NASDAQ: FRVO
Fervo Energy CoCIK 0001853868 · SIC 4911 · Electric Services
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Fervo 500 MW Cape Station under construction; -$87.7M H1 net loss
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Fervo Energy reports Q2 2026: $2.2B IPO completed, $55.9M net loss, Cape Station nearing first power
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revenue $61,000, net income -$31.8M. Fervo Energy debuts with (80.5M ×; filing rounds to (80.5M ×; filing rounds to )) IPO, 658 MW contracted
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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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Fervo Energy files for IPO, targeting $1.7B net proceeds at $25.50/share preliminary price
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars and shares in thousands except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 113 | — | 174 | — |
| Costs and expenses: | ||||
| Operation and maintenance | 306 | 158 | 788 | 410 |
| Research and development (income) expense, net | (712) | 395 | (784) | 359 |
| General and administrative expense | 27,427 | 9,484 | 44,417 | 17,163 |
| Operating lease expense | 1,490 | 205 | 4,110 | 2,194 |
| Depreciation and amortization | 344 | 56 | 437 | 103 |
| Operating loss | (28,742) | (10,298) | (48,794) | (20,229) |
| Other income (expense): | ||||
| Interest income | 10,521 | 601 | 13,336 | 2,629 |
| Interest expense | (2,215) | (1,739) | (4,932) | (2,966) |
| Other non-operating expense, net | (35,478) | — | (47,354) | (16) |
| Loss before income taxes | (55,914) | (11,436) | (87,744) | (20,582) |
| Income tax expense | (1) | (2) | (1) | (2) |
| Net loss | (55,915) | (11,438) | (87,745) | (20,584) |
| Net loss per share information: | ||||
| Net loss | (55,915) | (11,438) | (87,745) | (20,584) |
| Less: Remeasurement of redeemable noncontrolling interest | (3,612) | (189) | (7,046) | (189) |
| Net loss attributable to common stock, basic and diluted | (59,527) | (11,627) | (94,791) | (20,773) |
| Weighted average common stock, basic and diluted (1) | 157,003 | 8,844 | 83,643 | 8,902 |
| Net loss per share attributable to common stockholders, basic and diluted (1) | (0.38) | (1.31) | (1.13) | (2.33) |
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars and shares in thousands)
| Description | As of June 30, 2026 | As of December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 2,106,371 | 461,836 |
| Grant receivables | 17,177 | 10,580 |
| Prepaid expenses and other | 30,634 | 9,714 |
| Total current assets | 2,154,182 | 482,130 |
| Deposits | 12,602 | 15,234 |
| Construction-in-process | 1,235,160 | 789,571 |
| Operating leases right-of-use assets | 88,667 | 58,713 |
| Restricted cash | 11,000 | 6,000 |
| Other long-term assets | 33,478 | 13,520 |
| Total assets | 3,535,089 | 1,365,168 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 29,667 | 10,789 |
| Accrued capital expenditures | 173,961 | 119,303 |
| Current portion of long-term debt | 11,042 | — |
| Operating lease liabilities | 24,744 | 4,822 |
| Other current liabilities | 10,614 | 16,997 |
| Total current liabilities | 250,028 | 151,911 |
| Long-term debt, net of issuance costs and current portion | 217,376 | 172,837 |
| Operating lease liabilities | 85,123 | 72,639 |
| Other long-term liabilities | 1,749 | 11,407 |
| Total liabilities | 554,276 | 408,794 |
| Commitments and Contingencies (Note 19) | ||
| Mezzanine equity | ||
| Redeemable convertible preferred stock, par value $0.0001 per share; 0 and 283,546 authorized; 0 and 279,995 issued and outstanding as of June 30, 2026 and December 31, 2025 | — | 1,022,942 |
| Redeemable noncontrolling interest | ||
| Cape Phase I HoldCo Redeemable noncontrolling interest | 105,118 | 102,586 |
| Cape Phase I Intermediate HoldCo Redeemable noncontrolling interest | 81,858 | 77,344 |
| Stockholders’ equity (deficit): | ||
| Common stock, par value $0.0001 per share; 0 and 358,279 authorized; 0 and 9,457 issued as of June 30, 2026 and December 31, 2025, respectively(1) | — | 1 |
| Class A common stock, par value $0.0001 per share; 1,000,000 and 0 authorized; 286,869 and 0 issued as of June 30, 2026 and December 31, 2025, respectively | 29 | — |
| Class B common stock, par value $0.0001 per share; 40,000 and 0 authorized; 7,785 and 0 issued as of June 30, 2026 and December 31, 2025, respectively | 1 | — |
| Additional paid-in capital | 3,126,084 | — |
| Treasury stock, at cost; 0 shares and 270 shares as of June 30, 2026 and December 31, 2025, respectively(1) | — | (1,960) |
| Accumulated deficit | (332,277) | (244,539) |
| Total stockholders’ equity (deficit) | 2,793,837 | (246,498) |
| Total liabilities, mezzanine equity, and stockholders’ equity (deficit) | 3,535,089 | 1,365,168 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (87,745) | (20,584) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization expense | 437 | 103 |
| Amortization of debt issuance costs | 1,672 | 807 |
| Loss on extinguishment of long-term debt | 8,988 | — |
| Stock-based compensation | 10,845 | 1,102 |
| Non-cash expense related to long-term operating leases | 2,584 | 1,522 |
| Non-cash expense related to warrant valuation | 39,998 | — |
| Non-cash income related to embedded derivative valuation | (1,620) | — |
| Non-cash income related to interest rate swap valuation | (1,172) | — |
| Changes in operating assets and liabilities: | ||
| Grant receivable | — | 791 |
| Prepaid expenses and other | (20,857) | 3,846 |
| Deposits | 2,632 | 17,940 |
| Accounts payable | 5,139 | (3,445) |
| Accrued expenses | — | — |
| Net changes in other assets and liabilities | (4,674) | 4,139 |
| Net cash (used in) provided by operating activities | (43,773) | 6,221 |
| Cash flows from investing activities: | ||
| Capital expenditures | (399,278) | (213,368) |
| Net cash used in investing activities | (399,278) | (213,368) |
| Cash flows from financing activities: | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions | 2,043,089 | — |
| Proceeds from issuance of common stock, net of issuance costs | 1,201 | 155 |
| Proceeds from long-term debt | 212,344 | 23,031 |
| Proceeds from warrant exercise | 18,750 | — |
| Repayment of long-term debt | (152,085) | — |
| Debt issuance costs related to long-term debt | (20,855) | — |
| Offering costs related to initial public offering | (9,802) | — |
| Proceeds from issuance of subsidiary stock, net of issuance costs | — | 81,239 |
| Treasury stock purchased | — | (1,960) |
| Other | (56) | — |
| Net cash provided by financing activities | 2,092,586 | 102,465 |
| Net change in cash and cash equivalents and restricted cash | 1,649,535 | (104,682) |
| Cash and cash equivalents and restricted cash at beginning of period | 467,836 | 199,428 |
| Cash and cash equivalents and restricted cash at end of period | 2,117,371 | 94,746 |
| Supplemental disclosure of cash flow information: | ||
| Conversion of redeemable convertible preferred stock | 1,022,886 | — |
| Capital expenditures included in Accounts payable and Accrued capital expenditures | 197,510 | 74,483 |
| Settlement of warrant liability | 50,211 | — |
| Adjustment of redeemable noncontrolling interest | 7,046 | — |
| Cash paid for interest, net of amounts capitalized | 5,194 | 2,243 |
| Retirement of treasury stock | 1,960 | — |
Amounts as printed on the EDGAR/iXBRL face — (Dollars and shares in thousands except per share amounts); (Dollars and shares in thousands); (Dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗