Overview
- Fermi shares rose about 22% Thursday after it set a 90‑day goal to sign a binding tenant for its Texas power campus.
- The company posted a $189 million first‑quarter net loss, mostly from non‑cash stock compensation and a $25 million charge tied to debt extinguishment.
- During the quarter, Fermi lined up $785 million of new funding, including a $500 million MUFG equipment facility and a $156 million Yorkville commitment.
- Project Matador advanced with a 6‑gigawatt air permit in place, an application for 5 more, and on‑site work that includes new pipelines, water lines, fencing, and six Siemens gas turbines cleared at the Port of Houston.
- The board removed CEO Toby Neugebauer for cause, named Marius Haas chairman, expanded the board, and hired Heidrick & Struggles to run a CEO search under its Fermi 2.0 plan.