On August 13, Fermi Inc. fell 8.82% in regular trading, trading at $6.98/share, with turnover of $38.37 million.

On the news front, Fermi Inc. reported Q2 results showing a net loss of $0.04 per diluted share, beating analyst consensus estimates of $0.06-$0.07 loss by a significant margin. However, the company reported zero revenue for the quarter ended June 30, as it remains pre-revenue and in the development phase, versus analyst expectations of approximately $3 million. The confirmation of zero revenue raised market concerns about commercialization progress.

The decline followed a cumulative rally of over 20% in prior sessions driven by the signing of a binding 15-year lease agreement with TensorWave expected to generate approximately $6.5 billion in first-phase revenue, and a framework agreement with Hillcore Energy Capital for a 2.6GW power complex at its Texas-based Project Matador campus. The earnings release served as a catalyst for profit-taking. Additionally, the company announced the appointment of Lee McIntire as new CEO, a veteran executive with prior leadership roles at CH2M Hill and TerraPower.

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