Fervo Energy — Third Quarter 2026 Earnings Summary

Fervo Energy declared commercial operation for GeoBlock 1 at its Cape Station on September 30, 2026, ahead of schedule, while GeoBlocks 2 and 3 are progressing toward commercial operation by January 1, 2027. The company signed a 15-year, 396-megawatt power purchase agreement with Google, the largest enhanced geothermal agreement to date, with an option to expand to nearly 1 gigawatt. For the third quarter of 2026, Fervo reported a net income of $11.7 million driven by interest income and tax benefits, alongside capital expenditures of $256.7 million. An independent study updated the heat-in-place potential at Cape Station to approximately 8.4 gigawatts, nearly double previous estimates.