Company research
Fermi Inc.
CIK 2071778Updated Nov 6, 2026
SecurityFRMI · NASDAQ · equity
Name history
Fermi LLC · through Oct 1, 2025
FRMI price & chart
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NASDAQ:FRMI on TradingView ↗About the company
Fermi’s mission is to power the artificial intelligence (“AI”) needs of tomorrow. We are an advanced energy and hyperscaler development company purpose-built for the AI era. Our mission is to deliver up to 11 gigawatts (“GW”) of low-carbon, HyperRedundant™, and on-demand power directly to the world’s most compute-intensive businesses with 1.1 GW of power projected to be online by the end of 2026. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence. In a world in which power is considered a key currency for AI innovation, we believe that Fermi has a unique combination of important advantages that will help propel America’s AI economy forward. Fermi offers investors an opportunity to invest in AI growth and grid-independent energy infrastructure through a tax-efficient public REIT structure.
In the news
Fermi Founder Parties File Formal Proposal for Independent Strategic Review of Extraordinary Transactions, Press Board on Restoring Texas-Style Governance Ahead of October 30 Annual Meeting ↗
Breakout Stocks and Next Big Movers Could Be Taking Shape Now ↗
DEADLINE APPROACHING: Berger Montague Advises Fermi Inc. (NASDAQ: FRMI) Investors to Inquire About a Securities Fraud Class Action by March 6, 2026 ↗
Recent filings
144 filing
144 filing
Submission of Matters to a Vote of Security Holders
Items 5.07
144 filing
144 filing
Show 5 more recent filings
Other Events
Items 8.01
144 filing
Regulation FD Disclosure
Items 7.01, 9.01
144 filing
ARS filing
Financials
FY 2025 · USDSource
Source
Source
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balance sheet · annual statements
| Line item | Q3 2025 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| AssetsUSD | 502,766,000Source | 1,763,136,000Source | — | 1,777,493,000Source | — | 1,413,314,000Source |
| Property, Plant and Equipment, NetUSD | — | 1,547,856,000Source | — | 1,430,909,000Source | — | 935,295,000Source |
| Current assets: | ||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 83,693,000Source | 62,536,000Source | 40,332,000Source | 207,501,000Source | 219,000Source | 408,529,000Source |
| Operating Lease, Right-of-Use AssetUSD | 24,644,000Source | 47,745,000Source | — | 39,699,000Source | — | 21,737,000Source |
| LIABILITIES AND EQUITY | ||||||
| LiabilitiesUSD | 200,293,000Source | 731,479,000Source | — | 705,216,000Source | — | 317,442,000Source |
| Stockholders’ equity: | ||||||
| Preferred Stock, Value, IssuedUSD | — | 0Source | — | 0Source | — | 0Source |
| Common Stock, Value, IssuedUSD | 575,000Source | 638,000Source | — | 628,000Source | — | 628,000Source |
| Additional Paid in CapitalUSD | 301,898,000Source | 1,378,717,000Source | — | 1,393,541,000Source | — | 1,228,443,000Source |
| Retained Earnings (Accumulated Deficit)USD | — | -347,698,000Source | — | -321,892,000Source | — | -133,199,000Source |
| Stockholders' Equity Attributable to ParentUSD | 302,473,000Source | 1,031,657,000Source | -1,774,000Source | 1,072,277,000Source | 420,000Source | 1,095,872,000Source |
| Liabilities and EquityUSD | 502,766,000Source | 1,763,136,000Source | — | 1,777,493,000Source | — | 1,413,314,000Source |
| Additional Financial Items | ||||||
| Long-term DebtUSD | 153,986,000Source | 520,091,000Source | — | 421,296,000Source | — | 148,986,000Source |
cash flow · annual statements
| Line item | Q4 2025 | Q3 2025 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | -7,345,000Source | -46,000Source | -34,151,000Source |
| Cash flows from investing activities: | |||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | -441,188,000Source | -32,000Source | -570,260,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | — | — | — | — | 0Source | — | 956,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | — | — | 441,188,000Source | 32,000Source | 569,304,000Source |
| Cash flows from financing activities: | |||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | 283,297,000Source | 297,000Source | 1,012,940,000Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | — | — | — | — | — | — | 354,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | 182,993,000Source | 91,731,000Source | 40,332,000Source | 243,293,000Source | 219,000Source | 408,529,000Source |
| Additional Financial Items | |||||||
| General and Administrative ExpenseUSD | — | 37,776,000Source | 26,759,000Source | 5,609,000Source | 166,244,000Source | 78,000Source | 177,779,000Source |
| InterestExpenseNonoperatingUSD | — | -12,000Source | -953,000Source | 680,000Source | -2,349,000Source | 0Source | -3,732,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | -346,812,000Source | -25,806,000Source | -6,289,000Source | -188,693,000Source | -78,000Source | -486,379,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | -390,196,000Source | -25,806,000Source | -6,289,000Source | -188,693,000Source | -78,000Source | -529,763,000Source |
| Nonoperating Income (Expense)USD | — | -309,036,000Source | 953,000Source | -680,000Source | -22,449,000Source | 0Source | -308,600,000Source |
| Operating ExpensesUSD | — | 37,776,000Source | 26,759,000Source | 5,609,000Source | 166,244,000Source | 78,000Source | 177,779,000Source |
| Other Nonoperating Income (Expense)USD | — | -309,048,000Source | 0Source | 0Source | -24,798,000Source | 0Source | -312,332,000Source |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | — | —Source | —Source | — |
| AssetAcquisitionContingentConsiderationLiability | — | —Source | — | — | — | — | — |
| Gain (Loss) on Extinguishment of Debt | — | — | — | — | —Source | —Source | — |
| Proceeds from Contributed Capital | — | — | — | — | —Source | —Source | — |
income statement · annual statements
| Line item | Q4 2025 | Q3 2025 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Operating Income (Loss)USD | — | -37,776,000Source | -26,759,000Source | -5,609,000Source | -166,244,000Source | -78,000Source | -177,779,000Source |
| Other Nonoperating Income (Expense)USD | — | -309,048,000Source | 0Source | 0Source | -24,798,000Source | 0Source | -312,332,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | -346,812,000Source | -25,806,000Source | -6,289,000Source | -188,693,000Source | -78,000Source | -486,379,000Source |
| Earnings Per Share, BasicUSD per share | — | -0.84Source | -0.04Source | -0.02Source | -0.3Source | 0Source | -1.13Source |
| Earnings Per Share, DilutedUSD per share | — | -0.84Source | -0.04Source | -0.02Source | -0.3Source | 0Source | -1.13Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | 466,493,415Source | 637,325,436Source | 408,977,385Source | 629,839,790Source | 73,687,500Source | 467,963,408Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | 466,493,415Source | 637,325,436Source | 408,977,385Source | 629,839,790Source | 73,687,500Source | 467,963,408Source |
| Interest Expense (non-operating)USD | — | -12,000Source | -953,000Source | 680,000Source | -2,349,000Source | 0Source | -3,732,000Source |
| Additional Financial Items | |||||||
| General and Administrative ExpenseUSD | — | 37,776,000Source | 26,759,000Source | 5,609,000Source | 166,244,000Source | 78,000Source | 177,779,000Source |
| Interest Expense, DebtUSD | — | — | — | — | — | — | 652,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | -390,196,000Source | -25,806,000Source | -6,289,000Source | -188,693,000Source | -78,000Source | -529,763,000Source |
| Nonoperating Income (Expense)USD | — | -309,036,000Source | 953,000Source | -680,000Source | -22,449,000Source | 0Source | -308,600,000Source |
| Operating ExpensesUSD | — | 37,776,000Source | 26,759,000Source | 5,609,000Source | 166,244,000Source | 78,000Source | 177,779,000Source |
| Preferred Stock Dividends and Other AdjustmentsUSD | — | -43,384,000Source | — | — | — | — | 43,384,000Source |
Offerings
Registration 333-290089
- Gross proceeds
- 682500000.0
- Net proceeds
- 648375000.0
- Deal price
- 21.0
- Shares
- 32500000
- Offering price
- $21.00
- Ticker
- FRMI
Filing attachments
ea030854601ex99-1.htm · 8-K · 2026-10-14
Exhibit 99.1 NASDAQ / LSE: FRMI The TensorWave Lease | $6.5B over 15 Years A binding 15 - year phase one lease for 222 MW of total power capacity, backed by credit support from AMD $6.5B Phase one contracted revenue over the 15 - year initial term 222 MW Phase one total power capacity 156 MW Critical IT capacity Q4 2027 Phased delivery begins; completes early 2028 LEASE HIGHLIGHTS • Term: 15 - year initial term with two 5 - year renewal options; 2.5% annual escalators • Structure: Turnkey lease…
Read attachment ↗fermiq22026erex_991.htm · 8-K · 2026-08-13
EX-99.1 2 fermiq22026erex_991.htm EX-99.1 FRMI Q2 2026 EARNINGS RELEASE Document Exhibit 99.1 Fermi Announces Second Quarter 2026 Results and Delivers on All Five 90-day Objectives Company signed its first anchor customer, named a CEO, added a strategic alliance and premier contractors, received three F-series turbines, and raised more than $431 million of shareholder-friendly capital DALLAS, August 13, 2026 -- Fermi Inc. (NASDAQ/LSE: FRMI), operating as Fermi America™ (“Fermi” or the “C…
Read attachment ↗ea029807401ex4-1.htm · 8-K · 2026-07-15
EX-4.1 2 ea029807401ex4-1.htm INDENTURE, DATED JULY 14, 2026, BETWEEN THE COMPANY AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE Exhibit 4.1 FERMI INC. AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee INDENTURE Dated as of July 14, 2026 5.00% Convertible Senior Notes due 2031 TABLE OF CONTENTS …
Read attachment ↗ea029807401ex99-1.htm · 8-K · 2026-07-15
EX-99.1 4 ea029807401ex99-1.htm PRESS RELEASE, DATED JULY 15, 2026 Exhibit 99.1 Fermi Outlines Strategic Rationale for Upsized $431 Million Convertible Notes Offering Flexible convertible structure with shareholder-friendly capped call minimizes dilution Proceeds strengthen liquidity in midst of customer and partner negotiations and preserve Fermi’s speed-to-power advantage Attractive five-year cost of capital provides run room to advance multiple commercial tracks in parallel DALLAS, J…
Read attachment ↗ea029753501ex99-1.htm · 8-K · 2026-07-09
EX-99.1 2 ea029753501ex99-1.htm EXCERPTS FROM PRELIMINARY OFFERING MEMORANDUM OF THE COMPANY, DATED JULY 9, 2026 Exhibit 99.1 Recent Developments The Company has engaged in preliminary discussions with seven potential tenants and twelve potential joint venture partners, and more advanced negotiations are ongoing with a smaller number of potential counterparties. Although no assurances can be made, the Company expects to continue to actively negotiate towards one or more transactions with a…
Read attachment ↗ea029753501ex99-2.htm · 8-K · 2026-07-09
EX-99.2 3 ea029753501ex99-2.htm INVESTOR PRESENTATION, DATED JULY 9, 2026 Exhibit 99.2 Investor Presentation July 2026 Unless otherwise noted, all information herein is based on information as of March 31, 2026. NASDAQ / LSE: FRMI Disclaimers 2 Industry and Market Data Market data and industry information used throughout this Presentation are based on management’s knowledge of the industry and the good faith estimates of management. Management also relied, to the extent available, upon man…
Read attachment ↗