Summary of the second-quarter 2026 results release furnished by Fermi Inc. as Exhibit 99.1 to a Current Report on Form 8-K on August 13, 2026. This summary is not the release; read the release and the Form 10-Q at the source links.
Fermi reported a net loss of $25.8 million for the quarter ended June 30, 2026 ($214.5 million for the six months), with cash and restricted cash of $91.7 million at quarter end before approximately $416.8 million of net proceeds from the 5.00% convertible senior notes issued in July 2026. Property, plant and equipment, net was $1,547.9 million, reflecting more than $1.5 billion invested in the site build-out to date.
Operationally, the company reported that approximately 1.5 GW of generation equipment had landed in Texas (six Siemens Energy SGT-800 units and three Siemens Energy SGT6-5000F units), that bathtub excavation was complete for all six SGT-800 power islands, and that site works included 11.3 miles of perimeter fencing, 7.2 miles of water line and 4.6 miles of gas line.
The release described the binding TensorWave lease (222 MW, 15-year initial term, approximately $6.5 billion of contracted revenue for Phase 1 with options to more than 650 MW), the framework alliance with Hillcore Energy Capital for an approximately 2.6 GW build-own-operate-transfer power center with Fermi as anchor offtaker, and the appointment of Lee McIntire as Chief Executive Officer effective August 11, 2026.
Management guided to about 200 megawatts of initial commercial power over the following six months and about 1.5 GW over the next 18 to 24 months, and said the Hillcore alliance would double planned on-site generation to approximately 4.8 GW within roughly 30 months. The site is described as expected to encompass approximately 8,400 acres in the aggregate. These statements are forward-looking and subject to the risks described in the company’s filings.
The Form 10-Q for the quarter, filed August 14, 2026, is available on EDGAR and on the SEC Filings page of this site.