Fermi Inc. (FRMI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FRMI SEC filings page.
This page shows Fermi Inc. (FRMI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
Fermi’s dominant mechanic is an externally financed capital buildout occurring before operating cash generation.
In FY2025, the net loss of$486M was far larger than operating cash flow of-$34M , so reported earnings and cash consumption diverged rather than moving one-for-one. At the same time,$569M of capital expenditures sat beside$1.0B of financing inflow, indicating the investment program was funded primarily through financing activity rather than current operations.
The balance sheet is not debt-heavy:
The reported ROA of
Financial Health Signals
Fermi Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Fermi Inc. reported a net loss of $486.4M while operations used $34.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Fermi Inc. reported an operating loss of $177.8M against $652K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Fermi Inc. reported -$25.8M in net income in Q2 2026. This represents a decrease of 310.3% from the same quarter a year earlier. Against the prior quarter it is up 86.3%.
Fermi Inc. earned -$0.04 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 86.7%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Fermi Inc. recorded an outflow of $233.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 445.2% from the same quarter a year earlier. Against the prior quarter it is up 47.9%.
Fermi Inc. held $62.5M in cash against $520.1M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Fermi Inc.'s ROE was -2.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is up 15.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Fermi Inc. invested $185.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 359.2% from the same quarter a year earlier. Against the prior quarter it is down 58.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
FRMI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|
| SG&A Expenses | $26.8M+377.1% | $166.2M+213033.3% | N/A | $37.8M | $5.6M | $78K |
| Operating Income | -$26.8M-377.1% | -$166.2M-213033.3% | N/A | -$37.8M | -$5.6M | -$78K |
| Interest Expense | -$953K-240.1% | -$2.3M | N/A | -$12K | $680K | $0 |
| Net Income | -$25.8M-310.3% | -$188.7M-241814.1% | N/A | -$346.8M | -$6.3M | -$78K |
| EPS (Basic) | -$0.04-100.0% | -$0.30 | -$0.18 | -$0.84 | -$0.02 | $0.00 |
| EPS (Diluted) | -$0.04 | -$0.30 | -$0.18 | -$0.84 | -$0.02 | $0.00 |
| Diluted Shares (Avg) | 637M | 630M+754.7% | N/A | 466M | 409M | 74M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, EBITDA, Income Tax.
FRMI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|
| Total Assets | $1.8B | $1.8B | $1.4B | $502.8M | N/A | N/A |
| Cash & Equivalents | $62.5M+55.1% | $207.5M+94649.3% | $408.5M | $83.7M | $40.3M | $219K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $731.5M | $705.2M | $317.4M | $200.3M | N/A | N/A |
| Long-Term Debt | $520.1M | $421.3M | $109.8M | $154.0M | N/A | N/A |
| Total Equity | $1.0B+58254.3% | $1.1B+255204.0% | $1.1B | $302.5M | -$1.8M | $420K |
| Retained Earnings | -$347.7M | -$321.9M | -$133.2M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.
FRMI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$48.7M-1792.3% | -$7.3M-15867.4% | -$25.9M | -$5.7M | -$2.6M | -$46K |
| Stock-Based Compensation | N/A | $134.0M | N/A | N/A | N/A | $0 |
| Capital Expenditures | $185.0M+359.2% | $441.2M+1378612.5% | $480.3M | $154K | $40.3M | $32K |
| Free Cash Flow | -$233.6M-445.2% | -$448.5M-574942.3% | -$506.1M | -$5.8M | -$42.9M | -$78K |
| Investing Cash Flow | -$185.0M-331.8% | -$441.2M-1378612.5% | -$473.9M | -$53.4M | -$42.8M | -$32K |
| Financing Cash Flow | $82.1M-4.0% | $283.3M+95286.2% | $725.3M | $201.8M | $85.5M | $297K |
Not reported in any period shown, so not listed: Depreciation & Amortization, Dividends Paid, Share Buybacks.
FRMI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.
Where Fermi Inc. Ranks
Frequently Asked Questions
Is Fermi Inc. profitable?
No, Fermi Inc. (FRMI) reported a net income of -$486.4M in fiscal year 2025.
How much debt does Fermi Inc. have?
As of fiscal year 2025, Fermi Inc. (FRMI) had $408.5M in cash and equivalents against $109.8M in long-term debt.
What is Fermi Inc.'s return on equity (ROE)?
Fermi Inc. (FRMI) has a return on equity of -44.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fermi Inc.'s free cash flow?
Fermi Inc. (FRMI) recorded an outflow of $603.5M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fermi Inc.'s operating cash flow?
Fermi Inc. (FRMI) recorded an outflow of $34.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Fermi Inc.'s total assets?
Fermi Inc. (FRMI) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fermi Inc.'s capital expenditures?
Fermi Inc. (FRMI) invested $569.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Fermi Inc.'s debt-to-equity ratio?
Fermi Inc. (FRMI) had a debt-to-equity ratio of 0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fermi Inc.'s return on assets (ROA)?
Fermi Inc. (FRMI) had a return on assets of -34.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fermi Inc.'s P/E ratio?
Fermi Inc. (FRMI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.5B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Fermi Inc.'s price-to-sales ratio?
Fermi Inc. (FRMI) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $3.5B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Are Fermi Inc.'s earnings high quality?
Fermi Inc. (FRMI) reported a net loss of $486.4M while operations used $34.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Fermi Inc. cover its interest payments?
Fermi Inc. (FRMI) reported an operating loss of $177.8M against $652K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.