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FRFRMI

Fermi Inc. Common Stock

$FRMI·$4.2B·Regulated Electric·Utilities
$6.05+2.0%YTD-25.2%1Y-81.4%
Mentions · last 7 days
2026-07-11: 39 posts2026-07-12: 45 posts2026-07-13: 172 posts2026-07-14: 154 posts2026-07-15: 249 posts2026-07-16: 249 posts2026-07-17: 201 posts1,116+47%
Price updated 3h ago·X counts updated 3h ago
FRFRMI
$FRMIFermi Inc. Common Stock
$6.05+2.02%1.1k posts+47%
AI analysisFundamentalsVoices on X
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AI verdict & sentimentAI analysisGenerated by AI from underlying data

Top X posts

Today's AI verdict on what's driving $FRMI, plus how loud the X conversation is and which way it's leaning.

AI analysis

TickerTalks’ read on the fundamentals and what’s driving the move.

Driven by hypeCooling offAI verdict · as of 2026-07-17

Catching its breath after a run — could pick back up or fade from here.

Recent IPO utility developer — the $375M convert is the whole catalyst-and-check story.

Fermi America is a recent-IPO development-stage utility — a pre-revenue name whose whole equity story is future power-generation capacity coming online. The just-announced $375M convertible offering is now the central data point.

Where both sides land:

  • The convert structure is genuinely better capital-management: $375M convertible senior notes due 2031 at 5.00%, conversion at $9.52 (30% premium) plus a capped call lifting effective conversion to $14.64 — materially improving the capital stack versus prior expensive private-credit facilities.
  • The dilution-hedge is the specific bull argument: the capped call means dilution is offset until the stock crosses $14.64, which is why the intraday recovery near highs is credible — bulls read the after-hours -14% as an overreaction.
  • The convert-arbitrage flow is the honest bear check: convert-arb funds must short shares to delta-hedge new long equity, creating specific mechanical short flow into the tape.
  • Insider dispositions strain the story: sitting 15% below the 50-day with a $6.3M sale by director James Perry — the equity is under active insider distribution even as the convert re-anchors the runway.

What restarts the leg is a specific power-generation project milestone plus completion of convert-arb delta-hedging. What breaks it is another equity raise or a construction slippage on the pipeline.

What to watch: The Aug 13 print — cash-runway commentary, any specific project milestones on the power-generation pipeline, and convert-arb positioning implications. A construction milestone plus completion of convert-arb hedging extends the leg; another equity raise deepens the coiling.

On the calendar: 2026-08-13 — Q2 earnings

float missing

X sentiment

What the X crowd is saying right now — descriptive, summarised from the day’s posts.

Bullish sentiment30 posts analyzed · as of 2026-07-17

Fermi America priced an upsized $375M convertible senior notes offering due 2031 at a 5.00% coupon, with a $9.52 conversion price (30% premium to the $7.32 close) and a capped call that lifts the effective conversion to $14.64, materially reducing potential dilution. Bulls treat the raise as necessary and net-positive execution capital and are aggressively adding on the ~38% correction from June 29, drawing an explicit analog to APLD in May 2025. Unusual bull-call-spread flow (Nov 26 $7C and $14C sized at 5,000 contracts each), plus a $56,840 Jan 2028 $12.50 call print, are being highlighted as institutional positioning. The main critique is a call to stop the PR blitz and deliver on the announced 90-day tenant timeline.

Read the AI verdict + X sentiment for $FRMI

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  • Next dated catalyst when there is one (earnings, deal closing, activist clock)
  • X crowd read with bullish/bearish call + post volume
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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 Regulated Electric sits in its cycle right now — and what that implies for $FRMI.

Regulated Electric · Utilities

No material change from last week — Dominion Virginia (D) is the primary data center utility, and nuclear power re-rating (CEG, Oklo's DOE clearance milestone this week) continues as the..

What this means for $FRMI

Neutral — Building an integrated energy production and AI data center campus designed to power next-generation compute infrastructure; limited exposure means the data center load growth and nuclear PPA re-rating of rate base is not a near-term catalyst or headwind.

Industry benchmark

23-name peer basket
+426.1%YTD
+10.0%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
Q1 2026May 14, 2026$-0.30$-0.03-784.2%
Q4 2025Mar 30, 2026$-0.26$-0.01-2526.8%
Q3 2025Nov 10, 2025$-0.84$-0.02-3569.7%
Next earningsThu, Aug 13·consensus EPS $-0.06

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 6 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$26.2M$8.1M – $37.2M$0.06$0.01 – $0.092
FY27$1.0B$312.8M – $1.4B$0.76$0.08 – $1.184
FY28$3.2B$994.3M – $4.5B$3.18$0.58 – $5.786
FY29$4.1B$1.3B – $5.8B$6.05$0.62 – $9.335
FY30$5.4B$1.7B – $7.6B$7.14$0.74 – $11.013

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.0.7×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.—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.-14.6%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.—Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

β1.965-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 9Hamilton Charles LynnChief Site Development Officer398.1K sh$1.8MSellApr 9Ortiz Blanes JacoboCOO427.4K sh$2.0MSellApr 9Miles E. EversonCFO427.0K sh$2.0MSellApr 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
+ 7 other (7 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

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.

SC 13D/AActivist amendmentJul 8SC 13D/A
AI summary

Caddis Holdings, LP and Perry Griffin (together, the Reporting Persons) filed SC 13D/A Amendment No. 2 for Fermi Inc. (FRMI), correcting a clerical error in the prior July 2, 2026 amendment regarding the number of shares sold pursuant to an Option. As corrected, the Reporting Persons jointly hold 52,256,833 shares of FRMI common stock (8.2% of class, based on 637.6M shares outstanding as of May 11, 2026). This amendment carries no new economic event — it is a data correction only, with the underlying position unchanged.

SC 13D/AActivist amendmentJul 2SC 13D/A
AI summary

Caddis Holdings, LP filed Amendment No. 1 to its Schedule 13D on June 30, 2026, reporting beneficial ownership of 52,318,073 shares (8.2%) of Fermi Inc. (FRMI) common stock with shared voting and dispositive power over all shares. The filer is a Delaware limited partnership; the source of funds is listed as working capital. The filing excerpt does not include the purpose of the transaction or any stated activist plans. This is an updated 13D filing for Caddis's 8.2% stake; investment intent and any plans are in the full filing.

SC 13DActivist position (5%+)May 15SC 13D
AI summary

A new significant holder (5%+ beneficial owner) filed an initial Schedule 13D on FRMI on May 15, 2026. Body unavailable — excerpt contains only the SEC cover-page header without the filer's name, stake percentage, or investment intent.

8-KCharter amendmentMay 148-K — Item 5.03: Charter amendment
AI summary

FRMI filed an 8-K Item 5.03 on May 14, 2026 reporting amendments to articles of incorporation or bylaws. Body unavailable — excerpt cuts off before the specific amendment terms are disclosed.

8-KPress release / Reg FDMay 68-K — Item 7.01: Press release / Reg FD
AI summary

FRMI made a Reg FD disclosure (Item 7.01) in an 8-K filed May 6, 2026. Body unavailable — excerpt cuts off before the substance of the disclosure is revealed.

+ 77 other (47 DFAN14As · 8 8-Ks · 6 proxys · 3 PRRN14As) in window

Recent news

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

Fermi Outlines Strategic Rationale for Upsized $431 Million Convertible Notes Offeringaccessnewswire.com·3d agoNeugebauer Addresses $375mm Convertible Note Offering that Resulted in Former Fermi CFO Miles Everson's Resignation from Fermi Board; Reaffirms Confidence in Company Securing Its Tenantgurufocus.com·4d agoNeugebauer Addresses $375mm Convertible Note Offering that Resulted in Former Fermi CFO Miles Everson's Resignation from Fermi Board; Reaffirms Confidence in Company Securing Its Tenantprnewswire.com·5d agoNeugebauer Addresses $375mm Convertible Note Offering that Resulted in Former Fermi CFO Miles Everson's Resignation from Fermi Board; Reaffirms Confidence in Company Securing Its Tenantprnewswire.com·5d agoFermi America Sinks 11.5% with $375 Million Offering247wallst.com·7d ago

In themes

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

AI InfrastructureNuclear RenaissanceThe Power Grid

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