Q3 FY2026
Filed Nov 9, 2026Fervo reports Q3 2026 with Cape Station GeoBlock 1 in service, a 396 MW Google PPA, and a GAAP net loss attributable to Fervo Energy Company of $(19,527) thousand
Operating milestones and contracted backlog grew sharply (contracted capacity 1,054 MW versus 658 MW at end of Q2 2026), and cash rose to $1,916,477 thousand. Operating loss widened to $(43,746) thousand versus $(13,659) thousand a year earlier, G&A rose to $39,350 thousand, and the reported net loss per share was $(0.07) only because of a tax benefit, a swap gain and interest income that the filing itself calls non-recurring or non-operating. Revenue remains minimal at $116 thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, Q3 2026 (three months ended September 30, 2026)GAAP | $116K | – | – |
| Revenues, nine months ended September 30, 2026GAAP | $290K | – | – |
| Operation and maintenance expense, Q3 2026GAAP | $1.49M | – | – |
| Operation and maintenance expense, nine months ended September 30, 2026GAAP | $2.27M | – | – |
| Research and development expense (income), net, Q3 2026GAAP | $73K | – | – |
| Research and development expense (income), net, nine months ended September 30, 2026GAAP | −$711K | – | – |
| General and administrative expense, Q3 2026GAAP | $39,350 thousand (text: $39.4 million) | – | – |
| General and administrative expense, nine months ended September 30, 2026GAAP | $83.77M | – | – |
| Operating lease expense, Q3 2026GAAP | $2.61M | – | – |
| Operating lease expense, nine months ended September 30, 2026GAAP | $6.72M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $346K | – | – |
| Depreciation and amortization, nine months ended September 30, 2026GAAP | $783K | – | – |
| Operating loss, Q3 2026GAAP | $(43,746) thousand (text: $43.7 million operating loss) | – | – |
| Operating loss, nine months ended September 30, 2026GAAP | −$92.54M | – | – |
| Interest income, Q3 2026GAAP | $15,370 thousand (text: $15.4 million) | – | – |
| Interest income, nine months ended September 30, 2026GAAP | $28.71M | – | – |
| Interest expense, Q3 2026GAAP | −$2.14M | – | – |
| Interest expense, nine months ended September 30, 2026GAAP | −$8.25M | – | – |
| Changes in fair value of interest rate swaps, Q3 2026 (text: non-cash gain of $11.8 million)GAAP | $11.84M | – | – |
| Changes in fair value of interest rate swaps, nine months ended September 30, 2026GAAP | $13.01M | – | – |
| Other non-operating income (expense), net, Q3 2026GAAP | $433K | – | – |
| Other non-operating income (expense), net, nine months ended September 30, 2026GAAP | −$46.92M | – | – |
| Loss before income taxes, Q3 2026GAAP | −$18.25M | – | – |
| Loss before income taxes, nine months ended September 30, 2026GAAP | −$106.0M | – | – |
| Income tax benefit (expense), Q3 2026 (text: $29.9 million tax benefit from tax credits)GAAP | $29.91M | – | – |
| Income tax benefit (expense), nine months ended September 30, 2026GAAP | $29.91M | – | – |
| Net income (loss), Q3 2026GAAP | $11,660 thousand (text: net income of $11.7 million) | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | −$76.08M | – | – |
| Net income attributable to redeemable noncontrolling interest, Q3 2026GAAP | $31.19M | – | – |
| Net loss attributable to Fervo Energy Company, Q3 2026 (table)GAAP | −$19.53M | – | – |
| Net loss attributable to Fervo Energy Company, nine months ended September 30, 2026GAAP | −$107.3M | – | – |
| Net loss attributable to common stockholders, Q3 2026 (highlights text)GAAP | $20.8M | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, Q3 2026GAAP | $(0.07) | – | – |
| Net loss per share attributable to common stockholders, basic and diluted, nine months ended September 30, 2026GAAP | $(0.75) | – | – |
| Capital expenditures, Q3 2026other | $256.7M | – | – |
| Cash and cash equivalents, as of September 30, 2026GAAP | $1,916,477 thousand (text: $1.9 billion unrestricted) | – | – |
| Current and long-term debt, as of September 30, 2026 (text)other | $301.6M | – | – |
| Contracted capacity under binding PPAs (MW)other | 1,054 MW | – | – |
| Contracted revenue under binding PPAsother | approximately $11.9 billion | – | – |
| Capacity in operation (MW)other | 36 MW | – | – |
| Capacity under construction (MW)other | 466 MW (GeoBlocks 2 through 11) | – | – |
| Ready-to-build capacity (MW)other | 550 MW | – | – |
| Advanced Development capacityother | 3.0 gigawatts | – | – |
| Early Development capacityother | approximately 54.7 gigawatts | – | – |
Q4 2026 and 2027 outlook
- NoteFourth quarter 2026 capital expenditures of approximately $450.0 million to $500.0 million
- NoteSecond half 2026 capital expenditures of $700.0 million to $750.0 million, compared to prior expectations of $850.0 million to $900.0 million
- NoteFourth quarter 2026 revenue expected in line with prior expectations, the first full quarter of revenue from Cape Station (no figure printed)
- NoteRevenue in 2027 unchanged from the Company's prior outlook (no figure printed in this filing)
- NoteGeoBlocks 2 and 3 expected to achieve commercial operation by January 1, 2027, completing Cape Station Phase I
- NoteCape Google 400 first power expected mid-2028; full capacity targeted by year-end 2028
- NoteInstalled cost target of $5,500 per kilowatt for Cape Google 400; long-term target of $3,000 per kilowatt
- NoteExpected total cost for GeoBlocks 1 through 3 approximately $7,000 per kilowatt
Capital returns
- No share repurchases or dividends are reported in the filing.
What drove it
- Cape Station GeoBlock 1 declared in commercial operation on September 30, 2026, ahead of its contractual commercial operation date, delivering power under its PPA.
- Google PPA: 15-year, grid-connected, take-or-pay contract for 396 MW across eight GeoBlocks, first power expected mid-2028, with an option to expand by approximately 600 MW.
- The company states G&A increased to $39.4 million from $27.4 million in Q2 2026, reflecting higher stock-based compensation, public company costs, and headcount growth.
- The company states the $11.8 million non-cash gain on interest rate swaps and the $29.9 million tax benefit from tax credits earned as Cape Phase I assets were placed in service are two non-recurring items.
- The company states Q3 capital expenditures were primarily related to activities at Cape Station.
- The company states efficiencies in GeoBlock construction and commissioning allowed certain Cape Google 400 spending to occur later, with no change to expected commercial operation dates or total expected investment.
- Early Development capacity rose to approximately 54.7 gigawatts from 48.6 gigawatts. The company attributes the increase in part to a new DeGolyer and MacNaughton heat-initially-in-place study of Cape Station, which supports approximately 8.4 gigawatts versus a prior estimate of 4.3 gigawatts.
- Two potential U.S. Department of Energy awards totaling approximately $20.0 million were selected in the quarter, subject to definitive funding agreements.
Concerns
- Operating loss widened to $(43,746) thousand in Q3 2026 from $(13,659) thousand in Q3 2025, and to $(92,540) thousand for nine months from $(33,888) thousand.
- G&A expense of $39,350 thousand in Q3 2026 compares with $8,116 thousand a year earlier.
- Reported net income of $11,660 thousand includes a $29,911 thousand income tax benefit, an $11,836 thousand swap fair value gain and $15,370 thousand of interest income. The company identifies the tax benefit and swap gain as non-recurring.
- Net loss attributable to Fervo Energy Company is $(19,527) thousand in the statement of operations, while the highlights text states net loss attributable to common stockholders of $20.8 million. The filing does not reconcile these two figures.
- Nine-month other non-operating expense was $(46,921) thousand. The filing does not explain this line.
- Q3 2026 revenue was $116 thousand. The filing states Q4 2026 will be the first full quarter of revenue from Cape Station, without a printed figure.
- Capital expenditures guidance for H2 2026 was reduced to $700.0 million to $750.0 million from $850.0 million to $900.0 million. The company attributes this to timing of Cape Google 400 spending, not to changed commercial operation dates or total investment.
- The 600 MW expansion is an option Google has not yet accepted. The filing says the 600 MW expansion would be the first qualifying project under the Geothermal Framework Agreement only if Google accepts it.
What to watch
- Commissioning and commercial operation of GeoBlocks 2 and 3 by January 1, 2027, completing Cape Station Phase I.
- Q4 2026 capital expenditures of $450.0 million to $500.0 million and the H2 2026 total of $700.0 million to $750.0 million.
- Whether Q4 2026 revenue is in line with prior expectations, as the company states, given the first full quarter of Cape Station revenue.
- Progress on Cape Google 400 (18 percent of drilling complete; first 50 MW turbines passed factory acceptance testing) toward first power in mid-2028.
- Google's decision on the approximately 600 MW expansion option.
- Trajectory of G&A and stock-based compensation relative to the $39,350 thousand reported in Q3 2026.
- Definitive funding agreements for the two DOE awards totaling approximately $20.0 million.
- Reconciliation of the net loss attributable to common stockholders figures ($20.8 million in text versus $(19,527) thousand in the table) in the Form 10-Q or subsequent filings.
Balance sheet and cash flow
- Cash and cash equivalents: $1,916,477 thousand as of September 30, 2026, compared to $461,836 thousand as of December 31, 2025.
- Restricted cash: $11,000 thousand as of September 30, 2026, compared to $6,000 thousand as of December 31, 2025.
- Current portion of long-term debt: $18,686 thousand as of September 30, 2026, compared to nil ('—') as of December 31, 2025.
- Long-term debt, net of issuance costs and current portion: $282,923 thousand as of September 30, 2026, compared to $172,837 thousand as of December 31, 2025.
- Current and long-term debt per text: $301.6 million as of September 30, 2026.
- Total assets: $3,638,547 thousand as of September 30, 2026, compared to $1,365,168 thousand as of December 31, 2025.
- Property, plant and equipment, net: $1,491,721 thousand as of September 30, 2026, compared to $793,234 thousand as of December 31, 2025.
- Total liabilities: $628,417 thousand as of September 30, 2026, compared to $408,794 thousand as of December 31, 2025.
- Redeemable noncontrolling interests: Cape Phase I HoldCo $106,408 thousand and Cape Phase I Intermediate HoldCo $113,045 thousand as of September 30, 2026.
- Total stockholders' equity: $2,790,677 thousand as of September 30, 2026, compared to deficit of $(246,498) thousand as of December 31, 2025.
- Transfer of approximately $514.3 million from construction-in-process to property, plant and equipment on placing GeoBlock 1 in service on September 30. The filing states this is not the standalone cost of GeoBlock 1.
- Operating cash flow and free cash flow are not reported in the filing.
Analysis
Fervo reported Q3 2026 results with revenue of $116 thousand, against $55 thousand a year earlier, and a nine-month figure of $290 thousand against $55 thousand. Revenue is still minimal. The company states that Q4 2026 will be the first full quarter of revenue from Cape Station, and it does not print a revenue figure for that quarter or for 2027. The operating story is one of build-out. Operation and maintenance expense rose to $1,486 thousand from $362 thousand, and G&A rose to $39,350 thousand from $8,116 thousand. The company attributes the G&A increase to stock-based compensation, public company costs and headcount growth. The operating loss for the quarter was $(43,746) thousand against $(13,659) thousand a year earlier.
The reported net income of $11,660 thousand is composed of items the filing itself describes as non-recurring or non-operating. These include $15,370 thousand of interest income, an $11,836 thousand gain on interest rate swaps and a $29,911 thousand income tax benefit. The filing also records $31,187 thousand of net income attributable to a redeemable noncontrolling interest, which moves the figure attributable to Fervo Energy Company to $(19,527) thousand. Per-share loss was $(0.07), against $(1.90) a year earlier, on a reverse-split-adjusted share count. The highlights section states a net loss attributable to common stockholders of $20.8 million, which does not match the $(19,527) thousand in the statement of operations. The filing does not reconcile the two.
On the balance sheet, cash and cash equivalents rose to $1,916,477 thousand from $461,836 thousand at December 31, 2025, and current and long-term debt was stated as $301.6 million. Total assets reached $3,638,547 thousand and stockholders' equity was $2,790,677 thousand. Capital expenditures were $256.7 million in Q3 against $226.5 million in Q2. For the second half of 2026 the company now expects capital expenditures of $700.0 million to $750.0 million, against prior expectations of $850.0 million to $900.0 million. The company states the change reflects timing of Cape Google 400 spending, with no change to commercial operation dates or total expected investment.
The operating KPIs show substantial progress in contracted and in-development capacity. Capacity in operation rose to 36 MW from 3 MW at the end of Q2, and contracted capacity under binding PPAs rose to 1,054 MW from 658 MW, with contracted revenue of approximately $11.9 billion against approximately $7.2 billion. Early Development capacity was stated at approximately 54.7 gigawatts against 48.6 gigawatts. The company attributes part of that increase to a new heat-initially-in-place study that supports approximately 8.4 gigawatts at Cape Station, against a prior estimate of 4.3 gigawatts. The Google expansion option of approximately 600 MW has not been accepted, and the filing presents it as an option.
The filing provides no prior-period outlook for comparison, so no guided figure can be checked against actuals. The reader should weigh the commercial and capacity progress against an operating loss that widened sharply, a G&A line that more than quadrupled, and a quarterly net result that depends on non-operating and tax items.
Management, verbatim
With commercial operations underway and significant demand for our technology, we are focused on delivering the remaining Phase I GeoBlocks on schedule and building toward geothermal as a reliable, always-on, low-cost source of power.
Tim Latimer, CEO and Co-founder
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) values for most income statement lines; the filing prints only Q3 2026 and Q3 2025 figures and the nine-month comparatives.
- Year-over-year percentage changes for all metrics; the filing does not print them.
- Revenue guidance figures for Q4 2026 and 2027; the filing states they are in line with or unchanged from prior expectations without printing figures.
- Segment or product-line revenue breakdown; the filing reports a single revenue line.
- Prior-year capital expenditure figure for Q3 2025.
- Operating cash flow and free cash flow.
- Share repurchases and dividends; none are reported.
- Prior-period value for the net loss attributable to common stockholders in the highlights text ($20.8 million); the filing does not reconcile it to the $(19,527) thousand table figure.
- Gross margin; cost of sales is not reported as a separate line.
- Non-GAAP reconciliation and adjusted EBITDA; not provided in the filing.
- Prior-year debt, cash and total assets as of the same date; the balance sheet compares to December 31, 2025, not to September 30, 2025.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.