A foam panel cutting machine for cutting foam panels used in insulated building panels. The foam panel cutting machine has a feeder system feeds the foam panel through the cutting blades. The cutting machine additionally includes a frame, a plurality of upper rollers and a plurality of lower rollers rotationally mounted to the frame. The foam panel cutting machine can be constructed so that it may be portable. One embodiment includes the upper rollers on an adjustable head that can adjust the gap distance between the upper and lower rollers so that foam panels of various thicknesses may be cut. The cutting blade may be a hot-knife wherein the blade is heated by passing an electrical current through it. The cutting blade may have a “L” or “J” shape to cut kerfs into the foam panel that receive metal studs to form an insulated building panel.