Fermi falls after annual report shows steep losses, still no tenant
Fermi fell after it released its first annual report, which showed the cost for its power site is mounting while it still doesn’t have any customers secured. Shares dropped about 11% in premarket trading following the report’s release.
Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. The company, which still has no revenue, reported a net loss of $486.3 million in 2025, its first year in operation, compared to the $366.5 million loss two analysts polled by FactSet had penciled in.
In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of its Project Matador power grid site. That contract was terminated in December and the company has still not found a replacement, though Fermi said Monday that it is in “active discussions with multiple prospective tenants across various stages.”
“We understand the question at the top of every shareholder’s mind: when will Fermi announce its first definitive tenant lease?” the annual report said. “Our answer has remained deliberate and consistent — we will move forward only when the terms, the partner, and the capital structure meet the disciplined capital and risk standards we require for long-term value creation.”
Fermi, which went public in October, is down about 80% since its IPO.
