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Fermi Inc., operating as Fermi America, develops private electric grids and site infrastructure for AI compute and high-performance computing customers. Its Project Matador campus is described as a gigawatt-scale private power platform combining private generation, grid power, powered shell buildings, substations, distribution networks, water and cooling systems, and related infrastructure.
Company news commonly covers Project Matador development, equipment and power infrastructure financing, potential tenant and partner activity, earnings releases, and governance matters. Recent updates also address board composition, executive leadership changes, shareholder solicitations, and strategic-plan disputes tied to the company's transition from startup-stage development toward a larger infrastructure enterprise.
Fermi (NASDAQ: FRMI) amended its Bylaws to require at least a 70% shareholder vote for any change to the Board’s size or classified structure. The move targets balancing influence after the former CEO claimed control of ~40% of shares. The 50% threshold to call a special meeting is unchanged, and 9.3% shareholder Caddis Capital reaffirmed support for the Board, management, and Fermi’s long-term plan.
Fermi (NASDAQ: FRMI) detailed its Fermi 2.0 strategy and reported Q1 2026 results. The company highlighted over 2 GW of secured generation, ~11 GW of permitted capacity in progress, and closed about $785 million in new equipment financing.
Fermi ended the quarter with $243 million in cash and restricted cash, $421 million in outstanding debt, and a $189 million net loss, largely from non-cash share-based compensation and a loan extinguishment loss.
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Fermi America (NASDAQ: FRMI) will release first quarter 2026 financial results on Thursday, May 14, 2026 at 7:00 a.m. ET / 12:00 p.m. BT, followed by an earnings conference call at 9:00 a.m. ET / 2:00 p.m. BT.
The earnings release and supplemental materials will be posted to the company Investor Relations website before the call. The live call is dial-in accessible and webcast in listen-only mode; a replay will be available for one year.
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Fermi (NASDAQ: FRMI) appointed Larry Kellerman to its Board of Directors as an independent director, effective following a Board election on May 4, 2026. Kellerman brings four decades of electric power industry leadership and experience at the intersection of regulated utility operations and technology-driven commercial innovation.
He was nominated pursuant to designation rights held by an affiliate of Toby Neugebauer and said he intends to represent all shareholders. The appointment is presented as part of the Board's oversight of Fermi's strategic priorities for its utility-scale private grid efforts.
Fermi (Nasdaq: FRMI) — Toby Neugebauer called a Special Meeting of Shareholders for May 29, 2026 and filed preliminary proxy materials to nominate a five-person slate and solicit votes via a BLUE proxy card. Neugebauer and affiliates report ~40% ownership; he seeks a dual-track strategic process including M&A to maximize value for Project Matador.
Key developments: 99-year ground lease with Texas Tech, ~2 GW secured power, ~6 GW Clean Air Permit, ~$1B financing (including $500M from MUFG), NRC license submission and participation in NRC EIS pilot, Hyundai E&C partnership, major long-lead equipment orders.
Fermi America (NASDAQ: FRMI) announced that Toby Neugebauer, co-founder and largest shareholder, nominated Larry Kellerman to join the company's board of directors on May 1, 2026. Kellerman is Chief Power Officer and led design of Fermi's 17-gigawatt powered data center campus in Amarillo, Texas.
Kellerman brings more than four decades of power-industry and finance experience, including roles at Goldman Sachs, El Paso Corporation, and I Squared Capital; he said he would serve if approved by the Board.