Fermi (NASDAQ:FRMI) reported a net loss of $189 million for the first quarter of 2026 as the company continued to invest heavily in infrastructure development and expansion projects.
The quarterly loss amounted to $0.30 per diluted share.
Fermi said the result was largely impacted by $134 million in non-cash share-based compensation expenses, along with a $25 million loss tied to debt extinguishment activities.
Company Secures $785 Million in New Financing
During the quarter, Fermi arranged $785 million in new equipment financing to support its ongoing expansion plans.
The financing package included a $500 million facility provided by MUFG.
The company also secured a separate $156 million financing commitment from Yorkville for broader corporate purposes.
At the end of the quarter, Fermi held total cash and restricted cash of $243 million.
Project Matador Expands Power Capacity in Texas
Fermi said its Project Matador development in Carson County, Texas, now has access to more than 2 gigawatts of generation capacity through owned and contracted energy assets.
The company also received a 6-gigawatt Clean Air Permit from the Texas Commission on Environmental Quality and submitted an application for an additional 5-gigawatt permit.
Project Matador spans more than 7,500 acres and is designed to support up to 17 gigawatts of total power capacity once fully developed.
Construction Progress Continues Across Key Infrastructure
Fermi outlined several construction milestones reached during the quarter at the Texas site.
The company completed nearly five miles of natural gas pipeline installation, more than 11 miles of perimeter fencing and over seven miles of on-site water distribution infrastructure.
Fermi also confirmed that the first six Siemens SGT-800 gas turbines arrived at the Port of Houston and cleared customs procedures.
Board and Leadership Changes Announced
The company expanded its board of directors from five members to seven and appointed Marius Haas as chairman.
Robert Masson joined the company as interim chief financial officer.
Fermi also said it retained Heidrick & Struggles to assist with the search for a new chief executive officer.
Capital Spending and Debt Levels Increase
Fermi invested $441 million in property, plant and equipment during the quarter, bringing the company’s gross PP&E balance to roughly $1.4 billion.
Outstanding debt totaled $421 million at quarter-end, reflecting new borrowing activity under equipment financing agreements as well as the complete repayment of the Macquarie Term Loan.
Nuclear Regulatory Commission Selects Project Matador
The company also announced that the U.S. Nuclear Regulatory Commission selected Project Matador as one of the first participants in its Environmental Impact Statement pilot program for advanced nuclear reactor developments.