Fermi Earnings Call Transcripts
Fiscal Year 2026
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A direct hyperscaler agreed to 600 MW of 2027 capacity, supported by a $200 million prepayment, while definitive lease negotiations continue. Q3 cash was $316 million including restricted cash, and CapEx fell to $133 million from $185 million in Q2.
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Management outlined a powered-land strategy, cost-based bidding, and infrastructure progress, with future value dependent on converting its pipeline into tenants. Shareholders rejected the director nominees proposal and approved auditor ratification.
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Delivered on all 90-day objectives, including a $6.5B, 15-year anchor agreement with TensorWave and a strategic alliance doubling power capacity to 4.8 GW. Strengthened liquidity with a $431M convertible note, secured key equipment, and positioned for further customer growth.
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A special shareholder meeting is being called to elect a new board and launch a dual-track process to maximize value, addressing governance concerns and market risks. Project Matador's unique assets and execution attract strong buyer interest, with a focus on speed and shareholder democracy.
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Leadership overhaul and Fermi 2.0 strategy aim to institutionalize operations and secure binding tenant agreements within 90 days. Project Matador advanced with $1.4B invested, strong liquidity, and regulatory milestones achieved, positioning the company to meet surging AI-driven power demand.
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.