Monitor for a binding tenant agreement, which is the key catalyst to unlock project-level financing and de-risk the equity story. The company's cash runway of $243M provides approximately 6-9 months of operating runway at current burn rates, making a tenant deal or additional financing critical in the near term.
Price Chart
Executive Summary
Fermi Inc. reported Q1 2026 results with a net loss of $188.7M ($0.30 per share), compared to a net loss of $78K in the year-ago period (inception through Q1 2025). The company highlighted the 'Fermi 2.0' strategic evolution, secured $785M in new equipment financing, and reported $243M in cash and restricted cash. The pre-revenue development-stage REIT continues to invest heavily in its Project Matador campus, with $441M in PP&E capex during the quarter. No binding tenant agreement has been announced, though management reports improved commercial engagement.
Key Financial Metrics
Key Facts
- Net loss of $188.7M ($0.30 per diluted share) for Q1 2026, driven by $134M non-cash share-based compensation and $25M debt extinguishment loss
- Cash and restricted cash of $243M as of March 31, 2026, down from $408.5M at year-end 2025
- Total PP&E net of $1.43B, up from $935M at year-end 2025, reflecting $441M in capex during the quarter
- Debt, net of $421M, up from $110M at year-end 2025, reflecting new equipment financing and repayment of Macquarie Term Loan
- Secured $785M in new equipment finance facilities during the quarter, anchored by a $500M MUFG facility
- Board expanded from 5 to 7 directors; Marius Haas appointed Chairman; Robert Masson joined as Interim CFO
- No binding tenant agreement announced; management reports 'renewed urgency' in commercial conversations
- 6 GW Clean Air Permit obtained; application filed for additional 5 GW; NRC accepted COLA for environmental review
- First six Siemens SGT-800 turbines arrived at Port of Houston and cleared customs
Financial Impact
Q1 2026 net loss of $188.7M vs $78K in prior-year period; cash burn of $7.3M from operations; $441M invested in PP&E
Risk Factors
- No binding tenant agreement yet — the company remains pre-revenue with no guaranteed path to commercialization
- Cash burn rate: $243M cash on hand vs $7.3M operating cash burn (Q1), but $441M capex burn means total cash consumption is ~$165M/quarter
- Dilution risk: 629.8M shares outstanding, no change from year-end 2025, but additional equity raises likely before reaching cash-flow-positive operations
- Execution risk on 17 GW build-out: permitting, construction, and financing of nuclear and gas generation at unprecedented scale
- REIT compliance risk: the company must distribute 90% of taxable income to maintain REIT status, challenging for a pre-revenue entity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0002071778-26-000027 |
| Document: frmi-20260514.htm | 0002071778-26-000027 |
| Document: fermiex99_2x1q2026invest.htm | 0002071778-26-000027 |
| Document: 0002071778-26-000027-index-headers.html | 0002071778-26-000027 |
| Document: 0002071778-26-000027-index.html | 0002071778-26-000027 |
| Document: 0002071778-26-000027.txt | 0002071778-26-000027 |
| 8-K Data (Synthetic) | 0002071778-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 15, 2026 11w ago | 8-K | $5.93 $6.60 | ▼ −11.30% | ▼ −7.68% | $4.16 (+29.76%) |
Jul 13, 2026 11w ago | 8-K | $6.31 $5.88 | ▲ +6.81% | ▲ +10.00% | $4.16 (+33.99%) |
Jul 9, 2026 12w ago | 8-K | $6.59 $6.18 | ▲ +6.22% | ▲ +8.65% | $4.16 (+36.80%) |
Jul 8, 2026 12w ago | DFAN14A | $7.36 $6.19 | ▲ +15.90% | ▲ +19.17% | $4.16 (+43.41%) |
Jul 6, 2026 12w ago | DFAN14A | $7.38 $6.03 | ▲ +18.29% | ▲ +19.62% | $4.16 (+43.56%) |
Jul 1, 2026 13w ago | DFAN14A | $8.52 $5.86 | ▼ −31.22% | ▼ −29.04% | $4.16 (−51.12%) |
Jun 30, 2026 13w ago | DFAN14A | $8.52 $5.86 | ▼ −31.22% | ▼ −29.04% | $4.16 (−51.12%) |
Jun 30, 2026 13w ago | DFAN14A | $9.16 $7.23 | ▼ −21.07% | ▼ −20.04% | $4.16 (−54.53%) |
Jun 29, 2026 13w ago | DFAN14A | $9.16 $7.23 | ▼ −21.07% | ▼ −20.04% | $4.16 (−54.53%) |
Jun 29, 2026 13w ago | DFAN14A | $9.45 $7.40 | ▼ −21.69% | ▼ −21.41% | $4.16 (−55.93%) |
US Market Status
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