Good morning, ladies and gentlemen. It is now 10:00 A.M., and in accordance with the notice of the annual meeting, I call this annual meeting of the shareholders of Fermi Inc. to order. I am Marius Haas, Chairman of the Board of Directors. On behalf of the Board of Directors, I welcome you to the annual meeting of the shareholders. Please remember that you may vote your shares online at any time during this meeting prior to the close of the polls. At this time, I'll hand the meeting over to Fermi CEO, Lee McIntire, for some brief remarks.
Thank you, Marius, and good morning, everyone. I'm Lee McIntire, Fermi's CEO. It's been a year of change, for sure, since Fermi's IPO. The board made hard leadership decisions in the spring, but our people stayed focused and kept building. I want to thank them first. Our employees and contractors have done wonderful infrastructure work. When our clients see our Matador site, they love it. They know we have permitted power and are a safe harbor for community relationships. This has become a very important issue across the country, and we are satisfying that need. We owe a great deal to Carson County, the City of Amarillo, and Texas Tech University. Their support makes Project Matador possible. I want to also thank the shareholders who have stuck with us during these turbulent times. I was pleased to take on the CEO role in August.
We focused on the basics, like knowing our costs in this rapidly moving and changing market. That may seem obvious, but in the EPC business, engineering, procurement, and construction, it is critical that you know your costs to build and know your market prices. It was an intense look at our costs, which allowed us to build a sound financial basis for bidding to prospective tenants. This allowed us to create a long-term financial strategy based on net operating income per megawatt built. It also guided us to our plan to shift focus to powered land, as our new tenants prefer that model. These were basic and critical decisions. As a result of the team's hard work and patience, our business development pipeline is very robust. If what we have in our current investment-grade pipeline converts from prospects into client tenants, we will have significant megawatts of contracted power.
During the earnings call on November 12, my team will walk through the financial framework that estimates the value that each gigawatt of contracted capacity creates for Fermi shareholders. We took delivery of our first natural gas turbines on site. We installed natural gas, water, and transmission lines across the campus. We're very excited about this. The next chapter is about signing new customers, building the plant, delivering the power, all in line with our strategic financial plan. Our priorities are to work safely, stay on schedule, invest with discipline, and take care of our customers. I believe we will do those four things very well. We will create value and generate profitable cash flow. Again, I want to thank you, our shareholders. Many of you have stayed with us through a very hard first year. We do not take that for granted.
We know we have to earn that trust. Thank you. Lee McIntire, Chief Executive Officer, Fermi.
In addition to myself, who serves as the Chairman of the Board of Directors, I would like to acknowledge our Board of Directors and other executive officers. These directors are Rick Perry, Jeffrey Stein, Lee McIntire, Larry Kellerman, and Cordel Robbin-Coker. The executive officers are Lee McIntire, Chief Executive Officer, and Robert Masson, Chief Financial Officer. I would now like to introduce Anne St. Martin of Broadridge Financial Solutions, Inc., who has been appointed as our inspector of election for this annual meeting. She has signed an oath to act as the inspector of election, and this oath will be filed with the minutes of this meeting. August 31, 2026, was set by resolution of the Board of Directors as the record date for today's annual meeting. All shareholders of record at the close of business on August 31 are entitled to vote at today's meeting.
On or about October 7, 2026, we began delivery of the notice of the annual meeting and proxy statement dated October 2, 2026, and a proxy card to each shareholder of record at the close of business on August 31. Further, on or about October 7, 2026, we began delivery of the 2025 annual report dated October 2, 2026. The inspector of election reports that the holders of a majority of Fermi common stock issued and outstanding and entitled to vote at this meeting are present and represented by proxy at the meeting. Therefore, a quorum is present, and the meeting may proceed. We will now present the matters properly brought before this meeting.
The first item of business is the approval of proposal one, the election of two Class I director nominees to serve until the 2029 annual meeting of shareholders, or until such director's successor is duly elected and qualified, or until such director's earlier death, resignation, or removal from office. The second item of business is the approval of proposal two, the ratification of the selection of Ernst & Young LLP as the company's independent auditors for the fiscal year ending December 31, 2026. The proposals are described in the proxy statement, and the board of directors recommends that you vote for both proposals. This concludes the matters to be considered and voted upon at today's meeting. Will the shareholders entitled to vote and proxies please conclude their voting? I now declare the polls closed. No further votes may be submitted.
I have been advised by the inspector of election that based on a preliminary tabulation of the votes, fewer than the necessary number of votes cast in person or by proxy by the holders of common stock voted in favor of proposal one, and more than the necessary number of votes cast in person or by proxy by the holders of common stock voted in favor of proposal two. Accordingly, proposal one has not been approved and proposal two has been approved. The final voting results will be tallied by the inspector of election and subsequently announced in a Form 8-K filing. That completes the business scheduled for today. Our meeting is now adjourned. Thank you for attending.