Fermi: Lack Of Tenant Progress Is Deeply Concerning [Seeking Alpha]
Fermi Inc. (FRMI)
Company Research
Source: Seeking Alpha
FRMI reported a GAAP loss of $1.13 for 2025, is essentially pre-revenue, and burned $605 million in free cash flow last year. Despite an attractive Texas site and a 99-year lease, FRMI's lack of infrastructure and tenant agreements undermines its massive $80–$120 billion buildout plan. I rate FRMI a Hold due to its liquidity but see little conviction in execution or near-term tenant signings; investors should avoid the stock. Gerville/iStock via Getty Images Shares of Fermi Inc. ( FRMI ) have been a very poor performer since their IPO in the fall of 2025, losing about three-quarters of their value. Investors received more bad news Monday after the company reported weak
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FRMI
News
- Fermi (FRMI) is now covered by Cantor Fitzgerald. They set an "overweight" rating and a $8.00 price target on the stock.MarketBeat
- Fermi (FRMI) had its price target lowered by UBS Group AG from $30.00 to $8.00. They now have a "buy" rating on the stock.MarketBeat
- Fermi Inc (FRMI) Q4 2025 Earnings Call Highlights: Strategic Moves and Financial Challenges [Yahoo! Finance]Yahoo! Finance
- Fermi shares tumble after wider-than-expected loss, tenant uncertainty weighs [Yahoo! Finance]Yahoo! Finance
- Fermi America™ Reports Fiscal Year 2025 Earnings, Marking Operational Milestones on the Path to 17 GW of Private PowerPR Newswire
FRMI
Sec Filings
- 4/17/26 - Form 8-K
- 4/15/26 - Form SCHEDULE
- 4/10/26 - Form 4
- FRMI's page on the SEC website