Fermi Inc. has achieved a debt-free capital structure as of 2026Q1, though this is supported by a $321.9M deficit in retained earnings.
| Total Current Assets | 207.5M | 408.53M |
| Cash & Short-Term Investments | - | - |
| Cash Only | 207.5M | 408.53M |
| Short-Term Investments | 0 | 0 |
| Accounts Receivable | - | - |
| Days Sales Outstanding | - | - |
| Inventory | 0 | 0 |
| Days Inventory Outstanding | - | - |
| Other Current Assets | 0 | 0 |
| Total Non-Current Assets | 1.47B | 1B |
| Property, Plant & Equipment | 1.47B | 21.74M |
| Fixed Asset Turnover | 0.00x | - |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Long-Term Investments | 0 | 0 |
| Other Non-Current Assets | - | - |
| Total Assets | 1.78B | 1.41B |
| Asset Turnover | 0.00x | - |
| Asset Growth % | 303663.43% | - |
| Total Current Liabilities | 0 | 176.57M |
| Accounts Payable | 0 | 176.57M |
| Days Payables Outstanding | - | - |
| Short-Term Debt | - | - |
| Deferred Revenue (Current) | 0 | - |
| Other Current Liabilities | 0 | 0 |
| Current Ratio | - | 2.31x |
| Quick Ratio | - | 2.31x |
| Cash Conversion Cycle | - | - |
| Total Non-Current Liabilities | 705.22M | 140.87M |
| Long-Term Debt | 0 | 109.8M |
| Capital Lease Obligations | 0 | - |
| Deferred Tax Liabilities | 0 | - |
| Other Non-Current Liabilities | - | - |
| Total Liabilities | 705.22M | 317.44M |
| Total Debt | 0 | 131.12M |
| Net Debt | -207.5M | -277.41M |
| Debt / Equity | 0.00x | 0.12x |
| Debt / EBITDA | -0.00x | - |
| Net Debt / EBITDA | 0.31x | - |
| Interest Coverage | - | - |
| Total Equity | 1.07B | 1.1B |
| Equity Growth % | 254905.33% | - |
| Book Value per Share | 1.70 | 2.34 |
| Total Shareholders' Equity | 1.07B | 1.1B |
| Common Stock | 628K | 628K |
| Retained Earnings | -321.89M | -133.2M |
| Treasury Stock | 0 | 0 |
| Accumulated OCI | 0 | 0 |
| Minority Interest | 0 | 0 |
Pre-revenue operational insolvency
As reported in financial statements, Fermi Inc. has seen total assets surge to $1.8B in 2026Q1 from $89.2M in 2025Q2, a trajectory that appears disconnected from the company's lack of revenue and the accumulation of $321.9M in retained earnings deficits over the same period.
The aggressive growth in the asset base, primarily driven by capital expenditures, suggests a high-risk strategy of building infrastructure before establishing commercial viability. Investors should monitor whether this rapid scaling can eventually support revenue generation or if it merely accelerates the depletion of equity capital.
Based on Fermi Inc.'s reported figures, net property, plant, and equipment reached $1.5B in 2026Q1, representing the vast majority of the company's $1.8B total asset base, which underscores a highly asset-heavy business model that requires significant ongoing capital investment to maintain operational readiness.
The concentration of value in physical assets implies that the company's future success is entirely dependent on the successful deployment and utilization of this infrastructure. Given the absence of revenue, the quality and utility of these assets remain unproven, warranting caution regarding potential future impairment risks.
According to recent SEC filings, Fermi Inc.'s retained earnings have deteriorated to a negative $321.9M as of 2026Q1, reflecting the persistent operational losses that have effectively eroded the company's internal capital base despite the recent expansion of the total asset footprint.
The negative retained earnings position highlights the company's reliance on external financing to fund its operations and capital expenditures. This trend suggests that equity holders are absorbing the full brunt of the company's pre-revenue cash burn, which may necessitate further dilutive capital raises.
As indicated by the provided financial data, Fermi Inc. successfully reduced its total debt to zero in 2026Q1 from a peak of $131.1M in 2025Q4, suggesting a strategic shift toward equity-based funding to eliminate interest obligations during this capital-intensive, pre-revenue development phase.
While the elimination of debt improves the immediate solvency profile, it appears to have been achieved by shifting the burden of financing onto equity holders. This transition may reduce near-term default risk but increases the pressure on management to demonstrate a path to profitability before equity capital is exhausted.
Quick answers to the most common questions about buying FRMI stock.
As of 2025, Fermi Inc. Common Stock (FRMI) had total assets of $1.41B including $408.5M in current assets.
Fermi Inc. Common Stock (FRMI) carries total debt of $131.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fermi Inc. Common Stock (FRMI) has total shareholders' equity (book value) of $1.10B ($2.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fermi Inc. Common Stock (FRMI) reported a current ratio of 2.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.