FRMI

EX-99.1

2 fermiq22026erex_991.htm

EX-99.1 FRMI Q2 2026 EARNINGS RELEASE

Document

Exhibit 99.1

Fermi Announces Second Quarter 2026 Results and Delivers on All Five 90-day Objectives

Company signed its first anchor customer, named a CEO, added a strategic alliance and premier contractors, received three F-series turbines, and raised more than $431 million of shareholder-friendly capital

DALLAS, August 13, 2026 -- Fermi Inc. (NASDAQ/LSE: FRMI), operating as Fermi America™ (“Fermi” or the “Company”), today announced full execution of the 90-day plan provided in May. The Company established significant momentum and took a major step toward delivering its large-scale, reliable private power grid for AI and advanced computing. The Company also reported second quarter 2026 financial results. A conference call is scheduled for 9 a.m. Eastern Time / 2 p.m. British Time today, August 13, 2026. Accompanying slides and prepared remarks can be found at https://investor.fermiamerica.com. Participation details are included in this release.

Delivering on Commitments

“Roughly 90 days ago, we put ourselves on the clock with a clear set of aggressive objectives, and the team delivered on all five,” said Marius Haas, Chairman of the Board of Directors of Fermi Inc. “We signed a binding agreement with TensorWave, our first anchor customer. We appointed a proven and respected CEO in Lee McIntire, who has all the right skills and experience to lead Fermi 2.0 into its next phase of power delivery. We established a strategic alliance with Hillcore, a world-class power company, and deepened our relationships with premier contractors. We received three Siemens F-class turbines to bring our total landed power to 1.5 gigawatts, maintaining our speed-to-power advantage. Lastly, we strengthened our balance sheet through an upsized convertible note offering at a very attractive cost of capital, while protecting shareholders against dilution. The momentum we’ve built is real, and we’re doing it with focus, discipline, and execution.”

Anchor Customer Agreement Affirms Commercial Strategy

Customers need large-scale, reliable power on an AI timeline. That need defines the market today and is the challenge Fermi was built to solve. Over recent months, Fermi has been engaged with multiple prospective customers and potential strategic and joint-venture partners.

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. Phase one of the agreement includes 222 MW of total facility power, with total revenue of approximately $6.5 billion over the life of the contract. The agreement also includes two expansion options for TensorWave to triple the size of its footprint on the site over time.

Leadership for the Next Phase of Power Delivery

The Board of Directors also appointed Lee McIntire as Chief Executive Officer to lead Fermi’s transition from development into construction and first power. 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. Having served on Fermi's Board as an independent director since September 2025,

he combines this strong track record of execution with his direct knowledge of the Company's assets, partners, and strategy.

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. The framework agreement would double planned on-site generation to 4.8 GW within approximately 30 months when combined with Fermi's own power generation program.

Under the agreement, Hillcore and its partners will finance, construct, own, and operate their facility under a long-term ground sublease at the Project Matador site, with Fermi committing no capital and issuing no debt for the plant. 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. Fermi will serve as anchor offtaker under a 20-year power-purchase agreement and holds an option to acquire the facility at fair market value after year 10. Fermi also recently signed strategic partnerships with leading EPC firms Primoris Services Corporation (“Primoris”) for balance of plant work and TSK for engineering on the Siemens SGT6-5000F turbines.

Power Prog

EX-99.1

2 fermi1q26erex_991.htm

EX-99.1 FRMI Q1 2026 EARNINGS RELEASE

Document

Exhibit 99.1

Fermi Inc. Outlines Fermi 2.0 Strategic Evolution and Reports First Quarter 2026 Financial Results

Secures over 2 GW of power generation; advances ~11 GW of permitted capacity; closes ~$785 million in new equipment financing; strengthens governance; and accelerates commercial engagement

DALLAS, May 14, 2026 /PRNewswire/ -- Fermi Inc. (d/b/a Fermi America) (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™ (“Fermi” or the “Company”), today reported first quarter 2026 financial results. A conference call is scheduled for 9 a.m. Eastern Time / 2 p.m. British Time today, May 14, 2026. Accompanying slides and prepared remarks can be found at https://investor.fermiamerica.com. Participation details are included in this release.

Fermi 2.0: Strategic Evolution

Fermi provided an update on its strategic evolution from an entrepreneurial startup into a scaled, institutional public company purpose-built to deliver gigawatt-scale private power to the AI economy.

“Fermi America is at a meaningful inflection point in its development,” said Marius Haas, Chairman of the Board of Directors. “Fermi 2.0 is about pairing the tangible asset base we’ve already constructed with the institutional capability required to realize its full value. We’ve converted investor capital into more than $1.4 billion of infrastructure at a site that few, if any, competitors can replicate on a comparable timeline. Over the next 90 days, we’re executing a disciplined plan that includes securing a binding tenant agreement, diligently managing working capital and liquidity, hiring our next CEO, exploring strategic partnerships for power/data center deployment acceleration, and delivering power at our project site. Our team is unified and focused on one primary objective to maximize long-term shareholder returns.”

Rick Perry, former Texas Governor, former U.S. Secretary of Energy and Co-Founder of Fermi America, said, “Fermi was founded to do something no one else in America is doing at this scale: bring gigawatts of private power to premier AI tenants in months, not years. Our strategy hasn't changed, and the team leading this next chapter has my full confidence and support. We have the right leadership, land, permits, equipment, and partners to scale to commercial operations and realize the full value of this unique project.”

Commercial Momentum and Accelerated Engagement

Tenant engagement has improved in recent weeks, and active discussions are ongoing with hyperscalers, neo-cloud providers, and enterprise compute operators.

Anna Bofa, Co-President, Office of the CEO, said, “Fermi 2.0 is about making the company easier to work with and creating a more streamlined commercial interface for customers and partners who want to move quickly and confidently. The uptick in interest from prospective tenants confirms our business plan. Fermi can deliver reliable power at scale, execute on our timeline, and serve as a trustworthy long-term operating partner. In recent weeks, we’ve hosted multiple prospective tenants and strategic partners who continue to view Project Matador as one of the most advanced and customer-ready, large-scale power campuses. They are looking for credible near-term power, real infrastructure, secured equipment, permitting progress, land control, and a team that can execute. These attributes set Fermi apart and are driving increased urgency in our commercial conversations. It gives us momentum and confidence in reaching new non-binding long-term agreements in the near future.”

Project Matador Operational and Regulatory Progress

Construction at Project Matador is progressing on schedule. Fermi’s flagship behind-the-meter energy and compute campus spans more than 7,500 acres in Carson County, Texas. At full build-out, the project is designed to deliver up to 17 GW of power from lower-carbon natural gas, advanced nuclear, solar, and battery storage to premier tenants. Quarterly milestones include:

•Established a clear path to commercial power delivery later this year by securing more than 2 GW of total power generation across owned and contracted assets.

•Obtained a ~6 GW Clean Air Permit from the Texas Commission on Environmental Quality (TCEQ), the second-largest permit of its kind in the United States.

•Filed an application with TCEQ for an additional ~5 GW Clean Air Permit, supporting full flexibility for build-out toward 17 GW.

•The U.S. Nuclear Regulatory Commission (NRC) named Project Matador an inaugural participant in its Environmental Impact Statement pilot program, an initiative designed to expedite nuclear licensing timelines for advanced reactor projects.

•Completed nearly 5 miles of natural gas lines, more than 11 miles of perimeter fencing, and over 7 miles of on-site water distribution lines.

•Both transmission systems were connected, which will deliver power upon grid interconnection later this year.

•The f

EX-99.1

2 frmiex991fy2025shletter.htm

EX-99.1 FRMI 2025 FY SHAREHOLDER LETTER

frmiex991fy2025shletter

Fiscal Year 2025 Shareholder Letter

2 620 S. Taylor St., Suite 301 Amarillo, TX | FermiAmerica.com FY 2025 Fermi America Shareholder Letter I N T R O D U C T I O N Fellow Shareholders, In less than one year, Fermi AmericaTM achieved what few believed possible: from incorporation in January 2025 to a dual-listed initial public offering (“IPO”) by October, we assembled the physical, financial, and regulatory foundation of what we believe will be the world’s largest private energy campus — Project Matador — dedicated to powering next-generation artificial intelligence (“AI”) at scale. This letter is a direct account of that unprecedented first year of execution, the milestones we have delivered, and the foundation we have laid for the years ahead. What began as a blank canvas in the Texas Panhandle is now an active construction site spanning 7,570 acres, with 11.3 miles of perimeter fencing, 4.6 miles of gas pipeline, 7.2 miles of water lines, and the initial phase of horizontal construction completed. We established strategic partnerships with Siemens Energy, Inc., Westinghouse, Hyundai Engineering & Construction Co., Ltd. (“Hyundai E&C”), Doosan Enerbility Co., Ltd. (“Doosan Enerbility”), MUFG Bank, Ltd. ("MUFG"), and Keystone National Group, LLC (“Keystone”). We listed on two major stock exchanges and raised approximately $1.8 billion in capital since our inception. Through December 31, 2025, we capitalized $935 million into property, plant, and equipment — converting investor capital into turbines, substations, transformers, switchgear, gas and water pipelines, electrical transmission lines, and other pad-ready infrastructure. Project Matador is not a promise. It has completed its first phase of construction. Our first year proved that building America’s AI energy backbone demands more than capital — it demands relentless execution, a workforce willing to operate at startup pace on an industrial scale, and partners across government, manufacturing, and construction who share our sense of urgency. With fewer than forty employees, backed by hundreds of skilled contractors and engineers working extended hours through every season, we are turning a flat dirt site into what we believe to be the most advanced private energy campus under development in the country. Carson County, Panhandle ISD, and the City of Amarillo each stepped up with approvals, agreements, and resources that made this timeline possible. To our shareholders — those who backed us from inception and those who joined through our IPO — THANK YOU. Your conviction fueled every milestone described in this letter.

3 620 S. Taylor St., Suite 301 Amarillo, TX | FermiAmerica.com O U R P U R P O S E A N D V I S I O N A Unicorn Site in the Heart of America Not every amazing company is born from a great idea. In our case, it was born from a great site. Project Matador, located in Carson County, Texas adjacent to the Department of Energy’s (“DOE”) Pantex facility, sits on what we believe to be the most strategically valuable piece of undeveloped land in the United States for large-scale AI and advanced energy infrastructure. Consider what converges here: the Texas Panhandle sits atop the Hugoton Basin, the largest conventional natural gas field in North America, providing abundant, firm, clean-burning fuel with redundant access from multiple major pipelines — ONEOK/WesTex, Energy Transfer, and Atmos. We believe this redundancy substantially mitigates single-point-of-failure risk and supports firm delivery at gigawatt (“GW”) scale. The site also rests above the Ogallala Aquifer, spanning 174,000 square miles and eight states — America’s largest underground water reserve. We have secured up to 18.5 MGD of water supply through a combination of municipal and private groundwater arrangements, including 2.5 MGD from the City of Amarillo, providing substantial capacity well in excess of our near-term requirements and long-term optionality as the campus scales. While well-positioned for water resources, Fermi has intentionally elected to utilize hybrid dry-wet cooling towers and closed-loop circulation, cutting water use as much as 85%, supporting gigawatt-scale operations while stewarding this irreplaceable resource. Adjacency to Pantex — America’s nuclear arsenal custodian for 70+ years — delivers decades of DOE-validated seismic, groundwater, and environmental data, making our site among the most vetted industrial locations in the country. The site also sits on multiple fiber corridors — including FiberLight, AT&T, and Optimum — providing sub-10 millisecond round-trip latency to Dallas, Oklahoma City, Chicago, Denver, and beyond. AI runs on data, not just power. Our partnership with the TTU System anchors the site on 5,236 acres of TTU-controlled land — what we believe to be