Fermi Inc. Common Stock
Fermi Inc. Common Stock Q4 FY2025 earnings call
March 30, 2026 · fiscal period ended 2025-12
EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-03-30
Management highlights
Toby discussed Project Matador's progress over the past 100 days, including construction milestones like gas and water pipeline installation, substation progress, and air permit filing. Miles covered financials including balance sheet details, income statement, cash flows, and capital deployment into Project Matador. Also mentioned REIT election and lockup expiration.
Segment performance
Not applicable as no specific product segment financial performance details provided
Guidance
Next phase of capital deployment at Project Matador tied to execution of definitive tenant agreement and project financing. Emphasized liquidity and strategic capital deployment. Also mentioned REIT status and lockup expiration details.
Risks
Potential for having to delay investments, amend purchase commitments, or surrender collateral if capital not available as needed. Also, consideration of asset relinquishment to preserve liquidity as a potential lever though not currently intended.
Q&A highlights
Q: What are key discussion points with prospective tenants and near-term energization milestones?
A: Tenants want all power forever, need multiple tenants for load diversity. SGT-800s received, foundations ready. Negotiations ongoing with multiple tenants.
Q: Sticking points in tenant discussions?
A: Tenants want to lock in power at today's prices, complex multi-billion dollar transactions.
Q: Additional development before tenant lease and financing?
A: Site ready for generation equipment, matching development with tenants' MEP.
Q: Tenant's power need timing?
A: Varies by tenant, MEP can be a bottleneck.
Q: Scope of tenants increased?
A: Chip makers more engaged.
Q: Cash burn in FY26 and equipment financing recourse?
A: Cash burn reviewed daily, equipment financing non-recourse, no immediate balance sheet impact.
Q: Asset relinquishment and land lease?
A: No intention to relinquish assets, land lease requires tenant agreement by end-2026.
Q: Remaining capex for turbines?
A: Working on foundation calculations for SGT-800s, ongoing bids.
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | — | $-0.01 | — | — |
| Revenue | — | $6.0M | — | — |
Transcript
March 30, 2026Full transcript unavailable for redistribution
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