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- Material Weakness (new) — Company identified three material weaknesses in internal controls covering segregation of duties, staffing gaps in public-company accounting, and IT general controls.
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
Filed June 23, 2026 · Period ending March 31, 2026 · ~1 min read
Key Changes
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high
Management concluded disclosure controls ineffective due to material weaknesses in segregation of duties, insufficient public-company accounting staff, and deficient IT access/change controls. Remediation underway but not yet complete.
Controls & Procedures verify on EDGAR → -
high
Company has 658 MW of binding power purchase agreements representing revenue backlog, but no commercial operations yet and expects continued losses for several years.
MD&A: IPO and Contracted Capacity verify on EDGAR → -
high
Cape Station Phase I (first 50 MW) expected operational by end of 2026, scaling to 100 MW by early 2027 and 500 MW by end of 2028.
MD&A: Construction Timeline; Risk Factors: PPA Deadlines verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 25, 2026 · How we verify