Earnings Releases·Nov 9, 2026, 8:37 AM ET

Fervo Energy — Third Quarter 2026 Earnings Summary

Q3 2026 revenue doubled to $116,000 from $55,000 in the prior year period, while net income turned positive at $11.7 million compared to a $15.8 million loss in Q3 2025, driven by a $29.9 million tax benefit and non-cash gains; however, operating loss widened to $43.7 million from $13.7 million, and capital expenditures rose to $256.7 million.
Guidance for Q4 2026 capital expenditures was lowered to $450.0 million–$500.0 million (down from $850.0 million–$900.0 million previously), with total H2 2026 capex now expected at $700.0 million–$750.0 million, while 2027 revenue expectations remain unchanged.
Cape Station Phase I GeoBlock 1 reached commercial operation ahead of schedule, and total capacity under binding PPAs increased to 1,054 megawatts ($11.9 billion) following a 15-year, 396-megawatt agreement with Google, with a potential 600-megawatt expansion option and a revised capacity potential estimate of 8.4 gigawatts.
Balance sheet strength improved significantly with unrestricted cash of $1.9 billion, total debt of $301.6 million, and total stockholders' equity turning positive to $2.79 billion, up from a $246.5 million deficit at year-end 2025.