Fermi (FRMI) Q4 2025 earnings summary

Executive summary

• Transitioned from inception in January 2025 to IPO and substantial completion of Project Matador's initial phase within the year.

• Pre-revenue, with focus on infrastructure build-out and tenant acquisition for large-scale power generation and data center operations.

• Secured a 6 GW air permit and filed for an additional 5 GW, positioning as a major power provider for AI and data center clients.

• Tenant demand is robust, with negotiations ongoing for multi-gigawatt commitments; diversity of tenants prioritized for operational efficiency.

Financial highlights

• Total assets at year-end 2025 were $1.4 billion, with $935 million in construction-in-progress.

• Cash and equivalents stood at $409 million; net loss for the year was $486 million, of which $445 million was non-cash.

• General and administrative expenses were $178 million, with $133 million non-cash share-based compensation.

• Operating cash burn for the year was $34 million; $570 million invested in infrastructure.

Outlook and guidance

• Tenant revenues expected to begin in 2027, but will not cover full operating needs until full build-out.

• Next capital deployment phase contingent on definitive tenant agreements and project financing.

• Project Matador's phase zero and one expected to require over $3 billion in capital.