#BuyingTime!!!
It's interesting to see the narrow scope that the rest of the market looks at this gem with.

BENZINGA 6:56 AM ET Aug-18-2026 

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Infleqtion Inc. (INFQ.NaE) stock fell in Tuesday premarket trading as investors weighed the company's updated second-quarter results and revised 2026 revenue guidance.

Accounting Adjustment Lifts Revenue

Infleqtion (INFQ.NaE) revised second-quarter 2026 revenue to $13.5 million from $12.6 million. It also raised its full-year revenue outlook to about $45.1 million from $43 million.

The company attributed the revisions to an accounting adjustment involving two government contracts. The adjustment shifted the timing of revenue recognition between reporting periods.

Infleqtion (INFQ.NaE) reported an updated second-quarter loss of 11 cents per share, wider than the 5-cent loss estimate. Revenue of $13.54 million beat the $10.64 million estimate.

The noncash adjustment does not affect the company's underlying business, operating cash flow or balance-sheet cash. However, it resulted in corresponding reductions to revenue previously recognized in fiscal 2024 and 2025.

Read Also: Citron Calls It: The Most Obvious Mispricing In Quantum Stocks Right Now

Operating Loss Widens

Second-quarter revenue jumped 157% year over year, driven entirely by organic growth in Infleqtion's (INFQ.NaE) quantum business.

However, the company's GAAP operating loss widened to $29.9 million from $10.4 million a year earlier. Higher operating expenses and stock-based compensation weighed on results. Non-GAAP operating loss widened to $16.2 million from $7.6 million.

"We are providing updated Q2 financial results and full year outlook after an accounting adjustment related to two contracts that shifted the timing of revenue recognition between periods with no impact to cash," CEO Matt Kinsella said.

"I want to reinforce that Q2 was a record quarter for Infleqtion (INFQ.NaE), we remain on track for 30 logical qubits this year, and the pace of quantum commercialization is accelerating."

Critical Levels To Watch For INFQ Stock

Infleqtion (INFQ.NaE) shares remain down about 14% over the past 12 months. The stock trades 16.1% above its 20-day simple moving average of $10.87 and 5.9% above its 50-day SMA of $11.92.

However, the 20-day SMA remains below the 50-day SMA, suggesting the broader trend has yet to fully recover.

Momentum has improved. The MACD is above its signal line, while the histogram is positive. These indicators suggest selling pressure is easing.

Key resistance sits near $14.50. Support is around $11.50, close to the 50-day exponential moving average of $11.81.

INFQ Stock Price Movement

INFQ Price Action: Infleqtion (INFQ.NaE) shares were down 5.67% at $12.65 during premarket trading on Tuesday, according to Benzinga Pro data.

Photo courtesy of Infleqtion (INFQ.NaE)

Presentation PDF

Reviewed by ChatGPT:

ChatGPT refined take after reading the full deck

The presentation strengthens my view that Infleqtion is unusually broad for a quantum company, but it also makes clear that the current revenue base is still much more government-driven than the phrase “quantum commercialization accelerates” might suggest.

The deck describes one neutral-atom platform spanning quantum computing, precision timing, quantum spectrum, inertial/gravity sensing, and quantum software. Management says it has deployed systems in the U.S., U.K., Japan and Australia, has 248+ issued/pending patents, 175+ physicists and engineers, and hundreds of quantum customers.

1. The biggest thing I would emphasize now: 80% of Q2 revenue came from the U.S. government

This is arguably the most important financial fact in the entire presentation.

On page 16, Infleqtion says approximately:

• 92% of Q2 revenue came from the United States
• 80% came from the U.S. government and agencies
• Growth was led primarily by NASA's Quantum Gravity Gradiometer program.

That changes how I interpret the 157% revised growth rate.

The growth is real, but this is not yet broad-based enterprise adoption of quantum computing. A very large portion is government-sponsored quantum development and deployment.

I don't necessarily consider that bad. In fact, defense, space, national laboratories and government infrastructure may be the best early market for quantum technology because they can tolerate:

• high prices,
• long development cycles,
• specialized hardware,
• milestone contracts,
• immature commercial markets.

But it creates customer-concentration and budget-cycle risk.

So I'd characterize INFQ today as:

commercializing quantum technology primarily through government programs, while building the enterprise business behind it.

That's a somewhat different—and more accurate—description than “rapidly growing commercial quantum company.”

2. Eaton becomes more important after seeing the slide

Page 12 is probably the most important strategic slide in the presentation.

It divides the computing roadmap into three stages:

Performance → Deployment → Adoption

with:

• 30 logical qubits targeted for 2026.
• Illinois quantum computer planned for 2027.
• Integration with NVIDIA NVQLink.
• Illinois system designed to scale beyond 50 logical qubits.
• Eaton as a multi-year, multi-million-dollar program.
• Defined customer workloads in finance, energy and precision medicine.

That sequencing makes sense.

And it makes Eaton more significant than I initially gave it credit for.

Eaton isn't merely appearing in a logo slide. Management explicitly describes the relationship as a multi-year, multi-million-dollar program involving U.S. grid resilience and grid-contingency analysis.

That's meaningful evidence that at least one major industrial enterprise is willing to pay to develop a real application on Infleqtion's platform.

But notice the asymmetry

Government revenue is already very substantial.

Enterprise quantum-computing revenue is still emerging.

That's the bridge Infleqtion needs to cross over the next few years.

3. The 30-logical-qubit milestone looks even more important

The deck doesn't bury this target.

It puts “30 logical qubits — On track for 2026” prominently on its computing roadmap.

That creates a very clean investor milestone.

By year-end, we should be able to ask:

Did they deliver 30 logical qubits?

Not:

“Did they publish an interesting research paper?”

Not:

“Did they increase physical qubit count?”

Not:

“Did they announce another partnership?”

But actual logical-qubit performance.

If they deliver something independently credible at that level, my confidence in the computing thesis would rise considerably.

If management quietly pushes that target into 2027, I would treat it as a meaningful negative.

4. Illinois is really the next-generation system

The presentation makes an important distinction.

The 2026 goal is the 30-logical-qubit performance milestone.

The Illinois Quantum & Microelectronics Park deployment is a separate 2027 system:

>

That suggests the roadmap roughly looks like:

2026
→ demonstrate fault-tolerant logical-qubit performance

2027
→ deploy a larger integrated production-style system

Beyond
→ progressively scale the architecture

That's a much more interesting progression than chasing headline physical-qubit counts.

5. The sensing business may be INFQ's strongest differentiator

Page 13 reinforces this considerably.

Infleqtion isn't betting on one sensor. It shows four separate areas:

The company says QGG is attracting interest for critical-minerals applications; Quantum Spectrum is seeing growing defense demand and emerging commercial interest; QuIRC has a U.S. Navy contract and work with the Army and ESA; and Tiqker is being commercialized through Safran's global channels and has achieved a satellite design win.

This is one of the reasons I think INFQ deserves to be evaluated differently from a pure quantum-computing stock.

Useful quantum sensing does not require fault-tolerant universal quantum computing to succeed.

That potentially gives Infleqtion revenue-producing markets while its computing technology matures.

6. Their deployment record is legitimate—and unusual

Page 11 is another strong slide.

Management lists systems operating:

• In space: International Space Station technology operating since 2018.
• Undersea: Royal Navy Excalibur optical atomic-clock demonstration aboard a submarine.
• Airborne: BAE + QinetiQ quantum-navigation flight demonstration.
• Terrestrial: Safran precision timing over live fiber between Indiana and Illinois.

This is quite different from a quantum company whose technology only exists in a university-style lab.

Infleqtion has experience putting quantum hardware into hostile real-world environments.

That is especially valuable for:

defense + navigation + space + timing + intelligence applications.

7. But I would be careful with the giant logo slide

Page 24 looks extremely impressive: NASA, NVIDIA, DARPA, Department of Defense, U.S. Army, Air Force, Royal Navy, Safran, BAE Systems, IQMP, EPRI, NREL, JPL, Illinois and others.

Management describes these collectively as “leading partners” and says it has sold hundreds of quantum cores through sensors and computing systems.

That does not mean each logo represents:

• a paying commercial customer,
• an active material contract,
• recurring revenue,
• or a major deployment.

This is common investor-presentation practice.

I'd put much greater analytical weight on relationships where Infleqtion gives us actual contract information—such as Eaton, NASA QGG, Commerce, Illinois, Navy/Army programs and Safran—than simply counting logos.

8. The company's neutral-atom argument is compelling—but still a company claim

Pages 8–10 lay out the technical thesis.

Infleqtion argues neutral atoms provide:

• naturally identical qubits,
• optical control,
• reconfigurable arrays,
• large atom arrays,
• lower power,
• compact physical footprint,
• potentially lower system complexity/cost.

The full stack then goes:

neutral atoms → quantum hardware → controls → Superstaq software → applications/customer workloads.

I like this strategy.

But the line on page 9—

“Gaining confidence neutral atoms will win”

—is management's competitive thesis, not a demonstrated industry conclusion.

Neutral atoms still have to compete with superconducting, trapped-ion, photonic and other architectures.

9. There is a surprisingly large amount of stock compensation

The appendix deserves more attention than the headline slides.

For Q2 2026, the original August 12 presentation showed:

• GAAP R&D: $12.675M
• GAAP SG&A: $19.818M
• GAAP operating loss: $30.636M
• Stock compensation: $12.066M
• Non-GAAP operating loss: $16.979M.

Using the original $12.633M Q2 revenue number, stock compensation alone was approximately 95% of quarterly revenue.

Even after today's accounting correction raises Q2 revenue to $13.538M, stock compensation remains roughly 89% of revenue.

The August 17 SEC filing revised Q2 revenue upward to $13.538M and GAAP operating loss to $29.858M. (SEC)

That does not mean SBC is economically equivalent to cash burn, but it is absolutely dilution and should not simply be ignored because management presents a non-GAAP number.

10. And SG&A is currently larger than revenue

That deserves watching as well.

Original Q2 presentation:

Revenue: $12.633M
SG&A: $19.818M.

Some of that consists of:

• stock compensation,
• acquisition/integration expense,
• former executive payment,
• public-company costs.

So it should normalize somewhat.

But it shows just how early the operating model remains.

This is emphatically not yet a scaled commercial business.

11. Management is deliberately spending ahead of 2027

Page 14 says headcount has increased 25%+ since January 2026, primarily in technical roles, and R&D/manufacturing capacity is expanding in Chicago, Oxford and Louisville.

Page 19 then lays out management's financial philosophy:

2026: accelerating activity
2027: improving revenue visibility
long term: operating leverage, with revenue supposedly scaling faster than costs.

What I don't see is equally important:

There is no numerical long-term margin model in the deck.

No:

• target gross margin,
• EBITDA margin,
• operating margin,
• break-even year,
• free-cash-flow target.

So the operating-leverage thesis remains qualitative.

12. The cash position gives them a tremendous amount of time

Page 18 reports approximately $582M of cash and equivalents, while explicitly warning that operating cash flow contains roughly a $27M temporary working-capital benefit. It also says Q2 capital spending remained low relative to plans.

I like the fact that management explicitly disclosed the working-capital distortion rather than simply celebrating cash flow.

Even after adjusting mentally for that ~$27M temporary benefit, the balance sheet remains extremely strong relative to the company's current operating scale.

This is important because quantum development is brutally capital intensive.

INFQ currently has the financial ability to survive mistakes and delays.

And today's accounting correction needs to be layered on top of this deck

This presentation is dated August 12 and therefore contains the original preliminary figures:

$12.6M Q2 revenue / +116% / ~$43M FY26 outlook.

On August 17, Infleqtion updated those numbers to:

$13.5M Q2 revenue / +157% / ~$45.1M FY26 guidance.

But the company explicitly says the additional guidance increase reflects non-cash accounting timing adjustments, with no change to the underlying assumptions about 2026 business performance. (Infleqtion)

And the SEC filing says the error is related to Infleqtion's previously disclosed material weakness in internal controls, stemming from insufficient accounting personnel to perform effective risk assessment and transaction-review controls. (SEC)

So I would not revise the qualitative business outlook upward merely because $43M became $45.1M.

ChatGPT revised INFQ thesis after seeing the actual presentation

I'd now divide the company into four pieces:

1. Government quantum contractor — already real

NASA, defense, DOE, Commerce-related opportunities, Navy/Army programs.

Strongest current revenue engine.

2. Quantum sensing company — entering commercialization

Gravity, navigation, spectrum, atomic clocks.

Potentially the most underrated part of INFQ.

3. Enterprise quantum-computing company — early

Eaton is encouraging, but enterprise adoption is not yet remotely comparable with the government business.

This is what needs to accelerate in 2027–2029.

4. Fault-tolerant quantum-computing platform — high-upside option

30 logical qubits → Illinois >50 logical qubits → eventual scale.

This is where the enormous valuation upside—or disappointment—lies.

What I would monitor from here

The single metric I'd add to our INFQ watch list

Non-government revenue as a percentage of total revenue.

Today the deck effectively tells us that only about 20% of Q2 revenue was outside U.S. government/agencies.

If, two years from now, revenue is much larger and enterprise/commercial customers have become a substantial percentage of that revenue, then Infleqtion will have demonstrated something much more valuable than merely winning additional federal R&D awards.

That's the transition I would look for before concluding that INFQ has truly moved from quantum-development company to scaled quantum-commercialization company.

MT NEWSWIRES 5:29 AM ET Aug-17-2026 

05:29 AM EDT, 08/17/2026 (MT Newswires) -- Fermi (FRMI) received a subpoena from the US District Court for the Eastern District of New York on July 30 requesting documents related to Project Matador, the company and certain former management members, citing to a Friday filing.

The company also received a voluntary document-production request from the US Securities and Exchange Commission on Aug. 3 involving similar matters.

Fermi said both requests are broad and do not contain any allegations of wrongdoing and that it is fully cooperating with the EDNY and SEC, it added.

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

Fermi's board says the company delivered all five objectives announced roughly 90 days earlier:

1. Signed the first anchor customer — TensorWave
2. Appointed permanent CEO Lee McIntire
3. Added Hillcore as a strategic power partner and expanded EPC relationships
4. Received three Siemens F-class turbines, bringing landed generation assets to 1.5 GW
5. Raised more than $431 million through convertible notes

Chairman Marius Haas explicitly presents these as completion of the Fermi 2.0 plan established after the Neugebauer leadership crisis.

ChatGPT summary:

Bottom line

This is the strongest operating update Fermi has produced so far. The August 13 Q2 release shows that the company has moved beyond being primarily a land/power-development story and has now achieved several milestones that directly address the criticisms raised during the Neugebauer proxy fight: a binding anchor customer, permanent CEO, additional generation financing, physical turbine delivery, established EPC relationships, and substantially more liquidity.

The most important development by far is the TensorWave contract. Fermi says it signed a 15-year binding turnkey lease for 222 MW, representing approximately $6.5 billion of revenue over the contract life, with two expansion options that could ultimately triple TensorWave's footprint.

That substantially changes the FRMI investment thesis.

The five 90-day objectives — all reported completed

Fermi's board says the company delivered all five objectives announced roughly 90 days earlier:

1. Signed the first anchor customer — TensorWave
2. Appointed permanent CEO Lee McIntire
3. Added Hillcore as a strategic power partner and expanded EPC relationships
4. Received three Siemens F-class turbines, bringing landed generation assets to 1.5 GW
5. Raised more than $431 million through convertible notes

Chairman Marius Haas explicitly presents these as completion of the Fermi 2.0 plan established after the Neugebauer leadership crisis.

That is significant in the context of everything we've been following.

1. TensorWave is the transformational development

Fermi has signed TensorWave, described as a neocloud AI infrastructure provider, as Project Matador's first customer.

The initial commitment is:

• 222 MW total facility power
• 15-year binding lease
• Approximately $6.5 billion total contractual revenue
• Two expansion options allowing TensorWave potentially to triple its footprint at Project Matador.

This is exactly the milestone both sides of the proxy fight kept discussing.

Neugebauer repeatedly said a tenant was close. Fermi's incumbent board repeatedly said its 90-day strategy was designed to produce a binding commercial tenant.

Fermi delivered it.

That materially reduces one of FRMI's largest risks: the possibility that enormous infrastructure spending was occurring without a committed end customer.

But there is an important qualification: $6.5 billion is contracted revenue over 15 years, not present revenue, profit, or guaranteed cash in hand today. Construction, delivery milestones, counterparty credit, financing, performance obligations and contract termination provisions still matter enormously.

2. The customer contract validates the basic Matador proposition

Fermi's fundamental thesis has always been:

>

TensorWave signing for 222 MW provides the first meaningful commercial validation of that thesis.

It doesn't prove the eventual 17-GW vision, but it demonstrates that at least one sophisticated AI-infrastructure customer is willing to enter into a long-duration agreement at the site.

The company's much larger 17-GW ambition remains explicitly conditional on customer agreements, permits, financing, land and other approvals.

That distinction is important:

222 MW = contracted initial commercial reality.
17 GW = long-term development ambition.

3. Hillcore changes the financing model

The other development I find particularly important is the agreement with Hillcore Energy Capital.

Fermi says Hillcore will finance, construct, own and operate approximately 2.6 GW of incremental generation at Project Matador. Combined with Fermi's own generation plan, the companies are targeting approximately 4.8 GW of onsite generation within roughly 30 months.

But the structure is what catches my attention.

Fermi says:

• Hillcore finances the facility.
• Hillcore constructs it.
• Hillcore owns and operates it.
• Fermi provides a long-term ground sublease.
• Fermi contributes no capital to the plant.
• Fermi issues no debt for the plant.
• Fermi becomes anchor offtaker under a 20-year PPA.
• Fermi receives an option to acquire the plant at fair market value after year 10.

This is potentially a very important answer to the capital-intensity problem Neugebauer kept emphasizing.

Instead of Fermi financing every gigawatt itself, third-party capital builds generating capacity matched to contracted customers.

That should reduce capital requirements and balance-sheet risk if the agreements perform as intended.

4. Generation is becoming physical rather than conceptual

There is now quite a bit of physical infrastructure on site.

Fermi reports approximately $1.5 billion already invested in Project Matador, with roughly 8,400 acres secured or under long-term lease.

The generation program includes:

Phase One: six Siemens SGT-800 turbines capable of nearly 300 MW. Excavation is complete for all six power islands and Primoris is working on balance-of-plant construction.

Phase Two: three Siemens SGT6-5000F turbines rated at up to 728 MW in simple-cycle operation. Those turbines arrived at the Port of Houston in July, and Fermi says total landed power assets are now approximately 1.5 GW.

The site also reportedly has:

• 11 miles of perimeter fencing
• nearly five miles of high-pressure gas pipeline
• seven miles of water distribution
• 2.5 million gallons/day water capacity
• a two-million-gallon water storage tank
• ongoing work with Xcel toward another 200 MW of grid power.

That is meaningful because one concern surrounding FRMI has been whether the enormous Matador vision was progressing fast enough from plans and equipment orders into actual infrastructure.

It increasingly is.

5. First-power timetable

Management now lays out a fairly concrete progression:

~200 MW initial commercial power: next six months.

~1.5 GW: next 18–24 months.

And that excludes the Hillcore generation program. Both estimates remain conditional on customer agreements and approvals.

This becomes one of the critical metrics to track each quarter.

TensorWave needs power. The market will increasingly judge Fermi not by acreage or permitted GW, but by:

contracted MW → constructed MW → energized MW → revenue-producing MW.

6. Lee McIntire becomes CEO

Fermi appointed Lee McIntire permanent CEO.

His background is unusually relevant to the Matador problem: more than 40 years spanning Bechtel, CH2M Hill and TerraPower, with experience in natural-gas generation, nuclear development and very large civil projects including the Panama Canal expansion. He had already been a Fermi independent director since September 2025.

This looks like a deliberate shift from entrepreneurial/founder leadership to megaproject execution leadership.

Given the stage Fermi has reached, that makes strategic sense.

7. The convertible financing is better than the headline sounds — but it is still debt

After quarter-end Fermi issued more than $431 million of 5% convertible senior notes due 2031, producing $416.8 million of net proceeds before approximately $34.5 million spent on capped-call transactions.

The initial conversion price is approximately $9.52/share.

Fermi also purchased capped calls with an effective strike of approximately $14.64, which the company says protects existing shareholders from dilution up to that level. Management goes as far as saying shareholders face no dilution until the stock more than doubles from the July 9 reference price.

That is definitely more shareholder-friendly than a simple equity issuance at depressed prices.

But I would add a qualification to management's language:

The capped call mitigates equity dilution; it does not make the financing free.

Fermi still issued 5% debt and ultimately has obligations associated with those notes.

The balance sheet deserves attention

At June 30, before the July convertible issue, Fermi had:

• $62.5M cash
• $29.2M restricted cash
• $91.7M combined cash/restricted cash
• $1.548B PP&E
• $520.1M debt
• $149.7M accounts payable/accrued liabilities
• $1.032B stockholders' equity.

Compare that with December 31:

• cash fell from $408.5M → $62.5M
• PP&E increased from $935.3M → $1.548B
• debt increased from $109.8M → $520.1M.

That's the capital-intensity of Matador showing up vividly on the balance sheet.

The July convertible financing was therefore not merely opportunistic — Fermi needed considerably more liquidity to continue executing.

Cash flow tells the story even better

For the first six months of 2026:

• Operating cash burn: $56.0M
• PP&E investment: $626.2M
• Net financing cash inflow: $365.4M
• Cash/restricted cash decline: $316.8M.

That tells us something important about FRMI.

This isn't currently a company whose principal risk is ordinary operating losses.

Its major challenge is funding enormous infrastructure investment ahead of revenue.

And that is exactly why the TensorWave and Hillcore developments matter so much.

TensorWave begins converting infrastructure into contracted demand.

Hillcore potentially transfers part of future generation capex away from Fermi's balance sheet.

Together, those are much more significant than the headline Q2 earnings loss.

Q2 earnings themselves

Fermi remains pre-revenue.

For Q2:

• G&A: $26.8M
• Operating loss: $26.8M
• Net loss: $25.8M
• EPS: -$0.04.

For the first six months, net loss reached $214.5M, although $118.7M was share-based compensation and another $24.8M resulted from debt extinguishment, so the headline loss materially exceeds underlying cash operating burn.

That's why I would not focus heavily on EPS at this stage.

What this means for the Neugebauer dispute

This is where today's report becomes especially interesting given everything we've been following.

Several of Neugebauer's central criticisms have now been answered operationally:

That does not prove Neugebauer was wrong about governance, contractor economics, dilution or the merits of evaluating a sale.

But from an operating standpoint, the incumbent board has now delivered the strongest possible response to his criticism: execution.

And there's an interesting irony: Neugebauer repeatedly predicted that the company was close to signing a tenant because negotiations had advanced substantially before his departure.

Today's announcement provides some support for that portion of his narrative as well.

So both things can be true:

The pre-April team may have done substantial work establishing the opportunity, while the post-Neugebauer Fermi 2.0 team successfully completed the contracts and financing necessary to advance it.

What remains risky

I would not interpret today's release as Project Matador being fully de-risked.

The company's own disclosure identifies continued risks around permits, NRC/TCEQ approvals, customer credit, construction, financing, interconnection, natural gas, water, nuclear licensing, counterparties, litigation and governance.

And the 17-GW headline remains particularly speculative. Fermi explicitly warns that generation above roughly 6 GW requires further permitting, financing, interconnection capacity, land and approvals.

The next major risk has changed from:

>

to:

>

That's a much better problem to have — but it is still a very large problem.

My updated FRMI view

I would categorize today's release as materially positive and thesis-improving.

Before this announcement, FRMI was largely a development-optionality investment: extraordinary land/power potential but enormous financing, governance and customer risks.

After today's announcement, it is beginning to become a contracted infrastructure development story.

The three developments that matter most are:

TensorWave → validates demand.

Hillcore → provides a potential way to scale power without Fermi funding every plant itself.

McIntire + EPC/turbine progress → strengthens the execution side.

The financial statements simultaneously remind us why the stock remains risky: Fermi consumed hundreds of millions of dollars building Matador before generating revenue and will continue requiring immense amounts of capital.

But compared with where this story stood during the May–July proxy fight, today's Fermi is substantially more commercially de-risked than the Fermi we were analyzing two months ago.

The next document I would want to examine is the actual Q2 Form 10-Q, because that should let us dig beneath the press release into the TensorWave contractual obligations, debt facilities, capex commitments, related-party transactions, litigation, liquidity runway, Hillcore terms, and any changes involving the Texas Tech/Pantex-adjacent property.

MT NEWSWIRES 6:12 AM ET Aug-13-2026 

06:12 AM EDT, 08/13/2026 (MT Newswires) -- Fermi (FRMI) said late Wednesday that it has appointed Lee McIntire as chief executive officer, effective Tuesday, Aug. 11.

McIntire has been an independent director on Fermi's board since September, the company said.

McIntire, who has more than 40 years of executive leadership and governance experience, has previously served as CEO of CH2M Hill and TerraPower, as well as interim CEO of McDermott, Fermi said.

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

MT NEWSWIRES 7:19 AM ET Aug-13-2026 

07:19 AM EDT, 08/13/2026 (MT Newswires) -- Fermi (FRMI) reported a Q2 net loss Thursday of $0.04 per diluted share, widening from a loss of $0.02 a year earlier.

Three analysts surveyed by FactSet expected a loss of $0.06.

The company did not report revenue for the quarter ended June 30, as it remains pre-revenue and in the development phase.

Four analysts surveyed by FactSet expected revenue of $3 million.

Shares of Fermi were up 3.3% pre-bell.

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

MT NEWSWIRES 5:10 AM ET Aug-12-2026 

05:10 AM EDT, 08/12/2026 (MT Newswires) -- Fermi (FRMI) has signed a framework agreement with Hillcore Energy Capital under which Hillcore will finance, build, own and operate an approximately 2.6GW power complex at Fermi's Project Matador campus in Texas, the company said late Tuesday.

The Hillcore Power Center will include about 2.5GW of natural gas-fired generation, along with roughly 100MW of solar generation and battery energy storage, Fermi said.

Construction of an initial 350 MW power block is expected to begin after definitive agreements are signed, with first power targeted within 24 months of notice to proceed, the company said.

Under the deal, Fermi said it will purchase power as customer leases are signed, while Hillcore will bear construction, operating and performance risks.

Fermi will have an option to acquire the Hillcore Power Center after 10 years at fair market value, it said.

Financial terms of the deal were not disclosed.

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

ACCESS NEWSWIRE 5:15 PM ET Aug-11-2026 

Doubles Fermi power to market to 4.8 gigawatts (GW) over the next ~30 months

Build-Own-Operate-Transfer structure accelerates one of America's largest AI campus power programs - with no capital outlay by Fermi

DALLAS, TX / ACCESS Newswire / August 11, 2026 / Fermi Inc. (FRMI.NaE) , operating as Fermi America^(™) ("Fermi" or the "Company"), announced the execution of a framework agreement with Hillcore Energy Capital Corporation ("Hillcore") under which Hillcore will finance, build, own and operate the Hillcore Power Center, an approximately 2.6 GW power complex at Fermi's Project Matador campus in Carson County, Texas, under a Build-Own-Operate-Transfer (BOOT) structure. The Hillcore Power Center will comprise approximately 2.5 GW of natural gas-fired generation, developed in phases, together with approximately 100 megawatts (MW) of solar generation and battery energy storage. Construction of the first power block, approximately 350 MW, will begin on execution of definitive agreements, with first power targeted within 24 months of notice to proceed.

Strategic Alliance Summary

• Speed to power. The construction of the Hillcore Power Center will run in parallel with Fermi's Main Campus power generation buildout. The strategic alliance is designed to bring the Project Matador campus to approximately 4.8 GW of on-site power years faster than a self-build path - a decisive advantage for AI and hyperscale customers.
• Capital-efficient growth. Hillcore and its partners will finance and own the facility on their own balance sheets. Fermi adds gigawatts of dedicated, behind-the-meter power with no upfront capital expenditure.
• De-risked commercial structure. Fermi purchases power only as customer leases are signed, on terms matched to each customer's lease, with fuel costs passed through. Construction, operating, and performance risk sit with Hillcore.
• Path to ownership. Fermi holds an option to acquire the facility after 10 years at fair market value, preserving long-term ownership upside without committing capital today.
• Alignment. Hillcore and its partners bring long-duration private capital and, through affiliates including JV Driver, more than 35 years of heavy-industrial and power-generation experience spanning natural gas, steam, biomass, and power boiler facilities from project development and construction through commissioning and operations.

"Power is the gating asset for AI, and this alliance brings gigawatts to our customers faster than any self-build path in the market," said Jacobo Ortiz, Fermi Co-President & Chief Operating Officer. "Hillcore finances, builds, and operates the plant; Fermi delivers dedicated, behind-the-meter power matched to every tenant lease, with our balance sheet intact and a clear path to owning the asset."

"This is the long-duration infrastructure Hillcore was built for," said Russell Negus, President at Hillcore Energy Capital Corporation. "Backed by Hillcore and our partners' capital platform, and JV Driver's execution capabilities, we intend to deliver first power within 24 months of notice to proceed and to stand behind this plant for decades. Fermi's customer demand and the strategic alliance structure make the Hillcore Power Center immediately financeable, and we're proud to anchor this power program at Project Matador."

Next steps will be for the parties to finalize the constituent agreements and obtain customary approvals.

About Fermi's Project Matador

Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems, on an area in the Texas Panhandle that's more than half the size of Manhattan. The site, called Project Matador, is secured or under long-term lease with more than $1.5 billion invested in buildout to date. Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand - delivered behind the meter and on a private grid built and operated on site. Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial progress.

Investor Contact

Barry Sievert | IR@fermiamerica.com

Media Contact
Fermi Inc. (FRMI.NaE) Communications | media@fermiamerica.com

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, 17 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.

About Hillcore Group

Hillcore Energy Capital Corporation is an entity owned by Hillcore Group, a Canadian private investment firm with more than $6 billion in assets under management, and JV Driver Group, an industrial contractor with over three decades of major-project delivery.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, tenant agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, market demand, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statements except as required by law.

SOURCE: Fermi Inc. (FRMI.NaE)

View the original press release on ACCESS Newswire

MT NEWSWIRES. 6:12 PM ET Aug-10-2026 

06:12 PM EDT, 08/10/2026 (MT Newswires) -- Fermi (FRMI) said late Monday it has signed its first binding customer lease at its Project Matador campus in Texas, a deal expected to generate about $6.5 billion over its initial 15-year term for the first phase.

The lease between Fermi's subsidiary Fermi Campus 1 and TensorWave TEX1, a unit of TensorWave, covers a facility supported by 222 megawatts of total power once the final delivery phase begins.

The agreement includes expansion rights for two additional data centers that would bring the partnership to more than 650 MW if exercised.

Project Matador's first power is targeted for 2026, with construction already underway and permits secured for about 6 GW of the planned 17-GW campus.

Fermi shares jumped 19% in after-hours trading.

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

ACCESS NEWSWIRE 6:40 PM ET Aug-10-2026 

Reason for change: Unfinalized version was submitted

Intends to grow the partnership to more than 650 megawatts (MW) over three phases

First phase to deliver a complete turnkey data center solution with 222 MW beginning in the second half of 2027, representing approximately $6.5 billion in total contracted revenue

Fermi and TensorWave have lined up world-class partners to collaborate on the project

DALLAS, TX / ACCESS Newswire / August 10, 2026 / Fermi Inc. (FRMI.NaE) , operating as Fermi America™ ("Fermi" or the "Company"), announced today that it has executed its first binding customer lease at its Project Matador campus in Carson County, Texas. The lease between Fermi's subsidiary Fermi Campus 1 LLC and TensorWave TEX1, LLC, a subsidiary of AI cloud provider TensorWave Inc., covers a facility supported by 222 megawatts (MW) of total facility power following commencement of the final delivery phase. Once fully delivered, the facility is being designed to support tens of thousands of next-generation AMD Instinct GPUs for large-scale AI training and inference. The lease is expected to generate approximately $6.5 billion in total contracted revenue over the initial 15-year term, for the first phase, excluding any renewal terms. The lease carries expansion rights for two additional data centers that when exercised, would bring the partnership to a total of more than 650 MW.

Construction at Project Matador is well underway, with approximately 6 gigawatts (GW) of the planned 17 GW already permitted, more than $1.5 billion invested in the buildout to date, and first power targeted for 2026. As a result, Fermi is positioned to deliver AI data center capacity in a market where many projects are still raising the capital required to build or being blocked by permitting issues.

"A lease of this size and this term is a tremendous vote of confidence in Fermi," said Marius Haas, Chairman of the Board of Directors of Fermi Inc. (FRMI.NaE) "In delivering this first binding agreement, we've now fulfilled the most important objective we shared with the market in May. The committed partner ecosystem of developers, guarantors, and financing providers are all industry-leading companies, and TensorWave is exactly the kind of anchor customer our project was designed for. I am incredibly proud of our team for executing the site buildout to date, and for delivering this agreement and advancing others that we expect to announce soon."

Transaction summary

• Structure: Turnkey data center lease. Fermi develops, constructs and delivers the facility; TensorWave takes occupancy in phases.
• Capacity: 222 MW of total facility power for phase one with expansion rights that would bring the partnership to a total of more than 650 MW.
• Term: Initial term of 15 years following commencement of the final delivery phase, with two renewal options of five years each.
• Contracted Revenue: Approximately $6.5 billion over the initial 15-year term for phase one.
• Delivery: Phased, beginning the second half of 2027.
• Conditions: The lease contains customary conditions, including the receipt of requisite project guaranties and financing.

"Power is the critical constraint in AI infrastructure, and the vision and scope of what Fermi is building at Project Matador resonates with our own," said Darrick Horton, CEO and Co-Founder of TensorWave. "Our customers need hundreds of thousands of next-generation AMD Instinct GPUs in aggregate, on timelines they can count on. Fermi has assembled the power, land, and permits to deliver at that pace, and we are proud to be the first customer at a campus built for the decades ahead."

Fermi has been advised by the Texas Tech University System that it supports the transaction and intends to work closely with Fermi toward a successful closing.

"The Texas Tech University System-Fermi partnership is delivering on the bold vision behind Project Matador," said Chancellor Brandon Creighton. "TensorWave's selection of Fermi sends a strong signal about the enormous potential of this project and the Texas Panhandle. The System is proud to help position our region at the forefront of America's energy, AI and national security future."

Fermi continues to advance discussions with additional hyperscale, neo-cloud and enterprise compute counterparties for capacity at Project Matador, and with development, construction, and financing partners for the campus. Fermi expects to provide further detail as agreements are finalized.

About Fermi's Project Matador
Fermi America is where AI gets power. The Company is developing one of the world's largest advanced energy and AI ecosystems, on an area in the Texas Panhandle that's more than half the size of Manhattan. The site, called Project Matador, is secured or under long-term lease with more than $1.5 billion invested in buildout to date. Fermi designed the project to solve the single biggest constraint in AI infrastructure: access to large-scale, reliable power on a timeline that meets customer demand - delivered behind the meter and on a private grid built and operated on site. Subject to entering into binding customer agreements, the project is expected to ramp to approximately 17 GW, with capital deployment matched to commercial progress.

Investor Contact
Barry Sievert | IR@fermiamerica.com

Media Contact
Fermi Inc. (FRMI.NaE) Communications | media@fermiamerica.com

About Fermi America™
Fermi America™ (LSE:FRMI) 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, 17 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.

About TensorWave
TensorWave is the AI cloud purpose-built for performance. Powered exclusively by AMD Instinct™ Series GPUs, TensorWave delivers high-bandwidth, memory-optimized infrastructure that scales with the most demanding training and inference workloads. Backed by funding from investors including Magnetar, AMD Ventures, Maverick Silicon, Nexus Venture Partners, and Western Frontier, TensorWave operates one of the world's largest all-AMD GPU clouds and is expanding rapidly to meet global demand. For more information, please visit tensorwave.com.

Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, tenant agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, the potential exercise of expansion rights and any resulting capacity or revenue, expected contracted revenue, the anticipated growth of the company's relationship with TensorWave, market demand, the timing and conditions of construction capital deployment, the sufficiency and continued availability of tenant credit support, the availability of project financing, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company undertakes no obligation to update any forward-looking statements except as required by law.

SOURCE: Fermi Inc. (FRMI.NaE)

View the original press release on ACCESS Newswire

REUTERS 9:08 AM ET Jul-28-2026 

July 28 (Reuters) - Infleqtion inc (INFQ.NaE):

* INFLEQTION APPOINTS DR. JOSEPH BUCK AS SENIOR VICE PRESIDENT OF QUANTUM COMPUTING SYSTEMS Source text: Further company coverage:

BENZINGA 8:11 AM ET Jul-28-2026 

Mizuho analyst Vikram Malhotra maintains Fermi with a Outperform and lowers the price target from $27 to $11.

ACCESS NEWSWIRE 4:30 PM ET Jul-21-2026 

Arrival marks an important milestone in the development of Fermi's Project Matador

SGT6-5000F natural gas turbines will anchor what is expected to be the nation's largest combined-cycle natural gas project

DALLAS, TX / ACCESS Newswire / July 21, 2026 / Fermi Inc. (FRMI.NaE) , operating as Fermi America™ ("Fermi" or the "Company"), today announced the arrival of three Siemens Energy SGT6-5000F natural gas turbines at the Port of Houston. Together, the three turbines are rated at up to 780 megawatts in simple-cycle mode. They are bound for Fermi's Project Matador, an advanced energy and AI campus near Amarillo, Texas. This marks one of the project's largest single power-equipment moves, and it keeps Fermi well ahead of competitors in bringing gigawatt-scale power online.

The delivery is the latest in a fast run of milestones. Over the past couple of weeks, Fermi selected TSK, Spain's largest power-focused EPC firm, for early works on its phase-two turbines and brought in Primoris Services Corporation to build the balance of plant for six SGT-800 turbines in phase one. This rapid pace reflects the focus of Fermi's leadership team, as it discussed the Company's strategic plan to extend its speed-to-power advantage.

"This is FermiSpeed," said Jacobo Ortiz, Co-President of Fermi America. "We communicated a clear plan, and our teams are executing at pace. In the past month we lined up two world-class partners in TSK and Primoris. Now, three of the world's most capable natural gas turbines are on American soil and headed to the Texas Panhandle. They will form the backbone of the second phase of the power buildout, as we move iron at a pace hyperscalers need and grow our advantage in a highly competitive market."

Moving iron at FermiSpeed

FermiSpeed is Fermi's shorthand that describes how the Company is closing the gap between a plan and real, working hardware. Fermi buys long-lead equipment early and runs work in parallel. That way, critical iron is on site when crews need it. Today, two phases are moving at once. As mentioned above, Phase one is the six SGT-800 turbines, now heading into balance-of-plant work with Primoris. Phase two is the three SGT6-5000F turbines.

From Houston, the turbines will travel to the Project Matador campus near Amarillo. Site work there is already underway to receive them. More turbines are expected to follow as the Company scales toward its planned private grid.

"Getting the first turbine to Houston is a big logistics win," said Chad Ingersoll, Vice President of Construction at Fermi America. "It keeps our schedule in lockstep with the early works TSK is driving. Crews in the Panhandle are already prepping the site. Every week we gain between plan and hardware is a week closer to first power."

Why the SGT6-5000F

Each SGT6-5000F is rated at up to 260 megawatts in simple-cycle mode and can ramp at up to 40 megawatts per minute, reaching full speed in as little as five minutes. They are also among the most widely used heavy-duty natural gas turbines in the 60-hertz market, with a global fleet reliability near 99%. The turbines mix of high output, rapid startup, strong load-following capability, and low-emissions combustion is well suited to anchor the flexible, high-availability power supply that AI and advanced computing demand.

Project Matador

Fermi America is developing one of the world's largest advanced energy and AI campus sites, with 7,570 acres secured or under long-term lease in the Texas Panhandle and more than $1.4 billion invested in site buildout to date. Project Matador is engineered to solve the single biggest constraint in AI infrastructure - access to large-scale, reliable power on a timeline that meets customer demand. Subject to entering into binding tenant agreements, the project is expected to ramp to approximately 1.5 gigawatts through 2027, with capital deployment matched to commercial progress.

About Fermi America™

Fermi America™ (LSE:FRMI) 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.

Contacts

Investors
Barry Sievert | IR@fermiamerica.com

Media

Fermi Inc. (FRMI.NaE) Communications | press@fermiamerica.com

Forward-Looking Statements

This press release contains "forward-looking statements" under the federal securities laws. These include statements about the delivery, transport, and installation of gas turbines. They also cover the expected timing, phasing, capacity, and configuration of Project Matador. They cover progress on the Company's 90-day plan and partnerships, and the Company's ability to bring power online. Such statements rest on current expectations and assumptions. Actual results could differ materially due to risks and uncertainties, including those in the Company's filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of today. The Company undertakes no obligation to update them except as required by law.

SOURCE: Fermi Inc. (FRMI.NaE)

View the original press release on ACCESS Newswire

ACCESS NEWSWIRE

4:30 PM ET Jul-20-2026 

Fermi to host earnings call on August 13, 2026

DALLAS, TX / ACCESS Newswire / July 20, 2026 / Fermi Inc. (FRMI.NaE) , operating as Fermi America™ ("Fermi" or the "Company"), announced today that it plans to release second quarter 2026 financial results at 7 a.m. Eastern Time / 12 p.m. British Time on Thursday, August 13, 2026. This announcement will be followed by an earnings conference call at 9 a.m. Eastern Time / 2 p.m. British Time. The Company's earnings release and supplemental information will be posted to the Investors section of the Company's website prior to the conference call.

To join the live conference call, 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 587288.

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.

Investor Contact
Barry Sievert | IR@fermiamerica.com

Media Contact
Fermi Inc. (FRMI.NaE) Communications | press@fermiamerica.com

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.

SOURCE: Fermi Inc. (FRMI.NaE)

View the original press release on ACCESS Newswire

REUTERS 2:54 AM ET Jul-16-2026 

July 16 (Reuters) - Fermi Inc (FRMI.NaE):

* FERMI INC. (FRMI.NaE) - CONVERTIBLE SENIOR NOTES AGREEMENT

* FERMI - ISSUES $375 MILLION OF 5% CONVERTIBLE SENIOR NOTES DUE 2031

* FERMI - INITIAL PURCHASERS EXERCISE $56.25 MILLION OPTION; TOTAL GROSS PROCEEDS $431.25 MILLION Source text: Further company coverage