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The call emphasized meaningful operational and commercial progress — regulatory permits, substantial on‑site build and long‑lead equipment acquisitions, renewed tenant engagement, and near‑term financing commitments — while flagging material near‑term risks including a large Q1 net loss driven by equity compensation, high Q1 capital spend relative to cash balances, leadership transition and governance changes, and execution timing risks tied to interconnection and equipment availability. Management articulated a focused 90‑day plan (including securing a binding tenant agreement) and presented multiple financing levers, but successful de‑risking is contingent on closing tenant deals and converting financing commitments into drawn, project‑level capital.
Management’s near‑term guidance centers on a 90‑day plan with five clear deliverables—secure a binding tenant agreement, maintain capital discipline to preserve liquidity, hire a permanent CEO, deliver power at Project Matador, and explore strategic data‑center/power partnerships—and to match capital deployment to tenant commitments and project‑level non‑recourse financing (including DOE programs). Key metrics cited on the call: Q1 net loss $189M (~70% non‑cash), $243M cash on hand, $441M Q1 CapEx and >$1.4B cumulative invested in the site; financing actions include fully repaying the Macquarie loan and replacing ~ $150M of high‑cost debt, $785M of equipment financing (including a $500M MUFG anchor), >$156M Yorkville facility and nearly $1B of total financing commitments. Operational and permitting milestones highlighted include a 6 GW clean‑air permit (plus a filed incremental 5 GW), ~2.2 GW of natural‑gas generation equipment on site or contracted (1.1 GW combined‑cycle due Q3 and additional SGT‑800 deliveries into 2028), 86 MW of power already delivered from XL, 11 miles of perimeter fencing, ~5 miles of gas pipeline, 7 miles of water lines supplying 2.5M gallons/day and a 2M‑gallon storage tank.
Received a 6 GW clean air permit in February (described as the second largest U.S. permit) and filed for an incremental 5 GW gas permit in late March, providing regulatory certainty for large-scale offtake and enabling commercial progress.
Cumulative investment in Project Matador exceeded $1.4 billion. Q1 capex was $441 million. Site works include >11 miles of perimeter fencing, ~5 miles of high‑pressure gas pipeline, ~7 miles of water distribution lines delivering 2.5M gallons/day, a 2M gallon water storage tank, and 86 MW of XL power brought to site.
Control of roughly 2.2 GW of natural gas generation equipment (including 1.1 GW of combined‑cycle units arriving in Q3 and additional SGT‑800 sets secured and scheduled for delivery in 2028), with foundations poured and long‑lead items on site or in transit, supporting a claimed 1.5 GW speed‑to‑power advantage.
Management reports renewed and accelerating tenant conversations since leadership changes, multiple prospective tenants and partners hosted on site, an expanded pipeline over recent weeks, and active evaluation of strategic partnerships with established data center and infrastructure operators to accelerate deployment.
Board expanded from 5 to 7 directors; Chairman assumed a more active role; independent CEO search launched; interim CFO (Rob Masson) with 20+ years of public company financial leadership hired to drive financial discipline.
Ended Q1 with $243 million cash; fully repaid the Macquarie term loan and replaced ~ $150 million of high‑cost debt with equipment financing. Secured $785 million of new equipment financing (including $500 million from MUFG), >$156 million facility with Yorkville (undrawn), and nearly $1 billion in financing commitments to support project development.
Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Fermi America's First Quarter 2026 Earnings Call. [Operator Instructions]. Please note that today's event is being recorded. I'd now like to turn the call over to Rodrigo Acuna, from a Director of Investor Relations. Rodrigo, the floor is yours.
Good morning, and thank you for joining Premium America's First Quarter 2026 Earnings Conference Call. With me today are our Chairman of the Board, Marius Haas, Co-President of the newly established Office of the CEO, Jacobo Ortiz Blanes and Anna Bofa, and our Interim Chief Financial Officer, Rob Masson. Today's call contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. For a detailed discussion of the risk -- please refer to our most recent annual report on Form 10-K and our recent reports on Form 8-K. Any non-GAAP measures discussed today are intended to provide supplemental perspectives on the company's ongoing operations. I will now turn the call over to Marius.
Thank you, Rodrigo. Good morning, everyone, and thanks for joining us today. We're at a meaningful inflection point in Fermi America's development. with Firming 2.0, we're moving forward from the entrepreneurial foundation that built this company to the institutional framework required to scale it. Fermi was built on delivering reliable private grid power at scale to the hyperscale comp...