Fermi (FRMI) Stock Rises After Earnings Beat and Landmark TensorWave Deal
TLDR
- Fermi posted a Q2 net loss of $25.8 million, or 4 cents per share, narrower than the 5-cent loss analysts expected.
- The company signed a 15-year lease with AI cloud provider TensorWave at its Project Matador campus, worth approximately $6.5 billion in revenue.
- FRMI surged 21% on the TensorWave announcement Monday, then rose another 6.7% Wednesday and 2.2% in premarket Thursday.
- Fermi named board member Lee McIntire as CEO, replacing Toby Neugebauer who was dismissed in April.
- The company raised over $431 million through convertible notes and has 1.5 GW of landed power assets on site.
Fermi (FRMI) stock was trading at $7.77 in premarket Thursday, up 2.2%, after closing Wednesday up 6.7%. The stock has gained 23% this week alone following a string of major announcements.
The earnings report itself was fairly straightforward. Fermi posted a Q2 net loss of $25.8 million, or 4 cents per share. That compares to a loss of 2 cents a share a year ago. The wider loss was driven largely by $26.8 million in general and administrative expenses. Against the Wall Street estimate of a 5-cent loss, the result came in slightly better than expected.
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