Open the filing on EDGARFervo Energy Company811 Main St, 1700Houston, TX 77002 FINANCIAL HIGHLIGHTS With the signing of the Google agreement, Fervo now has 1,054 megawatts of capacity under binding power Financing including potential operational disruptions and associated liabilities; the influence of consumer preferences, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) CONTACTS government policies, and competition on the demand for geothermal energy; risks associated with fluctuations in (Dollars and shares in thousands)As of September 30, As of December 31,20262025ASSETSCurrent assets:Cash and cash equivalents .................................................................................................$1,916,477$461,836Grant receivables ...............................................................................................................9,50410,580Prepaid expenses and other ................................................................................................21,3679,714Total current assets ..........................................................................................................1,947,348482,130Property, plant and equipment, net .....................................................................................1,491,721793,234Operating leases right-of-use assets .....................................................................................106,60058,713Deferred tax assets ..............................................................................................................29,911 - Deposits .............................................................................................................................17,69615,234Restricted cash ...................................................................................................................11,0006,000Other long-term assets ........................................................................................................34,2719,857Total assets .................................................................................................................$3,638,547$1,365,168LIABILITIES AND EQUITYCurrent liabilities:Accounts payable................................................................................................................$19,461$10,789Accrued capital expenditures..............................................................................................163,765119,303Current portion of long-term debt ......................................................................................18,686 - Operating lease liabilities ..................................................................................................32,1544,822Other current liabilities ......................................................................................................11,06116,997Total current liabilities ....................................................................................................245,127151,911Long-term debt, net of issuance costs and current portion ......................................................282,923172,837Operating lease liabilities .......................................................................................................97,54672,639Other long-term liabilities .......................................................................................................2,82111,407Total liabilities ..............................................................................................................628,417408,794Commitments and Contingencies (Note 19)Mezzanine equityRedeemable convertible preferred stock, par value $0.0001 per share; 0 and 283,546 authorized; 0 and 279,995 issued and outstanding as of September 30, 2026 and December 31, 2025 ......................................................................................................... - 1,022,942Redeemable noncontrolling interests..................................................................................Cape Phase I HoldCo - Redeemable noncontrolling interest .............................................106,408102,586Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest ........................113,04577,344Stockholders’ equity (deficit):Common stock, par value $0.0001 per share; 0 and 358,279 authorized; 0 and 9,457 issued as of September 30, 2026 and December 31, 2025, respectively (1) ................................................................................................................. - 1Class A common stock, par value $0.0001 per share; 1,000,000 and 0 authorized; 287,093 and 0 issued as of September 30, 2026 and December 31, 2025, respectively 29 - Class B common stock, par value $0.0001 per share; 40,000 and 0 authorized; 7,785 and 0 issued as of September 30, 2026 and December 31, 2025, respectively ..............1 - Additional paid-in capital ...................................................................................................3,142,451 - Treasury stock, at cost; 0 shares and 270 shares as of September 30, 2026 and December 31, 2025, respectively (1) ................................................................................... - (1,960)Accumulated deficit ...........................................................................................................(351,804)(244,539)Total stockholders’ equity (deficit) ..................................................................................2,790,677(246,498)Total liabilities, mezzanine equity, and stockholders’ equity (deficit)..........................$3,638,547$1,365,168 purchase agreements, representing approximately $11.9 billion in contracted revenue, compared to 658
- Reported Q3 2026 net income of $11.7 million and net loss attributable to common stockholders of $20.8 As of September 30, 2026, Fervo had unrestricted cash and cash equivalents of $1.9 billion and current and long- (Dollars and shares in thousands except per share amounts)Three Months Ended September 30,Nine Months Ended September 30,2026202520262025Revenues ..........................................................................$116$55$290$55Costs and expenses:Operation and maintenance ............................................1,4863622,274772Research and development expense (income), net .........73(72)(711)287General and administrative expense ...............................39,3508,11683,76725,279Operating lease expense ..................................................2,6075,2036,7177,397Depreciation and amortization ........................................346105783208Operating loss ...................................................................(43,746)(13,659)(92,540)(33,888)Other income (expense):Interest income ...............................................................15,37037728,7063,006Interest expense...............................................................(2,144)(2,438)(8,249)(5,404)Changes in fair value of interest rate swaps....................11,836 - 13,009 - Other non-operating income (expense), net ....................433(67)(46,921)(83)Loss before income taxes ..................................................(18,251)(15,787)(105,995)(36,369)Income tax benefit (expense).............................................29,911 - 29,910(2)Net income (loss)11,660(15,787)(76,085)(36,371)Less: Net income attributable to redeemable noncontrolling interest31,187 - 31,187 - Net loss attributable to Fervo Energy Company$(19,527)$(15,787)$(107,272)$(36,371)Net loss per share attributable to common stockholders, basic and diluted (1) ............................................................$(0.07)$(1.90)$(0.75)$(4.24) Investor Relations energy prices and material costs; dependence on a complex supply chain and successful maintenance of our megawatts and approximately $7.2 billion at the end of the second quarter of 2026. term debt of $301.6 million. investor.relations@fervoenergy.com geothermal infrastructure; financial performance influenced by fluctuations in interest rates, capital availability, million, or $(0.07) per share. Net income reflected $15.4 million of interest income and two non-recurring items: an $11.8 million non-cash gain on interest rate swaps and a $29.9 million tax benefit from tax credits Operations and Construction and other market conditions; capacity actually constructed or for which we enter power purchase agreements Company Updates ICR, Inc. earned as Cape Phase I assets were placed in service. under non-binding agreements, like the Geothermal Framework Agreement; exposure to legal proceedings and Fervo Energy Reports Third Quarter 2026 Results On September 30, Fervo declared commercial operation for GeoBlock 1 ahead of its contractual deadline. Fervo@icrinc.com claims arising from our business operations; protecting our brand reputation and facing potential negative public
- Reported Q3 2026 operating loss of $43.7 million, including general and administrative expense of $39.4 Fervo will host an investor open house at Cape Station on Thursday, November 19, 2026. Attendees will have the GeoBlock 1 is delivering power under its power purchase agreement and operating in line with expectations. This perception; negative public perception and political opposition impacting our ability to secure regulatory million compared to $27.4 million in Q2 2026, reflecting higher stock-based compensation, public company opportunity to tour the site, including the drill rig and power plant, and meet with members of the Fervo team. is the first of three 33-megawatt GeoBlocks that make up Cape Station Phase I’s approximately 100 megawatts of V2 Communications for Fervo Energy approvals and market acceptance; the successful and timely execution of our growth strategy, with risks of delays Houston, TX - November 9, 2026 - Fervo Energy Company (“Fervo” or the “Company”) (NASDAQ: FRVO), costs, and headcount growth. Space is limited, and interested investors can request a spot through the link in the Company’s October 16, 2026 capacity. fervo@v2comms.com or failures; reliance on key personnel and the potential impact of labor costs and workforce challenges; heavy global pioneer of next-generation geothermal energy, today reported financial and operational results for the third press release. No new disclosures will be made during the visit. Fervo anticipates hosting additional site tours in •Reported Q3 2026 capital expenditures of $256.7 million, compared to $226.5 million in Q2 2026, primarily reliance on technology systems and potential cybersecurity threats; global economic and political conditions quarter ended September 30, 2026. 2027. GeoBlocks 2 and 3 have achieved mechanical completion. GeoBlock 2 has achieved grid sync, a major milestone, related to activities at Cape Station. affecting our operations, supply chain, and customer demand; the risk that our estimates of capacity potential and which marks the end of hot commissioning. The plant is now in its early operations phase, exporting test energy heat initially in place are inaccurate or that we are unable to produce quantities of electrical energy commensurate "In the third quarter, Cape Station achieved a major milestone, reaching first power and contractual commercial •Expect fourth quarter 2026 capital expenditures of approximately $450.0 million to $500.0 million, bringing
CONFERENCE CALL
to the grid, and GeoBlock 3 is close behind in cold commissioning, where Fervo is testing all of the mechanical with such estimates; and other risks and uncertainties, including those set forth under “Risk Factors” in Fervo’s operation," said Tim Latimer, CEO and Co-founder of Fervo. "We also signed what we believe is the largest expectations for the second half of 2026 to $700.0 million to $750.0 million, compared to prior expectations and electrical systems prior to introducing brine. Both are expected to reach contractual commercial operation by Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission (the “SEC”) on May enhanced geothermal power purchase agreement to date with Google, creating a pathway to scaling our Fervo will host a conference call to discuss its third quarter 2026 business, operational and financial highlights at of $850.0 million to $900.0 million. Efficiencies in GeoBlock construction and commissioning have allowed January 1, 2027. 11, 2026, and Fervo’s other filings with the SEC. partnership to nearly a gigawatt. With commercial operations underway and significant demand for our 10:00 a.m. ET (9:00 a.m. CT) today, November 9, 2026. A live webcast of the conference call will be available in certain spending on Cape Google 400 to occur later in the construction cycle, with no change to expected technology, we are focused on delivering the remaining Phase I GeoBlocks on schedule and building toward the “Events” section of the Company’s investor relations website at ir.fervoenergy.com. A replay of the call will commercial operation dates or total expected investment. Additionally, Fervo began installing a small, on-site solar array at Cape Station Phase I that it will use to provide In light of these factors, the events anticipated by Fervo’s forward-looking statements may not occur at the time geothermal as a reliable, always-on, low-cost source of power." be available shortly after the live webcast’s conclusion. station auxiliary power. •Placed GeoBlock 1 in service on September 30, transferring approximately $514.3 million from constructionanticipated or at all. Moreover, Fervo operates in a very competitive and rapidly changing environment, and new in-process to property, plant and equipment. This amount is not the standalone cost of GeoBlock 1. It includes risks emerge from time to time. Fervo cannot predict all risks, nor can it assess the impact of all factors on its ABOUT FERVO Cape Google 400, which is expected to fulfill Fervo’s approximately 400-megawatt power purchase agreement a larger share of Phase I wellfield costs and shared infrastructure serving all three GeoBlocks, as well as business or the extent to which any factor, or combination of factors, may cause actual results to differ materially BUSINESS AND OPERATIONAL HIGHLIGHTS with Google, continues to advance on both the surface and subsurface. On the surface, the first set of 50-megawatt capitalized interest and financing costs. Expected total cost for GeoBlocks 1 through 3 remains approximately Fervo Energy (NASDAQ: FRVO) is a modern power company built around one of the market’s most important from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue turbines has passed factory acceptance testing, and major equipment, including recuperators and over 60 percent $7,000 per kilowatt. •Declared commercial operation at Cape Station Phase I GeoBlock 1 on September 30, ahead of its contractual needs: affordable, dependable new power supply. Through the large-scale deployment of enhanced geothermal reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this press of air-cooled condensers, has been delivered to site. In the subsurface, drilling for these GeoBlocks is commercial operation date. The 33-megawatt GeoBlock 1 is operating in line with expectations for systems, Fervo has established a repeatable, industrial approach to building utility-scale power. The Company is release or, if earlier, as of the date they were made. Fervo does not intend to, and disclaims any obligation to,
- Continue to anticipate fourth quarter 2026 revenue in line with prior expectations, which will be the first full approximately 18 percent complete. production and power delivered under its power purchase agreement (“PPA”). transforming geothermal into a clean, reliable, cost-competitive solution designed to meet rising demand from AI update or revise any forward-looking statements unless required by applicable law. quarter of revenue from Cape Station. Revenue in 2027 remains unchanged from the Company’s prior hyperscalers, utilities, and a more electricity-intensive economy. For more information, visit outlook. Cape Google 400 incorporates the Company’s 3.0 well design, with longer laterals, larger-diameter casing, and a •GeoBlock 2 has achieved grid sync and is in its early operations phase, delivering test energy to the grid. (1) Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with www.fervoenergy.com. deeper target depth than Cape Phase I, engineered to increase power output per well while reducing installed cost the Company’s initial public offering (“IPO”). See Note 1 - Nature of Business and Note 2 - Significant Accounting Policies in the notes to the condensed GeoBlock 3 is mechanically complete and is in cold commissioning. GeoBlocks 2 and 3 remain on schedule
- Ended Q3 2026 with unrestricted cash and cash equivalents of $1.9 billion and current and long-term debt of consolidated financial statements for details. per kilowatt. Fervo continues to target an installed cost of $5,500 per kilowatt for Cape Google 400, on the path to and are expected to achieve commercial operation by January 1, 2027, which will complete Cape Station $301.6 million.
FORWARD-LOOKING STATEMENTS
its long-term target of $3,000 per kilowatt. Phase I.
Forward-looking statements notice
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act •In partnership with Google, Fervo signed what it believes is the largest enhanced geothermal power purchase BUSINESS UPDATES Portfolio and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other agreement to date. The 15-year, grid-connected, take-or-pay agreement supplies 396 megawatts, with first than statements of historical fact, are forward-looking statements. When used in this press release, the words power expected mid-2028. Fervo is also committed to offering Google an option to expand its offtake by Commercial Fervo's development pipeline continued to advance during the third quarter. Capacity in operation reached 36 “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” approximately 600 megawatts, for a total of nearly 1 gigawatt. megawatts, up from 3 megawatts at the end of Q2, while capacity under construction now stands at 466 “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” In partnership with Google, Fervo entered into what it understands to be the largest enhanced geothermal power megawatts, encompassing GeoBlocks 2 through 11. Ready-to-build capacity remains at 550 megawatts.
- In connection with this agreement, Fervo progressed construction across Cape Station GeoBlocks 4 through “target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify purchase agreement signed to date. The agreement is a 15-year, grid-connected, take-or-pay contract for 396 Advanced Development remains at 3.0 gigawatts and Early Development grew to approximately 54.7 gigawatts, 11, now referred to as Cape Google 400. These GeoBlocks are expected to provide approximately 400 forward-looking statements, although not all forward-looking statements contain such identifying words. megawatts across eight GeoBlocks, with fixed terms. First power is expected from these GeoBlocks in mid-2028, up from 48.6 gigawatts. The increase reflects, in part, a new independent heat-initially-in-place study of Cape megawatts of power under Fervo’s PPA with Google beginning in 2028. Although Fervo believes that the expectations and assumptions reflected in its forward-looking statements are with full capacity in operation targeted by year-end 2028. Station, commissioned by Fervo in Q3 2026 and conducted by DeGolyer and MacNaughton. The study supports
- Received an updated heat-initially-in-place study supporting approximately 8.4 gigawatts of capacity reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, approximately 8.4 gigawatts of capacity potential, nearly double the prior estimate of 4.3 gigawatts, driven by the Through this agreement, Fervo has committed to offering Google the option to expand its offtake by potential at Cape Station, nearly double the prior estimate of 4.3 gigawatts. The study was completed by beyond Fervo’s control. Accordingly, forward-looking statements are not guarantees of future performance, and greater drilling depths of the Company’s 3.0 well design and incremental lease acquisitions. New appraisal wells approximately 600 megawatts for a total of nearly 1 gigawatt. The 600-megawatt expansion, if accepted by DeGolyer and MacNaughton, an independent consulting firm. Fervo’s actual outcomes could differ materially from what Fervo has expressed in its forward-looking statements. planned in Nevada and Idaho were selected in the quarter for two potential awards from the U.S. Department of Google, would be the first qualifying project under the Geothermal Framework Agreement that Fervo executed in Energy totaling approximately $20.0 million, subject to definitive funding agreements. •Selected for two potential awards from the U.S. Department of Energy totaling approximately $20.0 million, Factors that could cause the outcomes to differ materially include (but are not limited to) the following: risks March 2026, which establishes a development framework for up to 3 gigawatts of geothermal capacity through including funding for appraisal wells in Idaho and Nevada. related to expanding our geothermal operations and accessing new markets; challenges in maintaining compliance 2033. (1) Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with Fervo's current land portfolio spans approximately 670,000 acres. the Company’s IPO. See Note 1 - Nature of Business and Note 2 - Significant Accounting Policies in the notes to the condensed consolidated financial with extensive environmental regulations and permitting requirements; uncertainties in forecasting future statements for details. For the 600-megawatt expansion, Fervo and Google are pursuing behind-the-meter, direct-to-load delivery under operational results and growth due to economic conditions and market demand; compliance with environmental Utah's SB132 framework, which could allow Fervo to directly power a potential regional data center in Beaver regulations and climate change initiatives impacting operational costs; inherent risks in the geothermal industry, County, Utah.