# Fermi Inc. (FRMI)

> Source: Nexqual · https://nexqual.com/FRMI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fermi Inc. (FRMI), nexqual.com/FRMI" · informational, not investment advice.

**Price:** USD 2.65 (-7.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.86 · day 2.59–2.82 · 52w 2.59–30.9 · market cap $1.70B · NMS

## Key facts
- 1 of 80 tracked superinvestors hold FRMI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $34.5M; 7 not under a Rule 10b5-1 plan ($34.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 16.63 (range 6–35).
- Total return with dividends: 1Y -86.6% vs S&P 500 +14.9%; 5Y -90.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.07, revenue estimate $6.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2025 | TTM |
|---|---|---|
| Operating income | -$178M | -$365M |
| Net income | -$486M | -$695M |
| EPS (diluted) | -$1.13 | — |
| Free cash flow | -$603M | -$1.19B |
| Cash + short-term investments | $409M | — |
| Total debt | $220M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 1.6x · FCF yield -70.27% · Earnings yield -40.87% · Net debt $978M · EV $2.68B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold FRMI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.02% | $4.1M | Added +47.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Neugebauer Toby R |  | 420,749 | $1.3M | 0.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-10-13…2026-10-14 | Neugebauer Toby R |  | 4,047,200 | $14.4M | 7.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-30 | Perry James Richard | Director | 863,637 | $6.3M | 5.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Uzman Mesut | Chief Nuclear Constr. Officer | 158,541 | $1.0M | 10.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08…2026-04-09 | Hamilton Charles Lynn | Chief Site Development Officer | 774,090 | $3.7M | 7.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08…2026-04-09 | Ortiz Blanes Jacobo | Chief Operating Officer | 830,908 | $3.9M | 5.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08…2026-04-09 | Everson Miles E. | Chief Financial Officer | 830,209 | $3.9M | 7.1% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 16.63 (low 6, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $12 → $8 |
| 2026-10-14 | Macquarie | Maintained | Outperform | $15 |
| 2026-08-14 | Macquarie | Target lowered | Outperform | $18 → $15 |
| 2026-08-13 | Macquarie | Maintained | Outperform | $18 |
| 2026-07-28 | Mizuho | Target lowered | Outperform | $27 → $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-09-29) |
|---|---|---|
| Total return | -86.6% | -90.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -86.7% | -89.3% |
| Volatility (annualized) | 122.0% | 109.3% |
| Max drawdown | -91.1% (Oct 2025→Oct 2026) | -90.9% (Oct 2025→Oct 2026) |

## Peers (REIT - Specialty)
BXDC (Blackstone Digital Infrastructu) USD 15.88 -1.49% · UNIT (Uniti Group Inc.) USD 5.19 -2.99% · EPR (EPR Properties) USD 56.36 +3.34% · OUT (OUTFRONT Media Inc.) USD 31.4 +1.29% · RYN (Rayonier Inc. REIT) USD 18.72 +1.74% · FPI (Farmland Partners Inc.) USD 10 +1.63%

## More
Full page: https://nexqual.com/FRMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FRMI's own 10-K filed 2026-03-30 (https://www.sec.gov/Archives/edgar/data/2071778/000207177826000010/frmi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Siemens | "We have entered into an equipment supply agreement with Siemens Energy for three SGT6-5000F heavy-duty gas turbines." |
| Supplier | GE Vernova (GEV) | "We have secured and contracted for industrial frame class gas turbines sourced from high quality Siemens Energy and GE Vernova assets, HRSGs and steam turbines for back-end combined cycle equipment, and key transformer, …" |
| Customer | AI | "We are building a private power campus for AI-centric customers—developing and leasing large-scale, grid-independent energy generation and high-performance computing facilities purpose-built for the hyperscale era." |
| Partner | Hyundai Engineering & Construction | "We have entered into a front-end engineering design ("FEED") agreement with Hyundai Engineering & Construction Co., Ltd. to advance site layout, constructability planning, cooling-system strategy, civil design, cost esti…" |
| Partner | Doosan Enerbility | "We have also executed a forging material readiness agreement with Doosan Enerbility Co., Ltd. intended to support long-lead nuclear forgings and production readiness for reactor components, subject to contractual milesto…" |
| Partner | Mobile Power Solutions | "On October 30, 2025, we announced that we secured an agreement with Mobile Power Solutions for mobile aeroderivative generation, consisting of GE TM2500 units, including seven units under lease rated at approximately 132…" |

Other companies that name FRMI in their own reports (relationship from FRMI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Energy Transfer LP (ET) | 10-K 2026-02-19 | "In September 2025, an Energy Transfer affiliate, ETC Marketing, Ltd., and Fermi entered into a gas supply agreement and gas purchase agreement, pursuant to which ETC Marketing, Ltd. has agreed to supp…" |

## Company outlook (8-K filed 2026-08-13)

- "Earlier this week, the Company announced that it has signed a 15-year turnkey binding lease agreement with TensorWave, a premier Neocloud provider positioned in the heart of the AI infrastructure ecosystem, to become the first customer at the Project Matador campus."
- "With more than 40 years of experience across Bechtel, CH2M Hill, and TerraPower, McIntire has built large-scale natural gas generation projects, nuclear programs from advanced reactor development through commercial execution, and civil mega-projects on the scale of the Panama Canal expansion."
- "Deepening Strategic Partnerships and Relationships with Proven Contractors On August 11, the Company announced a build-own-operate-transfer strategic alliance with Hillcore Energy Capital Corporation ("Hillcore") for approximately 2.6 GW of incremental power generation at Project Matador."
- "First power of approximately 350 MW is targeted within 24 months of notice to proceed, with subsequent blocks triggered only by contracted end-user demand and each power purchase agreement term matched to the corresponding customer lease – linking generation buildout to signed commercial demand rather than forecasts."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.07 | $-0.07 | +3.9% | $6.0M | 3 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.07 | -3.7% | $24.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.28 | $-0.34 | -16.9% | $76.6M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.22 | $0.33 | -33.4% | $717.8M | 4 |