{"url_path":"/sec/frmi/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2071778/0002071778-26-000032-index.html","accession_number":"0002071778-26-000032","cik":"0002071778","ticker":"FRMI","issuer_name":"Fermi Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2071778/0002071778-26-000032-index.html","primary_entity_key":"0002071778","primary_entity_name":"Fermi 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of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n___________________________________________\n\nFORM 10-Q\n\n___________________________________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from  ______ to ______\n\nCommission file number 001-42888\n\n___________________________________________\n\nFermi Inc.\n\n(Exact name of registrant as specified in its charter)\n\n___________________________________________\n\nTexas33-3560468\n\n(State or other jurisdiction of incorporation\nor organization)(I.R.S. Employer Identification No.)\n\n620 S. Taylor St., Suite 301\n\nAmarillo, TX\n79101\n\n(Address of Principal Executive Offices)(Zip Code)\n\n(214) 894-7855\n\nRegistrant’s telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon Stock, $0.001 par valueFRMIThe Nasdaq Stock Market LLC\n\nCommon Stock, $0.001 par valueFRMIThe London Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes x No o\n\n[Table of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyo\n\nEmerging growth companyx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.x\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\nYes o No x\n\nAs of May 11, 2026, there were 637,574,239 shares of common stock, par value of $0.001 per share, outstanding.\n\n[Table of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\nFERMI INC.\n\nForm 10-Q\n\nPeriod Ended March 31, 2026\n\nPage\n\n[Explanatory Note](#id354ade5ec2b4fa6b9ca4faa344251c2_214)\n\n[2](#id354ade5ec2b4fa6b9ca4faa344251c2_787)\n\n[Special Note Regarding Forward-Looking Statements](#id354ade5ec2b4fa6b9ca4faa344251c2_217)\n\n[3](#id354ade5ec2b4fa6b9ca4faa344251c2_13)\n\n[PART I — FINANCIAL INFORMATION](#id354ade5ec2b4fa6b9ca4faa344251c2_193)\n\n[Item 1. Financial Statements (Unaudited)](#id354ade5ec2b4fa6b9ca4faa344251c2_85)\n\n[5](#id354ade5ec2b4fa6b9ca4faa344251c2_193)\n\n[Condensed Consolidated Balance Sheet](#id354ade5ec2b4fa6b9ca4faa344251c2_91)[s](#id354ade5ec2b4fa6b9ca4faa344251c2_91)[(Unaudited)](#id354ade5ec2b4fa6b9ca4faa344251c2_91)\n\n[5](#id354ade5ec2b4fa6b9ca4faa344251c2_91)\n\n[Condensed Consolidated Statements of Operations (Unaudited)](#id354ade5ec2b4fa6b9ca4faa344251c2_94)\n\n[6](#id354ade5ec2b4fa6b9ca4faa344251c2_94)\n\n[Condensed Consolidated Statements of Stockholders’/Members’ Equity (Unaudited)](#id354ade5ec2b4fa6b9ca4faa344251c2_100)\n\n[7](#id354ade5ec2b4fa6b9ca4faa344251c2_100)\n\n[C](#id354ade5ec2b4fa6b9ca4faa344251c2_103)[ondensed C](#id354ade5ec2b4fa6b9ca4faa344251c2_103)[onsolidated Statemen](#id354ade5ec2b4fa6b9ca4faa344251c2_103)[t](#id354ade5ec2b4fa6b9ca4faa344251c2_103)[s](#id354ade5ec2b4fa6b9ca4faa344251c2_103)[of Cash Flows (Unaudited)](#id354ade5ec2b4fa6b9ca4faa344251c2_103)\n\n[8](#id354ade5ec2b4fa6b9ca4faa344251c2_103)\n\n[Notes to](#id354ade5ec2b4fa6b9ca4faa344251c2_106)[Condensed Consolidated Financial Statements (Unaudited)](#id354ade5ec2b4fa6b9ca4faa344251c2_106)\n\n[9](#id354ade5ec2b4fa6b9ca4faa344251c2_106)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id354ade5ec2b4fa6b9ca4faa344251c2_46)\n\n[21](#id354ade5ec2b4fa6b9ca4faa344251c2_46)\n\n[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#id354ade5ec2b4fa6b9ca4faa344251c2_718)\n\n[35](#id354ade5ec2b4fa6b9ca4faa344251c2_718)\n\n[Item 4. Controls and Procedures](#id354ade5ec2b4fa6b9ca4faa344251c2_728)\n\n[35](#id354ade5ec2b4fa6b9ca4faa344251c2_728)\n\n[PART II — OTHER INFORMATION](#id354ade5ec2b4fa6b9ca4faa344251c2_205)\n\n[Item 1. Legal Proceedings](#id354ade5ec2b4fa6b9ca4faa344251c2_755)\n\n[36](#id354ade5ec2b4fa6b9ca4faa344251c2_755)\n\n[Item 1A. Risk Factors](#id354ade5ec2b4fa6b9ca4faa344251c2_750)\n\n[38](#id354ade5ec2b4fa6b9ca4faa344251c2_750)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#id354ade5ec2b4fa6b9ca4faa344251c2_745)\n\n[44](#id354ade5ec2b4fa6b9ca4faa344251c2_745)\n\n[Item 3. Defaults Upon Senior Securities](#id354ade5ec2b4fa6b9ca4faa344251c2_740)\n\n[44](#id354ade5ec2b4fa6b9ca4faa344251c2_735)\n\n[Item 4. Mine Safety Disclosures](#id354ade5ec2b4fa6b9ca4faa344251c2_735)\n\n[44](#id354ade5ec2b4fa6b9ca4faa344251c2_735)\n\n[Item 5. Other Information](#id354ade5ec2b4fa6b9ca4faa344251c2_774)\n\n[44](#id354ade5ec2b4fa6b9ca4faa344251c2_774)\n\n[Item 6. Exhibits and Financial Statement Schedules](#id354ade5ec2b4fa6b9ca4faa344251c2_181)\n\n[45](#id354ade5ec2b4fa6b9ca4faa344251c2_181)\n\n[Signatures](#id354ade5ec2b4fa6b9ca4faa344251c2_187)\n\n[46](#id354ade5ec2b4fa6b9ca4faa344251c2_187)\n\n1\n\n[Table of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\nEXPLANATORY NOTE\n\nFermi Inc. was originally formed as Fermi LLC, a Texas limited liability company, on January 10, 2025 (“Inception”). On September 30, 2025, immediately following the effectiveness of our registration statement on Form S-11 in connection with our IPO, the Company effected a statutory conversion from a Texas limited liability company to a Texas corporation pursuant to and in accordance with a plan of conversion (the “Corporate Conversion”). The purpose of the Corporate Conversion was to reorganize the Company’s corporate structure so that the entity offering its securities to the public in the IPO would be a corporation rather than a limited liability company. References in this Quarterly Report on Form 10-Q to “Fermi”, “we”, “us”, “our” and “the Company” (i) for periods prior to the Corporate Conversion, refer to Fermi LLC, and, where appropriate, its consolidated subsidiaries and (ii) for periods after the Corporate Conversion, refer to Fermi Inc., and, where appropriate, its consolidated subsidiaries.\n\nAs a result of the Corporate Conversion, Fermi Inc. succeeded to all of the property and assets of Fermi LLC and succeeded to all debts and obligations of Fermi LLC. Fermi Inc. is governed by a certificate of formation filed with the Texas Secretary of State and bylaws adopted by its board of directors. The consolidated financial statements and footnotes give effect to the Corporate Conversion on a prospective basis as of the conversion date.\n\n2\n\n[Table of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\nSpecial Note Regarding Forward-Looking Statements\n\nCertain statements in this Quarterly Report on Form 10-Q, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” “strive,” “endeavor,” “mission,” “goal,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements.\n\nSome of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:\n\n•our business model is highly dependent on the successful construction, development, leasing, and continued maintenance of Project Matador (as defined herein);\n\n•our limited operating history in developing and operating power and AI infrastructure, which may make it difficult to evaluate our business prospects and the risks and challenges we may encounter;\n\n•our ability to access adequate project financing, commercial borrowings and debt and equity capital markets to fund our significant anticipated capital expenditures;\n\n•our ability to construct, operate and maintain power generation facilities on schedule and at anticipated costs, either of which may be impacted by supply chain disruptions, including the impact on labor availability, raw materials and input commodity costs and availability, and manufacturing and transportation;\n\n•the market for generating nuclear power is not yet established and may not achieve the growth potential we expect or may grow more slowly than expected;\n\n•general business and economic conditions, including inflation, recession, geopolitical instability, and capital markets volatility, that could affect customer demand, financing availability, and our overall financial performance;\n\n•environmental history, remediation, and associated risks, including potential liability exposure arising from environmental contamination, emissions, or other operational impacts;\n\n•our ability to obtain and renew leases with our tenants on terms favorable to us, and manage our growth, business, financial results and results of operations;\n\n•our ability to respond to price fluctuations and rapidly changing technology, including but not limited to uncertainty regarding the continued growth in demand for AI computing infrastructure, including the possibility that advances in AI model efficiency, changes in AI investment trends, or shifts in the competitive landscape could reduce demand for the power-intensive datacenter capacity we are designed to support;\n\n•the impact of tariffs and global trade disruptions on us and our tenants;\n\n•changes in political conditions, geopolitical turmoil, political instability, civil disturbances, and restrictive governmental actions;\n\n•we and our target customers operate in a politically sensitive environment, and the public perception of nuclear energy, gas-fired power generation, artificial intelligence, and powered shell development can affect our customers and us;\n\n•influential political actors, shifting domestic policy priorities, and organized opposition by politically connected stakeholders could materially adversely affect our ability to develop, finance, and operate Project Matador;\n\n•the degree and nature of our competition;\n\n•our failure to generate sufficient cash flows to service indebtedness;\n\n3\n\n[Table of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\n•material negative changes in the creditworthiness and the ability of our tenants to meet their contractual obligations;\n\n•increases and volatility in interest rates;\n\n•increased power, labor, equipment procurement, shipping, refurbishment or construction costs;\n\n•labor shortages or our inability to attract and retain talent;\n\n•changes in, or the failure or inability to comply with, government regulation, including regulation of our facilities’ environmental footprint and the project’s electric generation and storage assets;\n\n•a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes;\n\n•our risks related to intellectual property, including our ability to protect proprietary technology and processes, and the possibility that third parties may assert infringement claims against us;\n\n•our inability to obtain and/or maintain necessary government or other required consents or permits,\n\n•risks associated with the concentration of our operations in a limited number of geographic locations, which exposes us to region-specific regulatory, environmental, political, and natural disaster risks;\n\n•our exposure to fluctuations in fuel prices, including natural gas and other generation feedstocks, and our ability to pass through or hedge against such cost increases;\n\n•our failure to qualify as a REIT and maintain our REIT qualification for U.S. federal income tax purposes;\n\n•our ability to secure and maintain access to water resources sufficient for cooling operations and the potential for regulatory restrictions on water usage;\n\n•the termination of our Chief Executive Officer, Toby Neugebauer, and resignation of our Chief Financial Officer, Miles Everson, and the resulting leadership transition exposes us to potential delays in our ability to execute on certain aspects of our business strategy as we search for new permanent executive leadership;\n\n•the actions of our former Chief Executive Officer, Toby Neugebauer, and related persons to initiate a proxy contest in an effort to take control of our Board of Directors, and to bring or threaten lawsuits against the Company and its directors and officers, have caused and are expected to continue to cause us to incur substantial costs, divert management's attention and resources, and have an adverse effect on our business;\n\n•changes in, or the failure or inability to comply with, local, state, federal and applicable international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and\n\n•the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.\n\nThe risks and uncertainties set forth above are not exhaustive. Other sections of this Quarterly Report on Form 10-Q, including Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A. “Risk Factors.” discuss these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements.\n\nExcept as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.\n\n4\n\n[Table of Contents](#id354ade5ec2b4fa6b9ca4faa344251c2_7)\n\nPART I – FINANCIAL INFORMATION"}