Fervo Energy

Q1 FY2026 EarningsFY26 Q1 results missed consensus across all profitability and cash flow metrics despite revenue being largely in-line with nascent expectations. Normalized EPS of -$3.72 significantly missed the -$0.07 mean estimate due to a $9.3M YoY surge in G&A expenses and non-cash warrant remeasurement losses of $13.1M. Capital expenditure of $172.8M was slightly lower than the $189.0M expected, yet FCF remained deeply negative as the company scales its Cape Station infrastructure ahead of late 2026 commercial operations.