Fermi Earnings Call Transcripts
Fiscal Year 2026
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Leadership overhaul and Fermi 2.0 strategy aim to institutionalize governance and accelerate Project Matador. Q1 saw a $189M net loss, $441M in CapEx, and $243M cash on hand, with strong equipment financing secured. Focus remains on binding tenant agreements and disciplined capital deployment.
Fiscal Year 2025
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Substantial progress on infrastructure and financing, with $1.4B in assets and $570M deployed, but still pre-revenue and awaiting definitive tenant agreements. Tenant demand is strong, especially from hyperscalers and chip makers, with revenues expected in 2027.
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A major energy project in Amarillo is advancing rapidly, with construction underway and strong demand from hyperscalers. The company expects to deliver 1GW by 2026, secure the largest gas air permit, and finalize key customer agreements before year-end.
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Major operational and financial milestones achieved, including a $785M IPO, $150M tenant advance, and key equipment deals. Project Matador remains on track for 2026 revenue, with strong demand and active tenant negotiations supporting a scalable, multi-gigawatt power campus.