Fervo Energy reports $31.8 million Q1 net loss

• Fervo Energy reported an operating loss of $20.1 million and a net loss of $31.8 million for Q1 2026.
• Following the announcement, the newly listed green power company's shares rose to $37.58.
• The company expects to deploy $1.2 billion in capital expenditures through Q1 2027 to advance its multi-gigawatt development pipeline.

Fervo Energy (NASDAQ:FRVO) reported a first-quarter net loss of $31.8 million while funding multiple utility-scale geothermal facilities.

Capital expenditures rose from $105.4 million last year to $172.8 million to support ongoing asset developments.

"2026 is already off to a transformative start," said Fervo Energy Chief Executive Officer Tim Latimer.

The business secured $421.4 million in non-recourse financing for the first phase of its Cape Station site.

Following the announcement, Fervo Energy'S share price was up at $37.58.

The independent power producer recently completed an initial public offering that raised approximately $2.2 billion in gross proceeds.

Management also finalized an agreement with Google to deliver up to 3 gigawatts of geothermal capacity through 2033.