Monitor Cape Station Phase I commissioning progress toward Q4 2026 first power; the stock will likely trade on operational milestones rather than quarterly financials until revenue generation begins.
Price Chart
Executive Summary
Fervo Energy reported Q2 2026 results with a net loss of $55.9M and revenue of $113K, far below the $40K consensus. The company is pre-revenue and pre-operational, with Cape Station Phase I on track for first power in Q4 2026. The filing is neutral as the company is a pre-revenue development-stage geothermal company; the widening loss is expected given the construction ramp, and the $2.2B IPO cash provides a multi-year runway to execute on its 1.1 GW by 2030 target.
Key Financial Metrics
Key Facts
- Q2 2026 revenue was $113K vs $40K consensus
- Q2 2026 net loss of $55.9M vs $11.4M in Q2 2025
- Cape Station Phase I on track for first power in Q4 2026
- Raised long-term development target to 1.1 GW by 2030
- Cash and cash equivalents of $2.1B post-IPO
- Capital expenditures of $226.5M in Q2 2026, expects $850-900M in H2 2026
Financial Impact
Net loss widened to $55.9M in Q2 2026 from $11.4M in Q2 2025; revenue was $113K vs $40K consensus
Risk Factors
- Construction delays at Cape Station Phase I or II
- Inability to convert 50+ GW pipeline into contracted capacity
- Dilution risk from future equity offerings to fund $1.2B capex through Q1 2027
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055942 |
| Document: frvo-20260812.htm | 0001628280-26-055942 |
| Document: 0001628280-26-055942-index-headers.html | 0001628280-26-055942 |
| Document: 0001628280-26-055942-index.html | 0001628280-26-055942 |
| Document: 0001628280-26-055942.txt | 0001628280-26-055942 |
| 8-K Data (Synthetic) | 0001628280-26-055942 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 12, 2026 14d ago | Institutional Cluster | $12.87 | awaiting T+20 | — | $7.97 (−38.07%) |
Oct 1, 2026 25d ago | 8-K | $14.46 | awaiting T+20 | — | $7.97 (−44.88%) |
Sep 1, 2026 7w ago | 8-K | $19.75 $13.87 | ▼ −29.77% | ▼ −30.95% | $7.97 (−59.65%) |
Aug 12, 2026 10w ago | 8-K | $20.16 $15.73 | ▼ −21.97% | ▼ −20.08% | $7.97 (−60.47%) |
Aug 12, 2026 10w ago | Press Release | $20.16 $15.73 | ▲ +21.97% | ▲ +20.08% | $7.97 (+60.47%) |
Jun 22, 2026 18w ago | 8-K | $36.36 $24.65 | ▼ −32.21% | ▼ −32.06% | $7.97 (−78.08%) |
Jun 12, 2026 19w ago | Press Release | $35.19 $27.13 | ▼ −22.90% | ▼ −24.68% | $7.97 (−77.35%) |
Jun 10, 2026 19w ago | 8-K | $34.64 $27.35 | ▼ −21.05% | ▼ −22.94% | $7.97 (−76.99%) |
May 15, 2026 23w ago | 8-K | $41.06 $35.19 | ▼ −14.30% | ▼ −16.41% | $7.97 (−80.59%) |
May 14, 2026 23w ago | 424B4 | $40.63 $35.19 | ▼ −13.39% | ▼ −12.53% | $7.97 (−80.38%) |
US Market Status
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