Highlights

  • Second quarter net loss was USD 25,806 thousand, or USD 0.04 per share.
  • Six-month net loss was USD 214,499 thousand against USD 6,367 thousand.
  • Cash and cash equivalents were USD 62,536 thousand at June 30, 2026.
  • Total Assets were USD 1,763,136 thousand against USD 1,413,314 thousand.

Fermi Inc. (NASDAQ:FRMI) shares were trading near their all-time low at USD 1.52 on November 6, 2026, down 0.65% on the day. The company reported a second quarter net loss of USD 25,806 thousand, or USD 0.04 per share.

Fermi says it exists to power the artificial intelligence needs of tomorrow. It is developing a utility-scale private-grid powered campus for AI-centric customers, with grid-independent and interdependent energy generation and high-performance computing facilities built for the hyperscale era.

Project Matador

The strategy is anchored by Project Matador in the Texas Panhandle, a multi-phased development on a 5,236-acre site held or to be held under a long-term ground Lease with the Texas Tech University System. The filing says it is designed to deliver up to 11 GW of predominantly private power generation capacity, supplemented by grid interconnections and utility-supplied power.

On April 13, 2026, a wholly owned subsidiary, Fermi Mobile Gen LLC, entered into a first amendment to its master lease agreement with Mobile Power Solutions LLC.

Results

Total expenses were USD 26,759 thousand against USD 5,609 thousand, and the loss from operations matched those figures. The net loss was USD 25,806 thousand against USD 6,289 thousand, and the loss per share was USD 0.04 against USD 0.02.

For the six months, total expenses were USD 193,003 thousand against USD 5,687 thousand. The net loss was USD 214,499 thousand, or USD 0.34 per share, against USD 6,367 thousand, or USD 0.02 per share.

Interest income was USD 1.0 million for the quarter and USD 3.3 million for the six months. Other income and expense, net, was not significant for the quarter and a net expense of USD 24.8 million for the six months.

Cash Flow

Cash and cash equivalents were USD 62,536 thousand against USD 408,529 thousand at December 31, 2025. Net cash used in Operating Activities was USD 56,016 thousand against USD 2,618 thousand, and net cash used in investing activities was USD 626,157 thousand against USD 42,872 thousand. Net cash provided by financing activities was USD 365,375 thousand against USD 85,822 thousand.

Balance Sheet

Total assets were USD 1,763,136 thousand against USD 1,413,314 thousand. Total liabilities were USD 731,479 thousand against USD 317,442 thousand, and total stockholders' Equity was USD 1,031,657 thousand against USD 1,095,872 thousand. The accumulated Deficit was USD 347,698 thousand against USD 133,199 thousand.

The filing notes that figures for periods before September 30, 2025 refer to Fermi's predecessor, Fermi LLC. There were 640,467,348 shares outstanding as of August 10, 2026. The filing also includes an evaluation of Going Concern conditions under ASC Topic 205-40.