Fermi (FRMI) Q4 2025 Earnings Call Transcript

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DATE

Thursday, May 14, 2026 astatine 9 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Toby Neugebauer

• Chief Financial Officer — Miles Everson

Full Conference Call Transcript

Today's telephone volition beryllium structured successful 2 parts. First, Toby and Miles volition locomotion you done an operational update connected Project Matador. Then Miles volition screen our fiscal results. We volition unfastened it for questions aft that. And with that, I'll manus it implicit to Toby.

Toby Neugebauer: Good morning. Thank you for taking the clip to articulation us. This past Saturday, we had our Board gathering wherever we reviewed each of the accomplishments of the squad implicit the past 100 days. And it's the archetypal clip successful 30 years of concern that I witnessed aggregate rounds of applause. In my opinion, the effect to the team's accomplishments were good deserved. Obviously, Fermi heard large and wide from the market, spell get a tenant. Unfortunately, getting the tenant is the casual part. As our shareholders, what you request Fermi to bash is to gain the spot of investment-grade counterparties and the investors that supply the financing to money multibillion dollars per gigawatt operation projects.

That requires excellence from engineering to accounting. At Fermi, we're creating a backstage assemblage powered by a backstage grid to beryllium the person successful powering artificial quality that volition signifier tomorrow. But it each starts and ends with our tenants trusting america with their business, but conscionable arsenic importantly, their equilibrium expanse to execute connected the tremendous undertaking successful an situation wherever galore are failing. At Fermi, we judge the champion mode to gain this spot is to do, to execute. I invitation and astir plead with you each to travel to the site.

When tenants travel to our site, they are blown distant with the standard and the velocity of which we are executing, 450 cardinal cubic feet of state pipeline in, 10 cardinal gallons of h2o pipeline in, grid link in, substation for an 800-megawatt, 60% to 70% completed, foundations for our gensets either completed oregon connected the verge of completions. But what truly turned our shoppers into buyers was the aerial permit. When we got the aerial licence is erstwhile the C-suites of our customers got very, precise superior astir buying. As you cognize now, we person the 6 gigawatt aerial permit.

On Friday, we filed for an further 5, which we suffice for and that I person a precocious anticipation for america executing. But first, I conscionable privation you each to recognize the anticipation astatine Fermi is tenants. We request aggregate tenants to maximize the usage of our powerfulness gensets. I deliberation you person to person aggregate tenants due to the fact that we request diverseness of request to execute the due ratio of what we're creating with this backstage grid. Second, the Board is precise acrophobic astir disclosure that successful immoderate mode impacts the negotiations connected transactions that are multiparty and impact tens of billions of dollars. So portion we are signing caller LOIs, we are successful the mode of java arsenic for closers.