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Fermi Inc. Outlines Strategic Progress and Financial Outcomes for Q1 2026

Fermi Inc., trading under the name Fermi America™ (NASDAQ: FRMI), announced its financial results for the first quarter of 2026 on May 14, 2026, shedding light on its strategic evolution into a robust public company alongside substantial operational progress. This update provides insights into the company's commitment to delivering private power at gigawatt scale, especially for AI-related use.

Fermi 2.0 Strategic Evolution

The company's recent transition, referred to as Fermi 2.0, marks a critical juncture in its journey from a startup to a firm capable of substantial infrastructure development. Chairman Marius Haas stated, “Fermi America is at a meaningful inflection point. Fermi 2.0 focuses on utilizing our existing infrastructure effectively, converting investor capital into over $1.4 billion in assets.” This foundation allows Fermi to work towards securing binding tenant agreements and managing working capital efficiently over the next 90 days, emphasizing the company’s objective to maximize long-term shareholder returns.

Rick Perry, co-founder and former Governor of Texas, reinforced the company's unique positioning: “Fermi was founded to bring gigawatts of private power to premier AI tenants in months, not years.” This ambitious vision is poised to benefit from the right leadership, strategic land agreements, necessary permits, and engaged partners.

Increased Commercial Momentum

In recent weeks, tenant engagement has seen favorable developments, with ongoing discussions with major hyperscalers and cloud service providers. Anna Bofa, Co-President, shared insights on the enhanced commercial dynamics: “Fermi 2.0 is all about streamlining our commercial interface, making it easier for customers and partners to collaborate with us.” This uptick is partly due to Project Matador, considered one of the leading large-scale power campuses in terms of readiness and infrastructure.

Progress on Project Matador

Construction at Project Matador, Fermi's flagship energy campus in Carson County, Texas, is advancing as planned, covering over 7,500 acres and expected to deliver up to 17 GW of power from a mix of lower-carbon sources, including natural gas, nuclear, solar, and battery solutions.

Key milestones reported during the quarter include:

• - Securing over 2 GW of total power generation capacity through owned and contracted assets.
• - Obtaining a ~6 GW Clean Air Permit sanctioned by the Texas Commission on Environmental Quality, noted as the second-largest permit in the U.S.
• - Filing for an additional ~5 GW Clean Air Permit to facilitate further development.
• - Named as an inaugural participant in the Nuclear Regulatory Commission’s Environmental Impact Statement pilot program, aimed at expediting nuclear licensing.

Furthermore, essential infrastructure completed includes the installation of significant gas supply and water distribution systems, alongside the arrival of Siemens gas turbines at the Port of Houston, emphasizing the project's readiness for future power delivery.

Enhancements in Governance and Financial Position

As part of enhancing governance in light of the unfolding Fermi 2.0, adjustments to the board's composition and roles have taken place. Marius Haas has stepped in as Chairman, and the board has expanded to include seven directors, reflecting the company's growth.

Financially, the company maintains a robust position with $243 million in cash and restricted cash. During the quarter, Fermi secured $785 million in new equipment financing. This capital is crucial as the company navigates considerable debts while pursuing further advancements in infrastructure. Despite a reported loss of $189 million primarily due to share-based compensation, the investment in capital assets is projected to yield long-term growth.

Conclusion and Future Outlook

A conference call has been scheduled for May 14, 2026, to discuss the quarter's results, allowing stakeholders to gain deeper insights into Fermi's strategic direction.
Fermi Inc. continues to solidify its prominence in the energy sector while addressing the evolving demands of AI technology power requirements, setting the stage for a transformative future.

About Fermi America™

Fermi America™ focuses on developing next-generation private electric grids to support advanced AI infrastructure and computing demands, combining innovation with a leadership team experienced in large-scale energy projects.

For more information about Fermi America™, visit Fermi's website.