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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Fermi (FRMI) investor relations material
Fermi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Developing a 5,236-acre, multi-phase energy and data center campus (Project Matador) in Amarillo, Texas, targeting up to 11 GW of power and 15 million sq. ft. of data center space, with the first 1.1 GW online by end of 2026.
Achieved major operational milestones, including commencement of a 99-year lease and significant site development for Project Matador in the Texas Panhandle.
Secured key partnerships and equipment agreements with Hyundai, Siemens, Doosan, and others to anchor a multi-gigawatt, multi-source power campus.
Raised approximately $1 billion in equity, including a $785 million IPO and additional over-allotment, to fund phase one of the project.
Signed a $150 million advance construction agreement with the first tenant, demonstrating strong commercial traction.
Financial highlights
Reported a GAAP net loss of $346.8 million for Q3 2025, or $0.84 per share, primarily due to non-cash items and early-stage expenses.
General and administrative expenses were $37.8 million for Q3, including $24.8 million in share-based compensation.
Other expenses totaled $309 million, driven by a $173.8 million charitable donation and fair value adjustments on convertible notes and derivatives.
Ended the quarter with $183 million in cash and equivalents, including $99.3 million restricted for project financing.
Construction in progress reached $270.7 million, mainly for power generation equipment and site development.
Outlook and guidance
Remain pre-revenue; expect to begin generating revenue in 2026 as the first tenant comes online.
Each gigawatt of capacity is projected to generate $1.5 billion in annualized revenue and $1 billion in net operating income.
Capital expenditures for Phase 0 and Phase 1 projected to exceed $2 billion, with $1.2 billion expected in the next 12 months; total project capital needs could reach $70–90 billion.
Active negotiations with multiple tenants; expect to have commitments for the full 11 GW campus within two years.
Liquidity from IPO proceeds, tenant prepayments, project-level debt, and strategic equity capital expected to fund near-term development.
Balance tenant demand vs. pricing power
Mitigate 6GW build-out supply chain and contractor risks
Achieving nuclear cost competitiveness with gas
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