Fermi reports Q1 net loss of $189M; secures 2 GW power, $785M financing

Fermi Inc.

Net loss of $189M ($0.30 diluted EPS) primarily from $134M share-based comp and $25M extinguishment loss.
Total cash and restricted cash of $243M; gross PP&E reaches ~$1.4B after $441M capex.
Secured over 2 GW of power generation; obtained ~6 GW TCEQ permit; filed for additional ~5 GW.
Closed $785M in equipment financing; $421M total debt; fully repaid Macquarie Term Loan.
Board expanded to 7 directors; Heidrick & Struggles engaged for CEO search; Robert Masson named Interim CFO.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Fermi Inc. reported for the three months ended March 31, 2026 results: net income $189 million net loss, EPS $0.30 per diluted share.

Period: for the three months ended March 31, 2026
Net income: $189 million net loss
EPS: $0.30 per diluted share
Result: reported results

Exact text from the filing

On May 14, 2026, Fermi Inc. (the “Company”) issued its earnings release announcing its financial results for the three months ended March 31, 2026.

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Fermi Inc. filing history →

Source: SEC EDGAR

accession 0002071778-26-000027

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