Quarterly ResultAug 13, 2026, 07:13 AM
Fermi Lands First Anchor Customer, Appoints CEO, Reports Q2 Results
AI Summary
Fermi Inc. announced its second quarter 2026 financial results and reported significant progress on its 90-day objectives. The company signed a 15-year binding lease agreement with TensorWave, its first anchor customer, for 222 MW of power with approximately $6.5 billion in total revenue. Fermi also appointed Lee McIntire as CEO, established a strategic alliance with Hillcore for 2.6 GW of incremental power, and strengthened its liquidity by issuing $431 million in convertible notes. For Q2 2026, Fermi reported a net loss of $25.8 million and ended the quarter with $91.7 million in cash and restricted cash.
Key Highlights
- Signed 15-year binding lease with TensorWave for 222 MW, generating $6.5 billion revenue.
- Appointed Lee McIntire as Chief Executive Officer.
- Formed strategic alliance with Hillcore for 2.6 GW incremental power at Project Matador.
- Issued $431 million in 5.00% Convertible Senior Notes due 2031.
- Reported Q2 2026 net loss of $25.8 million, or $0.04 per basic and diluted share.
- Ended Q2 with $91.7 million in total cash and restricted cash.
- Invested $185.0 million in Property, Plant, and Equipment, bringing total to $1.55 billion.
- Outstanding debt increased to $520.1 million.
Price Impact
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