Fermi Inc.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here is not about a valuation question — it reflects a substance finding Fermi has documented itself: the quarterly report as of March 31, 2026 states, in its own words, "substantial doubt" about its ability to continue as a going concern, because available resources do not cover planned spending over the next twelve months — an assessment the company, in the same report, says its own countermeasures alleviate, though explicitly without a guarantee of success and still listed as its own risk factor. On top of that sits a documented leadership crisis: the founder and CEO left the company in April 2026, then waged an open proxy fight for control of the board, a director resigned amid the dispute, and a securities class action alleges the company misled investors at the IPO about exactly the tenant risk that materialized a month later. The July 14, 2026 convertible notes bring real, additional capital on top of the measures already factored into the May filing. Whether the combination is actually enough will only be confirmed by the next report. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Fermi Inc. has poured more than a billion dollars into a real construction project within a year and a half — but still reports zero revenue, has no signed lease, and its own quarterly report states "substantial doubt" about its ability to continue as a going concern — doubt that Fermi, in the same report, says its own plans alleviate, though explicitly without a guarantee of success. On top of that come the founder's departure as CEO, a months-long proxy fight for control of the board, and a pending securities class action. The July 2026 convertible notes provide additional capital on top of management's own plan. Not investment advice.
Going Concern & Liquidity
In its quarterly report as of March 31, 2026, Fermi itself states "substantial doubt" about its ability to continue as a going concern: cash plus restricted cash totaling $243.3 million is not enough to cover planned spending over the next twelve months. The net financial position flipped from +$298.7 million to −$213.8 million within a single quarter (excluding $35.8 million of restricted cash; including it, −$178.0 million). Fermi itself states, in the same report, that its own plans (credit lines, equipment monetization) alleviate this doubt — without a guarantee of execution, and still listed as its own risk factor.
Project Scale vs. Capital Base
Total capital needs across all of Project Matador's construction phases are estimated by the company itself at $70 billion to $90 billion — 15 to 19 times today's market capitalization of roughly $4.7 billion (07/26/2026). As of March 31, 2026, there is still no signed lease; the first prospective tenant terminated its $150 million funding commitment in December 2025.
Leadership & Control
Founder and CEO Toby Neugebauer left the company on April 17, 2026, and then waged a — suspended in July 2026 — proxy fight for control of the board; a director he had designated resigned amid the dispute on July 10, 2026. Since July 20/22, 2026, an entirely new executive team has run the company, but still without a permanent CEO.
Legal Risk
A securities class action, Lupia v. Fermi Inc. (Case No. 1:26-cv-00050, U.S. District Court for the Southern District of New York), has been pending since January 5, 2026, alleging misleading statements about tenant demand at the IPO — an allegation by the plaintiffs, which Fermi denies and says it intends to defend vigorously.
Fresh Capital & Substance
On July 14, 2026, Fermi raised $431.25 million through convertible notes (net proceeds of $416.8 million), in addition to $745.6 million of net IPO proceeds; against that stand $1,430.9 million of real property, plant, and equipment (turbines, substations) and a 99-year ground lease with the Texas Tech University System. This capital comes on top of the measures Fermi had already cited, in the same quarterly report, as alleviating the going-concern doubt.
Valuation
A price-to-earnings ratio doesn't exist without revenue; on a book-value basis, the stock costs roughly 4.4 times equity per share (data as of 07/26/2026), at a price just under two-thirds below the $21.00 IPO price (10/02/2025). The capped-call hedges on the convertible notes treat a doubling to the $14.64 cap price as a possibility, not an expectation — without attaching a timeframe.
Worth Noting
The hook for this analysis is issue 24 of the "Hot Stocks Europe" newsletter dated November 28, 2025 (reader submission); every company figure comes from the SEC filings and fundamental data, not from the newsletter. The newsletter itself discloses a conflict of interest: the publisher, author, or related third parties may hold positions in the securities discussed and intend to sell into rising prices (EU Market Abuse Regulation No. 596/2014).
Data as of: SEC filings through the Form 10-Q as of March 31, 2026 (filed May 15, 2026), plus required disclosures (Form 8-K) through July 23, 2026; market data (market capitalization, price-to-book) as of July 26, 2026.
Not to be confused: Fermi Inc. trades on the Nasdaq and the London Stock Exchange, each in U.S. dollars (not pence); its German secondary listings (tickers H3V and A41MPN) trade in euros and are outside the scope of this analysis.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FRMI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 4.60 $ to 32.50 $ · Last price: 5.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: REIT - Specialty
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Fermi Inc. FRMI | 3.2 | – | 0.0 | – | – | – | – |
| Equinix Inc EQIX | 101.2 | 71.1 | 27.7 | 52.0 | 24.3 | 5.9 | 34.6 |
| American Tower Corp AMT | 81.8 | 29.8 | 17.0 | 73.8 | 45.9 | 5.1 | -7.5 |
| Digital Realty Trust Inc DLR | 66.1 | 49.5 | 26.9 | 57.0 | 17.2 | 10.0 | 10.7 |
| Iron Mountain Incorporated IRM | 33.9 | 122.6 | 21.0 | 54.2 | 21.0 | 12.2 | 15.5 |
| Crown Castle CCI | 32.2 | 32.5 | 20.1 | 73.7 | 47.7 | -35.1 | -17.7 |
| SBA Communications Corp SBAC | 19.0 | 19.3 | 17.0 | 74.2 | 52.4 | 5.1 | -6.8 |
| Weyerhaeuser Company WY | 15.5 | 38.7 | 18.0 | 14.5 | 9.0 | -3.1 | -8.3 |
| Lamar Advertising Company LAMR | 14.9 | 27.3 | 18.7 | 67.4 | 25.3 | 2.7 | 21.8 |
| Median of companies shown | 32.2 | 35.6 | 18.7 | 62.2 | 24.8 | 5.1 | 2.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2025 | 0 | -178 | -486 | -1.04 | -34 | 1,096 | 1,413 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.00 | – | 0 | – | – | 0 | 0 |
| 2025: Q2 | -0.02 | – | 0 | – | – | -3 | -45 |
| 2025: Q3 | -0.84 | – | 0 | – | – | -6 | -59 |
| 2025: Q4 | -0.21 | – | 0 | – | – | -26 | -499 |
| 2026: Q1 | -0.30 | – | 0 | – | – | -7 | -449 |
| 2026: Q2 | -0.04 | -100.00 | – | – | – | -49 | -234 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Breakout & Setup
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.36 | -0.60 – -0.07 | 43 | 68.2% | 4 |
| 12/31/2027 | 0.12 | -0.24 – 0.45 | 867 | 132.3% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -44.4%
- ROCE > 15% -14.4%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Ortiz Blanes Jacobo | Chief Operating Officer | Other | 147,059 | 0.00 | – |
| Aug 14, 2026 | Mcintire Lee A | Chief Executive Officer | Other | 468,750 | 0.00 | – |
The company
About the Company
- Employees
- 35
- Headquarters
- Amarillo, TX
- Address
- 620 South Taylor Street, 79101 Amarillo, United States
- Phone
- 214 894 7855
- Website
- fermiamerica.com
- IPO Date
- 10/01/2025
- ISIN
- US3149111086
Management
| Name | Title | Birth Year |
|---|---|---|
| Jacobo Ortiz Blanes | Chief Operating Officer | 1972 |
| Charles Lynn Hamilton | Chief Site Officer | 1974 |
| Lee Alan McIntire | CEO & Director | 1949 |
| Robert L. Masson II | Chief Financial Officer | 1971 |
| Barry Sievert | Vice President of Investor Relations | – |
| Sezin Uzman | VP of Nuclear Supply Chain & Compliance | – |
| George Wentz | General Counsel | – |
| Lawrence M. Kellerman | Chief Power Officer & Director | 1966 |
| Mesut Uzman | Chief Nuclear Officer | 1974 |
| John W Donovan Jr. | Executive Vice President of Capital Markets | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/31/2026 Fermi Inc. (FRMI): Shareholder Nominations Pursuant to Exchange Act Rule 14a-11; Other Events SEC ↗
- 08/13/2026 Fermi Inc. (FRMI): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Fermi Inc. (FRMI): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/23/2026 Fermi Inc. (FRMI): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 07/15/2026 Fermi Inc. (FRMI): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/13/2026 Fermi Inc. (FRMI): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 07/09/2026 Fermi Inc. (FRMI): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.