FRMI
FRMI
Fermi Inc. Common StockIncome Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $0 | $37.78M ▲ | $-346.81M ▼ | 0% | $-0.84 ▼ | $-346.8M ▼ |
| Q2-2025 | $0 | $5.61M ▲ | $-6.29M ▼ | 0% | $-0.02 ▲ | $-5.61M ▼ |
| Q1-2025 | $0 | $77.83K | $-77.83K | 0% | $-1.14 | $-77.83K |
What's going well?
There is little positive to highlight. Interest costs are low, and the company is not burdened by debt payments.
What's concerning?
No revenue, losses have skyrocketed to $346.8 million, operating expenses are up sharply, and a big one-time hit from 'other' items makes things worse. Shareholders are also getting diluted.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $182.99M | $502.77M | $200.29M | $302.47M |
What's financially strong about this company?
The company has more cash than debt, no short-term debt, and a large investment in real assets. No goodwill or intangibles means asset quality is high and risk of write-downs is low.
What are the financial risks or weaknesses?
No major risks are visible on the balance sheet, but lack of receivables and inventory may mean the business is not generating sales or is in a unique industry. Some asset and liability categories are negative or zero, which could reflect unusual accounting.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-346.81M ▼ | $-5.67M ▼ | $-53.45M ▼ | $201.78M ▲ | $142.66M ▲ | $-59.12M ▼ |
| Q2-2025 | $-6.29M ▼ | $-2.57M ▼ | $-42.84M ▼ | $85.53M ▲ | $40.11M ▲ | $-45.41M ▼ |
| Q1-2025 | $-77.83K | $-46.31K | $-31.62K | $296.84K | $218.91K | $-77.92K |
What's strong about this company's cash flow?
The company has increased its cash balance and can still access debt markets. Most of the reported losses are non-cash, so actual cash burn is smaller than the headline loss.
What are the cash flow concerns?
FRMI is burning real cash every quarter and now relies on borrowing to survive. Heavy stock-based compensation dilutes shareholders, and working capital benefits are likely temporary.
About Fermi Inc. Common Stock
http://www.fermiamerica.comFermi, Inc. engages in the development of energy infrastructure. It intends to develop an energy and data center development campus to support the needs of to-be-built AI infrastructure. The company was founded by Rick Perry, Toby Neugebauer and Griffin Perry on January 10, 2025 and is headquartered in Amrillo, TX.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $0 | $37.78M ▲ | $-346.81M ▼ | 0% | $-0.84 ▼ | $-346.8M ▼ |
| Q2-2025 | $0 | $5.61M ▲ | $-6.29M ▼ | 0% | $-0.02 ▲ | $-5.61M ▼ |
| Q1-2025 | $0 | $77.83K | $-77.83K | 0% | $-1.14 | $-77.83K |
What's going well?
There is little positive to highlight. Interest costs are low, and the company is not burdened by debt payments.
What's concerning?
No revenue, losses have skyrocketed to $346.8 million, operating expenses are up sharply, and a big one-time hit from 'other' items makes things worse. Shareholders are also getting diluted.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $182.99M | $502.77M | $200.29M | $302.47M |
What's financially strong about this company?
The company has more cash than debt, no short-term debt, and a large investment in real assets. No goodwill or intangibles means asset quality is high and risk of write-downs is low.
What are the financial risks or weaknesses?
No major risks are visible on the balance sheet, but lack of receivables and inventory may mean the business is not generating sales or is in a unique industry. Some asset and liability categories are negative or zero, which could reflect unusual accounting.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-346.81M ▼ | $-5.67M ▼ | $-53.45M ▼ | $201.78M ▲ | $142.66M ▲ | $-59.12M ▼ |
| Q2-2025 | $-6.29M ▼ | $-2.57M ▼ | $-42.84M ▼ | $85.53M ▲ | $40.11M ▲ | $-45.41M ▼ |
| Q1-2025 | $-77.83K | $-46.31K | $-31.62K | $296.84K | $218.91K | $-77.92K |
What's strong about this company's cash flow?
The company has increased its cash balance and can still access debt markets. Most of the reported losses are non-cash, so actual cash burn is smaller than the headline loss.
What are the cash flow concerns?
FRMI is burning real cash every quarter and now relies on borrowing to survive. Heavy stock-based compensation dilutes shareholders, and working capital benefits are likely temporary.
CEO
Toby R. Neugebauer
Compensation Summary
(Year )
Upcoming Earnings
ETFs Holding This Stock
Summary
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Ratings Snapshot
Rating : C-
Most Recent Analyst Grades
Grade Summary
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Price Target
Institutional Ownership
JEFFERIES FINANCIAL GROUP INC.
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Value:$33.11M
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Value:$26.42M
POINT72 ASSET MANAGEMENT, L.P.
Shares:2.22M
Value:$22.11M
Summary
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