Fermi’s lack of signed contract remains headwind, says Stifel

Stifel analyst Stephen Gengaro tells investors in a research note that Fermi (FRMI) reported year-end 2025 results, highlighting progress at its Project Matador site, a cash balance of $408.5M after $1B in financing, and ongoing discussions with potential tenants, though the absence of a signed contract remains a headwind for the shares. The firm has a Buy rating on the shares.