In its first report as a public company, Fervo Energy reported first quarter 2026 revenue of $0.061 million and a loss per share of $3.72, missing analyst expectations. The results were dominated by significant operational and financing milestones, including a major capital raise and a strategic agreement with Google.
Key Highlights
- The company executed a Geothermal Framework Agreement with Google to support the development of up to 3 gigawatts of geothermal capacity through 2033.
- Fervo completed its IPO in May 2026, raising approximately $2.2 billion in gross proceeds to fund its development pipeline.
- Cape Station Phase I is on track for first power in the fourth quarter of 2026, with the company securing $421.4 million in non-recourse project financing for the phase.
- First quarter capital expenditures were $172.8 million, reflecting accelerated construction at Cape Station.