{
  "url": "https://struct.news/briefs/fermi-narrowed-its-losses-project-matador-still-consumed-626-million-in-six-months",
  "title": "Fermi narrowed its losses. Project Matador still consumed $626 million in six months",
  "summary": "Fermi spent $626.2 million on development while operating cash flow fell to a $56.0 million outflow.",
  "published_at": "2026-08-14T20:53:45.785224+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "Fermi Inc.",
    "ticker": "FRMI",
    "cik": "2071778",
    "sector": "Real Estate",
    "industry": "REIT - Specialty"
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-08-14",
    "accession": "0002071778-26-000051",
    "url": "https://www.sec.gov/Archives/edgar/data/2071778/000207177826000051/frmi-20260630.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2026-05-15",
    "url": "https://www.sec.gov/Archives/edgar/data/2071778/000207177826000032/frmi-20260331.htm"
  },
  "reported_figures": [
    {
      "group": "FRMI latest close",
      "label": "Last close",
      "value": 6.595,
      "display": "$6.59",
      "unit": "usd_per_share",
      "period": "2026-08-13",
      "detail": null,
      "source": {
        "kind": "market_data",
        "label": "Observed market close",
        "as_of": "2026-08-13"
      }
    },
    {
      "group": "FRMI latest close",
      "label": "One-day move",
      "value": -13.451443569553811,
      "display": "-13.5%",
      "unit": "percent",
      "period": "2026-08-13",
      "detail": null,
      "source": {
        "kind": "market_data",
        "label": "Observed market close",
        "as_of": "2026-08-13"
      }
    }
  ],
  "watch_next": [
    {
      "type": "liquidity_financing",
      "statement": "Equipment financing includes restrictive covenants, collateral requirements, and tenant execution conditions tied to potential default or acceleration.",
      "importance": "high",
      "evidence": "Our newly incurred equipment financing obligations contain restrictive covenants, collateral coverage requirements, and tenant execution conditions that, if not satisfied, could result in events of default, mandatory prepayments, or acceleration of our debt.",
      "source_date": "2026-08-14"
    },
    {
      "type": "demand",
      "statement": "Tenant demand and deployment timing are identified as conditions that could affect Project Matador's capital plan and liquidity.",
      "importance": "medium",
      "evidence": "Furthermore, unanticipated events—such as permitting delays, failure to secure required regulatory approvals, evolving tenant demand, or force majeure events—could result in liquidity shortfalls or force us to amend our capital plan.",
      "source_date": "2026-08-14"
    }
  ],
  "related_tickers": [
    "FRMI"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}