Fermi (FRMI) Q4 FY25 earnings call

Fermi Inc. substantially completed the initial phase of Project Matador, deploying significant capital into physical infrastructure and securing a massive air permit, positioning itself as a key player in AI power generation. Despite being pre-revenue with a GAAP net loss, the company demonstrated capital discipline and secured substantial equipment financing. The next phase of development hinges on securing definitive tenant agreements and project-level financing, with management actively negotiating with multiple investment-grade counterparties while navigating the bottleneck of tenant MEP r