Fermi Inc. FRMI
Fermi Inc. ("Fermi," "we," "us," or "our") exists to power the artificial intelligence needs of tomorrow. We are building a private power campus for AI-centric customers—developing and leasing large-scale, grid-independent energy generation and high-performance computing facilities purpose-built for the hyperscale era. Our mission is to deliver up to 11 GW of low-carbon, highly reliable and redundant, and on-demand power directly to the world's most compute-intensive businesses, with the potential to expand the campus to up to approximately 17 GW of total generation capacity, subject to the closing of additional land acquisitions and receipt of incremental permits. See "—Strategic Land Expansion" and "—Air Permitting and Regulatory Milestones" below for additional detail. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest AI infrastructure campuses by square footage currently in existence. In a world in which power is considered a key currency for AI innovation, we believe that Fermi is uniquely positioned with numerous strategic advantages that will help propel America's AI economy forward.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 |
|---|---|---|
| SG&A | $177.8M | — |
| Total operating expenses | $177.8M | — |
| Operating income | -$177.8M | — |
| Interest expense | $3.7M | — |
| Net income | -$486.4M | — |
| EPS, basic | -1.13 | — |
| EPS, diluted | -1.13 | — |
| Shares, diluted (wtd. avg.) | 468.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 |
|---|---|---|
| Cash and equivalents | $408.5M | $0 |
| Property, plant and equipment | $935.3M | — |
| Total assets | $1.41B | — |
| Short-term debt | $109.8M | — |
| Long-term debt | $149.0M | — |
| Total liabilities | $317.4M | — |
| Retained earnings | -$133.2M | — |
| Total equity | $1.10B | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 |
|---|---|---|
| Operating cash flow | -$34.2M | — |
| Capital expenditure | $569.3M | — |
| Investing cash flow | -$570.3M | — |
| Financing cash flow | $1.01B | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002071778-26-000018.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2024 | FY2025 |
|---|---|---|
| Revenue | — | — |
| Gross profit | — | — |
| Net income | — | -$486.4M |
Recent filings and events
- Director nominations Dates and mechanics for shareholders proposing directors. Item 5.08
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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