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.

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