Fervo Energy (FRVO) Registration filing summary

Company overview and business model

• Commercializes enhanced geothermal systems (EGS) to deliver scalable, 24/7 clean power using oil and gas drilling technology.

• Operates as a developer, owner, and operator of geothermal power facilities, with a focus on modular, repeatable GeoBlocks aggregated into large GeoClusters.

• Holds 595,900 acres of geothermal leases across the U.S., supporting a multi-gigawatt project pipeline.

• Signed 658 MW of binding power purchase agreements (PPAs) with utilities and corporates, and a 3 GW framework agreement with Google.

• Business model emphasizes standardization, learning curve cost reductions, and economies of scale.

Financial performance and metrics

• Reported net losses of $57.8 million in 2025 and $41.1 million in 2024, reflecting pre-commercial development stage.

• Revenues in 2025 and 2024 were minimal, primarily from ancillary fees at pilot Project Red.

• Cash and cash equivalents were $461.8 million as of December 31, 2025.

• Capital expenditures in 2025 totaled $465.7 million, mainly for Cape Station construction.

• Raised $320.6 million in project-level capital and $1.2 billion in corporate-level capital to date.

Use of proceeds and capital allocation

• IPO proceeds will be used for general corporate purposes, project-level capital expenditures, GeoCluster development, land portfolio expansion, working capital, and operating expenses.

• No specific allocation amounts disclosed; capital deployment will be prioritized based on business needs and market conditions.