Fermi Lands Its First Anchor Customer And Names A CEO As Project Matador Moves To Construction

By Eric Bleeker Published Aug 13, 7:29AM EDT

Loading chart data...

Quick Read

TensorWave's 15-year, 222 MW binding lease delivers $6.5 billion in contracted revenue to FRMI and unlocks the non-recourse project financing Project Matador needs.
Lee McIntire joins as CEO with 40-plus years at Bechtel and TerraPower, targeting roughly 200 MW of first commercial power within six months.
A $417 million convertible offering replenishes liquidity against $520 million in debt, but Fermi must build its customer book well beyond one anchor lease.
Dunkin’ was acquired for $11B. JDE Peet's IPO’d at $17B. And Starbucks today is valued at a $110B market cap. Green Coffee Company wants to be the next great investment. They control the entire supply chain from seed to sale, and now you can invest. Read more here. (sponsored)

Live Updates

Live Updates Starting

26 minutes ago

Live

We’ll be providing live updates as the market reacts to Fermi’s earnings. To receive new ones, simply leave this page open and they’ll appear automatically!

Fermi (NASDAQ: FRMI | FRMI Price Prediction) reported Q2 2026 results before the open, and the numbers were beside the point. This is a pre-revenue developer, and the story is execution. Management said it hit all five 90-day objectives it laid out in May, headlined by a binding anchor lease with TensorWave and a new CEO. Shares had already rallied on the TensorWave news earlier in the week, closing at $7.60 on August 12, up 22.78% over the prior week. They’re up another 2% this morning in premarket trading.

Anchor Customer Changes the Story

The TensorWave deal is the unlock. It is a 15-year turnkey binding lease covering 222 MW at Project Matador Phase 1, with total contracted revenue of approximately $6.5 billion and two expansion options that could triple the footprint. That gives Fermi a creditworthy anchor to underwrite non-recourse project financing.

Just as important, the board named Lee McIntire CEO to run the shift from development into construction. He brings 40-plus years across Bechtel, CH2M Hill and TerraPower, which is the exact resume this phase needs. I liked the Hillcore build-own-operate-transfer alliance even more: 2.6 GW of incremental generation financed off Fermi’s balance sheet, with buildout tied to signed customer demand rather than forecasts.

Cash Burn Is the Real Watch Item

Cash fell hard as the site scaled. Total cash and restricted cash sits at $91.7 million, and debt stands at $520.1 million. The July convertible offering, which netted $416.80 million, refills the tank, but the accumulated deficit is now $347.7 million. One anchor is only the beginning of a book of business.

Numbers Behind the Milestones

Key Q2 2026 Figures

Net Loss: $25.8 million, or $0.04 per share
G&A Expenses: $26.8 million (primary driver of the loss)
CapEx in PP&E (quarter): $185.0 million, bringing gross PP&E to about $1.55 billion
Total Assets: $1.76 billion
Convertible Notes (post-quarter): $431 million of 5.00% notes due 2031, conversion price ~$9.52, capped call effective strike $14.64

The line to watch is capital deployment. Fermi is spending like a construction company because it now is one.

Chairman Draws a Line Under Phase One

Chairman Marius Haas framed it plainly: “Roughly 90 days ago, we put ourselves on the clock with a clear set of aggressive objectives, and the team delivered on all five.” He added, “The momentum we’ve built is real, and we’re doing it with focus, discipline, and execution.” The tone was operational, which fits the moment.

Next Stop: First Electrons

Guidance is now milestone-based. Management targets roughly 200 MW of initial commercial power within six months and about 1.5 GW within 18 to 24 months, with the Hillcore path lifting planned on-site capacity to 4.8 GW within roughly 30 months. On today’s 9:00 AM ET call, you’ll want to hear how McIntire sequences interconnection, permitting, and the TensorWave 2H 2027 ramp.

Contact [email protected] for any questions or corrections.

This is a paid advertisement for Green Coffee Company's Regulation A offering. Please read the offering circular at https://invest.greencoffeecompany.com/. Timelines are subject to change. Listing on the NASDAQ is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company's public listing.

Compensation disclosure. 24/7 Wall St., a brand of Flywheel Publishing, is paid $4.50 for each click on the promotional links in this article. This compensation is paid to us by Launch Potato LLC in connection with the Regulation A offering of Green Coffee Co Holdings, LLC. The per-click rate is fixed and is not subject to volume thresholds, conversion bonuses, or other adjustments. Our compensation does not depend on whether any reader invests, on the amount invested, or on whether the offering succeeds. Because compensation depends on click volume and the campaign has no fixed end date, the total amount we receive is not determinable in advance. Rate stated as of July 28, 2026.

24/7 Wall St. and its affiliates hold no securities in Green Coffee Co Holdings, LLC. We do not endorse this offering or any statement made in the offering materials, and nothing here is a recommendation to invest. This promotional content was supplied or approved by the issuer and was not produced by our editorial staff.

Green Coffee Co Holdings, LLC is conducting an offering under Regulation A of the Securities Act of 1933. Offers and sales may be made only by means of the qualified offering circular. Read it in full, including the risk factors, before investing: https://www.sec.gov/Archives/edgar/data/0001819425/000110465926080902/tm2614683d7_253g2.htm. All Green Coffee Co Holdings, LLC filings are available at https://www.sec.gov/edgar/browse/?CIK=1819425. Qualification of an offering statement by the SEC does not mean the SEC has approved the offering or passed on the merits or accuracy of the offering materials.

This is a speculative investment. The securities are illiquid, there is no public trading market for them, investors should be prepared to hold indefinitely, and investors should be prepared to lose the entire amount invested. Past performance does not predict future results. Forward-looking statements are estimates subject to substantial uncertainty.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

About the Author Eric Bleeker, CFA →

Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.