BENZINGA 8:46 AM ET May-21-2026 

Infeqtion Inc. shares are trading higher Thursday after the company announced it signed a Letter of Intent with the U.S. Department of Commerce’s CHIPS Research and Development Office for $100 million in proposed funding to accelerate development of neutral-atom quantum systems.

• Infleqtion (INFQ.NaE) stock is showing exceptional strength. What’s fueling INFQ momentum?

Proposed CHIPS Funding And Quantum Expansion

The company said the proposed funding is contingent on the achievement of certain development milestones and is intended to support the advancement of U.S.-based quantum computing technologies focused on economic competitiveness and national security. 

Infleqtion (INFQ.NaE) said the proposed investment would support development across quantum hardware, photonics and full-stack quantum system development, while also expanding domestic quantum engineering, workforce, hardware, software and infrastructure capabilities across its U.S. operations. 

"This investment reflects the transformative potential of quantum innovation, and we’re honored to work with the Department of Commerce to accelerate U.S. leadership in quantum computing," CEO Matt Kinsella said. 

The company also highlighted its ongoing collaboration with NVIDIA, which includes integration of NVIDIA AI models for quantum processor calibration and error-correction workflows on Infleqtion's (INFQ.NaE) Sqale neutral-atom quantum computer. 

Infleqtion (INFQ.NaE) said the LOI contemplates part of the award being funded upfront, with the remainder tied to milestone-based project costs and technical progress. The proposal also includes issuance of Infleqtion (INFQ.NaE) common stock to the Department of Commerce valued at $100 million at a 15% discount to market price based on the execution date of the LOI or definitive agreement, whichever is lower.

Read Also: Stock Market Today: Dow Jones Futures Gain, But Nasdaq Falls After NVDA's Q1 Results—Nvidia, Nebius Group, Intuit In Focus

Infleqtion Stock Gains

INFQ Price Action: At the time of publication, Infleqtion (INFQ.NaE) shares are trading 21.38% higher at $13.57, according to data from Benzinga Pro.

Image via Shutterstock

MT NEWSWIRES

9:38 AM ET May-21-2026 

09:38 AM EDT, 05/21/2026 (MT Newswires) -- (Updates with stock movement in the last paragraph.)

IBM (IBM.NaE) , GlobalFoundries (GFS.NaE) and D-Wave Quantum (QBTS.NaE) are among the companies set to receive billions in US government backing as the Trump administration ramps up efforts to boost the quantum computing industry.

IBM (IBM.NaE) and the US Commerce Department said they signed an LOI to launch Anderon, America's first pure play quantum chip foundry, backed by $1 billion in CHIPS incentives and another $1 billion from IBM (IBM.NaE).

The proposed awards are not final and remain subject to definitive agreements, diligence, regulatory or internal approvals, and milestone requirements, according to the companies and a The Wall Street Journal report.

GlobalFoundries (GFS.NaE) plans to build a domestic quantum manufacturing ecosystem with $375 million in proposed funding, while D-Wave and Infleqtion (INFQ.NaE) also signed LOIs for proposed $100 million awards under the CHIPS and Science Act, according to separate statements.

The investments aim to accelerate quantum hardware development, expand US-based manufacturing, create high-paying jobs and strengthen national security as Washington races to scale next-generation computing technologies, they said.

Rigetti Computing (RGTI.NaE) said it has signed a letter of intent with the Commerce Department for up to $100 million in funding over three years.

The Wall Street Journal report said the total package is worth $2 billion.

Shares of IBM (IBM.NaE), GlobalFoundries (GFS.NaE), D-Wave Quantum (QBTS.NaE), Infleqtion (INFQ.NaE) and Rigetti Computing (RGTI.NaE) were up 4.3%, 10.3%, 19.5%, 35% and 19.7% respectively in premarket activity.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Toby Neugebauer looks to wrest back control of the company from its new management

https://www.wsj.com/business/fermis-ousted-ceo-pushes-for-board-overhaul-vote-in-june-46902dc9

10K WIZARD 6:20 AM ET May-20-2026 

http://archive.fast-edgar.com/20260520/AE22D22CLZ22N24Z2SJC2MY2ER7LM222Z282

Filed on: May 20, 2026

ChatGPT summary:

Bottom line

This DFAN14A is a proxy-fight communication, not a normal operating update from Fermi. It was filed by Toby R. Neugebauer and allied participants, not by Fermi itself, and it is designed to persuade shareholders ahead of a contemplated special-meeting/proxy solicitation. The core message is Neugebauer’s rebuttal to Fermi’s board: he says his actions were not destructive or abusive, but instead were cost-control measures to stop contractor overbilling and protect shareholder value.

What was filed

The filing is a Schedule 14A soliciting material under Rule 14a-12. It names Fermi Inc. as the registrant, but the filing party is not the company. The listed filers/participants include Vicksburg Investments Management LLC, Toby R. Neugebauer, the Melissa A. Neugebauer 2020 Trust, David A. Daglio, Charles M. Elson, Sheila Hooda, John T. Jimenez, Juan A. Pujadas, and Janet Yang.

The filing attaches a May 19, 2026 press release titled: “Toby Neugebauer Sets the Record Straight: Protecting Fermi Shareholders from Rogue Contractors is a Fiduciary Duty, Not a ‘Liability.’”

Main claims made by Neugebauer’s side

Neugebauer disputes Fermi board allegations that he damaged commercial relationships. His explanation is that any “strained relationships” came from uncovering and stopping systemic contractor overbilling. The filing says that on December 31, 2025, Neugebauer and CFO Miles Everson ordered a full audit of third-party contracts, with contract leaders required to report daily on whether contracts should be terminated, renegotiated, or extended.

The filing also claims Neugebauer personally cross-checked “Site Metrics” against contractor invoices, held daily budget calls, and saved the company “millions of dollars” by terminating or renegotiating inflated contracts. Those are assertions by Neugebauer’s side, not independently audited findings in this filing.

He also rebuts the board’s “internal chaos” narrative by claiming there were zero employee resignations during his CEO tenure, while seven key executives and managers departed within weeks after his termination. Again, this is a disputed claim made in solicitation material, not a neutral HR disclosure.

What the proxy fight is about

Neugebauer and the other participants say they intend to file a definitive proxy statement, a GREEN agent-designation card, and related documents in connection with soliciting support for a special meeting anticipated around June 30, 2026. The purpose appears to be a shareholder-driven board-control effort.

The filing states that the Fermi Founder Parties previously filed a Schedule 13G reporting that Neugebauer beneficially owns 139,016,035 shares, while affiliated entities Vicksburg Investments Management LLC and the Melissa A. Neugebauer 2020 Trust beneficially own 44,656,376 and 94,359,659 shares, respectively. The filing says the other participants own no Fermi shares as of the filing date.

The company’s opposing narrative

Fermi’s board has publicly taken the opposite position. In a May 11 release, the board said Neugebauer attempted to call a special meeting to add directors, take control of the board, and force a sale of the company at a depressed valuation. Fermi also said he was removed and terminated for cause due to serious misconduct and policy violations. (PR Newswire)

So this DFAN14A is best read as Neugebauer’s counterattack in an escalating governance dispute. The board says he was harmful and trying to seize control; Neugebauer says he was enforcing discipline against contractors, protecting liquidity, and defending shareholders.

Investor-relevant implications

1. Governance risk is high.
This is now an open control fight involving Fermi’s founder/largest shareholder, the board, competing narratives, and a potential special meeting. That usually creates uncertainty around strategy, leadership, capital allocation, and deal-making.

2. Project-execution risk is also visible.
Even if Neugebauer’s version is correct, the filing implies serious contractor, invoicing, cost-control, and vendor-relationship problems around Fermi’s buildout. If the board’s version is correct, then the issue may be leadership behavior and damaged counterparties. Either way, the filing points to stress in project execution.

3. The filing does not prove contractor overbilling.
It alleges overbilling and says millions were saved, but it does not identify contractors, quantify savings in detail, attach invoices, disclose audit results, or provide third-party validation.

4. Employee continuity is a key diligence item.
The claimed departure of seven key executives/managers after Neugebauer’s termination is important because Fermi’s business depends on execution across finance, permitting, community engagement, tenant acquisition, energy development, and construction.

5. Shareholder-control math matters.
Neugebauer’s reported beneficial ownership makes him a highly material actor even if he is no longer CEO. Any investor analysis needs to treat this as a founder-control contest, not just a management personnel dispute.

My read

This filing is not bullish or bearish by itself; it is a signal that Fermi is in a serious boardroom fight at exactly the time it needs disciplined execution for a massive energy/data-center infrastructure buildout. The key question is whether Neugebauer’s cost-control narrative is true and value-protective, or whether the board’s misconduct/relationship-damage narrative is closer to reality.

For diligence, I would watch next for: the definitive proxy statement, any litigation filings, bylaw amendments, named executive departures, disclosed contractor disputes, special-meeting validity rulings, and whether Fermi discloses any material impact to Project Matador counterparties.

• wsj.com

10K WIZARD

6:04 AM ET May-15-2026 

http://archive.fast-edgar.com/20260515/AN22922MZ22DQ2Z2222B22EZKPKMTZJ22282

Filed on: May 15, 2026

- - -

ChatGPT summary:
The URL you gave redirects to a Quantum eMotion Form 6-K, not Fermi’s 10-Q. I found the Fermi Inc. Q1 2026 Form 10-Q separately and summarized that.

Fermi Inc. Q1 2026 10-Q — key takeaways

Fermi is still pre-revenue. It has not commenced revenue-generating activities and expects substantially all revenue to come from lease income from hyperscaler tenants at Project Matador. Project Matador is described as an approximately 11 GW on-demand energy generation and powered-shell AI infrastructure campus in Carson County, Texas, expandable to about 17 GW with additional acreage/permits. (Stock Titan)

Financially, this is a very high-capital, high-risk development-stage company. As of March 31, 2026, Fermi reported $1.78B in assets, including $1.43B of property, plant and equipment, but also $421.3M of debt net and no operating revenue. (Stock Titan) It reported a $188.7M net loss for Q1 2026, including heavy share-based compensation and a debt extinguishment loss. (Stock Titan)

The biggest liquidity warning: management says cash and restricted cash were not sufficient to meet obligations over the next year before considering management’s plans, raising “substantial doubt” about going concern. Management says the doubt is alleviated by cash, restricted cash, undrawn Yorkville borrowing capacity, equipment financing, and sequencing capital expenditures, but says there is no guarantee those plans will work. (Stock Titan)

What the filing says about Project Matador

Fermi is pushing forward on long-lead power equipment. It bought or financed Siemens gas turbines: three SGT6-5000F units under a roughly $324.4M fixed-price arrangement, with about $276.6M paid by March 31, 2026. It also arranged financing for six Siemens SGT-800 turbines. (Stock Titan)

The company says it received final TCEQ approval for an approximately 6 GW Clean Air Permit and filed for an additional 5 GW permit, which would support up to about 11 GW of gas-fired generation if approved. It also says NRC environmental review has begun for a combined license application for four Westinghouse AP1000 reactors. (Stock Titan)

The land position remains tied to Texas Tech University System. Fermi’s TTU ground lease covers about 4,523 acres, with a possible additional 713-acre tract. Vertical data-center construction requires a TTU notice to proceed by December 31, 2026, conditioned partly on Fermi signing a Phase 1 tenant lease for at least 200 MW. (Stock Titan)

Capital needs

This is the most important part. Fermi estimates Phase 0 and Phase 1 may require more than $3B, with about $2B expected in the next twelve months, subject to definitive lease execution and tenant deployment timing. Across all phases, it estimates total capital needs of roughly $70B–$90B. (Stock Titan)

Fermi says it expects funding from tenant prepayments, project debt, vendor financing, federal tax credits, strategic equity, and similar structures. But as of the filing date, it says it has not entered into agreements with any tenants. (Stock Titan)

Major risks and red flags

The filing is unusually candid about execution risk. Fermi says it has not yet secured a tenant, may not achieve tenant adoption at needed pace/pricing, has taken on substantial new debt, and some debt obligations include triggers tied to tenant agreements by December 31, 2026. (Stock Titan)

It also reports ineffective disclosure controls due to material weaknesses in internal financial controls, including insufficient formalized processes, segregation of duties, and qualified finance/accounting personnel for a public company. (Stock Titan)

Legal risk is material. A putative securities class action alleges false or misleading statements tied to tenant demand/funding arrangements for Project Matador. Fermi says it will defend vigorously and cannot yet estimate possible loss. (Stock Titan)

Governance risk is also front and center. The filing says Fermi is undergoing a leadership transition after removal of former CEO Toby Neugebauer and resignation of former CFO Miles Everson. It also says Neugebauer’s proxy contest could disrupt strategy, financing, tenant relationships, employees, vendors, and investor confidence. (Stock Titan)

Bottom line

Fermi is trying to build an enormous AI-power/data-center campus before it has revenue or signed tenants. The filing shows real progress on land, permits, equipment procurement, and financing, but the business still depends on three big unlocks: signed hyperscaler tenants, project-level capital, and successful regulatory/permitting execution. The risk profile is extreme because the company is pre-revenue, highly levered, capital hungry, internally still maturing, and in a governance fight.

PR NEWSWIRE 7:00 AM ET May-14-2026 

Secures over 2 GW of power generation; advances ~11 GW of permitted capacity; closes ~$785 million in new equipment financing; strengthens governance; and accelerates commercial engagement

DALLAS, May 14, 2026 /PRNewswire/ -- Fermi Inc. (FRMI.NaE) (d/b/a Fermi America) , operating as Fermi America™ ("Fermi" or the "Company"), today reported first quarter 2026 financial results. A conference call is scheduled for 9 a.m. Eastern Time / 2 p.m. British Time today, May 14, 2026. Accompanying slides and prepared remarks can be found at https://investor.fermiamerica.com/. Participation details are included in this release.

https://preview.redd.it/0y5pjfkbx31h1.png?width=400&format=png&auto=webp&s=c3afc4e85bf8903ce4a3020ffb3b2a7abc4949d8

Fermi 2.0: Strategic Evolution

Fermi provided an update on its strategic evolution from an entrepreneurial startup into a scaled, institutional public company purpose-built to deliver gigawatt-scale private power to the AI economy.

"Fermi America is at a meaningful inflection point in its development," said Marius Haas, Chairman of the Board of Directors. "Fermi 2.0 is about pairing the tangible asset base we've already constructed with the institutional capability required to realize its full value. We've converted investor capital into more than $1.4 billion of infrastructure at a site that few, if any, competitors can replicate on a comparable timeline. Over the next 90 days, we're executing a disciplined plan that includes securing a binding tenant agreement, diligently managing working capital and liquidity, hiring our next CEO, exploring strategic partnerships for power/data center deployment acceleration, and delivering power at our project site. Our team is unified and focused on one primary objective to maximize long-term shareholder returns."

Rick Perry, former Texas Governor, former U.S. Secretary of Energy and Co-Founder of Fermi America, said, "Fermi was founded to do something no one else in America is doing at this scale: bring gigawatts of private power to premier AI tenants in months, not years. Our strategy hasn't changed, and the team leading this next chapter has my full confidence and support. We have the right leadership, land, permits, equipment, and partners to scale to commercial operations and realize the full value of this unique project."

Commercial Momentum and Accelerated Engagement

Tenant engagement has improved in recent weeks, and active discussions are ongoing with hyperscalers, neo-cloud providers, and enterprise compute operators.

Anna Bofa, Co-President, Office of the CEO, said, "Fermi 2.0 is about making the company easier to work with and creating a more streamlined commercial interface for customers and partners who want to move quickly and confidently. The uptick in interest from prospective tenants confirms our business plan. Fermi can deliver reliable power at scale, execute on our timeline, and serve as a trustworthy long-term operating partner. In recent weeks, we've hosted multiple prospective tenants and strategic partners who continue to view Project Matador as one of the most advanced and customer-ready, large-scale power campuses. They are looking for credible near-term power, real infrastructure, secured equipment, permitting progress, land control, and a team that can execute. These attributes set Fermi apart and are driving increased urgency in our commercial conversations. It gives us momentum and confidence in reaching new non-binding long-term agreements in the near future."

Project Matador Operational and Regulatory Progress

Construction at Project Matador is progressing on schedule. Fermi's flagship behind-the-meter energy and compute campus spans more than 7,500 acres in Carson County, Texas. At full build-out, the project is designed to deliver up to 17 GW of power from lower-carbon natural gas, advanced nuclear, solar, and battery storage to premier tenants. Quarterly milestones include:

• Established a clear path to commercial power delivery later this year by securing more than 2 GW of total power generation across owned and contracted assets.
• Obtained a ~6 GW Clean Air Permit from the Texas Commission on Environmental Quality (TCEQ), the second-largest permit of its kind in the United States.
• Filed an application with TCEQ for an additional ~5 GW Clean Air Permit, supporting full flexibility for build-out toward 17 GW.
• The U.S. Nuclear Regulatory Commission (NRC) named Project Matador an inaugural participant in its Environmental Impact Statement pilot program, an initiative designed to expedite nuclear licensing timelines for advanced reactor projects.
• Completed nearly 5 miles of natural gas lines, more than 11 miles of perimeter fencing, and over 7 miles of on-site water distribution lines.
• Both transmission systems were connected, which will deliver power upon grid interconnection later this year.
• The first six Siemens SGT-800 gas turbines arrived in the Port of Houston and cleared customs.

Strengthened Governance and Leadership

As part of Fermi 2.0, the Company has taken significant steps to enhance governance and leadership:

• In addition to Marius Haas assuming the role of Chairman of the Board, the Board was expanded from five to seven directors.
• Robert Masson joined as Interim Chief Financial Officer, bringing more than 20 years of public-company financial leadership.
• Executive recruiting firm Heidrick & Struggles was engaged to lead the search for the Company's next CEO, with an early slate of highly qualified candidates in hand.
• A new corporate headquarters is being established in Dallas, complementing the Company's permanent on-site presence in Amarillo.

Financial Highlights and Liquidity

• $243 million of total cash and restricted cash on hand.
• $785 million of new equipment finance facilities secured during the quarter, anchored by a $500 million facility from MUFG, one of the world's leading infrastructure lenders.
• $156 million financing commitment secured with Yorkville for general corporate purposes.
• $421 million of outstanding debt reflecting new borrowings under equipment financing facilities and the full repayment of the Macquarie Term Loan.
• $189 million net loss in the quarter ($0.30 per diluted share) primarily driven by $134 million of non-cash share-based compensation and a $25 million extinguishment loss on the Macquarie Term Loan.
• $441 million of capital invested in Property, Plant, and Equipment, bringing the gross balance to approximately $1.4 billion as of quarter end.
• Future capital deployment will remain disciplined and aligned with commercial progress.

Conference Call Information

Fermi plans to host a conference call and webcast at 9 a.m. Eastern Time / 2 p.m. British Time today, May 14, 2026, to discuss its first quarter results.

To participate, dial (888) 506-0062 in the U.S. or +1 973-528-0011 internationally approximately 15 minutes prior to the scheduled start time and refer to conference code 791289. The call will also be webcast in a listen-only mode and can be accessed through the Investor Relations Events & Presentations page of Fermi's website. A replay of the webcast will be available for a period of one year.

SEC Filings

Fermi's report on Form 10-Q for the quarter ended March 31, 2026, will be filed with the U.S. Securities and Exchange Commission and made available through the SEC's website and the Investor Relations section of Fermi's website.

About Fermi America™

Fermi America™ develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create the world's largest, 11 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our development plans, construction timelines, permitting and regulatory approvals, tenant agreements, financing activities, generation capacity, future expansion of Project Matador, and anticipated operational milestones.

These statements are based on current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others: our ability to obtain and maintain required permits and regulatory approvals, including from the NRC and TCEQ; our ability to secure binding tenant agreements and creditworthy counterparties; the availability of project financing and capital on acceptable terms; risks associated with large-scale construction and infrastructure development; interconnection availability and grid constraints; supply chain and equipment procurement risks; commodity availability and pricing, including natural gas and water; risks associated with nuclear development and licensing; counterparty performance; and broader economic, regulatory, and market conditions.

Statements regarding potential generation capacity in excess of currently permitted levels, including any reference to expansion beyond approximately 6 GW or up to 11 GW or 17 GW, are subject to the successful receipt of additional permits and approvals, financing, interconnection capacity, land acquisition, and other factors, and there can be no assurance that such capacity will be developed or achieved.

Statements regarding total site acreage, including any reference to expansion beyond currently controlled or leased land, are subject to the closing of pending acquisitions, land availability, and other factors, and there can be no assurance that such acreage will be realized.

These forward-looking statements represent management's expectations as of the date of this release. Except as required by law, the Company undertakes no obligation to update or revise these statements. Additional information regarding these and other risks is included in the Company's Form 10-K and other filings with the Securities and Exchange Commission.

Fermi Inc. (FRMI.NaE)
Condensed Consolidated Balance Sheets
(in thousands, except par value amounts and share numbers)
(unaudited)
Assets
Property, plant, and equipment, net
Cash and cash equivalents
Restricted cash
Prepaid expenses and other assets
Operating lease right-of-use assets
Total assets
Liabilities and stockholders' equity
Debt, net
Accounts payable and accrued liabilities
Operating lease liabilities
Other liabilities
Total liabilities
Commitments and contingencies (Note 8)
Stockholders' equity
Common stock, $0.001 par value; 2,400,000,000 shares authorized, 629,839,790 shares issued and outstanding as of March 31, 2026 and December 31, 2025
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and no shares issued or outstanding as of March 31, 2026 and December 31, 2025
Additional paid-in capital
Accumulated deficit
Total stockholders' equity
Total liabilities and stockholders' equity

 

Fermi Inc. (FRMI.NaE)
Condensed Consolidated Statements of Operations
(in thousands, except share and per share numbers)
(unaudited)
Expenses:
General and administrative
Total expenses
Loss from operations
Other income (expense):
Interest income
Other income (expense), net
Total other income (expense)
Net loss
Net loss per share – basic and diluted
Weighted average shares outstanding – basic and diluted

 

Fermi Inc. (FRMI.NaE)
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Cash flows used in operating activities:
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense
Loss on extinguishment of debt
Other non-cash activities
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities
Prepaid expenses and other assets
Net cash used in operating activities
Cash flows used in investing activities:
Investments in property, plant, and equipment
Other investing activities
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from issuance of debt, net of debt discount
Repayment of Macquarie term loan
Payment of debt issuance costs
Proceeds from contributions by members, net of issuance costs
Net cash provided by financing activities
Change in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, at beginning of period
Cash, cash equivalents and restricted cash, at end of period
Cash, cash equivalents and restricted cash, at end of period:
Cash and cash equivalents
Restricted cash
Cash, cash equivalents and restricted cash, at end of period

 

 View original content to download multimedia:https://www.prnewswire.com/news-releases/fermi-inc-outlines-fermi-2-0-strategic-evolution-and-reports-first-quarter-2026-financial-results-302771715.html

SOURCE Fermi Inc. (FRMI.NaE)

10K WIZARD 6:34 AM ET May-14-2026 

http://archive.fast-edgar.com/20260514/AQ2Z922MZ22D22Z2222B22EZKNKMZZI22D82

Filed on: May 14, 2026

ChatGPT summary:

I read the filing. It is a Form 8-K from Fermi Inc. / Fermi America (ticker FRMI) dated May 14, 2026, mainly furnishing its Q1 2026 earnings release and investor presentation. The 8-K says the company announced results for the three months ended March 31, 2026, and furnished Exhibits 99.1 and 99.2 rather than treating them as formally “filed” under Exchange Act liability standards. (Fast Edgar Archive)

Executive summary

Fermi is presenting a major strategic reset called “Fermi 2.0”: moving from startup mode toward an institutional public company focused on building gigawatt-scale private power infrastructure for AI/data-center tenants. Its flagship project, Project Matador in Carson County, Texas, is described as a more than 7,500-acre behind-the-meter energy and compute campus designed, at full build-out, to deliver up to 17 GW of power using natural gas, advanced nuclear, solar, and battery storage. (Fast Edgar Archive)

Main points

1. Commercial strategy: tenant agreements are the near-term priority.
Management says it is in active discussions with hyperscalers, neo-cloud providers, and enterprise compute operators. The chairman stated that over the next 90 days the company is focused on securing a binding tenant agreement, managing liquidity, hiring a permanent CEO, exploring strategic partnerships, and delivering power at the project site. (Fast Edgar Archive)

2. Project Matador is progressing, but much of the value remains execution-dependent.
Fermi says it has secured more than 2 GW of total power generation across owned and contracted assets, obtained a roughly 6 GW Clean Air Permit from the Texas Commission on Environmental Quality, applied for an additional roughly 5 GW permit, and was named an inaugural participant in an NRC Environmental Impact Statement pilot program for advanced reactor licensing. It also reports construction progress including gas lines, fencing, water lines, transmission-system connections, and the arrival of Siemens SGT-800 gas turbines at the Port of Houston. (Fast Edgar Archive)

3. Leadership and governance are being rebuilt.
The company expanded its board from five to seven members, named Marius Haas chairman, added Robert Masson as interim CFO, engaged Heidrick & Struggles to search for a new CEO, and is establishing a Dallas headquarters while keeping an on-site presence in Amarillo. (Fast Edgar Archive)

4. Liquidity improved through equipment financing, but cash burn and capital intensity are high.
Fermi reported $243 million of cash and restricted cash at quarter-end, secured $785 million of new equipment finance facilities during the quarter, and obtained a $156 million Yorkville financing commitment for general corporate purposes. It also reported $421 million of debt, net, after new equipment-finance borrowings and repayment of the Macquarie term loan. (Fast Edgar Archive)

5. Q1 financials show a large loss, mostly non-cash, and heavy capex.
For Q1 2026, Fermi reported a $188.7 million net loss, or $0.30 per diluted share. The loss was driven mainly by $134.0 million of non-cash share-based compensation and a $24.8 million debt-extinguishment loss. The company invested $441.2 million in property, plant, and equipment during the quarter, bringing PP&E net to about $1.43 billion. (Fast Edgar Archive)

Investor-presentation highlights

The presentation emphasizes a near-term power ramp: 86 MW Xcel tie-in and 114 MW GE Vernova FR6B turbines in Q4 2026, followed by multiple 2027 additions that the company says could bring cumulative derated capacity to about 1.5 GW by the end of 2027, assuming binding tenant agreements. It also breaks down nearly $1 billion of liquidity commitments, including MUFG, Keystone, Beal Bank, and Yorkville facilities. (Fast Edgar Archive)

Key risks and caveats

The company repeatedly warns that statements about expanding beyond currently permitted capacity—such as references to 11 GW or 17 GW—depend on permits, approvals, financing, interconnection capacity, land acquisition, and other conditions. Major risks include obtaining and maintaining permits, securing binding creditworthy tenants, raising project financing, construction execution, interconnection constraints, supply-chain risk, natural gas and water availability, and nuclear licensing risk. (Fast Edgar Archive)

Bottom line

This filing is less about mature earnings and more about Fermi trying to prove it can convert a large AI-power-campus concept into contracted, financed, operational infrastructure. The bullish case is that it has land, permits, equipment, financing facilities, and construction progress. The main watch items are whether it signs a binding tenant, secures enough liquidity, executes the 2026–2027 power ramp, and avoids delays in permitting, interconnection, construction, and financing.

MT NEWSWIRES 7:24 AM ET May-14-2026 

07:24 AM EDT, 05/14/2026 (MT Newswires) -- Fermi (FRMI) reported a Q1 net loss Thursday of $0.30 per diluted share.

Two analysts polled by FactSet expected a net loss of $0.03 per share.

Year-ago figures were not provided, and no revenue was reported for the quarter ended March 31.

Shares of Fermi were down more than 3% premarket Thursday.

Price: 5.77, Change: -0.23, Percent Change: -3.84

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

BENZINGA 7:04 AM ET May-14-2026

Fermi (NASDAQ:FRMI) reported quarterly losses of $(0.30) per share which missed the analyst consensus estimate of $(0.06) by 400 percent.