Fermi Inc.'s second quarter loss of $0.04 per share beat estimates as anchor customer signed

Fermi remains in its pre-revenue development phase, reporting a net loss of $25.8 million for the second quarter. The company focused on infrastructure build-out at Project Matador, maintaining its 1.5 GW speed-to-power advantage while securing significant post-quarter liquidity through a convertible debt offering.

Key Highlights

• Signed a 15-year binding turnkey lease with TensorWave for 222 MW, expected to generate approximately $6.5 billion in lifetime revenue.
• Bolstered liquidity post-quarter with $416.8 million in net proceeds from a 5.00% convertible senior note offering due 2031.
• Established a build-own-operate-transfer alliance with Hillcore for 2.6 GW of incremental generation requiring zero Fermi capital outlay.
• Reached $1.55 billion in gross property, plant, and equipment following a $185.0 million quarterly investment in site infrastructure.