Fermi Inc (FRMI) financial statements: income statement, balance sheet and cash flow
Fermi Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Fermi Inc reported net income of ($486.4M).
Income statement
Fermi Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
General and administrative
$177.8M
Total expenses
$177.8M
Loss from operations
($177.8M)
Interest income (expense), net
$3.7M
Other income (expense), net
($312.3M)
Total other income (expense)
($308.6M)
Net loss
($486.4M)
Net loss per share – basic (in dollars per share)
-$1.13
Net loss per share – diluted (in dollars per share)
-$1.13
Weighted average shares outstanding – basic (in shares)
468.0M
Weighted average shares outstanding – diluted (in shares)
468.0M
Fermi Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
General and administrative
$26.8M
$166.2M
$37.8M
Total expenses
$26.8M
$166.2M
$37.8M
Loss from operations
($26.8M)
($166.2M)
($37.8M)
Interest income (expense)
$953.0K
$2.3M
$12.0K
Other income (expense), net
$0
($24.8M)
($309.0M)
Total other income (expense)
$953.0K
($22.4M)
($309.0M)
Net loss
($25.8M)
($188.7M)
($346.8M)
Net loss per share – basic (in dollars per share)
-$0.04
-$0.30
-$0.84
Net loss per share – diluted (in dollars per share)
-$0.04
-$0.30
-$0.84
Weighted average shares outstanding – basic (in shares)
637.3M
629.8M
466.5M
Weighted average shares outstanding – diluted (in shares)
637.3M
629.8M
466.5M
Balance sheet
Fermi Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Property, plant, and equipment, net
$935.3M
Cash and cash equivalents
$408.5M
Prepaid expenses and other assets
$47.8M
Operating lease right-of-use assets
$21.7M
Total assets
$1.4B
Debt, net
$109.8M
Accounts payable and accrued liabilities
$176.6M
Operating lease liabilities
$21.3M
Other liabilities
$9.8M
Total liabilities
$317.4M
Common stock, $0.001 par value; 2,400,000,000 shares authorized, 629,839,790 shares issued and outstanding as of December 31, 2025
628.0K
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and no shares issued or outstanding as of December 31, 2025
0
Additional paid-in capital
$1.2B
Accumulated deficit
($133.2M)
Total stockholders’ equity
$1.1B
Total liabilities and stockholders’ equity
$1.4B
Fermi Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Property, plant, and equipment, net
$1.5B
$1.4B
—
Cash and cash equivalents
$62.5M
$207.5M
$83.7M
Restricted cash
$29.2M
$35.8M
$99.3M
Prepaid expenses and other assets
$75.8M
$63.6M
$24.4M
Operating lease right-of-use assets
$47.7M
$39.7M
$24.6M
Total assets
$1.8B
$1.8B
$502.8M
Debt, net
$520.1M
$421.3M
$102.8M
Accounts payable and accrued liabilities
$149.7M
$238.6M
$65.1M
Operating lease liabilities
$56.3M
$43.7M
$22.6M
Other liabilities
$5.4M
$1.6M
$9.7M
Total liabilities
$731.5M
$705.2M
$200.3M
Common stock, $0.001 par value; 2,400,000,000 shares authorized, 638,115,075 and 629,839,790 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
638.0K
628.0K
575.0K
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and no shares issued or outstanding as of June 30, 2026 and December 31, 2025
0
0
—
Additional paid-in capital
$1.4B
$1.4B
$301.9M
Accumulated deficit
($347.7M)
($321.9M)
—
Total stockholders’ equity
$1.0B
$1.1B
$302.5M
Total liabilities and stockholders’ equity
$1.8B
$1.8B
$502.8M
Cash flow statement
Fermi Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Net loss
($486.4M)
Share-based compensation expense
$132.7M
Share-based charitable contribution expense
$173.8M
Change in fair value as a result of fair value remeasurements
$111.6M
Series A and Series B Convertible Notes inducement expense
$23.7M
Foreign exchange (gain) loss, net
$3.3M
Other non-cash activities
$653.0K
Accounts payable and accrued liabilities
$15.0M
Prepaid expenses and other assets
($8.5M)
Net cash used in operating activities
($34.2M)
Investments in property, plant, and equipment
($569.3M)
Other investing activities
($956.0K)
Net cash used in investing activities
($570.3M)
Proceeds from issuance of Series A Convertible Notes
$75.5M
Proceeds from issuance of Seed Convertible Notes
$26.1M
Proceeds from issuance of Preferred Units
$107.6M
Proceeds from issuance of Macquarie Term Loan
$100.0M
Payment of Promissory Note
($20.0M)
Payment of debt issuance costs
($1.0M)
Payment of offering costs
($21.2M)
Proceeds from share issuance upon initial public offering, net of underwriting discounts and commissions
$745.6M
Other financing activities
$354.0K
Net cash provided by financing activities
$1.0B
Change in cash and cash equivalents
$408.5M
Cash and cash equivalents, at beginning of period
$0
Cash, cash equivalents and restricted cash, at end of period
$408.5M
Fermi Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net loss
($214.5M)
($188.7M)
($353.2M)
Share-based compensation
$118.7M
$134.0M
$24.8M
Loss on extinguishment of debt
$24.8M
$24.8M
—
Non-cash interest expense paid-in-kind
$0
—
$680.0K
Other
$1.5M
$222.0K
—
Accounts payable and accrued liabilities
$35.5M
$29.3M
$10.8M
Prepaid expenses and other assets
($22.0M)
($6.9M)
($4.1M)
Net cash used in operating activities
($56.0M)
($7.3M)
($8.3M)
Investments in property, plant, and equipment
($626.2M)
($441.2M)
($89.0M)
Capitalized preacquisition costs
$0
—
($7.3M)
Net cash used in investing activities
($626.2M)
($441.2M)
($96.3M)
Proceeds from issuance of debt, net of debt discount
$513.5M
$430.8M
$100.0M
Repayment of Macquarie Term Loan
($144.3M)
($144.3M)
—
Payment of debt issuance costs
($3.8M)
($3.2M)
($1.0M)
Proceeds from issuance of Series A Convertible Notes
$0
—
$75.5M
Proceeds from issuance of Seed Convertible Notes
$0
—
$26.1M
Other financing activities
$0
—
—
Net cash provided by financing activities
$365.4M
$283.3M
$287.6M
Change in cash, cash equivalents and restricted cash
($316.8M)
($165.2M)
$183.0M
Cash, cash equivalents and restricted cash, at beginning of period
$408.5M
$408.5M
—
Cash and cash equivalents
$62.5M
$207.5M
$83.7M
Restricted cash
$29.2M
$35.8M
$99.3M
Cash, cash equivalents and restricted cash, at end of period