# EDGAR Filing Document

**Accession Number:** 0002071778
**File Stem:** 0002071778-26-000027
**Filing Date:** 2026-5
**Character Count:** 34105
**Document Hash:** 329578619ff2a66a5f31900ea03f777a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071778-26-000027.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0002071778-26-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260514

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fermi Inc.
- **CENTRAL INDEX KEY:** 0002071778
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 333560468
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42888
- **FILM NUMBER:** 26975742

**BUSINESS ADDRESS:**
- **STREET 1:** 620 S. TAYLOR
- **STREET 2:** SUITE 301
- **CITY:** AMARILLO
- **STATE:** TX
- **ZIP:** 79101
- **BUSINESS PHONE:** 512-552-0219

**MAIL ADDRESS:**
- **STREET 1:** 620 S. TAYLOR
- **STREET 2:** SUITE 301
- **CITY:** AMARILLO
- **STATE:** TX
- **ZIP:** 79101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fermi LLC
- **DATE OF NAME CHANGE:** 20250605

?xml version='1.0' encoding='ASCII'? frmi-20260514

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) **May 14, 2026**

**Fermi Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Texas** | **001-42888** | **33-3560468** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **620 S. Taylor St., Suite 301**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Amarillo, TX** | **79101** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(214) 894-7855**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value | FRMI | The Nasdaq Stock Market LLC |
| Common Stock, $0.001 par value | FRMI | The London Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ⌧

------

**Item 2.02. Results of Operations and Financial Condition.**

On May 14, 2026, Fermi Inc. (the "Company") issued its earnings release announcing its financial results for the three months ended March 31, 2026. The full text of the earnings release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The Company is hosting a conference call on May 14, 2026 at 8:00 am CT / 9:00 am ET to discuss its financial results for the three months ended March 31, 2026.

The information in this Item 2.02, including Exhibit 99.1 and 99.2, shall be deemed "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities such section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Fermi Q1 2026 Earnings Release, dated May 14, 2026](fermi1q26erex_991.htm)</u> |
| 99.2 | <u>[Investor Presentation, dated May 14, 2026](fermiex99_2x1q2026invest.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **FERMI INC.** | **FERMI INC.** |
| Date: May 14, 2026 | By: | /s/ Robert L. Masson |
|  | Name: | Robert L. Masson |
|  | Title: | Interim Chief Financial Officer and |
|  |  | Principal Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**Fermi Inc. Outlines Fermi 2.0 Strategic Evolution and Reports First Quarter 2026 Financial Results** 

*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. (d/b/a Fermi America) (NASDAQ: FRMI) (LSE: FRMI), 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.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filed an application with TCEQ for an additional ~5 GW Clean Air Permit, supporting full flexibility for build-out toward 17 GW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Both transmission systems were connected, which will deliver power upon grid interconnection later this year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to Marius Haas assuming the role of Chairman of the Board, the Board was expanded from five to seven directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robert Masson joined as Interim Chief Financial Officer, bringing more than 20 years of public-company financial leadership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A new corporate headquarters is being established in Dallas, complementing the Company's permanent on-site presence in Amarillo.

**Financial Highlights and Liquidity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $243 million of total cash and restricted cash on hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $156 million financing commitment secured with Yorkville for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $421 million of outstanding debt reflecting new borrowings under equipment financing facilities and the full repayment of the Macquarie Term Loan.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $441 million of capital invested in Property, Plant, and Equipment, bringing the gross balance to approximately $1.4 billion as of quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Investor & Media Contact**

Rodrigo Acuna — IR@fermiamerica.com

**About Fermi America™**

Fermi America™ (Nasdaq & 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.

**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.**

**Condensed Consolidated Balance Sheets**

(in thousands, except par value amounts and share numbers)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**March 31, 2026** | **As of**<br>**December 31, 2025** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | $1430909  | $935295  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 207501  | 408529  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 35792  | —  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 63592  | 47753  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 39699  | 21737  |
| **Total assets** | $1777493  | $1413314  |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt, net | $421296  | $109799  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 238624  | 176572  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 43714  | 21320  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1582  | 9751  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 705216  | 317442  |
| Commitments and contingencies (Note 8) |  |  |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;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 | 628  | 628  |
| &nbsp;&nbsp;&nbsp;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 | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1393541  | 1228443  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (321892) | (133199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1072277  | 1095872  |
| **Total liabilities and stockholders' equity** | $1777493  | $1413314  |

---

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**Fermi Inc.**

**Condensed Consolidated Statements of Operations**

(in thousands, except share and per share numbers)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **For the period from January 10, 2025 (Inception) through March 31, 2025** |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | $166244  | $78  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 166244  | 78  |
| **Loss from operations** | (166244) | (78) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 2349  | —  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (24798) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (22449) | —  |
| **Net loss** | $(188693) | $(78) |
| **Net loss per share – basic and diluted** | $(0.30) | $(0.00) |
| Weighted average shares outstanding – basic and diluted | 629839790  | 73687500  |

---

------

**Fermi Inc.<br>Condensed Consolidated Statements of Cash Flows**<br> (in thousands)<br>(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31, 2026** | **For the period from<br>January 10, 2025 <br>(Inception) through<br>March 31, 2025** |
| **Cash flows used in operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(188693) | $(78) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 133980  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 24753  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash activities | 222  | 3  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 29292  | 29  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (6899) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | $(7345) | $(46) |
| &nbsp;&nbsp;**Cash flows used in investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in property, plant, and equipment | (441188) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | $(441188) | $(32) |
| &nbsp;&nbsp;&nbsp;Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of debt, net of debt discount | 430827  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Macquarie term loan | (144294) | —  |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (3236) | —  |
| &nbsp;&nbsp;&nbsp;Proceeds from contributions by members, net of issuance costs | —  | 297  |
| &nbsp;&nbsp;**Net cash provided by financing activities** | $283297  | $297  |
| &nbsp;&nbsp;&nbsp;Change in cash, cash equivalents and restricted cash | (165236) | 219  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash, at beginning of period | 408529  | —  |
| &nbsp;&nbsp;**Cash, cash equivalents and restricted cash, at end of period** | $243293  | $219  |
| &nbsp;&nbsp;**Cash, cash equivalents and restricted cash, at end of period:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $207501  | $219  |
| &nbsp;&nbsp;&nbsp;Restricted cash | 35792  | —  |
| &nbsp;&nbsp;**Cash, cash equivalents and restricted cash, at end of period** | $243293  | $219  |

---

## Exhibit 99.2

![](fermiex99_2x1q2026invest001.jpg)

Investor Presentation First Quarter 2026 May 14, 2026 NASDAQ / LSE: FRMI Exhibit 99.2

------

![](fermiex99_2x1q2026invest002.jpg)

2 Forward-Looking Statements This presentation 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.

------

![](fermiex99_2x1q2026invest003.jpg)

3 Fermi America: World's Largest & Cleanest Advanced Energy & AI Campus Scale Largest advanced energy and data campus Permitted Work well underway and progressing at an unprecedented scale Power Strategy built for resilience and designed to scale Premier Most competitively positioned private power campus

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![](fermiex99_2x1q2026invest004.jpg)

4 Utility-Grade Private Grid with Best-in-Class Power Generation Assets Permitting 6 GW \| 5 GW Federal Air Permit Secured \| Filed 1st Nuclear COL Filed and accepted in 15 years Water #2 Largest U.S. Aquifer 11 MGD With 2.5 MGD already at site Power 1.5 GW \| 2 GW 2027 \| 2028 Up to 17 GW Gas Power Generation at Scale Land >7,500 Acres Secured / Under Contract >15 MM Sq. Ft. of Data Center Space Natural Gas 5 Major Pipelines within 20 Miles >340 MMBtu/d Secured 4 Turbine Platforms with two different OEMs

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![](fermiex99_2x1q2026invest005.jpg)

Decades of experience in energy development, power generation, project management and project finance 5 Marius Haas Chairman of the Board • Founding Partner of BayPine, which was formed in May 2020 • Extensive technology experience at Dell Technologies, Hewlett-Packard, Compaq, and Intel Corporation Fermi 2.0: Experienced and Respected Leadership Team Anna Bofa Co-President & Office of the CEO • Former Fermi Board Observer • Extensive technology experience at Google, Dropbox, Pinterest, and Meta Jacobo Ortiz Co-President & Office of the CEO • Previously served as Fermi Chief Operating Officer • Founder and President of Las Brisas Property Management with prior marketing experience at S.C. Johnson and Son Rob Masson Chief Financial Officer • Board member and former CFO at several public and private companies • Experience includes roles at Noble Supply & Logistics, Latham Group, Hypertherm, Flowserve, and Raytheon Technologies

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![](fermiex99_2x1q2026invest006.jpg)

6 Fermi 2.0 Leadership Priorities Enhanced Governance Strengthened Board from 5 to 7 members Active search to hire next CEO Establish new HQ in Dallas, Texas Tenant Momentum Renewed urgency in commercial conversations Active engagement with potential tenants Expect to sign first binding tenant agreement soon Operational Execution Advancing site development plan Delivering power equipment on schedule Launching vertical construction, sequenced with tenant signings Liquidity and Compliance Secure adequate capital to fund liquidity needs Secure DOE Energy Dominance Financing approval Ensure REIT structure compliance Acting with urgency to achieve Fermi's full potential and generate durable, long-term value

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![](fermiex99_2x1q2026invest007.jpg)

Draft – Pending Finalization Note: Stats shown are as of 03/31/2026 4.6 Miles of natural gas lines installed 11.3 Miles of fencing installed 7.2 Miles of water lines installed ~11.4 Million Sq. Feet (261 Acres) prepared 7 Project Matador's Unmatched 180-Day Progress

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![](fermiex99_2x1q2026invest008.jpg)

8 SGT6-5000FGE TM2500Siemens SGT-800GE Vernova FR6BAsset • GT #1 and #2 are complete and in storage in a North Sea Port • GT #3 is in final assembly in Germany • Estimated delivery Q3 2026 • Currently in Houston • Site work already occurring (leveling, compacting), have secured step-up and step-down transformers • All turbines in Port of Houston and cleared by customs • Awaiting transport to site • Foundations are prepped to be poured • Currently in Houston refurbishment shop • Foundations poured at site • Refurbishment completion expected in June 2026 Status 37 (1)63Number of Units Q4 2027Q3 2027Q2 2027Q4 2026Est. Go-Live Date 726 MW \| 1,047 MW124 MW \| N/A294 MW \| 394MW114 MW \| N/ATotal Capacity Simple \| Combined Cycle Purchase20-Year LeasePurchasePurchaseStructure A Diversified Generation Portfolio Designed to Deliver Note: page excludes power received from Xcel Energy 1. Note: under the lease agreement, the TM2500s are held by the lessor until the Company is ready to go-live Early Power, Sustained Hyperscale Loads, and Optimized Long-Term Economics

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![](fermiex99_2x1q2026invest009.jpg)

9 Fermi Expected Near-Term Power Ramp 2026 • 86 MW Xcel tie-in (Q4) • 114 MW GE Vernova FR6B turbines (Q4) 2027 • 294 MW Siemens SGT-800 turbines (Q2) • 124 MW GE TM2500 turbines (Q3) • 114 MW additional Xcel tie-in (Q3) • 726 MW Siemens F-Class turbines (Q4) Capability to ramp up to 1.5 GW of cumulative power by end of 2027 with binding tenant agreements — — 200 200 494 732 1,458 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 C u m u la ti ve M W (D e ra te d) Xcel GE6B F-Class SGT-800 TM2500

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![](fermiex99_2x1q2026invest010.jpg)

10 Q1 2026 Financial Highlights $421MM Debt, Net Repaid Macquarie Term Loan $1.43B Total PP&E, Net Invested $441MM of Cash into PP&E $243MM Cash and Restricted Cash $208MM of Available Cash and Cash Equivalents Balance Sheet $7MM Cash Used in Operations $29MM Excluding Working Capital Changes $166MM Total G&A Expense Included $134MM of Non-Cash Share-based Compensation $0.30 Net Loss per Share Net Loss of $189MM Income and Cash Flow

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11 Access to Liquidity: Nearly $1B of Commitments Secured1 MUFG $500MM • Funding for 3 Siemens F-class gas turbine units • A portion of proceeds were used to pay-off the Macquarie Term Loan • ~$397MM drawn as of March 31, 2026 E Q U IP M E N T Keystone $120MM • Funding for non-spinning electrical components • ~$40MM drawn as of March 31, 2026 Beal Bank $165MM • Funding for 6 Siemens Energy SGT-800 gas turbines • ~$3MM drawn as of March 31, 2026 G E N E R A L Yorkville $156MM • Promissory note to fund general corporate expenditures • ~$0 drawn as of March 31, 2026 1) As of March 31, 2026

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Experienced and Respected Leadership Team Executive team includes a blend of respected industry veterans with both technical and public company leadership expertise World's Largest Advanced Energy and AI Campus One of the largest and most valuable infrastructure assets providing essential power to support AI-driven demand Attractive Return Profile Significant ability to scale and serve the world's most valuable companies Key Investment Highlights 12 Securing and Advancing Attractive Partnerships Working with market-leading EPC partners and conducting ongoing discussions with multiple market-leading potential tenants Best-in-Class Execution Secured permits, power generators, and equipment financing at unmatched speed and scale Large, Attractive and Exclusive >7,500 Acre Site Abundant and redundant access to natural gas, water and fiber (potential to harness nuclear) to deliver up to 17GW of power

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Appendix

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Advanced Energy and Artificial Intelligence Campus ~7,570 Acres - The Largest Site of its Kind in the World

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15 Unmatched Positioning with Surrounding Water and Redundant Natural Gas Access 1

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16 Natural Gas Infrastructure Gas Pipelines Gas Pipeline Arrival Gas Pipeline Installation Project Matador sits on the intersection of two major pipelines with significant natural gas infrastructure. No single point of failure. No fuel uncertainty. Firm delivery of clean natural gas at gigawatt scale.

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17 Site Location Amarillo, TX Chicago, IL ~15.84ms Oklahoma City, OK Dallas, TX Denver, CO Phoenix, AZ Las Vegas, NV Reno, NV ~18.54ms ~23.18ms ~8.3ms ~5.02ms ~7.14ms ~20.28ms Albuquerque, NM ~5.60ms Latency Estimate (RTD)Location ~7.14msDallas, TX ~5.60msAlbuquerque, NM ~5.02msOklahoma City, OK ~15.84msPhoenix, AZ ~18.54msLas Vegas, NV ~20.28msChicago, IL ~8.30msDenver, CO ~23.18msReno, NV Unmatched Access to Extensive, Redundant Fiber Networks

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18 Glossary DefinitionTerm BillionB Combined LicenseCOL Department of EnergyDOE General and AdministrativeG&A GigawattGW Million Gallons per DayMGD MillionMM Million British Thermal Units per DayMMBtu/d Millisecondsms MegawattMW Not ApplicableN/A Round-Trip DelayRTD Square FeetSq Ft

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Investor Relations Rodrigo Acuna IR@fermiamerica.com 620 S. Taylor, Suite 301 Amarillo, Texas 79101 www.fermiamerica.com

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