Fermi Inc. (FRMI) reported a net loss of $141.6 million, or $0.22 per share, for the three months ended September 30, 2026, according to its third-quarter earnings call held November 12, 2026. The company said it had unrestricted cash and cash equivalents of $286.3 million at quarter end, and total outstanding debt, net of discounts and issuance costs, of $958.4 million following a convertible senior notes offering in July.
Management disclosed an agreement for a $200 million prepayment from an investment-grade hyperscaler to fund 600 megawatts of power development at Project Matador. Total property, plant, and equipment grew to $1.67 billion, reflecting $133.4 million of capital investment during the quarter, and general and administrative expenses included $65.8 million of non-cash stock compensation.S1
Fermi also terminated its data center lease and services agreement with TensorWave, along with the associated AMD credit support agreement. The company paid $25 million in fees to amend its turbine warehouse facility to remove a lease deadline and maintain a 5% minimum principal payment, and identified $112 million of equipment commitments to be funded using existing facilities through the remainder of 2027.S1
On the project itself, management targeted initial power availability for the 600 megawatt development in late second quarter or early third quarter of 2027. Energy Transfer committed up to 220,000 BTU of natural gas through an on-site pipeline with a capacity of 450 million cubic feet per day, and the campus design is expected to use 80% less water than traditional methods through dry and hybrid closed-loop cooling. The company said it holds air permits for 6 gigawatts of capacity to mitigate regional development delays.S1
Chief Executive Officer Lee Alan McIntire estimated the replacement value of on-site turbines and ancillary equipment at approximately $4 billion. The company reported a 2.2 gigawatt pipeline of current capacity, with demand identified for several additional gigawatts beyond that level, while market benchmarks cited for the Powered Land Plus model ranged from $3.9 million to $5.1 million per megawatt in construction costs and fixed charges of $55 to $69 per kilowatt-month.S1
