Fermi LLC(FRMI) - 2025 Q4 - Annual Results

A M E R I C Fiscal Year 2025 Shareholder Letter FY 2025 Fermi America Shareholder Letter INTRODUCTION Fellow Shareholders, In less than one year, Fermi America™ achieved what few believed possible: from incorporation in January. 2025 to a dual-listed initial public offering ("IPO") by October, we assembled the physical, financial, and regulatory foundation of what we believe will be the world's largest private energy campus — Project Matador - dedicated to powering next-generation artificial intelligence (" ...