Quarterly ResultJun 23, 2026, 07:46 AM
Fervo Energy Q1 Net Loss Widens to $31.8M; Cash Declines
AI Summary
Fervo Energy reported a widened net loss of $31.8 million for Q1 2026, up from $9.1 million in Q1 2025, as the company continues pre-commercial operations. Revenue was minimal at $61,000. Cash and cash equivalents decreased significantly from $461.8 million at year-end 2025 to $280.8 million by March 31, 2026, driven by increased capital expenditures and negative operating cash flow. The company also secured a new $421.4 million Project Granite Facility for its Cape Station Phase I geothermal facility and completed an IPO and reverse stock split in May 2026.
Key Highlights
- Net loss widened to $(31.8) million in Q1 2026 from $(9.1) million in Q1 2025.
- Revenue for Q1 2026 was $61,000, up from $0 in Q1 2025.
- Net loss per share was $(3.72) in Q1 2026, compared to $(1.02) in Q1 2025.
- Cash and cash equivalents decreased to $280.8 million from $461.8 million (Dec 31, 2025).
- Net cash used in operating activities was $(9.0) million, a decrease from $17.1 million provided.
- Capital expenditures increased to $(172.8) million from $(105.4) million YoY.
- Secured new $421.4 million Project Granite Facility for Cape Station Phase I.
- Recognized $13.1 million non-cash loss from warrant remeasurement.
Price Impact
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