Fermi Inc. Financials
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).
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Fermi Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fermi Inc. carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Fermi Inc. generates a -44.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
For every $1 of reported earnings, Fermi Inc. generates $0.07 in operating cash flow (-$34.2M OCF vs -$486.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Fermi Inc. earns $-272.7 in operating income for every $1 of interest expense (-$177.8M vs $652K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Fermi Inc. reported -$486.4M in net income in fiscal year 2025.
Cash & Balance Sheet
Fermi Inc. generated -$603.5M in free cash flow in fiscal year 2025, representing cash available after capex.
Fermi Inc. held $408.5M in cash against $149.0M in long-term debt as of fiscal year 2025.
Fermi Inc. had 630M shares outstanding in fiscal year 2025.
Margins & Returns
Fermi Inc.'s ROE was -44.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Fermi Inc. invested $569.3M in capex in fiscal year 2025, funding long-term assets and infrastructure.
FRMI Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 |
|---|---|---|---|
| Revenue | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A |
| SG&A Expenses | $37.8M | N/A | N/A |
| Operating Income | -$37.8M | N/A | N/A |
| Interest Expense | -$12K | N/A | N/A |
| Income Tax | N/A | N/A | N/A |
| Net Income | -$346.8M-5413.7% | -$6.3M-7964.1% | -$78K |
| EPS (Diluted) | $-0.84 | N/A | N/A |
FRMI Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 |
|---|---|---|---|
| Total Assets | $502.8M | N/A | N/A |
| Current Assets | N/A | N/A | N/A |
| Cash & Equivalents | $83.7M | N/A | N/A |
| Inventory | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A |
| Total Liabilities | $200.3M | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A |
| Long-Term Debt | $154.0M | N/A | N/A |
| Total Equity | $302.5M+17140.7% | -$1.8M-522.6% | $420K |
| Retained Earnings | N/A | N/A | N/A |
FRMI Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 |
|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A |
| Capital Expenditures | $154K | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A |
FRMI Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 |
|---|---|---|---|
| Gross Margin | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A |
| Return on Equity | -114.7% | N/A | -18.6% |
| Return on Assets | -69.0% | N/A | N/A |
| Current Ratio | N/A | N/A | N/A |
| Debt-to-Equity | 0.51 | N/A | N/A |
| FCF Margin | N/A | N/A | N/A |
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 $149.0M 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) generated -$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) generated -$34.2M in operating cash flow during fiscal year 2025, representing cash generated from 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 0.14 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 cash runway?
Based on fiscal year 2025 data, Fermi Inc. (FRMI) had $408.5M in cash against an annual operating cash burn of $34.2M. This gives an estimated cash runway of approximately 144 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Are Fermi Inc.'s earnings high quality?
Fermi Inc. (FRMI) has an earnings quality ratio of 0.07x, considered low quality (accrual-driven). 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) has an interest coverage ratio of -272.7x, meaning it can struggle to cover its interest obligations. 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.
How financially healthy is Fermi Inc.?
Fermi Inc. (FRMI) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.