Earnings Releases·Nov 12, 2026, 7:00 AM ET

Fermi Inc. — Third Quarter 2026 Earnings Summary

Reported net loss narrowed to $141.6 million ($0.22/share) for Q3 2026 from $346.8 million ($0.84/share) in Q3 2025; nine-month net loss increased slightly to $356.1 million ($0.56/share) from $353.2 million ($0.95/share) in the prior year period.
Secured a prepayment agreement with an undisclosed investment-grade hyperscaler for $200 million and $15 million in early construction fees to advance 600 MW of capacity at Project Matador starting in 2027.
Terminated the Data Center Lease and Services Agreement with TensorWave, including the associated AMD credit support agreement, while maintaining the partnership with the Texas Tech University System.
Capital invested in PP&E reached $133.4 million in the quarter, bringing the nine-month total to $759.5 million; outstanding debt, net, increased to $958.4 million reflecting a $463.0 million net increase in borrowings.
Management targets evolving from a pre-revenue phase to growth by converting its pipeline to leases, with Project Matador capacity ramping to approximately 17 GW subject to binding customer agreements and regulatory approvals.