Fermi Inc. (FRMI) shares fell more than 12% following the company’s inaugural annual report.
The data center real estate investment trust reported a net loss of $486.4 million for the 2025 fiscal year.
This reporting period ended December 31, 2025.
Non-cash charges accounted for $441.8 million of the total loss.
These charges included share-based compensation and charitable contributions.
Investors expressed concern over the vacancy at Project Matador, the company’s flagship data center and energy campus in Texas.
Fermi’s CEO stated the company is deliberately waiting for a partner that meets long-term value standards.
The executive emphasized that the search focuses on finding the right tenant rather than the timing of the agreement.