Fermi Inc. (NASDAQ: FRMI), a pre-revenue private power grid developer based in Dallas, reported a net loss of $25.8 million, or $0.04 per share, for the second quarter ended June 30, 2026, with general and administrative expenses of $26.8 million accounting for most of the loss.

The company signed a 15-year turnkey lease agreement with TensorWave, a cloud computing provider, as the first customer at its Project Matador campus in the Texas Panhandle. Phase one of the agreement covers 222 megawatts of total facility power, with projected revenue of approximately $6.5 billion over the life of the contract. The agreement includes two expansion options.

Subsequent to quarter end, Fermi issued more than $431 million in 5.00% Convertible Senior Notes due 2031, generating net proceeds of $416.8 million before approximately $34.5 million in capped call transaction costs. The initial conversion price is approximately $9.52 per share, with capped call transactions structured to limit shareholder dilution unless the stock price exceeds $14.64 per share.

The company appointed Lee McIntire as chief executive officer. McIntire previously held roles at Bechtel, CH2M Hill, and TerraPower and had served on Fermi's board as an independent director since September 2025.

Fermi also announced a build-own-operate-transfer alliance with Hillcore Energy Capital Corporation for approximately 2.6 gigawatts of incremental power generation at Project Matador, targeting first power of approximately 350 megawatts within 24 months of notice to proceed. The company separately signed EPC partnerships with Primoris Services Corporation and TSK.

Three Siemens SGT6-5000F turbines arrived at the Port of Houston in July, bringing the company's total landed power assets to 1.5 gigawatts. Total assets as of June 30, 2026, stood at $1.76 billion, with outstanding debt of $520.1 million and total cash and restricted cash of $91.7 million. The company had an accumulated deficit of $347.7 million.

The information in this article is based on a press release issued by Fermi Inc.