NASDAQ: FRVO
Fervo Energy CoCIK 0001853868 · Utilities · SIC 4911 · Electric Services
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Fervo Energy debuts with ~$2.17B (80.5M × $27; filing rounds to ~$2.17B (80.5M × $27; filing rounds to ~$2.17B (80.5M × $27))) IPO, 658 MW contracted, but flags control weaknesses
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Fervo Energy reports ~$2.17B (80.5M × $27; filing rounds to ~$2.17B (80.5M × $27; filing rounds to ~$2.17B (80.5M × $27; filing rounds to $2.2B))) IPO, 3 GW Google framework, $31.8M Q1 loss as Cape Station nears
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Fervo Energy promotes Sarah Jewett to COO to centralize operations amid commercial scale-up
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Fervo Energy completes ~$2.17B (80.5M × $27; filing rounds to ~$2.17B (80.5M × $27; filing rounds to ~$2.17B (80.5M × $27))) IPO, pricing 80.5M shares at $27
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Latest financial statements
From 10-Q filed Jun 23, 2026 (period ending Mar 31, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 0.06 | — |
| Cost of revenue / cost of sales | 0.5 | 0.3 |
| Operating expenses: | ||
| General and administrative | 17.0 | 7.7 |
| Other operating expenses, net | 2.6 | 2.0 |
| Operating income | (20.1) | (9.9) |
| Interest expense | 2.7 | 1.2 |
| Other income/(expense), net | (11.9) | (0.02) |
| Income before income taxes | (31.8) | (9.1) |
| Net income | (31.8) | (9.1) |
| Basic earnings per share | (3.72) | (1.02) |
| Diluted earnings per share | (3.72) | (1.02) |
Consolidated Balance Sheets (Unaudited)
| Description | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 280.8 | 461.8 |
| Prepaid expenses and other current assets | 10.3 | 9.7 |
| Other current assets | 16.8 | 10.6 |
| Total current assets | 307.9 | 482.1 |
| Operating lease right-of-use assets, net | 91.1 | 58.7 |
| Deferred income taxes and other assets | 35.2 | 13.5 |
| Other long-term assets | 993.3 | 810.8 |
| TOTAL ASSETS | 1,428 | 1,365 |
| Current liabilities: | ||
| Current portion of operating lease liabilities | 25.3 | 4.8 |
| Accrued liabilities | 20.9 | 17.0 |
| Other current liabilities | 155.7 | 130.1 |
| Total current liabilities | 201.9 | 151.9 |
| Long-term debt | 186.6 | 172.8 |
| Operating lease liabilities | 86.3 | 72.6 |
| Deferred income taxes and other liabilities | 24.7 | 11.4 |
| Total liabilities | 499.6 | 408.8 |
| Redeemable preferred stock | 1,023 | 1,023 |
| Shareholders' equity: | ||
| Common stock | — | — |
| Capital in excess of stated value | — | — |
| Retained earnings (deficit) | (276.4) | (244.5) |
| Treasury stock | 2.0 | 2.0 |
| Total shareholders' equity | (278.3) | (246.5) |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,428 | 1,365 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Q1 ended Mar 31, 2026 | Q1 ended Mar 31, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (9.0) | 17.1 |
| Investing Activities: | ||
| Net cash from investing activities | (172.8) | (105.4) |
| Financing Activities: | ||
| Net cash from financing activities | 0.8 | 6.2 |
| Net increase/(decrease) in cash | (181.1) | (82.2) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗