The company continues to operate without any commercial revenue, while SG&A expenses have escalated to $166.2M as of 2026Q1.
| Revenue | 0 | 0 |
| Revenue Growth % | - | - |
| Cost of Revenue | 0 | 0 |
| Gross Profit | 0 | 0 |
| Gross Margin % | - | - |
| Gross Profit Growth % | - | - |
| Operating Expenses | 343.95M | 177.78M |
| Other Operating Expenses | - | - |
| EBITDA | -675.42M | -177.78M |
| EBITDA Margin % | - | - |
| EBITDA Growth % | - | - |
| Depreciation & Amortization | 0 | 0 |
| D&A / Revenue % | - | - |
| Operating Income (EBIT) | -343.95M | -177.78M |
| Operating Margin % | - | - |
| Operating Income Growth % | - | - |
| Interest Expense | 12K | 0 |
| Interest Coverage | - | - |
| Interest / Revenue % | - | - |
| Non-Operating Income | -1.68M | -1000K |
| Pretax Income | -674.99M | -486.38M |
| Pretax Margin % | - | - |
| Income Tax | 0 | 0 |
| Effective Tax Rate % | 0% | 0% |
| Net Income | -674.99M | -486.38M |
| Net Margin % | - | - |
| Net Income Growth % | - | - |
| EPS (Diluted) | -1.07 | -1.13 |
| EPS Growth % | - | - |
| EPS (Basic) | - | -1.13 |
| Diluted Shares Outstanding | 629.84M | 467.96M |
Pre-revenue operational insolvency
As indicated by the provided financial data, Fermi Inc. has reported zero revenue across all five observed quarters, suggesting the company remains in a pre-commercial phase without any established market traction or product sales to support its ongoing operational expenditures and capital requirements for future growth.
The complete lack of top-line revenue over the ten-quarter period implies that the company has yet to transition from research and development to a viable commercial model. Investors should monitor whether this absence of sales reflects a prolonged development cycle or fundamental challenges in achieving product-market fit.
According to the reported income statements, Fermi Inc.'s SG&A expenses have surged from a nominal $77.8K in 2025Q1 to $166.2M by 2026Q1, representing a significant expansion in overhead costs despite the company's continued inability to generate any corresponding revenue or gross profit during this period.
The rapid escalation in SG&A suggests an aggressive scaling of administrative or operational infrastructure that is not currently supported by commercial activity. This trend warrants further investigation into whether these costs are driven by necessary talent acquisition or unsustainable corporate spending patterns.
Based on the provided financial filings, Fermi Inc. recorded $134.0M in stock-based compensation during 2026Q1 alone, which appears to be a primary driver of the company's net loss and suggests a heavy reliance on equity-based incentives to manage cash outflows in the absence of revenue.
The significant magnitude of stock-based compensation relative to the company's operating losses may indicate a strategy to preserve cash at the expense of shareholder dilution. Analysts should consider the long-term impact of this compensation structure on EPS and the potential for continued equity issuance to fund operations.
As reported in the financial statements, the company's operating losses have widened significantly, reaching $166.2M in 2026Q1, which highlights a precarious financial position where the lack of revenue generation creates a high dependency on external financing to sustain the current level of operational cash burn.
The widening gap between operating expenses and revenue suggests that the company's current burn rate may be unsustainable without a clear path to monetization. Investors should be cautious regarding the potential for future capital raises, which could further dilute existing equity holders if commercial milestones remain unachieved.
Quick answers to the most common questions about buying FRMI stock.
For fiscal year 2025, Fermi Inc. Common Stock (FRMI) reported total revenue of $0.0M.
Fermi Inc. Common Stock (FRMI) reported a net loss of $486.4M for the fiscal year ending 2025.