Fermi (FRMI) Q4 2025 earnings summary

Executive summary

• Completed first fiscal year as a public company, moving from inception to IPO and substantial progress on Project Matador.

• Pre-revenue, with focus on infrastructure buildout and tenant acquisition for large-scale power generation and data center operations.

• Secured a 6 GW air permit and filed for an additional 5 GW, positioning as a major power provider for AI and data center tenants.

• Tenant demand is robust, with negotiations ongoing for multi-gigawatt commitments; focus remains on investment-grade counterparties.

Financial highlights

• Total assets at year-end were $1.4 billion, with $935 million in construction in progress.

• Cash and cash equivalents stood at $409 million; net loss for the year was $486 million, with $445 million non-cash.

• General and administrative expenses were $178 million, including $133 million in non-cash share-based compensation.

• Operating cash burn was $34 million for the year; $570 million invested in property, plant, and equipment.

• Financing activities provided $1 billion, including $746 million from IPO and multiple equipment financing facilities.

Outlook and guidance

• Tenant revenues expected to begin in 2027, but will not cover full operating requirements until full buildout.

• Next phase of capital deployment contingent on execution of definitive tenant agreements and project financing.

• Project Matador phase zero and one expected to require over $3 billion in aggregate capital.

• REIT status election planned for 2025; no dividends expected until taxable income is generated.