Fermi shares plunge after reporting loss for fiscal year 2025

Shares of Fermi (FRMI) are down over 23% in morning trading after the company reported a loss for fiscal year 2025. Fermi reported a GAAP net loss of ($1.13) per share for FY25. At the end of the fourth quarter, the company had $408.5M of cash and cash equivalents. In a letter to shareholders, the company’s founder and CEO Toby Neugebauer said “Our first year proved that building America’s AI energy backbone demands more than capital – it demands relentless execution, a workforce willing to operate at startup pace on an industrial scale, and partners across government, manufacturing, and construction who share our sense of urgency.” The executive added that “We understand the question at the top of every shareholder’s mind: when will Fermi announce its first definitive tenant lease? Our answer has remained deliberate and consistent – we will move forward only when the terms, the partner, and the capital structure meet the disciplined capital and risk standards we require for long-term value creation… Our focus is not on whether we will secure a tenant, but on securing the right one.” Shares of Fermi are down 23.14% to $4.75 in morning trading.