In six months, Fermi made a much smaller loss and spent much more money building its business.
Operating income improved from a $166.2 million loss to a $26.8 million loss versus the comparable six-month period. Net income followed, moving from a $188.7 million loss to a $25.8 million loss. The income statement shows smaller reported losses.
Cash went the other way. Operating cash flow was a $56.0 million outflow, compared with a $7.3 million outflow in the comparable period, while cash fell from $207.5 million to $62.5 million.
The main receipt is Project Matador. Fermi says it invested $626.2 million in property, plant, and equipment during the six months, up from $441.2 million, for equipment procurement and construction in progress.
Fermi described the spending plainly:
"The use of cash for the six months ended June 30, 2026, primarily reflects $626.2 million of investments in property, plant, and equipment, net for early-stage development of Project Matador, including equipment procurement and construction in progress, reflecting our continued execution of the development roadmap for Phase 0 and Phase 1 of the Project Matador campus."
Fermi Inc., Form 10-Q, Aug. 14, 2026
That makes the cash burn an operating fact of the development plan, not a mystery buried below net income. Fermi is spending on the campus while operating cash flow for the six-month period was negative.
And the disclosed bill is not close to finished. The company estimates that completing Phase 0 and Phase 1 could require more than $3 billion in incremental capital expenditures, with approximately $2 billion expected over the next twelve months.
The estimate carries conditions. Fermi says the TensorWave lease depends on approvals, finalized operating schedules, related agreements, and project-level financing, with a closing expected by September 30, 2026, subject to an extension.
"The effectiveness of the TensorWave Lease is subject to the satisfaction or waiver of customary closing conditions, including Board approvals and the Landlord obtaining project-level financing, at a closing expected to occur on or before September 30, 2026 (subject to extension), and either party may terminate the TensorWave Lease if those conditions are not satisfied."
Fermi Inc., Form 10-Q, Aug. 14, 2026
The lease is therefore part of the funding and construction timetable, not merely a future revenue footnote. The filing also says Fermi's newly incurred equipment financing carries restrictive covenants, collateral requirements, and tenant execution conditions that could lead to mandatory prepayments or acceleration if they are not satisfied.
Shares closed at $6.59 on Aug. 13, down 13.5% for the day. That move is a market fact, not an explanation of the filing. The filing's accounting improvement is clear; so is the cash demand attached to the buildout.
Fermi's next 10-Q will put the unresolved pieces on the same page: the cash balance, Project Matador capital spending, and the status of the TensorWave lease conditions.
The unresolved tension is simple: Fermi is reporting smaller losses while spending at a scale that keeps cash moving the other way.
Source: Fermi Inc. Form 10-Q filed Aug. 14, 2026.