Fervo Energy reports Q1 2026 net loss $31.8M; Cape Station Phase I on track for Q4 2026 first power

Fervo Energy Co

Completed IPO on May 14: 80.5M shares at $27.00, gross proceeds $2.2B, above revised range.
Q1 2026 operating loss $20.1M, net loss $31.8M; capex $172.8M (up 64% YoY).
Cape Station Phase I (100 MW) commissioning underway, first power Q4 2026; Phase II (400 MW) COD 2028.
Closed $421.4M non-recourse project financing for Cape Phase I; signed 3 GW framework with Google.
Expects ~$1.2B capex from Q2 2026 through Q1 2027 for Cape Station and GeoClusters.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Fervo Energy Co reported the first quarter ended March 31, 2026 results: net income net loss of $31.8 million.

Period: the first quarter ended March 31, 2026
Net income: net loss of $31.8 million
Result: reported results

Exact text from the filing

Fervo Energy Company (“Fervo” or the “Company”) (NASDAQ: FRVO), a leading technology-enabled independent power producer of Enhanced Geothermal Systems (EGS), today reported financial and operational results for the first quarter ended March 31, 2026.

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Source: SEC EDGAR

accession 0001628280-26-044474

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