secwatch.observer — SEC 8-K summary
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Issuer:     Fermi Inc. (FRMI)
CIK:        0002071778
Form:       8-K
Filed at:   2026-05-14T10:34:18+00:00
Accession:  0002071778-26-000027
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000027/0002071778-26-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/2071778/000207177826000027/frmi-20260514.htm
  HTML page:      https://secwatch.observer/filing/0002071778-26-000027

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