Data center REIT Fermi sinks to new depths after annual report

Fermi FRMI.O shares sink ~25% on Mon to fresh record low after data center real estate investment trust released its first annual results while it has yet to secure any customers

FRMI shares fall to as low as $4.63 on the session and last down 18.1% at $5.06, off nearly 80% from Oct IPO price

FRMI reported net loss of $486.4 mln, or $1.13/sh, in 2025, its first year in operation, compared to LSEG estimate for loss of $196.7 mln, or 44 cents/sh

In Sept, FRMI had announced a non-binding letter of intent with its first tenant at its Project Matador site, but the deal was terminated in Dec

“We understand the question at the top of every shareholder’s mind: when will Fermi announce its first definitive tenant lease? Our answer has remained deliberate and consistent — we will move forward only when the terms, the partner, and the capital structure meet the disciplined capital and risk standards we require for long-term value creation,” founder and CEO Toby Neugebauer said in a letter to shareholders

FRMI is in "active discussions with multiple prospective tenants across various stages," Neugebauer said

Amarillo, Texas-based FRMI, co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, is aiming to build the world's largest energy and data complex, powered by nuclear, natural gas and solar power

All 10 analysts covering the stock are bullish with $29.50 median PT - LSEG