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Fervo Energy Company reports a larger net loss as it scales geothermal development ahead of commercialization. For Q1 2026, the company generated minimal revenue of $61 thousand and posted a net loss of $31.8 million, reflecting higher headcount, project development and public‑company readiness costs, plus non‑cash warrant remeasurement losses.
Fervo ended the quarter with $280.8 million of unrestricted cash and significant undrawn credit facilities, then subsequently completed a major IPO raising approximately $2.2 billion in gross proceeds. The company is investing heavily, with Q1 capital expenditures of $172.8 million, largely for its Cape Station geothermal project, and has signed 658 MW of binding PPAs representing about $7.2 billion in potential revenue backlog.
Fervo Energy Company reported first-quarter 2026 results showing early revenue and heavy investment as it scales enhanced geothermal power projects. The company generated $61 thousand in revenue, recorded an operating loss of $20.1 million, and a net loss of $31.8 million, reflecting high growth spending.
Capital expenditures reached $172.8 million in Q1 2026 versus $105.4 million a year earlier, driven mainly by construction at its Cape Station geothermal project and other GeoClusters. Fervo also secured $421.4 million in non-recourse project financing for Cape Phase I and expects about $1.2 billion of capex from Q2 2026 through Q1 2027.
Subsequent to quarter-end, Fervo completed a Nasdaq IPO, issuing 80.5 million Class A shares at $27.00 and raising $2.2 billion in gross proceeds. Operationally, the company highlighted progress at Cape Station Phases I and II and a Geothermal Framework Agreement with Google for up to 3 gigawatts of future capacity.
Fervo Energy Company has promoted Sarah Jewett to Chief Operating Officer, effective June 15, 2026. She will oversee the company’s core corporate operations as Fervo scales its next-generation geothermal projects.
Jewett has led Fervo’s strategy department since 2020 and became SVP, Strategy in October 2025, integrating policy, communications, strategy, and people operations. Her compensation as COO includes a $400,000 annual base salary and eligibility for an annual performance-based cash bonus targeted at 55% of base salary.
She was also granted 29,629 restricted stock units under the 2026 Incentive Award Plan, vesting over four years, with 25% on the first anniversary of grant and the remainder in equal quarterly installments, contingent on continued employment.
Fervo Energy Co insiders reported a series of conversions of preferred stock into Class A Common Stock on May 14, 2026. Investment entities affiliated with Technology Impact Fund and Technology Impact Growth Fund II converted multiple series of preferred stock, receiving Class A shares at a stated price of $0.00 per share.
These conversions included 14,962,430 Class A shares held by Technology Impact Growth Fund II, LP, 12,055,467 Class A shares held by Technology Impact Fund, LP, 5,448,761 Class A shares held by TIGF II Direct Strategies LLC - Series 5, and 1,760,732 Class A shares held by TIGF II Direct Strategies LLC - Series 7. Footnotes state that these preferred shares converted into Class A Common Stock immediately prior to completion of the issuer’s initial public offering pursuant to their terms, and that certain managers may be deemed to beneficially own these securities but disclaim beneficial ownership beyond their pecuniary interest.
Fervo Energy Co director and 10% owner Ion Yadigaroglu reported a large conversion of preferred stock into Class A common shares linked to the company’s initial public offering. Investment entities associated with him converted Series B, C-1, C-3, D-1, D-3 and E-1 Preferred Stock into a total of 34,227,390 shares of Class A Common Stock immediately before the IPO, leaving no remaining holdings in those preferred series.
After these transactions, the Class A position held by these entities consists of 12,055,467 shares for Technology Impact Fund, LP, 14,962,430 shares for Technology Impact Growth Fund, II, L.P., 5,448,761 shares for TIGF II Direct Strategies LLC - Series 5 and 1,760,732 shares for TIGF II Direct Strategies LLC - Series 7. Yadigaroglu, as a manager of the related general partner and management entities, shares voting and disposition power over these holdings but disclaims beneficial ownership except for his pecuniary interest.
Separately, he received a direct grant of 9,259 restricted stock units, each representing one Class A share, which will vest in full on the earlier of Fervo’s 2027 annual meeting or May 14, 2027. These transactions are non-cash conversions and awards rather than open-market trades.
Lowe Robert Ferrall III reported acquisition or exercise transactions in this Form 4 filing.
Fervo Energy Co director Lowe Robert Ferrall III received a grant of 9,259 restricted stock units. Each RSU represents a right to receive one share of Fervo’s Class A common stock. The RSUs will vest in full on the earlier of the company’s 2027 annual meeting or May 14, 2027.
Fervo Energy Co director Anne M. Cleary received new equity awards in the form of restricted stock units and stock options. She was granted 9,259 RSUs, each representing one share of Class A Common Stock, which will vest in full on the earlier of the company’s 2027 annual meeting or May 14, 2027. She was also granted options on 43,164 shares of Class A Common Stock at an exercise price of $5.91 per share, vesting in 12 substantially equal monthly installments starting January 23, 2026 and expiring on January 25, 2036. Both awards are reported as direct beneficial ownership and are compensation-related acquisitions rather than open-market purchases or sales.
Jessica Rodgers Uhl reported acquisition or exercise transactions in this Form 4 filing.
Fervo Energy Co director Jessica Rodgers Uhl received a grant of 9,259 Restricted Stock Units. Each RSU represents a right to receive one share of Class A Common Stock. Following the grant, she holds 9,259 RSUs directly.
The RSUs will vest in full on the earlier of the company’s 2027 Annual Meeting or May 14, 2027, aligning the director’s compensation with future company performance and board service over this period.
WHITMAN MARGARET C reported acquisition or exercise transactions in this Form 4 filing.
Fervo Energy Co director Margaret C. Whitman received a grant of 9,259 restricted stock units. Each RSU represents a contingent right to receive one share of Fervo’s Class A Common Stock. The RSUs vest in full on the earlier of the company’s 2027 annual meeting or May 14, 2027. Following this award, Whitman holds 9,259 RSUs directly, reflecting a compensation-related equity grant rather than an open-market trade.
Fervo Energy Co director Robert Richard Keehan II received a grant of 9,259 restricted stock units (RSUs). The award was made on May 14, 2026 and is recorded as a compensation-related acquisition, not an open-market purchase or sale.
Each RSU represents a contingent right to receive one share of Fervo’s Class A Common Stock. The RSUs will vest in full on the earlier of the company’s 2027 annual meeting or May 14, 2027. After this grant, Keehan directly holds 9,259 RSUs tied to Class A Common Stock.