---
schema_version: "secwatch.filing_event.v1"
accession: "0002071778-26-000027"
form_type: "8-K"
ticker: "FRMI"
cik: "0002071778"
company_name: "Fermi Inc."
filed_at: "2026-05-14T10:34:18+00:00"
generated_at: "2026-05-14T10:36:16.579237+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0002071778-26-000027
- form_type: 8-K
- ticker: FRMI
- cik: 0002071778
- company_name: Fermi Inc.
- filed_at: 2026-05-14T10:34:18+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2071778/000207177826000027/0002071778-26-000027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2071778/000207177826000027/frmi-20260514.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0002071778-26-000027
- JSON: https://secwatch.observer/filing/0002071778-26-000027.json
- Plain text: https://secwatch.observer/filing/0002071778-26-000027.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.