Fermi (NASDAQ:FRMI) Releases Earnings Results, Misses Expectations By $0.25 EPS

Fermi (NASDAQ:FRMI) announced its earnings results on Thursday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.25), FiscalAI reports.

Here are the key takeaways from Fermi’s conference call:

• Fermi framed the quarter as a major transition to “Fermi 2.0,” highlighted by leadership changes, a board expansion, and an active search for a permanent CEO intended to strengthen governance and execution.
• Management said commercial engagement has improved materially, with stalled tenant discussions restarting, new prospects entering the data room, and multiple site visits from hyperscalers and partners validating Project Matador’s readiness.
• The company emphasized key regulatory progress, including receipt of a 6 GW clean air permit and the filing of an additional 5 GW gas permit, which it expects to be approved by Q4 2026.
• Operationally, Fermi said Project Matador continues to advance, with major infrastructure in place and about 2.2 GW of natural gas generation equipment secured, positioning the site for rapid mobilization once a lease is signed.
• Financially, the company reported a $189 million net loss for the quarter, but said most of it was non-cash; it ended with $243 million in cash and nearly $1 billion of financing commitments, while stressing a more disciplined capital deployment approach going forward.

Fermi Trading Up 22.8%

FRMI stock traded up $1.37 during mid-day trading on Thursday, hitting $7.37. The stock had a trading volume of 56,497,391 shares, compared to its average volume of 19,900,724. Fermi has a 1-year low of $4.47 and a 1-year high of $36.99. The company has a fifty day moving average of $6.27 and a 200 day moving average of $10.68. The stock has a market capitalization of $4.70 billion and a price-to-earnings ratio of -8.77.

Insider Transactions at Fermi

In other Fermi news, COO Blanes Jacobo Ortiz sold 427,363 shares of the company’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $4.58, for a total value of $1,957,322.54. Following the transaction, the chief operating officer directly owned 5,469,092 shares of the company’s stock, valued at $25,048,441.36. This represents a 7.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Griffin Perry sold 9,000,000 shares of the company’s stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $5.02, for a total value of $45,180,000.00. Following the completion of the transaction, the insider directly owned 62,946,450 shares in the company, valued at approximately $315,991,179. The trade was a 12.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 13,435,207 shares of company stock valued at $67,803,539.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. acquired a new position in shares of Fermi during the 4th quarter valued at about $16,549,000. M&G PLC acquired a new position in shares of Fermi during the 4th quarter valued at about $14,443,000. Nuveen LLC acquired a new position in shares of Fermi during the 4th quarter valued at about $11,067,000. Millennium Management LLC acquired a new position in shares of Fermi during the 4th quarter valued at about $10,871,000. Finally, Nexpoint Asset Management L.P. acquired a new position in shares of Fermi during the 4th quarter valued at about $10,412,000.

Fermi News Roundup

Here are the key news stories impacting Fermi this week:

• Positive Sentiment: Fermi’s Q1 2026 update showed meaningful project progress, including more than 2 GW of power generation secured, roughly 11 GW of permitted capacity advancing at Project Matador, and about $785 million in new equipment financing, which supported bullish sentiment. Article Title
• Positive Sentiment: The board amended the bylaws to protect and empower shareholders unaffiliated with the company’s former CEO, signaling a governance overhaul that investors may view as shareholder-friendly. Article Title
• Positive Sentiment: Unusually heavy call-option buying suggested traders were positioning for further upside, potentially amplifying the stock’s move through short-covering and momentum buying.

Analyst Ratings Changes

Several research firms recently weighed in on FRMI. UBS Group lowered Fermi from a “buy” rating to a “neutral” rating and set a $6.00 price target on the stock. in a research report on Tuesday, May 5th. Citigroup began coverage on Fermi in a research report on Monday, February 9th. They set an “outperform” rating on the stock. Citizens Jmp began coverage on Fermi in a research report on Monday, February 9th. They set a “market outperform” rating and a $30.00 price target on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Fermi in a research report on Monday, March 23rd. Finally, Texas Capital raised Fermi to a “strong-buy” rating in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fermi has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

Fermi Company Profile

Fermi’s mission is to power the artificial intelligence (“AI”) needs of tomorrow. We are an advanced energy and hyperscaler development company purpose-built for the AI era. Our mission is to deliver up to 11 gigawatts (“GW”) of low-carbon, HyperRedundant™, and on-demand power directly to the world’s most compute-intensive businesses with 1.1 GW of power projected to be online by the end of 2026. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest data center campuses by square footage currently in existence.