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SEC filingFermi Inc. reported Q1 2026 financial results with $189 million net loss, $243 million cash position, $785 million new equipment financing, and progress on Project Matador including over 2 GW power generation secured.
Fermi Inc. disclosed its first quarter 2026 results amid its 'Fermi 2.0' strategic evolution, transitioning from startup to institutional-scale operator focused on gigawatt private power for AI. The $189 million net loss ($0.30 per share) was primarily due to $134 million in non-cash share-based compensation and a $25 million debt extinguishment loss from repaying the Macquarie Term Loan, with general and administrative expenses at $166 million. No revenue was reported as the company remains pre-commercial, emphasizing infrastructure buildout at Project Matador. Cash burn reflected $7 million used in operations (excluding $29 million working capital changes) and $441 million capex, offset by $283 million net financing inflows, leaving $243 million in cash and restricted cash. Balance sheet strengthened with PP&E at $1.43 billion, funded by $785 million new equipment facilities including $500 million from MUFG for turbines. Management highlighted commercial momentum with hyperscaler discussions, over 2 GW secured generation, 6 GW Clean Air Permit, and NRC pilot participation. Leadership changes include Marius Haas as Chairman, board expansion to seven, Robert Masson as Interim CFO, and CEO search via Heidrick & Struggles. Conference call held May 14, 2026, at 9 a.m. ET; 10-Q filing pending. Focus remains on binding tenant agreements, liquidity management, and power delivery later 2026.