Fermi Inc. (FRMI)
NASDAQ:FRMI
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
Moderate Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call emphasized meaningful operational and commercial progress — regulatory permits, substantial on‑site build and long‑lead equipment acquisitions, renewed tenant engagement, and near‑term financing commitments — while flagging material near‑term risks including a large Q1 net loss driven by equity compensation, high Q1 capital spend relative to cash balances, leadership transition and governance changes, and execution timing risks tied to interconnection and equipment availability. Management articulated a focused 90‑day plan (including securing a binding tenant agreement) and presented multiple financing levers, but successful de‑risking is contingent on closing tenant deals and converting financing commitments into drawn, project‑level capital.Company Guidance
Regulatory and Permitting Milestones
Received a 6 GW clean air permit in February (described as the second largest U.S. permit) and filed for an incremental 5 GW gas permit in late March, providing regulatory certainty for large-scale offtake and enabling commercial progress.
Material Site and Equipment Buildout
Cumulative investment in Project Matador exceeded $1.4 billion. Q1 capex was $441 million. Site works include >11 miles of perimeter fencing, ~5 miles of high‑pressure gas pipeline, ~7 miles of water distribution lines delivering 2.5M gallons/day, a 2M gallon water storage tank, and 86 MW of XL power brought to site.
Natural Gas Generation Equipment Position
Control of roughly 2.2 GW of natural gas generation equipment (including 1.1 GW of combined‑cycle units arriving in Q3 and additional SGT‑800 sets secured and scheduled for delivery in 2028), with foundations poured and long‑lead items on site or in transit, supporting a claimed 1.5 GW speed‑to‑power advantage.
Commercial Momentum and Tenant Engagement
Management reports renewed and accelerating tenant conversations since leadership changes, multiple prospective tenants and partners hosted on site, an expanded pipeline over recent weeks, and active evaluation of strategic partnerships with established data center and infrastructure operators to accelerate deployment.
Strengthened Governance and Leadership Actions
Board expanded from 5 to 7 directors; Chairman assumed a more active role; independent CEO search launched; interim CFO (Rob Masson) with 20+ years of public company financial leadership hired to drive financial discipline.
Financing Progress and Capital Structure Actions
Ended Q1 with $243 million cash; fully repaid the Macquarie term loan and replaced ~ $150 million of high‑cost debt with equipment financing. Secured $785 million of new equipment financing (including $500 million from MUFG), >$156 million facility with Yorkville (undrawn), and nearly $1 billion in financing commitments to support project development.
FRMI Earnings History
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 |
|---|---|---|---|
May 14, 2026 | $6.00 | $7.37 | +22.83% |
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 companies are reporting earnings today?
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What is FRMI EPS forecast?
Currently, no data Available