$FRVO

Fervo Energy Co

CIK:0001853868|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenues

$ 113

$ 0

$ 174

$ 0

Costs and expenses:

Operation and maintenance

306

158

788

410

Research and development (income) expense, net

(712)

395

(784)

359

General and administrative expense

27,427

9,484

44,417

17,163

Operating lease expense

1,490

205

4,110

2,194

Depreciation and amortization

344

437

103

Operating loss

(28,742)

(10,298)

(48,794)

(20,229)

Other income (expense):

Interest income

10,521

601

13,336

2,629

Interest expense

(2,215)

(1,739)

(4,932)

(2,966)

Other non-operating expense, net

(35,478)

(47,354)

(16)

Loss before income taxes

(55,914)

(11,436)

(87,744)

(20,582)

Income tax expense

(1)

(2)

(1)

(2)

Net loss

(55,915)

(11,438)

(87,745)

(20,584)

Net loss per share information:

Net loss

(55,915)

(11,438)

(87,745)

(20,584)

Less: Remeasurement of redeemable noncontrolling interest

(3,612)

(189)

(7,046)

(189)

Net loss attributable to common stock, basic

(59,527)

(11,627)

(94,791)

(20,773)

Net loss attributable to common stock, diluted

$ (59,527)

$ (11,627)

$ (94,791)

$ (20,773)

Weighted average shares, basic (in shares)

^[1]

157,003

8,844

83,643

8,902

Weighted average shares, diluted (in shares)

^[1]

157,003

8,844

83,643

8,902

Net loss per share attributable to common stockholders, basic (in usd per share)

^[1]

$ (0.38)

$ (1.31)

$ (1.13)

$ (2.33)

Net loss per share attributable to common stockholders, diluted (in usd per share)

^[1]

$ (0.38)

$ (1.31)

$ (1.13)

$ (2.33)

[1]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (87,745)	$ (20,584)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	437	103
Amortization of debt issuance costs	1,672	807
Loss on extinguishment of debt	8,988	0
Stock-based compensation	10,845	1,102
Non-cash expense related to long-term operating leases	2,584	1,522
Non-cash expense related to warrant valuation	39,998	0
Non-cash income related to embedded derivative valuation	(1,620)	0
Non-cash income related to interest rate swap valuation	(1,172)	0
Changes in operating assets and liabilities:
Grant receivable	0	791
Prepaid expenses and other	(20,857)	3,846
Deposits	2,632	17,940
Accounts payable	5,139	(3,445)
Accrued expenses	0	0
Net changes in other assets and liabilities	(4,674)	4,139
Net cash (used in) provided by operating activities	(43,773)	6,221
Cash flows from investing activities:
Capital expenditures	(399,278)	(213,368)
Net cash used in investing activities	(399,278)	(213,368)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	2,043,089	0
Proceeds from issuance of common stock, net of issuance costs	1,201	155
Proceeds from long-term debt	212,344	23,031
Proceeds from warrant exercise	18,750	0
Repayment of long-term debt	(152,085)	0
Debt issuance costs related to long-term debt	(20,855)	0
Offering costs related to initial public offering	(9,802)	0
Proceeds from issuance of subsidiary stock, net of issuance costs	0	81,239
Treasury stock purchased	0	(1,960)
Other	(56)	0
Net cash provided by financing activities	2,092,586	102,465
Net change in cash and cash equivalents and restricted cash	1,649,535	(104,682)
Cash and cash equivalents and restricted cash at beginning of period	467,836	199,428
Cash and cash equivalents and restricted cash at end of period	2,117,371	94,746
Supplemental disclosure of cash flow information:
Conversion of redeemable convertible preferred stock	1,022,886	0
Capital expenditures included in Accounts payable and Accrued capital expenditures	197,510	74,483
Settlement of warrant liability	50,211	0
Adjustment of redeemable noncontrolling interest	7,046	0
Cash paid for interest, net of amounts capitalized	5,194	2,243
Retirement of treasury stock	$ 1,960	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,106,371	$ 461,836
Grant receivables	17,177	10,580
Prepaid expenses and other	30,634	9,714
Total current assets	2,154,182	482,130
Deposits	12,602	15,234
Construction-in-process	1,235,160	789,571
Operating leases right-of-use assets	88,667	58,713
Restricted cash	11,000	6,000
Other long-term assets	33,478	13,520
Total assets	3,535,089	1,365,168
Current liabilities:
Accounts payable	29,667	10,789
Accrued capital expenditures	173,961	119,303
Current portion of long-term debt	11,042	0
Operating lease liabilities	24,744	4,822
Other current liabilities	10,614	16,997
Total current liabilities	250,028	151,911
Long-term debt, net of issuance costs and current portion	217,376	172,837
Operating lease liabilities	85,123	72,639
Other long-term liabilities	1,749	11,407
Total liabilities	554,276	408,794
Commitments and Contingencies (Note 19)
Mezzanine equity
Temporary Equity, Carrying Amount, Attributable to Parent	0	1,022,942
Redeemable noncontrolling interest
Redeemable noncontrolling interest	186,976	179,930
Stockholders’ equity (deficit):
Additional paid-in capital	3,126,084	0
Treasury stock, at cost; 0 and 270 shares as of March 31, 2026 and December 31, 2025, respectively	0	(1,960)
Accumulated deficit	(332,277)	(244,539)
Total stockholders’ equity (deficit)	2,793,837	(246,498)
Total liabilities, mezzanine equity, and stockholders’ equity (deficit)	3,535,089	1,365,168
Common stock
Stockholders’ equity (deficit):
Common stock	0	1
Class A common stock
Stockholders’ equity (deficit):
Common stock	29	0
Class B common stock
Stockholders’ equity (deficit):
Common stock	1	0
Cape Phase I HoldCo - Redeemable noncontrolling interest
Redeemable noncontrolling interest
Redeemable noncontrolling interest	105,118	102,586
Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest
Redeemable noncontrolling interest
Redeemable noncontrolling interest	$ 81,858	$ 77,344