FRMI · Fermi Inc.
$4.19
+0.14 (+3.33%)
At close · Oct 2
Return incl. dividend (before tax)
Going-concern doubt
— cleared Aug 14, 2026
The latest filing states the doubt was alleviated.
“Considered in the aggregate and before consideration of management's plans, these conditions raise substantial doubt about the Company's ability to continue as a going concern within that period. In order to alleviate the substantial doubt, the Company has approved and undertaken several measures. ... Accordingly, management has concluded that its plans alleviate the substantial doubt, and these unaudited condensed consolidated financial statements have been prepared on a going concern basis.”View the 10-Q filed Aug 14, 2026
Market Cap
$2.89B
Shares
640.47M
Volume · Oct 2
3.08M
Avg daily vol (3M)
18.6M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$4.05
Open$4.20
Day$3.92–4.21
52W close$4.05–32.53
Avg vol 30d16.6M
Short int63.5M · 9.9% float · 4.0d
Short vol61%
Last earningsAug 13, 2026
DataOct 2025–Oct 2026
Filing10-Q · Aug 14
Up next
Next earnings call
Nov 12, 2026
Est · unconfirmed
· in 6 wks
filed Aug 14, 2026
call held Aug 13, 2026
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
—
Trailing 12 months
Net income (TTM)
—
Trailing 12 months
Revenue growth YoY
—
Year over year
Operating margin
—
Trailing 12 months
P / E (TTM)
—
Trailing earnings
FCF yield
—
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
—
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
—
Year over year · more shares
Price change (1Y)
—
Trailing year
Short interest
9.9%
Latest settlement · 4.0 days to cover
AI Brief
Q2 FY26 earnings call · Aug 13, 2026
Q2 FY26
TL;DR. Fermi delivered on all five objectives of its 90-day plan: signed a binding 15-year anchor lease with TensorWave for up to 650 MW (~$6.5B Phase 1 revenue), appointed Lee McIntire as CEO, formed a 2.6 GW BOOT alliance with Hillcore and EPC partnerships with Primoris and TSK, raised an upsized $431M convertible note offering with capped-call dilution protection, and received three Siemens F-class turbines at the Port of Houston.
Bullish
- + Signed binding 15-year anchor lease with TensorWave for up to 650 MW, including $6.5B Phase 1 revenue on 222 MW.
- + Formed Hillcore build-own-operate-transfer alliance adding ~2.6 GW, doubling planned on-site generation to 4.8 GW within ~30 months with $0 Fermi capital.
- + Strengthened balance sheet with upsized $431M 5.00% convertible notes due 2031 featuring capped call that eliminates dilution until stock doubles.
- + Appointed Lee McIntire, a board member since September 2025 with 40+ years leading large-scale construction at Bechtel, CH2M Hill, and TerraPower, as CEO.
- + Three Siemens F-class turbines arrived at Port of Houston in July and cleared customs, bringing landed power assets to 1.5 GW.
- + Secured EPC partnerships with Primoris (Phase 1 balance of plant) and TSK (Phase 2 engineering).
Bearish
- − Reported $25.8M Q2 net loss ($0.04 per share) with $193.0M G&A year-to-date as company remains pre-revenue in development phase.
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Strong Sell
SellHoldBuy
Technical
Strong Sell
Momentum
Very Weak
Sentiment
Neutral
Fundamentals
Fair
Quant / Vol
Very High
Market backdrop
VIX 16.4 · calm
Equity put/call 0.57
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
−43%
below
Price vs 50-day avg
−27%
below
RSI (14)
32
neutral
MACD trend
Negative
52-week position
0%
near low
Momentum
relative strength
1-month return
−15%
trailing
6-month return
−17%
trailing
YTD return
−49%
this year
Relative strength
−29%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $6 › 200d $7 — 200d above 50d
Institutional flow
Accumulating
+40% holders QoQ · +130 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
9.91% of float · ▲ +5.1% MoM · 4.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
306 holders — 13F breadth
Squeeze score
58
elevated · 0–100
Fundamentals
Free cash flow
$-603.5M
Balance sheet
$149.7M
net cash
Quant / Vol
risk profile
Volatility
121%
annualized · 1-yr
Max drawdown
−88%
past year
ATR
8.5%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Technicals
trend & momentum for long-term holders Strong Sell
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
−43%
Bearish
Price vs 50-day avg
−27%
Bearish
RSI (14)
32
Neutral
MACD trend
Negative
Bearish
52-week position
0%
Bearish
Market signals — smart money & positioning
Mixed
Trend (MA cross)
No cross
50d $6 › 200d $7 — 200d above 50d
Institutional flow
Accumulating
+40% holders QoQ · +130 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
9.91% of float · ▲ +5.1% MoM · 4.0 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Steady
306 holders — 13F breadth
Price context
position in its 52-week range
Range low $4
Now $4 · 0%
Range high $33
vs 200-day avg -43%
vs 50-day avg -27%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Data Center Space Secured / Under Contract | 15M | Q2 2026 | — |
| Hillcore BOOT Combined-Cycle Capacity | 2.6 | Q2 2026 | — |
| Miles of Fencing Installed | 11.3 | Q2 2026 | — |
| Miles of Natural Gas Lines Installed | 4.6 | Q2 2026 | — |
| Miles of Water Lines Installed | 7.2 | Q2 2026 | — |
| Natural Gas Firm Supply Secured | 220K | Q2 2026 | — |
| Site Acreage | 8,400 | Q2 2026 | — |
| Site Area Prepared | 13.1M | Q2 2026 | — |
| TensorWave Phase 1 Contracted Capacity | 222 | Q2 2026 | — |
| TensorWave Phase 1 Contracted Revenue | $6.5B | Q2 2026 | — |
| TensorWave Total Facility Power (Including Expansion Options) | 650 | Q2 2026 | — |
| Total Planned On-site Generation Within ~30 Months | 4.8 | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Specialty — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FRMI
this stock
Fermi Inc.
|
$2.89B | -49.4% | — | — | 9.9% |
|
EQIX
Equinix Inc
|
$99.47B | +32.1% | +7.8% | 64.9 | 1.7% |
|
AMT
American Tower Corp /Ma/
|
$77.54B | -8.3% | +5.1% | 22.9 | 1.3% |
|
DLR
Digital Realty Trust, Inc.
|
$62.83B | +14.1% | +10.0% | 47.0 | 2.4% |
|
IRM
Iron Mountain Inc
|
$33.16B | +34.0% | +8.3% | 79.0 | 2.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Financials
Filings
Earnings & Events
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FRMI | -11.0% | -15.1% | -16.8% | -3.8% | -49.4% |
| SPY | -0.4% | -0.2% | +12.4% | +0.2% | +12.0% |
| vs SPY | -10.6% | -14.9% | -29.3% | -4.0% | -61.4% |