Quarterly ResultJun 22, 2026, 07:07 AM
Fervo Energy Q1 2026 Operating Loss $20.1M; Net Loss $31.8M
AI Summary
Fervo Energy reported an operating loss of $20.1 million and a net loss of $31.8 million for Q1 2026. The company successfully completed its IPO in May 2026, raising $2.2 billion, and secured $421.4 million in non-recourse project financing for Cape Station Phase I. Key operational highlights include a 3-gigawatt geothermal framework agreement with Google and significant progress on Cape Station Phase I and II, with first power for Phase I expected in Q4 2026.
Key Highlights
- Q1 2026 operating loss of $20.1 million.
- Q1 2026 net loss of $31.8 million.
- Successfully completed IPO in May 2026, raising $2.2 billion.
- Executed Geothermal Framework Agreement with Google for up to 3 GW capacity.
- Secured $421.4 million non-recourse project financing for Cape Station Phase I.
- Cape Station Phase I on track for first power in Q4 2026.
- Q1 2026 capital expenditures increased to $172.8 million from $105.4 million YoY.
- Expected total capital expenditures of $1.2 billion from Q2 2026 through Q1 2027.
Price Impact
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