📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Fermi Inc. develops next-gen private electric grids that deliver highly redundant power at gigawatt scale to support next-gen intelligence and AI computing.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding FRMI

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	1.40M	$8.2M	0.01%	Mar 2026
Steve Cohen Point72 Asset Management	1.25M	$7.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q3 2025

Confident Specific

Management repeatedly emphasized 'unmatched pace of accomplishment' and 'blown away' by progress, cited specific milestones like 99-year lease, $150M advance from first tenant, LOIs with Siemens and Hyundai, and NRC acceptance of nuclear application. They also acknowledged a three-week delay in finalizing the lease agreement with tenant one but framed it as normal for large transactions.

Q4 2025

Mixed

Management expressed confidence in site progress and tenant demand ('blown away with scale', 'shoppers became buyers') but was evasive on specific tenant timelines ('coffee is for closers') and defensive about stock pressure ('I can't be too focused on day-to-day fluctuations'). The tone shifted from enthusiastic about future to cautious on near-term commitments.

Q1 2026 latest

Confident Specific

Management repeatedly cited concrete milestones (11 mi fencing, 86 MW on-site power, $1.4 bn cumulative investment) and a 90-day action plan with five named deliverables, projecting strong commercial demand while acknowledging past leadership disruptions.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is incrementally stronger due to concrete site progress, a large air permit, committed generation equipment, and revived tenant interest. The key risk remains the lack of a signed binding lease, which management targets within 90 days. The governance overhaul and bylaw changes aim to protect shareholders from disruptive moves by the former CEO. Watch for the binding tenant agreement, CEO appointment, and whether project-level financing actually materializes. If those dominoes fall, the thesis of a unique power platform for hyperscalers could be validated; if not, liquidity concerns may resurface.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED Fermi America advances 17 GW private power campus with 6 GW air permit, seeking binding tenant agreements.

Revenue & Profitability

For Q1 2026, Fermi reported a net loss of $189 million, about 70% non-cash, driven by share-based compensation and a $25 million loss on retirement of the Macquarie term loan. Cash used in operating activities was approximately $7 million. The company ended the quarter with $243 million in total cash and has secured nearly $1 billion in financing commitments, including $785 million in equipment financing facilities and $156 million from Yorkville (undrawn). Cumulative investment in Project Matador exceeded $1.4 billion.

Outlook

Management sees power availability, not capital or demand, as the biggest constraint in the near term for AI-driven power demand. They note that delays across announced projects globally are driven by grid interconnection timelines and equipment availability. The company believes its strategy of providing behind-the-meter, gigawatt-scale private power is uniquely positioned to relieve this constraint. The macro thesis that supported their IPO has only sharpened, with market conditions continuing to validate their approach.

Growth Drivers

Key growth levers include securing binding tenant agreements with hyperscalers, neo-cloud providers, and enterprise compute operators. The company is also exploring strategic partnerships with data center operators and infrastructure partners to expand execution capacity and accelerate deployment. Regulatory progress, such as the 6 GW air permit and the additional 5 GW application, provides certainty for tenants. The nuclear program (FEED agreement with Hyundai, Doosan forging dies) adds long-term value.

Balance Sheet & CapEx

Fermi invested $441 million in property, plant, and equipment during Q1 2026, primarily for gas turbine procurement and site infrastructure. Cumulative investment in Project Matador has reached $1.4 billion. Capital deployment will be disciplined going forward, matching cash outlays with inflows from tenant agreements and project-level financing. The company expects to fund the next phase through tenant prepayments, additional equipment financing, project-level debt, and government programs like the DOE Office of Energy Dominance Financing.

Margins

Not discussed in this earnings call.

Key Risks

Management flagged risks including the former CEO's termination and his call for an immediate sale of the company, which the Board rejected. Liquidity is a focus, with $243 million cash on hand and multiple financing levers. The need to secure binding tenant agreements is critical: future capital deployment is paused until a tenant is signed. Delays in grid interconnection and equipment availability are industry-wide risks that could affect project timelines.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (3 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (3)

Q1 2026 Q1 2026 2026-05-14

Leadership overhaul and Fermi 2.0 strategy aim to institutionalize operations and secure binding tenant agreements within 90 days. Project Matador advanced with $1.4B invested, strong liquidity, and regulatory milestones achieved, positioning the company to meet surging AI-driven power demand.

Q4 2025 Q4 2025 2026-03-30

Substantial progress on infrastructure and financing, with $1.4B in assets and $570M deployed, but still pre-revenue and awaiting definitive tenant agreements. Tenant demand is strong, especially from hyperscalers and chip makers, with revenues expected in 2027.

Q3 2025 Q3 2025 2025-11-11

Major operational and financial milestones achieved, including a $785M IPO, $150M tenant advance, and key equipment deals. Project Matador remains on track for 2026 revenue, with strong demand and active tenant negotiations supporting a scalable, multi-gigawatt power campus.

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