Fermi Inc. (FRMI)
NASDAQ:FRMI
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Earnings Data
Report Date
Nov 17, 2026Before Open (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
―Last Year’s EPS
-0.84Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Q4 2025
Earnings Call Date:Mar 30, 2026|
% Change Since:
|
Earnings Call Sentiment|Neutral
The call balances clear, tangible operational progress and strong near‑term liquidity with meaningful execution risks. Highlights include major permitting (6 GW), substantial on‑site construction, $935M of construction in progress, equipment procurement with tariff savings, and ~$1B of financing proceeds plus additional equipment financing facilities that together provide at least 12 months of liquidity. Lowlights center on the lack of any executed definitive tenant leases, dependence on project‑level financing to proceed, notable noncash accounting losses that drive a large GAAP net loss ($486M), and MEP/supply chain timing mismatches that could delay revenue. Overall, the company has advanced materially from formation to a real, asset‑backed development stage, but near‑term value realization hinges on executing tenant agreements and project financings.Company Guidance
Substantial Project Matador Construction Progress
Significant buildout of Project Matador: 450 million cubic feet of gas pipeline installed, 10 million gallons of water pipeline in, grid connection completed, substation ~60–70% complete, and foundations for gensets largely completed or near completion. Property, plant & equipment (construction in progress) = $935M, representing ~66.8% of total assets ($1.4B).
Major Environmental Permit and Expansion Filing
Received a 6 GW air permit and filed for an additional 5 GW (filed Friday). Management reports the air permit materially increased tenant engagement—'shoppers became buyers.'
Material Capital Deployment Into Infrastructure
Nearly $570M of investor capital deployed into physical infrastructure at Matador (net cash used in investing activities ≈ $570M) demonstrating active capital deployment into generation, data center infrastructure, substation, land, water and early nuclear predevelopment.
Strong Balance Sheet and Liquidity Position
Total assets ~$1.4B; cash & cash equivalents $409M as of Dec 31, 2025; total stockholders' equity ~$1.1B (~78.6% of assets). Subsequent equipment financing facilities (MUFG $500M, Keystone $120M expandable to $220M, Yellowstone $165M) plus existing cash provide liquidity to satisfy obligations for at least 12 months.
Successful Capital Raises and Financing Activity
Cash provided by financing activities ≈ $1.0B including $746M net IPO proceeds, $108M preferred units, $100M Macquarie term loan, $76M Series A convertible notes and $26M seed convertible notes—IPO proceeds alone were ~74.6% of total financing inflows.
Equipment Procurement and Tariff Savings
Turbine procurement underway (Siemens F‑Class, SGT‑800s, GE6B). SGT‑800 frames arrived in Houston and were cleared into country after a Supreme Court tariff ruling, saving approximately $27–30M in tariffs.
Minimal Operating Cash Burn Relative to Construction Spend
Operating cash use (true operating cash burn) for the year was approximately $34M; cash used for G&A ≈ $45M while most net loss was noncash—operational cash burn is modest while large amounts are invested in construction in progress.
Broadening Tenant Interest, Including Chip Makers
Management reports increased and accelerated tenant engagement since permitting, with notable direct engagement from chip makers and greater interest from modular MEP providers that could speed customers' MEP deployment timelines.
FRMI Earnings History
Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release | Slides | Play Transcript |
|---|---|---|---|---|---|---|---|
Nov 17, 2026 | 2026 (Q3) | -0.84 | ― | ― | ― | ||
Mar 30, 2026 | 2025 (Q4) | ― | ― | ― | |||
Nov 10, 2025 | 2025 (Q3) | ― | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FRMI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 30, 2026 | $6.18 | $5.36 | -13.27% |
Nov 10, 2025 | $24.35 | $25.31 | +3.94% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Fermi Inc. (FRMI) report earnings?
Fermi Inc. (FRMI) is schdueled to report earning on Nov 17, 2026, Before Open (Confirmed).
What is Fermi Inc. (FRMI) earnings time?
Fermi Inc. (FRMI) earnings time is at Nov 17, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What is FRMI EPS forecast?
Currently, no data Available