| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net loss | -188,693 | -133,199 | -353,180 |
| Share-based compensation expense, related party | - | - | 3,616 |
| Share-based compensation expense-Related Party | - | 3,616 | - |
| Share-based compensation expense | 109,166 | - | 24,814 |
| Share-based compensation expense-Nonrelated Party | - | 129,129 | - |
| Share-based charitable contribution expense | - | 0 | 173,784 |
| Non-cash interest expense paid-in-kind | - | - | 680 |
| Change in fair value as a result of fair value remeasurements | - | 0 | 111,590 |
| Series a and series b convertible notes inducement expense | - | 23,674 | - |
| Foreign exchange (gain) loss, net | - | -3,273 | - |
| Loss on extinguishment of debt | -24,753 | - | - |
| Series a and series b convertible notes inducement expense | - | - | 23,674 |
| Other non-cash activities | -222 | -653 | - |
| Accounts payable and accrued liabilities | 29,292 | 4,196 | 10,799 |
| Prepaid expenses and other assets | 6,899 | 4,418 | 4,068 |
| Net cash used in operating activities | -7,345 | -25,860 | -8,291 |
| Investments in property, plant, and equipment | 441,188 | 480,271 | 89,033 |
| Capitalized preacquisition costs | - | - | 7,288 |
| Other investing activities | 0 | 956 | - |
| Net cash used in investing activities | -441,188 | -473,939 | -96,321 |
| Proceeds from issuance of series a convertible notes | - | 0 | 75,500 |
| Proceeds from issuance of seed convertible notes | - | 0 | 26,124 |
| Proceeds from issuance of preferred units | - | 0 | 107,552 |
| Proceeds from issuance of debt, net of debt discount | 430,827 | 0 | 100,000 |
| Payment of promissory note | - | 5,000 | 15,000 |
| Repayment of macquarie term loan | 144,294 | - | - |
| Payment of debt issuance costs | 3,236 | 0 | 1,012 |
| Proceeds from contributions by members, net of issuance costs | -922 | - | 922 |
| Repurchase of class b units | - | - | 25 |
| Payment of offering costs | - | 14,753 | 6,456 |
| Proceeds from share issuance upon initial public offering, net of underwriting discounts and commissions | - | 745,631 | - |
| Other financing activities | - | 354 | - |
| Net cash provided by financing activities | 283,297 | 725,335 | 287,605 |
| Change in cash, cash equivalents and restricted cash | -165,236 | 225,536 | 182,993 |
| Cash, cash equivalents and restricted cash, at beginning of period | 408,529 | 182,993 | 0 |
| Cash, cash equivalents and restricted cash, at end of period | 243,293 | 408,529 | 182,993 |
Fermi Inc. (FRMI)
Fermi Inc. (FRMI)