Financing ·
Fermi Inc. reported a net loss of $25.8 million ($0.04 per share) for the second quarter ended June 30, 2026, driven…
FRMIFermi Inc.
Fermi Inc. reported a net loss of $25.8 million ($0.04 per share) for the second quarter ended June 30, 2026, driven by $26.8 million in general and administrative expenses while remaining pre-revenue. The company secured its first anchor customer, TensorWave, via a 15-year binding lease for 222 MW of power with approximately $6.5 billion in total revenue over the contract term. Fermi appointed Lee McIntire as CEO to lead construction and first power delivery. Additionally, the firm established a strategic alliance with Hillcore Energy Capital Corporation to add 2.6 GW of incremental generation at Project Matador without requiring Fermi capital or debt. Post-quarter end, Fermi issued $431 million in convertible senior notes due 2031 at a 5.00% coupon, raising net proceeds of $416.8 million to strengthen liquidity and fund capped call transactions that limit dilution until the stock price exceeds $14.64 per share. Fermi Inc. develops next-generation private electric grids to deliver gigawatt-scale power for AI and advanced computing infrastructure.