Fervo Energy (FRVO) FY2025 results: revenue $138,000, down 30.7% on the year
Fervo Energy Co. (FRVO) reported revenue of $138,000 for fiscal 2025, the year ended 31 December 2025, down 30.7% on the year before. Net income was -$58 million. The figures are the company's own, from the 424B4 it filed with the SEC on 14 May 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Revenue | 0.1 | 0.2 | -30.7% | |
| Operating income | -48.8 | -41.8 | ||
| Operating margin | -35366.7% | -21024.1% | ||
| Pre-tax income | -57.8 | -41.1 | ||
| Net income | -57.8 | -41.1 | ||
| Net margin | -41875.4% | -20658.3% |
$ million except per share.
Read more
Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Operating cash flow | -31.8 | -54.7 | ||
| Capital expenditure | 466 | 179 | +160.6% | |
| Free cash flow | -497 | -233 | ||
| Free cash flow margin | -360446.4% | -117307.0% | ||
| Depreciation and amortisation | 0.3 | 0.1 | +133.9% | |
| Share-based compensation | 2.7 | 1.4 | +94.5% | |
| Diluted shares, weighted | 12m | 12m | +0.2% |
Balance sheet
| $ million | FY2025 | FY2024 | On the year | Last 8 years |
|---|---|---|---|---|
| Shareholders' equity | -246 | -177 | ||
| Redeemable equity | 1,023 | 562 | +82.2% | |
| Debt | 173 | n/a | ||
| Operating lease liabilities | 72.6 | n/a | ||
| Other liabilities | 343 | 147 | +133.5% | |
| Total liabilities and equity | 1,365 | n/a | ||
| Fixed assets | 793 | n/a | ||
| Cash and equivalents | 462 | 199 | +131.6% | |
| Other assets | 110 | n/a | ||
| Total assets | 1,365 | 531 | +156.9% |
424B4 for the year ended 31 December 2025, filed 14 May 2026: the filing.