Fermi Inc. 8K

Fermi Inc. used its Q2 2026 earnings release to announce its first major customer contract, a new CEO, a large strategic power alliance, significant Project Matador buildout progress, and a $431+ million convertible notes financing that extends liquidity while managing dilution.

On August 13, 2026, Fermi Inc. reported its second quarter 2026 financial results and provided a comprehensive business update, highlighting the full execution of its 90‑day plan that included signing its first 15‑year turnkey binding lease agreement with anchor AI infrastructure customer TensorWave for phase-one power at its Project Matador campus (with approximately $6.5 billion in contracted revenue and options to expand), appointing experienced infrastructure executive and existing director Lee McIntire as Chief Executive Officer to lead the transition from development to construction and first power, entering into a build‑own‑operate‑transfer strategic alliance with Hillcore Energy Capital Corporation for approximately 2.6 GW of incremental generation capacity requiring no Fermi capital or debt, advancing major site and turbine milestones that bring landed power assets to 1.5 GW and position the site for ~200 MW of initial commercial power in the next six months, and strengthening liquidity by issuing over $431 million of 5.00% Convertible Senior Notes due 2031 with capped call features designed to minimize shareholder dilution, while disclosing that the company remains pre‑revenue with a Q2 2026 net loss of $25.8 million and $91.7 million of cash and restricted cash as of June 30, 2026.

Filing Facts

CIK

2071778

Ticker

-

Form

8K

Source Type

sec

Accession

0002071778-26-000046

Alert Tier

7