Fervo Energy discloses revenue fall in US IPO filing

April 17 (Reuters) - Fervo Energy reported lower annual revenue in paperwork filed on Friday for a U.S. initial public offering, as the geothermal developer seeks to tap into the capital market amid rising energy prices.

The Houston-based company reported a net loss of $57.8 million on revenue of $138,000 for the fiscal year ended December 31, 2025, compared with a net loss of $41.1 million on revenue of $199,000 a year earlier.

Several energy companies, including drilling equipment provider HMH HMH.O and nuclear reactor developer X-Energy, have tapped equity and debt capital markets since the Iran war began, aiming to capitalize on the surge in oil prices.

Electricity consumption has also been rising as technology companies add more data-processing capacity. Morgan Stanley projects that the global demand will increase by more than 1 trillion kWh annually through 2030, with data centers contributing nearly 20% of this growth.

Fervo Energy uses advanced geothermal systems to produce continuous, carbon-free electricity to generate a reliable alternative to weather-dependent solar and wind power.

President Donald Trump has voiced support for geothermal energy, including naming it an essential domestic power source as part of a national energy emergency declaration early in his term.

The company is building its flagship Cape Station project in Utah and had 658 megawatts of contracted power purchase agreements as of December 2025, alongside a broader pipeline spanning multiple U.S. states.

It plans to use the IPO proceeds for general corporate purposes, including funding project construction, advancing its geothermal development pipeline and expanding land holdings.

J.P. Morgan, BofA Securities, RBC Capital Markets and Barclays are the joint lead book-running managers.

Fervo intends to list its shares on the Nasdaq under the symbol "FRVO."