Company finalized the upscaling, testing, and optimizing of the pilot plant and is in the process of finalizing design and operational parameters for cost estimates of a full-scale commercial volume system.
Current wording
In 2025, the Company finalized the upscaling, testing, and optimizing of its pilot plant and received third-party confirmation of its conversion results into sugars and ethanol. The Company is in the process of finalizing design and operational parameters for cost estimates of a full-scale commercial volume system.
Previous wording
After its first plant is profitable, the Company intends to grow with additional plants in the United States and explore international growth by either licensing the CTS technology or forming joint ventures with foreign domestic partners to build plants.
Current wording
After its first plant is profitable, the Company intends to grow with an additional ten plants in Florida, and then explore growth in the rest of the United States, and international growth by either licensing the CTS technology or forming joint ventures with foreign domestic partners to build plants.
Previous wording
From January 1, 2026, through the date of filing, the Company issued an aggregate of 10,000 shares of its common stock for services valued at $1,250.
Current wording
From January 1, 2026, through the date of filing, the Company issued an aggregate of 810,000 shares of its common stock for services valued at $81,250.
Previous wording
From January 1, 2026, through the date of filing, the Company issued an aggregate of 1,816,000 shares and warrants for $227,000 in a private placement.
Current wording
From January 1, 2026, through the date of filing, the Company issued an aggregate of 2,916,000 shares and warrants for $347,000 in a private placement.
Previous wording
From January 1, 2026, through the date of filing, the Company issued an aggregate of 1,250,000 shares for the exercise of warrants and received proceeds of $125,000.
Current wording
From January 1, 2026, through the date of filing, the Company issued an aggregate of 1,300,000 shares for the exercise of warrants and received proceeds of $127,500.
Previous wording
From January 1, 2026, through the date of filing, 3,147,550 options vested. During the three months ended March 31, 2026, the Company recognized stock-based compensation of $75,605 in connection with the expensing of unvested options.
Current wording
From January 1, 2026, through the date of filing, 6,373,800 options vested. During the six months ended June 30, 2026, the Company recognized stock-based compensation of $337,887 in connection with the expensing of unvested options.
Previous wording
The Company has incurred losses since inception, has a working capital deficiency, and may be unable to raise further capital. As of March 31, 2026, the Company had a working capital deficit of $3,098,898 and had incurred accumulated losses of $60,794,163 since its inception. The Company expects to incur significant additional losses in connection with its continued start-up activities. As a result, there is substantial doubt about the Company’s ability to continue as a going concern based upon recurring operating losses and its need to obtain additional financing to sustain operations. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses.
Current wording
The Company has incurred losses since inception, has a working capital deficiency, and may be unable to raise further capital. As of June 30, 2026, the Company had a working capital deficit of $3,341,277 and had incurred accumulated losses of $61,544,958 since its inception. The Company expects to incur significant additional losses in connection with its continued start-up activities. As a result, there is substantial doubt about the Company’s ability to continue as a going concern based upon recurring operating losses and its need to obtain additional financing to sustain operations. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses.
Previous wording
Comparison of the three month period ended March 31, 2026 to March 31, 2025
Current wording
Comparison of the three and six month period ended June 30, 2026 to June 30, 2025
Previous wording
For the three months ended March 31, 2026, the Company recognized $0 in revenue as opposed to $0 in 2025.
Current wording
For the three and six months ended June 30, 2026, the Company recognized $0 in revenue as opposed to $0 in 2025.
Previous wording
For the three months ended March 31, 2026, the Company’s general and administrative expenses decreased by $63,513 to $274,585 from $338,098 in 2025. This decrease is primarily the result of $56,199 in consulting expenses in 2025 versus $20,744 in 2026.
Current wording
For the three months ended June 30, 2026, the Company’s general and administrative expenses decreased by $33,726 to $397,408 from $431,134 in 2025. This decrease is primarily due to a reduction in equity based compensation from $204,425 in 2025 to $165,246 in 2026.
Previous wording
Interest expense increased in the quarter ended March 31, 2026 by $4,303 from $0 in 2025.
Current wording
Interest expense increased in the quarter ended June 30, 2026 by $1,541 to $19,689 from $18,148 in 2025.
Previous wording
Research and development (R&D) costs for the quarter ended March 31, 2026, were $384,913, an increase of $34,206 from $350,707 in 2025. The increase in R&D expenses is primarily the result of equity-based compensation of $75,317 in 2026 versus $54,456 in 2025.
Current wording
Research and development (R&D) costs for the quarter ended June 30, 2026, were $431,198, a decrease of $40,272 from $471,470 in 2025.
Previous wording
As of March 31, 2026, the Company had $8,665 in cash and cash equivalents, and total stockholders’ deficit on March 31, 2026, was $3,936,726. As of December 31, 2025, the Company had $65,200 in cash and cash equivalents, and total stockholders’ deficit at December 31, 2025, was $3,706,083. Total debt, including convertible notes, accounts payable and other notes payable at March 31, 2026, together with interest payable thereon and legacy liabilities, was $5,246,366 an increase of $132,904 from December 31, 2025, where it stood at $5,113,462. This increase is primarily attributable to an increase in deferred wages of $155,925.
Current wording
As of June 30, 2026, the Company had $22,040 in cash and cash equivalents, and total stockholders’ deficit on June 30, 2026, was $4,058,672. As of December 31, 2025, the Company had $65,200 in cash and cash equivalents, and total stockholders’ deficit at December 31, 2025, was $3,706,083. Total debt, including convertible notes, accounts payable and other notes payable at June 30, 2026, together with interest payable thereon and legacy liabilities, was $5,379,631 an increase of $266,169 from December 31, 2025, where it stood at $5,113,462. This increase is primarily attributable to an increase in deferred wages of $333,935.
Previous wording
During the three months ended March 31, 2026, the Company’s net cash used in operating activities was $418,535 compared to net cash provided by operating activities of $13,416 in the three months ending March 31, 2025. This is primarily attributed to a higher net loss in 2026 due to grant income in 2025.
Current wording
During the six months ended June 30, 2026, the Company’s net cash used in operating activities was $687,359 compared to $298,723 in the six months ending June 30, 2025. This is primarily attributed to a higher net loss in 2026 due to grant income in 2025.
Previous wording
During the three months ended March 31, 2026, the Company generated an aggregate of $372,000 versus $100,000 through its financing activities in the three months ended March 31, 2025, which is an increase of $272,000. This increase from the prior year can primarily be attributed to net proceeds of $227,000 in a private placement and $125,000 from the exercise of warrants versus $100,000 for the issuance of notes payable in 2025 versus $20,000 in 2026.
Current wording
During the six months ended June 30, 2026, the Company generated an aggregate of $702,000 versus $451,250 through its financing activities in the six months ended June 30, 2025, which is an increase of $250,750. This increase from the prior year can primarily be attributed to net proceeds of $347,000 in a private placement and $125,000 from the exercise of warrants versus $260,000 and $6,250, respectively, for 2025.
Previous wording
As of the date of this filing, in 2026 the Company has raised $352,000 through the issuance of shares and $170,000 from the issuance of notes. The Company previously raised $17,974,375 in shares and $2,245,916 through converted notes and $1,515,000 in debt or convertible notes since inception. However, there is no guarantee that the Company will be able to raise any additional capital on terms acceptable to the Company.
Current wording
As of the date of this filing, in 2026 the Company has raised $472,000 through the issuance of shares and $320,000 from the issuance of notes. The Company previously raised $17,974,375 in shares and $2,245,916 through converted notes and $1,515,000 in debt or convertible notes since inception. However, there is no guarantee that the Company will be able to raise any additional capital on terms acceptable to the Company.
Previous wording
As of March 31, 2026, shareholders’ deficit was $3,936,726.
Current wording
As of June 30, 2026, shareholders’ deficit was $4,058,672.
Previous wording
There were 320,948,112 shares of common stock issued and outstanding as of March 31, 2026.
Current wording
There were 323,518,980 shares of common stock issued and outstanding as of June 30, 2026.