You’ll probably need to specify your full command lines to the various compilers to shed a bit more light on it.
FWIW, when compiling in the Windows IDE, if I deselect the option to create a Blorb file then it pops up a Save dialog to choose where to save the output, and the output goes there and not into the Release folder. Perhaps this means that with the command line compilers you’d have to specify some output path more directly?
Alternatively, after doing a build (regardless of whether it’s a Debug or Release build, so be careful!) you can find the story file by itself in the Project.inform/Build folder.
A safer option would probably be to let it build the Blorb file and then use blorbtool.py or another tool to extract the story file from inside it. Or just use the Blorb file as-is – interpreters that don’t understand Blorb are very rare these days.
If you’re using any of the web interpreters, then you should be going the second route: outputting a blorb file and then using blorbtool.py and other tools to convert it to a JS file for the interpreter. (This happens mostly automatically with the 6M62 IDE, are you using something outdated? Though currently if your story uses images then that does still require an extra manual conversion step.)