Fermi Q2: signs TensorWave lease, names CEO, raises $431M; net loss $25.8M

Fermi Inc.

Signed 15-year lease with TensorWave for 222 MW at Project Matador; ~$6.5B total revenue.
Appointed Lee McIntire as CEO; 40+ years at Bechtel, CH2M Hill, TerraPower.
Raised $431M in 5.00% convertible notes due 2031; capped calls limit dilution to $14.64 strike.
Q2 net loss $25.8M ($0.04/share); cash $91.7M; debt $520.1M; capex $185M.
Hillcore alliance for 2.6 GW; first power 350 MW within 24 months; Fermi anchor offtaker.

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