Looking at the filing, I need to assess the substantive disclosure content. The filing contains meaningful content beyond boilerplate: the Explanatory Note describes the corporate conversion from Fermi LLC to Fermi Inc., the share count as of August 10, 2026, the company's structure, ticker, exchange listings, and the forward-looking statements section with specific risk factors related to Project Matador, TensorWave, nuclear power, and AI infrastructure. This clearly exceeds 150 words of substantive content. Now I'll identify key facts from the filing: - Company: Fermi Inc. - Ticker: FRMI on The Nasdaq Stock Market LLC (and London Stock Exchange) - Form: 10-Q for quarterly period ended June 30, 2026 - Shares outstanding as of August 10, 2026: 640,467,348 - Originally formed as Fermi LLC (Texas LLC) on January 10, 2025 - Corporate Conversion on September 30, 2025 (from LLC to Texas corporation) - IPO registration statement on Form S-11 - Emerging growth company, non-accelerated filer - Key project: Project Matador - Key tenant/lease: TensorWave - Address: 620 S. Taylor St., Suite 301, Amarillo, TX 79101 The filing cuts off mid-sentence in the risk factors, so I'll only report what's confirmed.

Fermi Inc. filed its Form 10-Q with the U.S. Securities and Exchange Commission on August 14, 2026, covering the quarterly period ended June 30, 2026, and reporting 640,467,348 shares of common stock outstanding as of August 10, 2026.

Key Highlights

  • Shares outstanding: 640,467,348 shares of common stock, par value $0.001 per share, were outstanding as of August 10, 2026, according to the filing.
  • Dual exchange listing: The company's common stock is listed on The Nasdaq Stock Market LLC and The London Stock Exchange, both under the trading symbol FRMI.
  • Corporate conversion: The company converted from a Texas limited liability company (Fermi LLC) to a Texas corporation (Fermi Inc.) on September 30, 2025, immediately following the effectiveness of its Form S-11 IPO registration statement.
  • Inception date: Fermi LLC was originally formed on January 10, 2025, which the filing identifies as "Inception."
  • Company classification: The registrant identified itself as a non-accelerated filer and an emerging growth company, and elected not to use the extended transition period for new or revised accounting standards.
  • Key project and tenant: The filing identifies Project Matador as the company's primary development and discloses a lease with TensorWave as a key commercial relationship.

Fermi Inc. Quarterly Disclosure: Corporate History, Project Matador, and Risk Factors

Fermi Inc. (NASDAQ:FRMI) submitted its quarterly report for the period ended June 30, 2026, disclosing details about its corporate structure, operations, and risk profile. According to the filing, the company was originally organized as Fermi LLC, a Texas limited liability company, at inception on January 10, 2025. On September 30, 2025, the company effected a statutory conversion to a Texas corporation in connection with its initial public offering, which was conducted under a Form S-11 registration statement. The filing states that "Fermi Inc. succeeded to all of the property and assets of Fermi LLC and succeeded to all debts and obligations of Fermi LLC" as a result of that conversion.

The company is headquartered at 620 S. Taylor St., Suite 301, Amarillo, TX 79101, and its common stock trades under the symbol FRMI on both The Nasdaq Stock Market LLC and The London Stock Exchange. The filing notes the company is classified as an emerging growth company and a non-accelerated filer, and that it has elected not to use the extended transition period for complying with new or revised financial accounting standards under Section 13(a) of the Exchange Act.

The filing identifies Project Matador as the company's primary infrastructure development and discloses a lease with TensorWave as a central commercial arrangement. Among the risk factors disclosed, the company noted that "our business model is highly dependent on the successful construction, development, leasing, and continued maintenance of Project Matador," and cited uncertainties around anticipated revenues from the TensorWave lease, construction timing, project-level financing, and TensorWave's potential exercise of an expansion option. The filing also identified risks related to nuclear power market development, AI infrastructure demand, tariffs, supply chain disruptions, and geopolitical factors. The company's forward-looking statements carry cautionary language indicating actual results may differ materially from expectations.

What Was Disclosed

Fermi Inc. filed its quarterly report for the period ended June 30, 2026, disclosing its corporate conversion history, 640,467,348 shares outstanding as of August 10, 2026, dual exchange listing, emerging growth company status, and risk factors tied to Project Matador and a lease with TensorWave.