Project Matador Development - Project Matador aims for a total generation capacity of 11 gigawatts, with a target of 1.1 gigawatts for first power delivery in 2026[3]. - A 99-year campus lease with Texas Tech University commenced in September, providing long-term control of the Project Matador site[3][17]. - Fermi America has begun on-site geotechnical work on the 5,263-acre campus, with 85 acres graded and initial construction preparations underway[18]. - The company entered into a letter of intent with Siemens Energy for the delivery of three F-class gas turbine units totaling over 1 gigawatt for 2026[22]. - A collaboration agreement with Westinghouse Electric Company was executed to support the licensing and deployment of four AP1000® reactors at the Project Matador campus[21]. - Fermi has secured an LOI with the City of Amarillo for up to 2.5 million gallons per day of water supply to support Project Matador[29]. - The Amarillo City Council approved a water-supply agreement allowing the city to sell up to 2.5 million gallons per day to Project Matador, with an option to expand to 10 MGD in later phases[48]. - By the end of 2026, Fermi aims to have the first portion of its campus operational, delivering 1 GW of clean power[56]. - The Texas Commission on Environmental Quality preliminarily approved Fermi's 6GW Clean Air Permit for natural gas generation, subject to public input[50]. Financial Performance - The company raised $1.6 billion year-to-date through private financing and its IPO, which raised approximately $785 million in gross proceeds[3][36]. - Fermi America's IPO valued the company at approximately $14 billion on a fully diluted basis, reflecting strong investor confidence in its strategy[39]. - The IPO proceeds are expected to fund the initial development goals of bringing 1 GW of capacity online by late 2026, with a long-term vision of achieving 11 GW over the next decade[40]. - A $150 million Advance in Aid of Construction Agreement was executed with the first prospective tenant, marking a significant milestone in Fermi's commercial program[44]. - Year-to-date cash used in operating activities was $8.3 million, with a net loss of $353.2 million primarily due to non-cash charges[59]. - Cash and cash equivalents totaled $183.0 million at the end of Q3 2025, including $83.7 million of unrestricted cash[61]. - The company secured approximately $731.4 million in net proceeds from its IPO after deducting underwriting discounts and offering expenses[62]. - Net loss for the period from inception through September 30, 2025, amounted to $353,180 thousand[67]. - Total cash used in operating activities was $8,291 thousand[67]. - Cash used in investing activities totaled $96,321 thousand, primarily due to investments in construction in progress of $89,033 thousand[67]. - Net cash provided by financing activities was $287,605 thousand, with significant proceeds from the issuance of Series A Convertible Notes amounting to $75,500 thousand[67]. - Cash, cash equivalents, and restricted cash at the end of the period reached $182,993 thousand, comprising $83,693 thousand in cash and cash equivalents and $99,300 thousand in restricted cash[68]. - Share-based compensation expenses totaled $24,814 thousand, with additional related party expenses of $3,616 thousand[67]. - Changes in fair value from remeasurements contributed $111,590 thousand to the net loss reconciliation[67]. - Proceeds from the issuance of Preferred Units were $107,552 thousand, indicating strong investor interest[67]. - The company incurred a Series A and Series B Convertible Notes inducement expense of $23,674 thousand[67]. - The net cash used in operating activities reflects ongoing investment in growth despite the net loss[67]. Infrastructure and Partnerships - The company has engaged Parkhill and Lee Lewis Construction for infrastructure design and construction management, respectively, ensuring a strong execution team[32].
Fermi LLC(FRMI) - 2025 Q3 - Quarterly Results