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FRFRMI

Fermi Inc. Common Stock

$FRMI·$3.5B·REIT - Specialty·Real Estate
$4.77+0.6%YTD-41.0%1Y-85.3%
Price updated 11h ago·X counts updated 3d ago
FRFRMI
$FRMIFermi Inc. Common Stock
$4.77+0.63%174 posts1.1×
AI analysisFundamentalsVoices on X
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On X

The complete picture of $FRMI on X — how loud the conversation is right now, how it has trended over the last two weeks, and which way the crowd is leaning.

174X posts · last 7 days
Aug 31Sep 13
Chatter Meter
1.1×
QuietNormal · 1×Loud

How loud $FRMI's conversation on X is versus its own normal — 1× is typical, higher means busier. Right now it's about its usual level.

Bullish sentimentAI analysisGenerated by AI from underlying data14 posts analyzed · as of 2026-09-15

BNY Mellon's new stake and a 13%+ intraday rebound off last week's 52-week-low frame Fermi as an AI-power story with 17 GW ambitions and Project Matador's 8,400-acre scale. A converts-priced-at-$9.52-vs-$5.12 skeptic offers the lone counterweight.

Read what X is saying about $FRMI

  • Bullish vs bearish call — with the AI summary of the day's posts
  • Divergence flag when the top-engagement posts argue the other side
  • How loud the conversation is versus this ticker's own normal
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AI verdictAI analysisGenerated by AI from underlying data

TickerTalks' own read on what's driving $FRMI — fundamentals, momentum, or an event — and whether it agrees with the X crowd.

Hinges on a big eventWinding up for a moveAI verdict · as of 2026-09-17

Trading in a tight range and building pressure — a move looks likely soon, but the direction isn't clear yet.

AI-power REIT down 85% in a year at 1% of 52w, with BNY Mellon just taking a fresh stake.

Fermi is a specialty REIT positioned as an AI-power infrastructure play with 17 GW of ambitions and Project Matador's 8,400-acre scale. Down 85% over 12 months at 1% of 52w, but BNY Mellon just took a fresh stake and the stock rebounded 13% off the low.

  • Pre-revenue and dilutive: last quarter revenue was zero and FCF yield sits at -20% — the equity is a bet on 17 GW AI-power ambition reaching some fraction of scale.
  • BNY Mellon's fresh position is a real institutional signal at 1% of 52w — the biggest observable positive tell on a name otherwise in freefall.
  • The convert overhang is the honest bear case: converts priced at $9.52 vs a $5.12 stock create real dilution risk if Fermi refinances or shares don't recover.

Oct 30 first annual meeting is the near-term catalyst — project milestones or capital commitments break the coil up; another quiet quarter and the -85% drawdown extends.

Agrees with X sentimentX is right that BNY Mellon's new stake and the 13%+ intraday rebound off the 52-week low are real setups, and Project Matador's 8,400-acre scale is a genuine physical footprint. The converts-at-$9.52-vs-$5.12 skeptic is the honest counter — the dilution risk is real if the AI-power buildout doesn't materialize on the promised timeline.

What to watch: The Oct 30 first annual meeting and Nov 9 Q3 print — any project milestones, capital-commitment updates, or first customer commitment. Another quiet quarter is what extends the -85% one-year drawdown.

On the calendar: 2026-10-30 — first annual meeting

pre revenueconvert overhanginstitutional stake recent

Read the AI verdict on $FRMI

  • One-line verdict on what's driving the move — fundamentals, momentum, both, or an event
  • Next dated catalyst when there is one (earnings, deal closing, activist clock)
  • Whether TickerTalks' read agrees with or diverges from the X crowd
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What it does

Plain-English summary of the business — what they sell and how they make money.

Building an integrated energy production and AI data center campus designed to power next-generation compute infrastructure.

Industry overviewAI analysisGenerated by AI from underlying data

Where REIT - Specialty sits in its cycle right now — and what that implies for $FRMI.

REIT - Specialty · Real Estate

Data-centre REITs are the structural AI-compute landlords: Digital Realty's analyst called the pullback a buying opportunity while American Tower guides to a 2026 growth trough before 5G/AI/6G catalysts lift demand. Cell-tower REITs (CCI, AMT) are generating contrarian interest precisely because investors are avoiding them — a pattern that has historically preceded re-rating.

What this means for $FRMI

Partial — building an integrated energy production and AI data-centre campus in Amarillo TX; co-founded by Rick Perry; institutional interest (BNY Mellon new stake) signals early infrastructure validation, but campus is pre-revenue.

Industry benchmark

4-name peer basket
+8.2%YTD
+1.2%1Y

Fundamentals & catalyst

Profitability, valuation, and the next earnings event — at a glance, with rule-of-thumb signals.

Key ratios

P/E
-7.4How much investors are paying per dollar of profit the company actually earned in the last 12 months. Lower means the stock looks cheaper relative to earnings.~15–25 is typical for the S&P 500; high-growth names trade 30+; hyper-growth or speculative can be 100+ or negative.
ROIC
-23.9%What percentage return the business earns on every dollar of capital (equity + debt) deployed in operations. The cleanest measure of business quality.Above ~15% is high-quality; consistently above 25% suggests a real moat. Below the company's cost of capital is value-destroying.
Op margin
0.0%Operating profit (after sales, marketing, R&D, and overhead but before interest and taxes) as a percentage of revenue. The clearest view of how well the underlying business is run.Mature business above 20% is healthy; software businesses can run 30%+; commodity / retail businesses operate in single digits.
FCF yield
-19.8%Free cash flow (operating cash flow minus capex) divided by the company's market cap. The cash-on-cash return you'd get owning the whole business at today's price.Above ~5% is attractive; below ~2% means you're paying up for growth. Capital-light businesses (software) run higher than capital-heavy ones (utilities).
P/S
0.0Same idea as P/E but per dollar of revenue. Useful for companies that aren't profitable yet, where P/E is meaningless.Under ~2 is cheap; software / SaaS often runs 8–15; well above 20 implies the market is pricing in very high future growth.
ROE
-109%Net income as a percentage of shareholders' equity. Similar to ROIC but counts only the equity side.Above 20% is strong, but can be inflated by leverage — a heavily indebted company can show high ROE with weak underlying ROIC.
Gross margin
0.0%Revenue minus the direct cost of producing what was sold, as a percentage of revenue. The first read on whether the product is structurally profitable.Software / SaaS is typically 70%+; consumer goods 30–50%; commodity / hardware businesses can be under 20%.
D/E
0.4Total debt divided by shareholders' equity. Measures how much the business runs on borrowed money versus owner capital.Under 1 is conservative; 1–2 is typical for mature businesses; over 2 is leveraged and more sensitive to interest rates.

Past earnings

QuarterReportedActualEstimateSurprise
Q2 2026Aug 13, 2026$-0.04$-0.05+12.0%
Q1 2026May 14, 2026$-0.30$-0.03-784.2%
Q4 2025Mar 30, 2026$-0.26$-0.01-2526.8%
Q3 2025Nov 11, 2025$-0.84$-0.02-3569.7%
Next earningsMon, Nov 9·consensus EPS $-0.04

Quarterly trend

QuarterRevenueYoYGrossOpEPSFCF
Q1 FY26$0———$-0.30$-448.5M
Q4 FY25$0———$-0.14$-498.8M
Q3 FY25$0———$-0.84$0
Q2 FY25$0———$-0.02$-45.4M

Forward consensus

5-year forecast · up to 7 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$18.3M$5.0M – $34.7M-$0.39-$0.86 – -$0.021
FY27$457.5M$214.3M – $700.6M$0.06$0.00 – $0.145
FY28$1.9B$417.4M – $3.2B$1.35-$0.23 – $2.937
FY29$2.0B$536.5M – $3.7B$6.05$0.33 – $13.143
FY30$3.5B$958.1M – $6.7B$7.14$0.38 – $15.505

Setup & momentum

Volume, range, and moving-average position — the technical setup driving short-term moves.

Right now

Vol vs 30dToday's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.0.8×Today's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.
52w rangeWhere the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.1%Where the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.
vs 50d MALatest close vs the 50-day simple moving average. Positive = short-term trend is up.-20.5%Latest close vs the 50-day simple moving average. Positive = short-term trend is up.
vs 200d MALatest close vs the 200-day simple moving average. Positive = long-term trend is up.-37.4%Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

FloatHigh float · 603.4M shFree-float shares — the slice of issued stock actually available to trade. Lower buckets squeeze harder on a catalyst.Traded today2.5% of floatToday's volume as a percent of the free float. Above 5% on a single day is unusually high turnover for the available share count.β2.135-year weekly beta vs the S&P 500. Above 1.5 means the stock typically moves more than the index; below 0.8 moves less.

Insider activity

Recent open-market buys and sells by officers and directors — flagged when multiple insiders cluster.

Recent transactions

SellJun 30Perry James RichardDirector863.6K sh$6.3MSellJun 3Mesut UzmanChief Nuclear Constr. Officer158.5K sh$1.0MSellApr 9Ortiz Blanes JacoboCOO427.4K sh$2.0MSellApr 9Miles E. EversonCFO427.0K sh$2.0MSellApr 9Hamilton Charles LynnChief Site Development Officer398.1K sh$1.8MSellApr 8Hamilton Charles LynnChief Site Development Officer375.9K sh$1.8MSellApr 8Miles E. EversonCFO403.2K sh$2.0MSellApr 8Ortiz Blanes JacoboCOO403.5K sh$2.0MSellMar 31Griffin Perry10% owner2.0M sh$11.1MSellMar 30Griffin Perry10% owner9.0M sh$45.2M
+ 9 other (9 awards) in window

See when $FRMI insiders are putting their own money in

  • Real-time open-market buys and sells from Form 4 filings
  • Cluster-buy detection when multiple insiders pile in at once
  • 30 / 60 / 180-day windows so you can spot building conviction
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SEC filings

Material 8-K, 13D, S-3, and 424B5 events from the last 180 days — the filings that actually move the price.

Recent material filings

3New insider — initial holdingsSep 23
AI summary

Anna Bofa, Chief Commercial Officer of Fermi Inc., filed an initial Form 3 statement of beneficial ownership upon joining the company as a Section 16 reporting person. The filing reports no securities of the issuer currently owned. This is a standard initial disclosure required upon assuming a new officer role.

8-KOther eventAug 318-K — Item 5.08 · Item 8.01: Other event
AI summary

Fermi Inc. set the date for its first annual meeting of stockholders as October 30, 2026, with a record date of August 31, 2026 for shareholders entitled to notice and to vote at the meeting. The filing discloses stockholder director nomination deadlines under Item 5.08 and related meeting logistics. This is the company's inaugural annual stockholder meeting following its formation.

8-KOfficer or director changeAug 148-K — Item 5.02: Officer or director change
AI summary

Fermi Inc. appointed current director Lee McIntire as CEO effective August 11, 2026. His Employment Agreement provides a base salary of $750,000/year, a target annual bonus of 100% of base (max 200%), a monthly housing allowance of $15,000, and an RSU grant with a grant-date fair market value of $3,000,000. McIntire will continue serving as a director without additional director compensation. Significant leadership event — an insider board member steps into the CEO seat, suggesting urgency and alignment with existing governance.

8-KOfficer or director changeJul 238-K — Item 5.02: Officer or director change
AI summary

FRMI filed an 8-K under Item 5.02 announcing the appointment of the following as General Counsel. Additionally, Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The filing also covers Item(s) 9.01. Personnel changes at the executive or board level are typically administrative but can signal strategic shifts depending on context.

8-K/AOfficer or director change (amended)Jul 218-K/A — Item 5.02: Officer or director change
AI summary

Fermi Inc. filed Amendment No. 1 to its July 13, 2026 8-K disclosing the resignation of director Miles Everson (effective July 10, 2026). On July 19, 2026, Fermi received a response letter from Everson, which is attached as Exhibit 17.1. The amendment's purpose is solely to furnish Everson's response letter as required by SEC rules. This is an administrative amendment to a director departure; the substance of any disagreement would be in Everson's attached response letter, not in the body excerpt provided.

8-KMaterial agreementJul 158-K — Item 1.01: Material agreement · Item 2.03: Material debt obligation · Item 3.02: Unregistered equity sale · Item 7.01: Press release / Reg FD
AI summary

Forestar Group (FRMI) closed a convertible notes offering of $431.25 million aggregate principal — comprising $375 million base plus $56.25 million overallotment exercised in full — of 5.00% convertible senior notes due July 15, 2031, on July 14, 2026. Net proceeds were approximately $416.81 million; $34.5 million was used to fund capped call transactions to reduce dilution, with the remainder for general corporate purposes. U.S. Bank Trust Company serves as trustee. The offering was conducted as a Rule 144A private placement.

8-KOfficer or director changeJul 138-K — Item 5.02: Officer or director change
AI summary

Fermi Inc. (FRMI) — 8-K (Item 5.02) reporting an officer or director change effective July 10, 2026. Body excerpt does not identify the specific executive or nature of the change. Administrative — officer/director change; refer to the full filing for the individual and role affected.

8-KPress release / Reg FDJul 98-K — Item 7.01: Press release / Reg FD · Item 8.01: Other event
AI summary

Formica Group completed the pricing of a $350 million offering of convertible senior notes due 2031 via Rule 144A private placement, with the initial purchasers exercising the full $52.5 million overallotment option, bringing total proceeds to $402.5 million. The convertible notes provide lower-coupon debt in exchange for equity dilution optionality. Proceeds are expected to be used for general corporate purposes, including potential acquisitions and working capital. The convertible structure is consistent with Formica's capital allocation strategy in a higher-rate environment.

+ 84 other (47 DFAN14As · 8 8-Ks · 6 proxys · 4 13Gs) in window

Recent news

Latest headlines from major outlets, sourced and timestamped — context for whatever just moved.

Fermi Founder Parties File Formal Proposal for Independent Strategic Review of Extraordinary Transactions, Press Board on Restoring Texas-Style Governance Ahead of October 30 Annual Meetingprnewswire.com·6d agoFermi Founder Parties File Formal Proposal for Independent Strategic Review of Extraordinary Transactions, Press Board on Restoring Texas-Style Governance Ahead of October 30 Annual Meetinggurufocus.com·6d agoFermi Founder Parties File Formal Proposal for Independent Strategic Review of Extraordinary Transactions, Press Board on Restoring Texas-Style Governance Ahead of October 30 Annual Meetingprnewswire.com·6d agoBurford Brothers Inc. Takes Position in Fermi Inc. $FRMIdefenseworld.net·13d agoI Don't Need A Data Center In My Backyard; I Already Own Hundreds Of Themseekingalpha.com·25d ago

In themes

Explore the broader themes this ticker is being talked about under.

AI InfrastructureNuclear RenaissanceThe Power Grid

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Voices on X · last 7 days

No standout posts about $FRMI on X in the last 7 days.

TickerTalks is a research tool, not financial advice. We surface social-attention data; we do not make stock recommendations. Past attention is not predictive of future price movements.

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