Fermi Inc. Common Stock (FRMI) financials
NASDAQ · Real Estate · REIT - Specialty · 35 employees · CEO Lee McIntire
- Price
- $2.61 -8.74%
- Market cap
- $1.67B
- Enterprise value
- $1.61B
- Last report
- Q2 '26 filed 2026-08-14
- Next report
- 2026-11-12 EPS est. -$0.04
Valuation & key figures
- Market cap
- $1.67B EV $1.61B
- Revenue
- $0 Trailing 12 months
- Revenue growth
- – FY2026 consensus
- Profit margin
- – Net income / revenue, TTM
- P/E
- -1.9× Forward -6.6× (FY2026)
- P/S
- 0.0× Price / sales, TTM
- EV / EBITDA
- -2.3× TTM
- Free cash flow
- -$1.18B Trailing 12 months
- Net income
- -$695M Trailing 12 months
- Revenue estimate
- $7.58M FY2026 consensus
- Earnings
- 2026-11-12 Revenue est. $5.99M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-13): revenue n/a, EPS beat by 12.0%Revenue – vs $3M expected (–); EPS -$0.04 vs -$0.05 (+12.0%).
- Diluted share count up 75.4% in a year637M diluted shares in Q2 '26, 363M a year earlier.
- Net cash $62.5MCash + short-term investments $62.5M, debt incl. leases $0; a year ago net debt $45.4M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $0 | $0 | – |
| Operating income | -$26.8M | -$5.61M | -377.0% |
| Net income | -$25.8M | -$6.29M | -310.3% |
| Diluted EPS | -$0.04 | -$0.02 | -131.2% |
| Operating cash flow | -$48.7M | -$2.57M | -1,792.4% |
| Capex | $185M | $42.8M | +331.8% |
| Free cash flow | -$234M | -$45.4M | -414.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | -$15.3M | $0 | – |
Reported vs consensus
2026-08-13| Actual | Consensus | vs consensus | |
|---|---|---|---|
| EPS (as estimated) | -$0.04 | -$0.05 | +12.0% |
From the report of 2026-08-13 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$81.9M
- Capex
- -$1.1B
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $361M
- Stock-based compensation
- $223M
- Free cash flow
- -$1.18B
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -1.9× | – | – |
| EV / EBITDA | -2.3× | – | – |
| EV / Sales | 0.0× | – | – |
| Price / FCF | -1.4× | – | – |
| Price / Book | 1.6× | 3.4× | 3.4× – 3.4× |
| FCF yield | -70.6% | -16.1% | -16.1% – -16.1% |
| Return on invested capital | -22.0% | -14.4% | -14.4% – -14.4% |
| Return on equity | -79.3% | -44.4% | -44.4% – -44.4% |
Analysts
Consensus target $11.25 (+331.0%)
range $6.00 – $17.00 · rating Buy
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $7.58M | – | -$0.39 | +65.1% | -6.6× | 2 |
| FY2027 | $403M | +5,212.8% | $0.06 | +116.4% | 40.3× | 2 |
| FY2028 | $2.18B | +441.5% | $1.35 | +1,983.0% | 1.9× | 2 |
| FY2029 | $2.42B | +11.0% | $6.05 | +348.8% | 0.4× | 1 |
| FY2030 | $3.86B | +59.5% | $7.14 | +18.0% | 0.4× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 151 figures Fermi Inc. Common Stock tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $150M | – | – | $177M | – | – |
| Accounts Payable, Other, Current | $16.9K2025-09-30 | – | – | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $0 | – | – | $0 | – | – |
| Additional Paid in Capital | $1.38B | – | – | $1.23B | – | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16.3M2025-09-30 | – | – | – | – | – |
| Area of Land | 713 acre2025-09-30 | – | – | 4,523 acre2025-08-11 | – | – |
| Area of Land | 15,000,000 sqft | – | – | 15,000,000 sqft | – | – |
| AssetAcquisitionContingentConsiderationLiability | $137K2025-09-30 | – | – | – | – | – |
| Assets | $1.76B | – | – | $1.41B | – | – |
| Capital Expenditures Incurred but Not yet Paid | -$79.3M | – | – | – | – | – |
| Capitalized Computer Software, Gross | $3M2025-12-31 | – | – | $3M | – | – |
| Cash and Cash Equivalents, at Carrying Value | $62.5M | $40.3M | +55.1% | $409M | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $91.7M | $40.3M | +127.4% | $409M | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | -$152M | $40.1M | -477.8% | – | – | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 69.1M2025-09-30 | – | – | – | – | – |
| Common Stock, Convertible, Conversion Price, Increase | $0.002025-12-31 | – | – | – | – | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | – | – | $0.00 | – | – |
| Common Stock, Shares Authorized | 2.4B | – | – | 2.4B | – | – |
| Common Stock, Shares, Issued | 638M | – | – | 630M | – | – |
| Common Stock, Shares, Outstanding | 638M | – | – | 630M | – | – |
| Common Stock, Value, Issued | $638K | – | – | $628K | – | – |
| Construction in Progress, Gross | $271M2025-09-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Year One | $12.2M | – | – | – | – | – |
| Convertible Debt | $102M2025-09-30 | – | – | – | – | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $16.8M | – | – | $39.2M | – | – |
| Debt Issuance Costs, Gross | $100M2025-09-30 | – | – | – | – | – |
| Debt Issuance Costs, Net | $432K2025-12-31 | – | – | $432K | – | – |
| Debt, Current | $520M | – | – | $110M | – | – |
| Deferred Compensation Arrangement with Individual, Compensation Expense | $24.8K2025-09-30 | – | – | – | – | – |
| Deferred Offering Costs | $14.2M2025-10-02 | – | – | $14.2M2025-10-02 | – | – |
| Deferred Tax Assets, Valuation Allowance | $85.7M | – | – | – | – | – |
| Earnings Per Share, Basic | -$0.04 | -$0.02 | -100.0% | – | – | – |
| Earnings Per Share, Diluted | -$0.04 | -$0.02 | -100.0% | – | – | – |
| Embedded Derivative, Fair Value of Embedded Derivative Liability | $9.74K2025-09-30 | – | – | – | – | – |
| Embedded Derivative, Fair Value of Embedded Derivative, Net | $36M2025-12-31 | – | – | $36M | – | – |
| Employee Benefits and Share-based Compensation | $15.3M | – | – | – | – | – |
| Gain (Loss) on Extinguishment of Debt | $0 | $0 | – | – | – | – |
| General and Administrative Expense | $26.8M | $5.61M | +377.1% | – | – | – |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | $6.2M | $1.31M | +371.6% | – | – | – |
| Increase (Decrease) in Prepaid Expense and Other Assets | $15.1M | $1.96M | +670.1% | – | – | – |
| IncreaseDecreaseInOperatingLeaseLiability | $3.63M2025-12-31 | – | – | – | – | – |
| Interest Costs Capitalized | $14.3M | – | – | – | – | – |
| Interest Costs Capitalized Adjustment | $5.94K2025-09-30 | – | – | – | – | – |
| InterestExpenseNonoperating | -$953K | $680K | -240.1% | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid | $1.82B | – | – | $1.66B | – | – |
| Lessee, Operating Lease, Liability, to be Paid, after Year Five | $1.65B2025-12-31 | – | – | $1.65B | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $2.36M | – | – | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year Five | $4.03M2025-12-31 | – | – | $4.03M | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year Four | $8.2M | – | – | $3.68M | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year One | $5.76M | – | – | $432K | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year Three | $7.77M | – | – | $2.27M | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year Two | $6.27M | – | – | $1.84M | – | – |
| Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $1.76B | – | – | $1.64B | – | – |
| Liabilities | $731M | – | – | $317M | – | – |
| Liabilities and Equity | $1.76B | – | – | $1.41B | – | – |
| Loans Held-for-sale, Fair Value Disclosure | $141K2025-09-30 | – | – | – | – | – |
| Long-term Debt | $520M | – | – | $149M | – | – |
| Long-term Debt, Gross | $537M | – | – | – | – | – |
| Long-Term Debt, Maturity, after Year Five | $02025-12-31 | – | – | $0 | – | – |
| Long-Term Debt, Maturity, Remainder of Fiscal Year | $5M2025-09-30 | – | – | – | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30
Data as of 2026-11-02