Fermi Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $141.6 million ($0.22 per basic and diluted share) for the three months ended September 30, 2026, compared to a net loss of $346.8 million ($0.84 per share) for the same period in 2025.
• General and administrative expenses were $142.2 million for the quarter, up from $37.8 million in the prior year period; this included $65.8 million in non-cash stock compensation and $21.5 million in financial advisory fees settled via common stock issuance.
• Total cash and restricted cash on hand was $315.5 million as of September 30, 2026.
• Capital invested in Property, Plant, and Equipment (PP&E) was $133.4 million for the quarter, bringing the nine-month total to $759.5 million and the net PP&E balance to approximately $1.67 billion.
• Outstanding debt, net, stood at $958.4 million as of September 30, 2026, reflecting a $463.0 million net increase in borrowings under convertible senior notes and equipment financing facilities compared to the prior period.
• For the nine months ended September 30, 2026, the company reported a net loss of $356.1 million ($0.56 per share) compared to a net loss of $353.2 million ($0.95 per share) for the same period in 2025.
• Net cash used in operating activities was $110.6 million for the nine months ended September 30, 2026, compared to $8.3 million for the same period in 2025.
• Net cash used in investing activities was $759.5 million for the nine months ended September 30, 2026, compared to $96.3 million in the prior year period.
• Net cash provided by financing activities was $777.1 million for the nine months ended September 30, 2026, compared to $287.6 million in the prior year period.

Guidance and Future Outlook:

• Management expressed growing confidence in the path forward, aiming to evolve from a pre-revenue, pre-lease phase to the next phase of growth.
• The company stated that successfully converting its current pipeline of prospective customers into leases would fill its 2.2 gigawatts of current capacity.
• Project Matador is expected to ramp to approximately 17 GW of capacity, subject to binding customer agreements, with capital deployment matched to commercial commitments.
• The company intends to continue investing early in infrastructure readiness to accelerate customer development and attract customer capital earlier in the project lifecycle.

Business Segments and Product Lines:

• Entered into agreements with an undisclosed investment-grade hyperscaler to advance development of an initial 600 MW of power capacity at Project Matador beginning in 2027.
• The hyperscaler committed $200 million in a prepayment agreement and $15 million in an early construction and site development agreement.
• Fermi and the customer are finalizing a $90 million structural steel and building materials purchase agreement to leverage critical long-lead materials.
• Terminated the Data Center Lease and Services Agreement with TensorWave, signed in August 2026, along with the associated AMD credit support agreement.
• Maintained a partnership with the Texas Tech University System to advance Project Matador, including conditions under the land lease preceding vertical construction.

Market and Competitive Landscape:

• Management highlighted that hyperscalers require sites with permitted power, positioning Project Matador as one of few facilities capable of meeting this demand immediately.
• Fermi's strategy focuses on speed to power as a key competitive advantage to secure customer commitments ahead of final leases.
• Project Matador is designed to solve the constraint of access to large-scale, reliable power on a timeline that meets customer demand, delivered behind the meter on a private grid.

Risks and Challenges:

• Forward-looking statements note risks regarding the ability to obtain and maintain required permits and regulatory approvals, including from the NRC and TCEQ.
• Risks include the ability to secure binding customer agreements and creditworthy counterparties, complete strategic partnerships on acceptable terms, and secure project financing.
• Potential risks involve large-scale construction, interconnection availability, supply chain and equipment procurement, commodity pricing (natural gas and water), and nuclear development licensing.
• Statements regarding potential generation capacity exceeding currently permitted levels (e.g., 17 GW) are subject to successful receipt of additional permits, approvals, financing, and land acquisition.

Management Commentary and Tone:

• Lee McIntire, Chief Executive Officer, stated that the hyperscaler's commitment reflects the importance of securing access to power within the customer's targeted delivery timeline.
• Management described the agreements as the start of converting a strong pipeline of customers and noted that the company is in a strong position to evolve its business phase.
• Texas Tech University System Chancellor Brandon Creighton reaffirmed the university's commitment to the success of Project Matador.

Other Key Points:

• The company is currently pre-revenue and in its development phase, with spending tracking buildout rather than operations.
• Project Matador has nearly $1.7 billion invested in buildout to date and is secured or under long-term lease.
• The Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage.
• Fermi Inc. trades on NASDAQ and LSE under the ticker FRMI.
• A conference call and webcast were scheduled for November 12, 2026, at 9 a.m. Eastern Time to discuss the results.