Fermi Inc. (NASDAQ: FRMI)(LSE: FRMI), operating as Fermi America, announced it will release its second quarter 2026 financial results on August 13, 2026. The results will be published at 7 a.m. Eastern Time, followed by an earnings conference call at 9 a.m. Eastern Time. This disclosure provides stakeholders with insights into the company's financial health and operational progress in developing private electric grids for AI compute.

The earnings release and supplemental information will be available on the Investors section of Fermi's website prior to the conference call. Investors can access the live call by dialing 888-506-0062 in the U.S. or +1 973-528-0011 internationally, using conference code 587288. Participants are advised to join approximately 15 minutes before the start time.

Conference Call Details

The call will be webcast in listen-only mode via the Investor Relations Events & Presentations page on Fermi's website. A replay of the webcast will be available for one year, allowing extended access for those unable to attend the live session.

Fermi America develops next-generation private electric grids designed to deliver highly redundant power at gigawatt scale. The company focuses on supporting next-generation intelligence and AI compute through projects like the behind-the-meter Project Matador campus.

Fermi Inc. priced an upsized $375 million aggregate principal amount of 5.00% convertible senior notes due 2031, a move that has sparked internal governance disputes. The offering, which closed on July 14, 2026, was not communicated to the full board prior to announcement, leading to the resignation of former CFO Miles Everson from the company's board. Co-founder and largest shareholder Toby Neugebauer criticized the board for circumventing basic protocol on a $375 million financing round. The notes are senior, unsecured obligations offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

The company granted initial purchasers an option to purchase up to an additional $56.25 million in aggregate principal amount. Fermi intends to use the net proceeds, estimated at approximately $362.25 million, to pay for capped call transactions to offset share dilution, with the remainder allocated for general corporate purposes. The notes will pay interest semi-annually on January 15 and July 15, beginning January 15, 2027, and will mature on July 15, 2031. The initial conversion rate is 105.0862 shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $9.52 per share.

Governance and Board Resignation

Miles Everson, former CFO of Fermi, resigned from the board citing a failure by the company to provide required board minutes and governance records. His resignation letter stated that the full board was not notified of the financing transaction before it was publicly announced. Neugebauer, who beneficially owns 146,516,035 shares, expressed concern over the board's lack of financial expertise to navigate the project financing required to execute a tenant contract. The Melissa A. Neugebauer 2020 Trust retains the right to designate a replacement nominee.

Key Details of the Offering

The company entered into privately negotiated capped call transactions to reduce potential dilution. The effective conversion price of $14.64 represents a 100% premium to the closing sale price on July 9, 2026, meaning no dilution to shareholders until the stock price reaches that level. Neugebauer reaffirmed his confidence in securing Fermi's first tenant, citing Project Matador as a valuable asset in the AI race.