0001628280-26-056457 | 10-Q | XBRL Viewer

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ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 1,193	$ 299
Liabilities incurred during the period	488	843
Accretion expense	68	51
Ending balance	$ 1,749	$ 1,193

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (87,745)	$ (20,584)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	437	103
Amortization of debt issuance costs	1,672	807
Loss on extinguishment of debt	8,988	0
Stock-based compensation	10,845	1,102
Non-cash expense related to long-term operating leases	2,584	1,522
Non-cash expense related to warrant valuation	39,998	0
Non-cash income related to embedded derivative valuation	(1,620)	0
Non-cash income related to interest rate swap valuation	(1,172)	0
Changes in operating assets and liabilities:
Grant receivable	0	791
Prepaid expenses and other	(20,857)	3,846
Deposits	2,632	17,940
Accounts payable	5,139	(3,445)
Accrued expenses	0	0
Net changes in other assets and liabilities	(4,674)	4,139
Net cash (used in) provided by operating activities	(43,773)	6,221
Cash flows from investing activities:
Capital expenditures	(399,278)	(213,368)
Net cash used in investing activities	(399,278)	(213,368)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	2,043,089	0
Proceeds from issuance of common stock, net of issuance costs	1,201	155
Proceeds from long-term debt	212,344	23,031
Proceeds from warrant exercise	18,750	0
Repayment of long-term debt	(152,085)	0
Debt issuance costs related to long-term debt	(20,855)	0
Offering costs related to initial public offering	(9,802)	0
Proceeds from issuance of subsidiary stock, net of issuance costs	0	81,239
Treasury stock purchased	0	(1,960)
Other	(56)	0
Net cash provided by financing activities	2,092,586	102,465
Net change in cash and cash equivalents and restricted cash	1,649,535	(104,682)
Cash and cash equivalents and restricted cash at beginning of period	467,836	199,428
Cash and cash equivalents and restricted cash at end of period	2,117,371	94,746
Supplemental disclosure of cash flow information:
Conversion of redeemable convertible preferred stock	1,022,886	0
Capital expenditures included in Accounts payable and Accrued capital expenditures	197,510	74,483
Settlement of warrant liability	50,211	0
Adjustment of redeemable noncontrolling interest	7,046	0
Cash paid for interest, net of amounts capitalized	5,194	2,243
Retirement of treasury stock	$ 1,960	$ 0

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Underwriters' discounts and commissions	$ 130,410
Offering costs	$ 11,855

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding contractual commitments	$ 488.3

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued expenses	$ 5,104	$ 9,035
Bonus accrual	5,074	4,830
Payroll liabilities	376	564
Embedded derivative	60	1,680
Deferred grant income	0	888
Total other current liabilities	$ 10,614	$ 16,997

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 5 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial instruments which are measured at fair value, or for which a fair value is disclosed, are classified in the fair value hierarchy, as outlined below, on the basis of the observability of the inputs used in the fair value measurement:

•Level 1 – inputs are based upon quoted prices for identical instruments in active markets.

•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data.

•Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the instrument.

The Company’s derivative instruments are based on quotes from the market makers that derive fair values from market data, and therefore, are classified as Level 2.

The fair values and the levels within the fair value hierarchy of financial instruments recorded on the Condensed Consolidated Balance Sheets were:


(Dollars in thousands)		As of June 30, 2026				As of December 31, 2025
Financial Instrument	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt instruments:
Debt instruments	Level 2	242,344		242,426		175,600		170,755
Derivatives not designated as hedging instruments:
Interest Rate Swaps (a)	Level 2	$	1,172	$	1,172	$	—	$	—

_________________

(a) As of June 30, 2026, the fair value of the interest rate swaps was recorded in Prepaid expenses and other of $0.1 million and Other long-term assets of $1.1 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

GRANT INCOME	6 Months Ended
GRANT INCOME	Jun. 30, 2026
Government Assistance [Abstract]
GRANT INCOME	NOTE 16 – GRANT INCOME Grant income of $0.8 million and $0.9 million for the three and six months ended June 30, 2026, respectively, attributable to research and development is netted against eligible expenses in Research and development (income) expense, net in the Condensed Consolidated Statements of Operations. Grant income attributable to research and development activities recognized during the comparable 2025 periods was nominal. Grant income totaling $20.7 million and $14.1 million attributable to project development is netted against Construction-in-process on the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. In 2024, the Company was awarded a reimbursement-type grant from the DOE in the amount of $22.1 million. The effective date of the grant was July 1, 2024, and the contract was extended through July 31, 2027. Funding under the grant is recognized as qualifying expenditures are incurred in accordance with the terms of the grant agreement. In 2025 and during the six months ended June 30, 2026, the Company has been awarded several smaller grants, totaling $0.7 million, which are accounted for consistent with the Company’s grant income policy.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Current portion of long-term debt	$ 11,042	$ 0
Total principal due for long-term debt	231,302	175,600
Less: Unamortized debt issuance cost	(13,926)	(2,763)
Total long-term debt, net of issuance costs and current portion	217,376	172,837
Promissory notes \| XRC Facility
Debt Instrument [Line Items]
Total principal due for long-term debt	0	145,600
Less: Unamortized debt issuance cost		(2,800)
Line of credit \| Project Granite Facility
Debt Instrument [Line Items]
Current portion of long-term debt	11,042	0
Total principal due for long-term debt	201,302	0
Less: Unamortized debt issuance cost	(13,900)
Line of credit \| Mercuria Credit Facility
Debt Instrument [Line Items]
Total principal due for long-term debt	$ 30,000	$ 30,000

ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligations

The following table summarizes the changes in the Company’s Asset Retirement Obligations (“ARO”), which are included in Other long-term liabilities on the Condensed Consolidated Balance Sheets, for the periods indicated:


(Dollars in thousands)	As of June 30,		As of December 31,
	2026		2025
Beginning balance	$	1,193	$	299
Liabilities incurred during the period	488		843
Accretion expense	68		51
Ending balance	$	1,749	$	1,193

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share is calculated as follows:


(Dollars and shares in thousands, except per share amounts)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stock, Class A common stock and Class B common stock	$	(59,527)	$	(11,627)	$	(94,791)	$	(20,773)
Denominator:
Weighted-average common stock, Class A common stock and Class B common stock	157,003		8,844		83,643		8,902
Net loss per share – basic and diluted	$	(0.38)	$	(1.31)	$	(1.13)	$	(2.33)

Schedule of Potentially Dilutive Instruments

The following potentially dilutive instruments, based on amounts outstanding and restated to reflect the Reverse Stock Split, that could result in dilution, were excluded from the diluted earnings per share computation because including them would have had an anti-dilutive effect:


(Shares in thousands)	As of June 30,
	2026	2025
Option-based awards	31,758	13,504

Restricted stock units	589	—
ESPP	274	—
Preferred shares	—	160,756
Total	32,621	174,260

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Information Regarding Operating Leases

The following tables present information regarding operating leases recorded on the Condensed Consolidated Balance Sheets where the Company is the lessee for the periods indicated.


(Dollars in thousands)	As of June 30,		As of December 31,
Carrying values by asset category	2026		2025
ROU Asset:
Geothermal land leases	$	50,634	$	45,609
Equipment	31,804		6,188
Office space	6,010		6,635
Vehicles	219		281
Total	$	88,667	$	58,713
Lease Liability(1):
Geothermal land leases	$	67,918	$	62,744
Equipment	31,524		6,300
Office space	10,213		8,144
Vehicles	212		273
Total	$	109,867	$	77,461


By asset category	As of June 30,		As of December 31,
	2026		2025
Weighted average remaining term
Geothermal land leases	13 years		14 years
Equipment	4 years		9 years
Office space	4 years		3 years
Vehicles	2 years		2 years

Weighted average discount rate(2):
Geothermal land leases	11.4	%	11.4	%
Equipment	8.3	%	12.0	%
Office space	8.7	%	8.7	%
Vehicles	10.0	%	9.6	%

_________________

(1) The short-term and long-term lease liability totals $24.7 million and $85.1 million as of June 30, 2026, respectively, and $4.8 million and $72.6 million as of December 31, 2025.

(2) The discount rate for each category of assets represents the Company’s incremental borrowing rate (“IBR”) for leases.

Schedule of Future Minimum Lease Payments Associated with Operating Leases

The following is a schedule showing the Company’s future minimum lease payments associated with the operating leases together with the present value of the net minimum lease payments for the periods indicated.


(Dollars in thousands)	As of June 30, 2026

2026	$	12,424
2027	23,251
2028	7,226
2029	13,511
2030	14,010
Thereafter	143,771
Total minimum lease payments	$	214,193
Less: Amount representing interest	104,326
Total lease obligation	$	109,867
Less: Current lease obligation	24,744
Long-term lease obligation	$	85,123

OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Other Current Liabilities

The schedule below details the Company’s Other current liabilities presented on the Condensed Consolidated Balance Sheets for the periods indicated:


(Dollars in thousands)	As of June 30,		As of December 31,
	2026		2025
Accrued expenses	$	5,104	$	9,035
Bonus accrual	5,074		4,830
Payroll liabilities	376		564
Embedded derivative(1)	60		1,680
Deferred grant income	—		888
Total other current liabilities	$	10,614	$	16,997

_________________

(1) See Note 13 – Noncontrolling Interests for further discussion on the embedded derivative.

NATURE OF BUSINESS	6 Months Ended
NATURE OF BUSINESS	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	NOTE 1 – NATURE OF BUSINESS Fervo Energy Company (the “Company” or “Fervo”) is a Delaware corporation formed on May 27, 2017, to commercialize technology to build, own, and operate geothermal assets. Fervo’s innovations include technologies such as advanced computational models, horizontal drilling, and distributed fiber optic sensing that were developed with various partners to increase the productivity and lifetime of geothermal wells. The Company’s geographical area of operation is in the western region of the United States. The U.S. federal government encourages production of electricity from thermal energy derived from the Earth’s natural heat (“geothermal resources”). The Company requested and received grants for research and development and project development from the Department of Energy (“DOE”). As of June 30, 2026, the Company has not yet commenced large-scale commercial operations. The Company’s activities to date have been primarily focused on technological development, capital raising, and the establishment of geothermal production capabilities. Initial Public Offering On May 14, 2026, the Company completed its IPO of Class A common stock of Fervo Energy Company, par value $0.0001 per share (“Class A common stock”), at a price of $27.00 per share. The Company's common stock trades on the Nasdaq under the symbol "FRVO". In the IPO, the Company sold an aggregate of 80,500,000 shares of Class A common stock, including 10,500,000 shares issued upon the underwriters' full exercise of their option to purchase additional shares. An additional 10,162,468 shares of the Company’s existing common stock were converted into Class A common stock. The IPO generated gross proceeds of approximately $2.2 billion, before deducting underwriting discounts and commissions and offering expenses. Prior to completion of the IPO, incremental costs directly attributable to the offering were deferred. Upon completion of the IPO, deferred offering costs, together with underwriting discounts and commissions and other directly attributable offering costs, were recorded as a reduction of the proceeds from the IPO within Additional paid-in capital. Costs that were not directly attributable to the IPO were expensed as incurred. In connection with the IPO, the Company effected a 0.7194-for-1 reverse stock split of its common stock. See Note 2 – Significant Accounting Policies for additional information. Immediately upon completion of the IPO and after giving effect to the reverse stock split, all outstanding shares of redeemable convertible preferred stock automatically converted into shares of Class A common stock, par value $0.0001 per share. The Company also completed a reorganization of its capital structure, including the establishment of Class A common stock and Class B common stock, and completed a founder share exchange that resulted in the issuance of Class B common stock, par value $0.0001 per share, to certain existing holders. In addition, the Company's amended and restated certificate of incorporation and amended and restated bylaws became effective upon completion of the IPO.

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt, net of issuance costs, consisted of the following:


(Dollars in thousands)	As of June 30,		As of December 31,
	2026		2025
Current portion of long-term debt
Project Granite Facility	$	11,042	$	—
Current portion of long-term debt	11,042		—
Long-term debt
Project Granite Facility	201,302		$	—
Mercuria Credit Facility	30,000		30,000
XRC Facility	—		145,600
Total principal due for long-term debt	231,302		175,600
Less: Unamortized debt issuance cost	(13,926)		(2,763)
Total long-term debt, net of issuance costs and current portion	$	217,376	$	172,837

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

NATURE OF BUSINESS (Details) $ / shares in Units, $ in Billions	May 14, 2026 USD ($) $ / shares shares	Jun. 30, 2026 $ / shares	Dec. 31, 2025 $ / shares
Subsequent Event [Line Items]
Stock split conversion ratio	0.7194
Class A common stock
Subsequent Event [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Conversion of stock (in shares) \| shares	10,162,468
Class B common stock
Subsequent Event [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
IPO \| Class A common stock
Subsequent Event [Line Items]
Sale of stock, price per share (in usd per share) \| $ / shares	$ 27.00
Sale of stock, number of shares sold (in shares) \| shares	80,500,000
Sale of stock, gross proceeds \| $	$ 2.2
Underwriters' option \| Class A common stock
Subsequent Event [Line Items]
Sale of stock, number of shares sold (in shares) \| shares	10,500,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 2 - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments	$ 242,344	$ 175,600
Interest Rate Swaps	1,172	0
Derivative asset, current	100
Derivative asset, noncurrent	1,100
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instruments	242,426	170,755
Interest Rate Swaps	$ 1,172	$ 0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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- Definition

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+ Details

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 20 – SUBSEQUENT EVENTS Management has evaluated subsequent events that occurred after the date of the Condensed Consolidated Balance Sheets through the date the financial statements were issued. •On July 8, 2026, the Borrowers completed a fourth draw under the Granite Credit Agreement of approximately $25.1 million. Other than the matters described above, the Company identified no subsequent events that require adjustment to or disclosure in the condensed consolidated financial statements.

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
General and administrative expense	$ 27,427	$ 9,484	$ 44,417	$ 17,163
Director
Related Party Transaction [Line Items]
General and administrative expense	$ 0	$ 100	$ 100	$ 200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 15 – EARNINGS PER SHARE

The number of shares has been restated to reflect the Reverse Stock Split effected on May 14, 2026. All historical share and per share amounts reflected in the condensed consolidated financial statements for the six months ended June 30, 2026 and 2025 have been retrospectively restated to reflect the change in capital structure for the periods prior to the completion of the Reverse Stock Split, as applicable. See Note 2 – Significant Accounting Policies for details.

Basic and diluted net loss per share is calculated as follows:


(Dollars and shares in thousands, except per share amounts)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stock, Class A common stock and Class B common stock	$	(59,527)	$	(11,627)	$	(94,791)	$	(20,773)
Denominator:
Weighted-average common stock, Class A common stock and Class B common stock	157,003		8,844		83,643		8,902
Net loss per share – basic and diluted	$	(0.38)	$	(1.31)	$	(1.13)	$	(2.33)


(Shares in thousands)	As of June 30,
	2026	2025
Option-based awards	31,758	13,504

Restricted stock units	589	—
ESPP	274	—
Preferred shares	—	160,756
Total	32,621	174,260

NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Noncontrolling Interest

The following table is a summary of the changes in redeemable noncontrolling interest for CPI HoldCo Class A Units for the six months ended June 30, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	102,586
Remeasurement of redeemable noncontrolling interest	2,532
Balance at June 30, 2026	$	105,118

The following table is a summary of the changes in redeemable noncontrolling interest for Intermediate Class A Units for the six months ended June 30, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	77,344
Remeasurement of redeemable noncontrolling interest	4,514
Balance at June 30, 2026	$	81,858

SUBSEQUENT EVENTS (Details) $ in Millions	Jul. 08, 2026 USD ($)
Subsequent event \| Project Granite Facility \| Line of credit
Subsequent Event [Line Items]
Proceeds from credit facility	$ 25.1

LEASES - Information Regarding Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ROU Asset:
Total	$ 88,667	$ 58,713
Lease Liability:
Total	109,867	77,461
Short-term lease liability	24,744	4,822
Long-term lease liability	85,123	72,639
Geothermal land leases
ROU Asset:
Total	50,634	45,609
Lease Liability:
Total	$ 67,918	$ 62,744
Weighted average remaining term	13 years	14 years
Weighted average discount rate	11.40%	11.40%
Equipment
ROU Asset:
Total	$ 31,804	$ 6,188
Lease Liability:
Total	$ 31,524	$ 6,300
Weighted average remaining term	4 years	9 years
Weighted average discount rate	8.30%	12.00%
Office space
ROU Asset:
Total	$ 6,010	$ 6,635
Lease Liability:
Total	$ 10,213	$ 8,144
Weighted average remaining term	4 years	3 years
Weighted average discount rate	8.70%	8.70%
Vehicles
ROU Asset:
Total	$ 219	$ 281
Lease Liability:
Total	$ 212	$ 273
Weighted average remaining term	2 years	2 years
Weighted average discount rate	10.00%	9.60%

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

NOTE 8 – LEASES

The Company has domestic leases on federal, state, and private land in California, Colorado, Idaho, Nevada, New Mexico, Utah, and Washington, along with leases for drilling rigs and related geothermal development equipment, office space, and field vehicles.

Bureau of Land Management (“BLM”) geothermal leases provide the geothermal lessee the right and privilege to drill for, extract, produce, remove, utilize, sell, and dispose of geothermal resources on certain lands, together with the right to build and maintain necessary improvements thereon. The actual ownership of the geothermal resources and other minerals beneath the land is retained in the federal mineral estate. The geothermal lease does not grant the geothermal lessee the exclusive right to develop the lands, although the geothermal lessee does hold the exclusive right to develop geothermal resources within the lands. Since BLM leases do not grant to the geothermal lessee the exclusive right to use the surface of the land or extract minerals, BLM may grant rights to others for activities that do not unreasonably interfere with the geothermal lessee’s uses of the same land.

During the three and six months ended June 30, 2026, the Company recognized $1.5 million and $4.1 million, respectively, in total lease expense as reflected in Operating lease expense in the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2025, the Company recognized $0.2 million and $2.2 million, respectively, in total lease expense. Total cash payments related to leases were $16.4 million and $1.2 million, respectively, for the six months ended June 30, 2026 and 2025. Non-cash lease activity consisted of right-of-use (“ROU”) assets obtained in exchange for lease liabilities of $41.7 million for the six months ended June 30, 2026, compared to $20.8 million for the six months ended June 30, 2025.

The following tables present information regarding operating leases recorded on the Condensed Consolidated Balance Sheets where the Company is the lessee for the periods indicated.


(Dollars in thousands)	As of June 30,		As of December 31,
Carrying values by asset category	2026		2025
ROU Asset:
Geothermal land leases	$	50,634	$	45,609
Equipment	31,804		6,188
Office space	6,010		6,635
Vehicles	219		281
Total	$	88,667	$	58,713
Lease Liability(1):
Geothermal land leases	$	67,918	$	62,744
Equipment	31,524		6,300
Office space	10,213		8,144
Vehicles	212		273
Total	$	109,867	$	77,461


By asset category	As of June 30,		As of December 31,
	2026		2025
Weighted average remaining term
Geothermal land leases	13 years		14 years
Equipment	4 years		9 years
Office space	4 years		3 years
Vehicles	2 years		2 years

Weighted average discount rate(2):
Geothermal land leases	11.4	%	11.4	%
Equipment	8.3	%	12.0	%
Office space	8.7	%	8.7	%
Vehicles	10.0	%	9.6	%

_________________

(1) The short-term and long-term lease liability totals $24.7 million and $85.1 million as of June 30, 2026, respectively, and $4.8 million and $72.6 million as of December 31, 2025.

(2) The discount rate for each category of assets represents the Company’s incremental borrowing rate (“IBR”) for leases.

The IBR is a significant estimate related to the Company’s operating lease liabilities. It was calculated by determining a credit rating based on credit metrics of comparable publicly traded companies, developing a yield curve for publicly traded debt matching the credit rating, and then developing a weighted average IBR based on those yield curves.


(Dollars in thousands)	As of June 30, 2026

2026	$	12,424
2027	23,251
2028	7,226
2029	13,511
2030	14,010
Thereafter	143,771
Total minimum lease payments	$	214,193
Less: Amount representing interest	104,326
Total lease obligation	$	109,867
Less: Current lease obligation	24,744
Long-term lease obligation	$	85,123

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		24 Months Ended
	Apr. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) instrument tranche	Mar. 31, 2026 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total borrowings, current portion		$ 11,042	$ 11,042		$ 0
Unamortized debt issuance costs		13,926	13,926		2,763
Debt issuance costs incurred			20,855	$ 0
Repayment of long-term debt			152,085	0
Loss on extinguishment of debt			8,988	$ 0
Surety bonds
Debt Instrument [Line Items]
Off-balance sheet liability		64,800	64,800		57,500
Line of credit \| Project Granite Facility
Debt Instrument [Line Items]
Aggregate commitments		421,400	421,400
Total borrowings		212,300	212,300
Total borrowings, current portion		11,042	11,042		0
Unamortized debt issuance costs		13,900	13,900
Debt issuance costs incurred		6,700
Outstanding letters of credit		$ 17,900	$ 17,900
Line of credit \| Project Granite Facility \| Construction loan
Debt Instrument [Line Items]
Margin rate			3.00%
Floor rate		0.00%	0.00%
Commitment fee, percentage or applicable margin		30.00%	30.00%
Line of credit \| Project Granite Facility \| Term loans \| SOFR borrowings
Debt Instrument [Line Items]
Margin rate			3.00%
Margin rate, annual increase			0.10%
Line of credit \| Project Granite Facility \| Term loans \| Base rate borrowings
Debt Instrument [Line Items]
Margin rate			1.00%
Line of credit \| Construction loan
Debt Instrument [Line Items]
Aggregate commitments						$ 14,200
Debt issuance costs incurred, recorded in long-term assets		$ 6,300	$ 6,300
Line of credit \| Mercuria Credit Facility
Debt Instrument [Line Items]
Debt issuance costs incurred, recorded in long-term assets							$ 3,500
Credit agreement amount outstanding		30,000	30,000		30,000
Line of credit \| Mercuria Credit Facility \| Letter of credit
Debt Instrument [Line Items]
Credit agreement amount outstanding		$ 43,600	$ 43,600		35,500
Promissory notes \| XRC Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs					2,800
Credit agreement amount outstanding					$ 145,600
Number of promissory notes issued \| instrument					3
Number of tranches issued \| tranche					3
Repayment of long-term debt	$ 145,600
Loss on extinguishment of debt	9,000
Prepayment premium	6,500
Loss on extinguishment of long-term debt	$ 2,500

EARNINGS PER SHARE - Potentially Dilutive Instruments (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	32,621	174,260
Option-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	31,758	13,504
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	589	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	274	0
Preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0	160,756

STOCK-BASED COMPENSATION AND ESPP - Valuation Assumptions (Details) - $ / shares		6 Months Ended
	May 21, 2026	Jun. 30, 2026	May 14, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock (in usd per share)		$ 8.49
Expected volatility		75.00%
Risk-free interest rate, minimum		3.70%
Risk-free interest rate, maximum		4.10%
Expected dividend yield		0.00%
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock (in usd per share)	$ 42.50		$ 27.00
Expected volatility	75.00%
Risk-free interest rate, minimum	3.70%
Risk-free interest rate, maximum	3.80%
Expected dividend yield	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term		5 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term		10 years

SEGMENT INFORMATION (Details)	6 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

COMMON STOCK (Details) $ in Thousands	6 Months Ended
COMMON STOCK (Details) $ in Thousands	Jun. 30, 2026 USD ($) vote	Jun. 30, 2025 USD ($)
Class of Stock [Line Items]
Common stock dividends \| $	$ 0	$ 0
Class A common stock
Class of Stock [Line Items]
Common stock, number of votes per share	1
Class B common stock
Class of Stock [Line Items]
Common stock, number of votes per share	40
Common stock, conversion ratio	1
Common stock, conversion rights, period from IPO	7 years
Common stock, conversion rights, percentage of aggregate shares of common stock held by Co-Founders and their permitted transferees	25.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

OTHER CURRENT LIABILITIES

NOTE 7 – OTHER CURRENT LIABILITIES

The schedule below details the Company’s Other current liabilities presented on the Condensed Consolidated Balance Sheets for the periods indicated:


(Dollars in thousands)	As of June 30,		As of December 31,
	2026		2025
Accrued expenses	$	5,104	$	9,035
Bonus accrual	5,074		4,830
Payroll liabilities	376		564
Embedded derivative(1)	60		1,680
Deferred grant income	—		888
Total other current liabilities	$	10,614	$	16,997

_________________

(1) See Note 13 – Noncontrolling Interests for further discussion on the embedded derivative.

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2026	Aug. 10, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-43285
Registrant Name	Fervo Energy Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3168838
Entity Address, Address Line One	811 Main Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	832
Local Phone Number	554-3253
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	FRVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Central Index Key	0001853868
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		286,977,787
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,785,412

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease expense	$ 1,490	$ 205	$ 4,110	$ 2,194
Cash payments related to leases			16,400	1,200
Right-of-use assets obtained in exchange for lease liabilities			$ 41,700	$ 20,800

STOCK-BASED COMPENSATION AND ESPP

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION AND ESPP

NOTE 10 – STOCK-BASED COMPENSATION AND ESPP

The number of shares authorized and to be issued, as they are disclosed below, has been restated to reflect the Reverse Stock Split effected on May 14, 2026.

During the six months ended June 30, 2025, the Company granted stock options with a service condition covering 1,867,585 shares for a total grant-date fair value of $3.8 million to employees under the 2019 Stock Incentive Plan (the “2019 Plan”).

During the six months ended June 30, 2026, the Company granted stock options and restricted stock units to employees and directors under the 2019 Plan for awards prior to the IPO and under the 2026 Stock Incentive Plan (“2026 Plan”) after the IPO. The 2019 Plan was amended on March 6, 2026 to authorize an additional 34,151,952 shares of common stock to be available under the plan and was terminated on April 13, 2026 in anticipation of the IPO, being replaced by the 2026 Plan. Any awards outstanding under the 2019 Plan remained outstanding. On January 26, 2026, the Company granted stock options with a service condition, covering 4,184,750 shares with a total grant-date fair value of $16.9 million.

On March 6, 2026, the Company granted stock options covering 9,959,797 shares. Of the total March 6, 2026 grant, stock options covering 233,805 shares have a service condition and a total grant-date fair value of $1.9 million and stock options covering 2,431,498 shares include both a service condition and performance-based vesting condition tied to an operational milestone and have a total grant-date fair value of $19.6 million. As of June 30, 2026, the performance condition related to certain awards granted on March 6, 2026 was considered probable of being achieved, and therefore, the related stock-based compensation expense was recognized during the three and six months ended June 30, 2026. The remaining stock options covering 7,294,494 shares, comprised of three tranches split evenly, contained a performance condition dependent on the Company completing its IPO which has been met during the three months ended June 30, 2026. The remaining vesting conditions for this grant include a) a performance-based vesting condition tied to operational milestones, b) the achievement of either a market-based condition or another performance-based condition tied to operations and c) a service condition. The total grant-date fair value was $11.3 million, $16.7 million, and $13.6 million for each of the respective tranches.

The stock options contain a performance condition which was not considered probable of being achieved as of June 30, 2026, related to the operational milestones. Accordingly, no stock-based compensation expense has been recognized related to these awards during the three and six months ended June 30, 2026. The Company will continue to reassess the probability of achieving these conditions at each reporting period and will recognize stock-based compensation expense when such conditions are deemed probable.

The grant-date fair value of the stock options with a market condition was estimated using the following Black-Scholes option-pricing model assumptions:


Fair value of common stock	$	8.49
Expected volatility	75.0		%
Expected term (in years)	5-10
Risk-free interest rate	3.7% - 4.1%
Expected dividend yield	0.0		%

On April 13, 2026, the Company granted 55,554 restricted stock units to directors with a service condition, for a total grant-date fair value of $1.5 million.

On June 15, 2026, the Company granted 533,708 restricted stock units to employees with a service condition, for a total grant-date fair value of $18.9 million.

Stock-based Compensation Expense

The Company recorded stock-based compensation expense, excluding the ESPP, of $7.6 million and $10.2 million for the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 2025, respectively, in General and administrative expense in the Condensed Consolidated Statements of Operations.

Employee Stock Purchase Plan

The Company’s ESPP became effective shortly after the IPO in May 2026. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discounted price through payroll deductions of up to 15% of their eligible compensation. The purchase price is equal to 85% of the fair market value of a share of common stock on the first day of an offering period or the purchase date, whichever is lower. May 21, 2026 was the initial grant date for the ESPP awards. The initial offering period consists of two purchase periods. The total grant-date fair value of the ESPP awards was $2.8 million and $3.1 million for each of the respective tranches.

The grant-date fair value of the ESPP awards was estimated using the following Black-Scholes option-pricing model assumptions:


Valuation Date Stock Price	$	42.50
IPO Stock Price	$	27.00
Term	Various
Expected volatility	75.0		%
Risk-free interest rates	3.7% - 3.8%
Expected dividend yield	0.0		%

During the three and six months ended June 30, 2026, no shares had been purchased under the ESPP. The Company recorded stock-based compensation expense related to the ESPP of $0.6 million for the three and six months ended June 30, 2026, in General and administrative expense in the Condensed Consolidated Statements of Operations.

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
2026	$ 12,424
2027	23,251
2028	7,226
2029	13,511
2030	14,010
Thereafter	143,771
Total minimum lease payments	214,193
Less: Amount representing interest	104,326
Total	109,867	$ 77,461
Less: Current lease obligation	24,744	4,822
Long-term lease obligation	$ 85,123	$ 72,639

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2026
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 14 – SEGMENT INFORMATION The Company operates in a single operating and reportable segment, which is consistent with the reporting structure of the Company’s internal organization. The Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), uses the Company’s condensed consolidated financial information to allocate resources and assess performance. The primary measure of segment profit or loss used by the CODM is net loss, as presented in the Condensed Consolidated Statements of Operations. All segment financial information is presented on a consolidated basis in the accompanying condensed consolidated financial statements. There were no changes in the Company’s operating segment structure or the measures used by the CODM to assess performance during the six months ended June 30, 2026.

- Definition

The entire disclosure for segment reporting.

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+ Details

SIGNIFICANT ACCOUNTING POLICIES (Details)	May 14, 2026
Accounting Policies [Abstract]
Stock split conversion ratio	0.7194

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2041
Derivative [Line Items]
Unrealized gains on derivatives	$ 1,200	$ 1,172	$ 0
Interest Rate Swaps
Derivative [Line Items]
Notional Amount	$ 262,375	$ 262,375
Fixed Rate	3.9445%	3.9445%
Interest Rate Swaps \| Forecast
Derivative [Line Items]
Notional Amount				$ 800

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

WARRANTS	6 Months Ended
WARRANTS	Jun. 30, 2026
Equity [Abstract]
WARRANTS	NOTE 11 – WARRANTS The Company issued warrants in October 2025 in connection with the issuance of Intermediate Class A Units (see Note 13 – Noncontrolling Interests for additional information). The warrants were classified as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and were measured at fair value, with changes in fair value recognized in earnings each reporting period. On April 28, 2026, Centaurus Capital LP (“Centaurus”) delivered a notice to exercise the warrants in full. In accordance with its terms, the warrants were exercised on May 13, 2026 into 3,550,329 shares of Series E-2 redeemable convertible preferred stock, which were immediately converted into 2,554,107 shares of Class A common stock after taking into consideration the Reverse Stock Split. Centaurus paid an aggregate exercise price of $18.7 million in cash and surrendered the original warrants upon full exercise. As a result of this transaction, the warrants are no longer outstanding, and no further shares are issuable thereunder. The Company recognized a loss of $26.9 million and $40.0 million during the three and six months ended June 30, 2026, respectively, related to the remeasurement of the warrants, which is reflected within Other non-operating expense, net in the Condensed Consolidated Statements of Operations. Upon exercise, the warrant liability was derecognized and the Class A common stock issued was recognized in equity.

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated financial statements include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information. Accordingly, they do not include all information and notes required by U.S. GAAP for annual financial statements. The accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025, Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included elsewhere in the Company’s final prospectus filed with the Securities and Exchange Commission (the “SEC”) on May 14, 2026, pursuant to Rule 424(b)(4) (the “IPO Prospectus”) as of and for the years ended December 31, 2025 and 2024. The Condensed Consolidated Balance Sheet data as of December 31, 2025 was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP for annual financial statements. Intercompany accounts and transactions have been eliminated in consolidation.
Treasury Stock	Treasury Stock The Company accounts for treasury stock using the cost method in accordance with FASB Accounting Standards Codification (“ASC”) 505-30, Equity-Treasury Stock. Under this method, treasury stock is recorded at cost on the date of repurchase and presented as a reduction in Treasury stock. When the Company’s stock is retired or repurchased for constructive retirement (with or without an intention to retire the stock formally in accordance with applicable laws), any excess of par or stated value over the cost of treasury shares is credited to Additional paid-in capital on the Condensed Consolidated Balance Sheets.
Stock-based Compensation and Employee Stock Purchase Plan	Stock-based Compensation Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). For stock option awards without a market condition, the fair value of each stock option award is estimated on the grant date utilizing a standard Black-Scholes option-pricing model (i.e., a standard European call option model). For stock option awards with market conditions, the fair value of each stock option award is estimated on the grant date utilizing a more complex Black-Scholes option-pricing model, which captures the additional market condition threshold. For restricted stock unit awards, which have service-only vesting conditions, the fair value of each restricted stock unit award is based on the closing price of the Company’s publicly traded Class A common stock on the date of the grant. The stock option and restricted stock unit awards are classified as equity. For stock option and restricted stock unit awards that follow a graded vesting schedule with a service-only vesting condition, the related stock-based compensation expense is recognized over the requisite service period of the awards. For stock option awards which follow a graded vesting schedule that have a performance-based vesting condition, such awards are recognized on a tranche-by-tranche basis, resulting in each vesting tranche being treated as a separate award. On a tranche-by-tranche basis, stock-based compensation cost for each tranche is recognized over the respective vesting period when it is probable that the performance condition will be achieved. Each reporting period, the Company reassesses the probability of achieving the respective performance condition. If the condition is not expected to be met, no compensation cost is recognized and any previously recognized amount recorded is reversed. If the award contains market-based vesting conditions, the stock-based compensation cost is based on the grant-date fair value and expected achievement of market conditions and is not subsequently reversed if it is later determined that the condition is not likely to be met, as long as the related service and performance conditions are achieved. Forfeitures are accounted for as they occur. Prior to the six months ended June 30, 2026, the Company only had stock-based awards with a service-only vesting condition. The Black-Scholes option-pricing model requires the input of significant assumptions. Such assumptions may be highly subjective and include the fair value of the underlying common stock, the expected term of the stock option, the expected volatility of the price of the Company’s common stock, risk-free interest rates, and the expected dividend yield of common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. Employee Stock Purchase Plan The Company accounts for its Employee Stock Purchase Plan ("ESPP") in accordance with ASC 718, as the ESPP is considered to be compensatory. The Company’s ESPP awards are classified as equity awards and measured at grant-date fair value using the Black-Scholes option-pricing model. Each purchase period is accounted for as a separate option tranche, with its own grant date. Stock-based compensation expense is recognized over the requisite service period associated with each purchase period. Employee payroll deductions accumulated under the ESPP are recorded as a liability until the related shares are issued or the amounts are otherwise refunded. The Company accounts for forfeitures as they occur. The fair value of ESPP awards is determined using the Black-Scholes option-pricing model, which relies on the same types of significant and subjective assumptions as those detailed in the Stock-based Compensation policy discussed above. The assumptions used to determine fair value represent management’s best estimates, involving inherent uncertainties and the application of judgment.
Net Income (Loss) Per Share	Net Income (Loss) Per Share The Company follows the two-class method when computing net income (loss) per share. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive distributions as if all income for the period had been distributed. Preferred shares are participating securities because they are entitled to undistributed earnings based on the liquidation preferences. The preferred shares outstanding prior to the IPO do not have the contractual obligation to share in the losses of the Company on a basis that is objectively determinable. Therefore, they are excluded from the allocation of undistributed losses in determining net loss per share. The rights of the holders of the Class A common stock and Class B common stock are identical, except with respect to voting, conversion and transfer rights. Accordingly, undistributed earnings and losses are allocated to Class A and Class B common stockholders on a proportionate basis. As a result, net income (loss) per share is the same for both Class A and Class B common stock on both an individual and combined basis. Basic net income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of common stock outstanding during the period. Diluted net income (loss) is computed by adjusting net income (loss) to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of common stock outstanding during the period, including potential dilutive common stock assuming the dilutive effect of common stock equivalents.
Derivatives and Hedging	Derivative and Hedging The Company is exposed to interest rate risk associated with its variable-rate debt, which the Company has sought to manage by entering into interest rate swaps that become effective in January 2027. The Company has not designated its derivative instruments as hedging instruments for accounting purposes. As a matter of policy, the Company does not use financial instruments for speculative purposes. ASC 815, Derivatives and Hedging, requires entities to recognize all derivative instruments as either assets or liabilities in the Condensed Consolidated Balance Sheets at fair value. As the Company has not elected to apply hedge accounting for its derivative instruments, changes in the fair value of the derivatives are recognized in current-period earnings. The Company’s derivative contracts include interest rate swap agreements, which, once effective, are expected to economically modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed-rate basis. These agreements involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreements without an exchange of the underlying principal amount.
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net Construction-in-process represents the capitalized costs related to power plants. All costs associated with the acquisition, development and construction of power plants are capitalized. Major improvements are capitalized and repairs and maintenance are expensed. Property, plant and equipment for power plants are stated at cost, net of accumulated depreciation. The Company capitalizes progress and milestone payments made under certain equipment supply agreements when it is probable that the related projects will be completed and the related amounts are recoverable. If the Company determines that recovery of capitalized construction costs is no longer probable, such costs are charged to Operation and maintenance expense in the period the determination is made.
Recent Accounting Pronouncement	Recent Accounting Pronouncement Accounting Standards to be Implemented In May 2026, the FASB issued Accounting Standards Update (“ASU”) 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818)”, which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and related environmental credit obligations. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The requirements will be applied retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on the condensed consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

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+ Details

- Definition

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479953/718-10-S50-5

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.3.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.2.Q6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS

NOTE 3 – DEBT AND OFF-BALANCE SHEET ARRANGEMENTS

Long-term debt, net of issuance costs, consisted of the following:


(Dollars in thousands)	As of June 30,		As of December 31,
	2026		2025
Current portion of long-term debt
Project Granite Facility	$	11,042	$	—
Current portion of long-term debt	11,042		—
Long-term debt
Project Granite Facility	201,302		$	—
Mercuria Credit Facility	30,000		30,000
XRC Facility	—		145,600
Total principal due for long-term debt	231,302		175,600
Less: Unamortized debt issuance cost	(13,926)		(2,763)
Total long-term debt, net of issuance costs and current portion	$	217,376	$	172,837

Project Granite Facility

In March 2026, Cape Phase I Borrower LLC and Phase I WellCo LLC (the “Borrowers”), subsidiaries of the Company, entered into a senior secured credit agreement (the “Granite Credit Agreement”) with a syndicate of lenders led by MUFG Bank, Ltd., as administrative agent, and HSBC Bank USA, National Association, as collateral agent, to finance the construction of the Company’s Cape Station (“Cape Station”) Phase I geothermal facility. In connection with the financing, the Borrowers executed customary project finance agreements, including related closing deliverables.

The Granite Credit Agreement provides for aggregate commitments of approximately $421.4 million, consisting of (i) a construction loan facility, (ii) a tax credit transfer bridge loan facility, (iii) multiple letter of credit facilities, and (iv) a term loan facility into which construction loans are expected to convert upon satisfaction of specified conversion conditions (collectively, the “Project Granite Facility”). Borrowings under the Project Granite Facility are available during the construction period, subject to satisfaction of customary conditions precedent.

Borrowings under the construction loan facility are expected to convert into term loans upon satisfaction of specified conversion conditions, including achievement of substantial completion and delivery of certain project‑level documentation. Borrowings under the construction loan facility bear interest at either (i) the secured overnight financing rate (“SOFR”) or (ii) a base rate, at the Borrowers’ election, in each case plus an applicable margin. The construction loan borrowing outstanding as of June 30, 2026 was a SOFR‑based loan bearing interest at SOFR plus a margin of 3.0%. All SOFR borrowings are subject to a floor of 0.0%. Interest is payable quarterly.

Commitment fees accrue on the unutilized portions of the construction loan facility, the tax credit transfer bridge loan facility, and certain letter of credit facilities at a rate equal to 30.0% of the applicable margin and are payable quarterly.

Following conversion, the term loans will amortize on a quarterly basis beginning in 2027, with the remaining outstanding principal due at maturity. The stated maturity date of the term loans is March 31, 2031. Borrowings under the term loan facility bear interest at either SOFR or the base rate, at the Borrowers’ election, plus an applicable margin, with the SOFR margin equal to 3.0% and subject to annual 0.1% increases beginning in March 2029. Base rate borrowings are subject to a margin that is 1.0% lower than the SOFR margin and are subject to the same annual increases.

The Granite Credit Agreement includes customary optional and mandatory prepayment provisions. Mandatory prepayments may be required, among other circumstances, upon receipt of certain extraordinary cash proceeds, including proceeds from the transfer of investment tax credits, failure to monetize production tax credits at or above specified thresholds, excess borrowings relative to term loan sizing criteria upon conversion, or upon the occurrence of an event of default, in which case the lenders may also cease making further loan advances and/or declare all outstanding obligations immediately due and payable. The Company was in compliance with all covenants under the Project Granite Facility as of June 30, 2026.

Under the terms of the Granite Credit Agreement, the obligations are secured on a first‑priority basis by substantially all assets of the Borrowers, including project‑level assets associated with the Cape Station Phase I geothermal facility, subject to customary permitted liens.

As of June 30, 2026, total outstanding borrowings under the Project Granite Facility were approximately $212.3 million, of which $11.0 million was classified within current portion of long-term debt and the remainder classified within long-term debt on the Condensed Consolidated Balance Sheets. Borrowings under the Project Granite Facility were used to repay the outstanding borrowings under the XRC Facility and to fund transaction costs and project-related costs, including construction expenditures and required reserves.

In March 2026, the Borrowers issued a construction loan with a stated principal amount of approximately $14.2 million, which was used to finance third-party debt issuance costs, agency fees and upfront lender fees. Of these costs, approximately $6.3 million related to undrawn commitments and remained recorded within other long-term assets on the Condensed Consolidated Balance Sheets as of June 30, 2026. The remaining costs allocated to drawn borrowings are presented as a direct reduction of the related debt balance and are included in the $13.9 million of

unamortized debt issuance costs as of June 30, 2026. In addition, the Company incurred approximately $6.7 million of debt issuance costs related to the second draw under the Project Granite Facility during the three months ended June 30, 2026, which are also included in unamortized debt issuance costs.

The Company also had $17.9 million outstanding under the Granite Letter of Credit Facility, which supports project-level contractual and operational obligations and constitutes an off-balance sheet arrangement.

In connection with the Project Granite financing, the Company also entered into agreements to monetize certain production and/or investment tax credits associated with the project, which are expected to generate proceeds to support the overall project financing structure, including repayment of the tax credit transfer bridge loan facility.

Mercuria Credit Facility and Letter of Credit Facility

In 2024 and 2025, Fervo HoldCo LLC, a wholly owned subsidiary of the Company, entered into and amended a credit agreement with Mercuria Energy Trading SA (“Mercuria”) to provide liquidity and corporate-level access to capital (“Mercuria Credit Facility”). The Company also entered into a letter of credit facility agreement with Mercuria in 2024 to provide credit support for its contractual and operational obligations (“Mercuria Letter of Credit Facility”).

As of June 30, 2026 and December 31, 2025, the Company had $30.0 million outstanding under the Mercuria Credit Facility. In connection with the Mercuria Credit Facility, the Company incurred debt issuance costs of $3.5 million, which are recorded in Other long-term assets on the Condensed Consolidated Balance Sheets and are amortized over the term of the agreement.

As of June 30, 2026 and December 31, 2025, the Company also had $43.6 million and $35.5 million, respectively, outstanding under the Mercuria Letter of Credit Facility, which supports project-level contractual and operational obligations and constitutes an off-balance sheet arrangement.

The Company was in compliance with all covenants under the Mercuria Credit Facility and Mercuria Letter of Credit Facility as of June 30, 2026 and December 31, 2025.

XRC Facility

In 2024 and 2025, Cape Generating Station 3 LLC and Cape Generating Station 5 LLC entered into loan agreements with XRL ALC, LLC (“XRC Facility”), issuing three promissory notes across three tranches.

As of December 31, 2025, outstanding borrowings totaled $145.6 million. These amounts are offset by the unamortized debt issuance costs of $2.8 million.

In April 2026, the Company repaid in full the outstanding borrowings of $145.6 million under the XRC Facility. The repayment of the XRC Facility resulted in a loss on extinguishment of debt of $9.0 million, including $6.5 million of prepayment premiums and the $2.5 million write-off of unamortized debt issuance costs, which was recorded to Other non-operating expense, net on the Condensed Consolidated Statements of Operations. Upon the repayment, the XRC Facility was terminated.

Surety Bond Arrangements

As of June 30, 2026 and December 31, 2025, the Company had outstanding surety bonds totaling $64.8 million and $57.5 million, respectively, which constitute off-balance sheet arrangements.

STOCK-BASED COMPENSATION AND ESPP - Narrative (Details) $ in Millions						3 Months Ended		6 Months Ended
	Jun. 15, 2026 USD ($) shares	May 21, 2026	Apr. 13, 2026 USD ($) shares	Mar. 06, 2026 USD ($) tranche shares	Jan. 26, 2026 USD ($) shares	Jun. 30, 2026 USD ($) period	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) period	Jun. 30, 2025 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional shares authorized (in shares) \| shares				34,151,952
Stock options granted (in shares) \| shares				9,959,797
Expected volatility								75.00%
Risk-free interest rate, minimum								3.70%
Risk-free interest rate, maximum								4.10%
Expected dividend yield								0.00%
Option-based awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense						$ 0.0		$ 0.0
Stock options with service condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares				233,805	4,184,750				1,867,585
Stock options granted, grant date fair value				$ 1.9	$ 16.9				$ 3.8
Stock options with service and performance conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares				2,431,498
Stock options granted, grant date fair value				$ 19.6
Additional stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares				7,294,494
Stock options granted, number of tranches \| tranche				3
Additional stock options \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, grant date fair value				$ 11.3
Additional stock options \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, grant date fair value				16.7
Additional stock options \| Tranche three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, grant date fair value				$ 13.6
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares) \| shares	533,708		55,554
Awards granted, grant date fair value	$ 18.9		$ 1.5
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense						$ 0.6		$ 0.6
ESPP, percent of eligible compensation						15.00%		15.00%
ESPP, purchase price								85.00%
Number of purchase periods \| period						2		2
Expected volatility		75.00%
Risk-free interest rate, minimum		3.70%
Risk-free interest rate, maximum		3.80%
Expected dividend yield		0.00%
ESPP \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted, grant date fair value								$ 2.8
ESPP \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted, grant date fair value								3.1
Awards excluding ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense						$ 7.6	$ 0.6	$ 10.2	$ 1.1

WARRANTS (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
WARRANTS (Details) - USD ($) $ in Thousands	Apr. 28, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Exercise of warrants (in shares)		3,550,000
Cash proceeds from exercised warrants	$ 18,700		$ 18,750	$ 0
Loss related to remeasurement of warrants		$ 26,900	$ 39,998	$ 0
Series E-2 convertible preferred stock
Class of Warrant or Right [Line Items]
Exercise of warrants (in shares)	3,550,329
Class A common stock
Class of Warrant or Right [Line Items]
Number of shares issuable upon conversion of preferred stock (in shares)	2,554,107

NONCONTROLLING INTERESTS - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($) instrument	Jun. 30, 2026 USD ($) instrument	Jun. 30, 2025 USD ($)
Noncontrolling Interest [Abstract]
Embedded derivative, number of instruments \| instrument	2	2
Embedded derivative liability fair value	$ 100	$ 100
Gains (losses) on embedded derivative	$ 400	$ 1,620	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,106,371	$ 461,836
Grant receivables	17,177	10,580
Prepaid expenses and other	30,634	9,714
Total current assets	2,154,182	482,130
Deposits	12,602	15,234
Construction-in-process	1,235,160	789,571
Operating leases right-of-use assets	88,667	58,713
Restricted cash	11,000	6,000
Other long-term assets	33,478	13,520
Total assets	3,535,089	1,365,168
Current liabilities:
Accounts payable	29,667	10,789
Accrued capital expenditures	173,961	119,303
Current portion of long-term debt	11,042	0
Operating lease liabilities	24,744	4,822
Other current liabilities	10,614	16,997
Total current liabilities	250,028	151,911
Long-term debt, net of issuance costs and current portion	217,376	172,837
Operating lease liabilities	85,123	72,639
Other long-term liabilities	1,749	11,407
Total liabilities	554,276	408,794
Commitments and Contingencies (Note 19)
Mezzanine equity
Temporary Equity, Carrying Amount, Attributable to Parent	0	1,022,942
Redeemable noncontrolling interest
Redeemable noncontrolling interest	186,976	179,930
Stockholders’ equity (deficit):
Additional paid-in capital	3,126,084	0
Treasury stock, at cost; 0 and 270 shares as of March 31, 2026 and December 31, 2025, respectively	0	(1,960)
Accumulated deficit	(332,277)	(244,539)
Total stockholders’ equity (deficit)	2,793,837	(246,498)
Total liabilities, mezzanine equity, and stockholders’ equity (deficit)	3,535,089	1,365,168
Common stock
Stockholders’ equity (deficit):
Common stock	0	1
Class A common stock
Stockholders’ equity (deficit):
Common stock	29	0
Class B common stock
Stockholders’ equity (deficit):
Common stock	1	0
Cape Phase I HoldCo - Redeemable noncontrolling interest
Redeemable noncontrolling interest
Redeemable noncontrolling interest	105,118	102,586
Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest
Redeemable noncontrolling interest
Redeemable noncontrolling interest	$ 81,858	$ 77,344

EARNINGS PER SHARE - Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Numerator:

Net loss attributable to common shares, basic

$ (59,527)

$ (11,627)

$ (94,791)

$ (20,773)

Net loss attributable to common shares, diluted

$ (59,527)

$ (11,627)

$ (94,791)

$ (20,773)

Denominator:

Weighted-average common stock, basic (in shares)

^[1]

157,003

8,844

83,643

8,902

Weighted-average common stock, diluted (in shares)

^[1]

157,003

8,844

83,643

8,902

Net loss per share – basic (in usd per share)

^[1]

$ (0.38)

$ (1.31)

$ (1.13)

$ (2.33)

Net loss per share – diluted (in usd per share)

^[1]

$ (0.38)

$ (1.31)

$ (1.13)

$ (2.33)

[1]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) (Variable Interest Entities) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 2,106,371	$ 461,836
Prepaid expenses and other	30,634	9,714
Total current assets	2,154,182	482,130
Deposits	12,602	15,234
Construction-in-process	1,235,160	789,571
Other long-term assets	33,478	13,520
Total assets	3,535,089	1,365,168
Liabilities
Accounts payable	29,667	10,789
Accrued capital expenditures	173,961	119,303
Current portion of long-term debt	11,042	0
Other current liabilities	10,614	16,997
Total current liabilities	250,028	151,911
Long-term debt, net of issuance costs and current portion	217,376	172,837
Other long-term liabilities	1,749	11,407
Total liabilities	554,276	408,794
VIEs
Assets
Cash and cash equivalents	11	13,882
Prepaid expenses and other	8,787	545
Total current assets	8,798	14,427
Deposits	3,128	7,158
Construction-in-process	411,702	361,213
Other long-term assets	14,899	0
Total assets	438,527	382,798
Liabilities
Accounts payable	33	0
Accrued capital expenditures	22,273	17,061
Current portion of long-term debt	11,042	0
Other current liabilities	60	2,970
Total current liabilities	33,408	20,031
Long-term debt, net of issuance costs and current portion	187,376	142,837
Other long-term liabilities	1,536	1,468
Total liabilities	222,320	164,336
Total net assets of consolidated VIEs	$ 216,207	$ 218,462

ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

NOTE 6 – ASSET RETIREMENT OBLIGATIONS


(Dollars in thousands)	As of June 30,		As of December 31,
	2026		2025
Beginning balance	$	1,193	$	299
Liabilities incurred during the period	488		843
Accretion expense	68		51
Ending balance	$	1,749	$	1,193

DERIVATIVE INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

NOTE 4 – DERIVATIVE INSTRUMENTS

The Company has entered into derivative instruments intended to manage its exposure to variable-rate debt indexed to Daily Compounded SOFR, issued under its loans drawn from the Granite Credit Agreement dated March 6, 2026. These interest rate swaps become effective in January 2027 and, accordingly, did not provide any hedge of the Company’s interest rate exposure during the periods presented.

Derivative:

Certain information related to our derivatives contracts is presented below:

(Dollars in thousands)

Effective Date

Notional Amount (a)

Fixed Rate

Index

Mandatory Early Termination Date

Maturity Date

Interest Rate Swaps

1/1/2027

$262,375

3.9445%

Daily Compounded SOFR

3/6/2031

12/31/2041

_________________

(a) This amount represents the maximum outstanding notional amount of the interest rate swaps currently entered into over the terms of those interest rate swaps. The notional amounts of the interest rate swaps amortize over the terms of the contracts and range between $262.4 million and $0.8 million each settlement period based on a pre-defined notional schedule.

Derivative Impact on the Condensed Consolidated Statements of Operations:

For the three and six months ended June 30, 2026, the Company recognized unrealized gains of $1.2 million related to its interest rate swap derivative instruments, which were recorded within Interest expense in the Condensed Consolidated Statements of Operations. Nonperformance risk, including the consideration of credit valuation adjustments related to counterparty credit risk and the Company's own credit risk, is incorporated into the fair value measurements of the Company's derivative instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

NONCONTROLLING INTERESTS

6 Months Ended

Jun. 30, 2026

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

NOTE 13 – NONCONTROLLING INTERESTS

As discussed in Note 12 – Variable Interest Entity, the Company has consolidated Cape PI HoldCo and Cape PI Intermediate HoldCo, which were determined to be VIEs for which the Company is the primary beneficiary. Both entities issued Class A Units to third-party investors that represent equity interests in the respective consolidated subsidiaries. Because the Company does not own 100.0% of the outstanding equity in these entities, the Class A Units are accounted for as noncontrolling interests in the consolidated financial statements.

The Class A Units issued by Cape PI HoldCo (“CPI HoldCo Class A Units”) and Intermediate Class A Units issued by Cape PI Intermediate HoldCo (“Intermediate Class A Units”) contain redemption features that are outside the control of the respective issuers but are contingent upon the availability of distributable cash. Accordingly, these Class A Units are classified as redeemable noncontrolling interest and are presented as mezzanine equity on the Condensed Consolidated Balance Sheets.

CPI HoldCo Class A Units are initially recorded at fair value at the time of issuance, less the direct and incremental issuance costs, and are subsequently measured at the current redemption value to the extent such current redemption value exceeds the attribution of income (loss) to the CPI HoldCo Class A Units.

Intermediate Class A Units are initially recorded at proceeds received less the fair value of the warrants issued along with the Intermediate Class A Units and allocated issuance cost. Intermediate Class A Units are subsequently remeasured at their maximum redemption value, to the extent such amounts exceed the allocation of income or loss attributable to the noncontrolling interest. Additionally, two derivatives were identified as being embedded in the Intermediate Class A Units. As of June 30, 2026, conditions relevant to the embedded derivatives were evaluated and one feature was determined to have a fair value of $0.1 million. This amount is included in Other current liabilities (see Note 7 – Other Current Liabilities). Changes in the fair value of the embedded derivative are recognized in earnings. For the three and six months ended June 30, 2026, the Company recognized gains of $0.4 million and $1.6 million, respectively, which were recorded in Other non-operating expense, net.

There were no material changes to the terms, classification or measurement of the Company’s redeemable noncontrolling interests during the six months ended June 30, 2026.

The following table is a summary of the changes in redeemable noncontrolling interest for CPI HoldCo Class A Units for the six months ended June 30, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	102,586
Remeasurement of redeemable noncontrolling interest	2,532
Balance at June 30, 2026	$	105,118

The following table is a summary of the changes in redeemable noncontrolling interest for Intermediate Class A Units for the six months ended June 30, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	77,344
Remeasurement of redeemable noncontrolling interest	4,514
Balance at June 30, 2026	$	81,858

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective tax rate benefit	0.00%	0.00%	0.00%	0.00%

STOCK-BASED COMPENSATION AND ESPP (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions for Stock Options

The grant-date fair value of the stock options with a market condition was estimated using the following Black-Scholes option-pricing model assumptions:


Fair value of common stock	$	8.49
Expected volatility	75.0		%
Expected term (in years)	5-10
Risk-free interest rate	3.7% - 4.1%
Expected dividend yield	0.0		%

Schedule of Valuation Assumptions for ESPP

The grant-date fair value of the ESPP awards was estimated using the following Black-Scholes option-pricing model assumptions:


Valuation Date Stock Price	$	42.50
IPO Stock Price	$	27.00
Term	Various
Expected volatility	75.0		%
Risk-free interest rates	3.7% - 3.8%
Expected dividend yield	0.0		%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

The fair values and the levels within the fair value hierarchy of financial instruments recorded on the Condensed Consolidated Balance Sheets were:


(Dollars in thousands)		As of June 30, 2026				As of December 31, 2025
Financial Instrument	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt instruments:
Debt instruments	Level 2	242,344		242,426		175,600		170,755
Derivatives not designated as hedging instruments:
Interest Rate Swaps (a)	Level 2	$	1,172	$	1,172	$	—	$	—

_________________

(a) As of June 30, 2026, the fair value of the interest rate swaps was recorded in Prepaid expenses and other of $0.1 million and Other long-term assets of $1.1 million.

GRANT INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended		15 Months Ended
GRANT INCOME (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2026
Government Assistance [Abstract]
Grant income netted against research and development expense	$ 0.8	$ 0.0	$ 0.9	$ 0.0
Grant income netted against construction-in-progress			$ 20.7		$ 14.1
Grant awarded during period						$ 22.1	$ 0.7

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These condensed consolidated financial statements include the accounts of the Company and of all majority-owned subsidiaries in which the Company exercises control over operating and financial policies and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information. Accordingly, they do not include all information and notes required by U.S. GAAP for annual financial statements. The accompanying condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025, Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) and Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in the notes to the condensed consolidated financial statements related to these periods are unaudited. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included elsewhere in the Company’s final prospectus filed with the Securities and Exchange Commission (the “SEC”) on May 14, 2026, pursuant to Rule 424(b)(4) (the “IPO Prospectus”) as of and for the years ended December 31, 2025 and 2024. The Condensed Consolidated Balance Sheet data as of December 31, 2025 was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP for annual financial statements. Intercompany accounts and transactions have been eliminated in consolidation. Apart from the following updates resulting from transactions that occurred during the six months ended June 30, 2026 and the issuance of one recent accounting pronouncement, there have been no further material changes to the Company’s significant accounting policies or recent accounting pronouncements during the interim period from those described in Note 2 – Significant Accounting Policies to the audited consolidated financial statements included in the Company’s IPO Prospectus as of and for the years ended December 31, 2025 and 2024. Reverse Stock Split On May 14, 2026, in connection with the Company’s IPO, the Company effected a 0.7194-for-1 reverse stock split of its common stock (the “Reverse Stock Split”). Shares and earnings per share for periods presented have been retroactively adjusted to reflect the Reverse Stock Split in the condensed consolidated financial statements for the six months ended June 30, 2026 and 2025. See Note 1 – Nature of Business for additional information on all transactions completed in connection with the IPO. Treasury Stock The Company accounts for treasury stock using the cost method in accordance with FASB Accounting Standards Codification (“ASC”) 505-30, Equity-Treasury Stock. Under this method, treasury stock is recorded at cost on the date of repurchase and presented as a reduction in Treasury stock. When the Company’s stock is retired or repurchased for constructive retirement (with or without an intention to retire the stock formally in accordance with applicable laws), any excess of par or stated value over the cost of treasury shares is credited to Additional paid-in capital on the Condensed Consolidated Balance Sheets. Stock-based Compensation Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). For stock option awards without a market condition, the fair value of each stock option award is estimated on the grant date utilizing a standard Black-Scholes option-pricing model (i.e., a standard European call option model). For stock option awards with market conditions, the fair value of each stock option award is estimated on the grant date utilizing a more complex Black-Scholes option-pricing model, which captures the additional market condition threshold. For restricted stock unit awards, which have service-only vesting conditions, the fair value of each restricted stock unit award is based on the closing price of the Company’s publicly traded Class A common stock on the date of the grant. The stock option and restricted stock unit awards are classified as equity. For stock option and restricted stock unit awards that follow a graded vesting schedule with a service-only vesting condition, the related stock-based compensation expense is recognized over the requisite service period of the awards. For stock option awards which follow a graded vesting schedule that have a performance-based vesting condition, such awards are recognized on a tranche-by-tranche basis, resulting in each vesting tranche being treated as a separate award. On a tranche-by-tranche basis, stock-based compensation cost for each tranche is recognized over the respective vesting period when it is probable that the performance condition will be achieved. Each reporting period, the Company reassesses the probability of achieving the respective performance condition. If the condition is not expected to be met, no compensation cost is recognized and any previously recognized amount recorded is reversed. If the award contains market-based vesting conditions, the stock-based compensation cost is based on the grant-date fair value and expected achievement of market conditions and is not subsequently reversed if it is later determined that the condition is not likely to be met, as long as the related service and performance conditions are achieved. Forfeitures are accounted for as they occur. Prior to the six months ended June 30, 2026, the Company only had stock-based awards with a service-only vesting condition. The Black-Scholes option-pricing model requires the input of significant assumptions. Such assumptions may be highly subjective and include the fair value of the underlying common stock, the expected term of the stock option, the expected volatility of the price of the Company’s common stock, risk-free interest rates, and the expected dividend yield of common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. Employee Stock Purchase Plan The Company accounts for its Employee Stock Purchase Plan ("ESPP") in accordance with ASC 718, as the ESPP is considered to be compensatory. The Company’s ESPP awards are classified as equity awards and measured at grant-date fair value using the Black-Scholes option-pricing model. Each purchase period is accounted for as a separate option tranche, with its own grant date. Stock-based compensation expense is recognized over the requisite service period associated with each purchase period. Employee payroll deductions accumulated under the ESPP are recorded as a liability until the related shares are issued or the amounts are otherwise refunded. The Company accounts for forfeitures as they occur. The fair value of ESPP awards is determined using the Black-Scholes option-pricing model, which relies on the same types of significant and subjective assumptions as those detailed in the Stock-based Compensation policy discussed above. The assumptions used to determine fair value represent management’s best estimates, involving inherent uncertainties and the application of judgment. Net Income (Loss) Per Share The Company follows the two-class method when computing net income (loss) per share. The two-class method requires income available to common shareholders for the period to be allocated between common and participating securities based upon their respective rights to receive distributions as if all income for the period had been distributed. Preferred shares are participating securities because they are entitled to undistributed earnings based on the liquidation preferences. The preferred shares outstanding prior to the IPO do not have the contractual obligation to share in the losses of the Company on a basis that is objectively determinable. Therefore, they are excluded from the allocation of undistributed losses in determining net loss per share. The rights of the holders of the Class A common stock and Class B common stock are identical, except with respect to voting, conversion and transfer rights. Accordingly, undistributed earnings and losses are allocated to Class A and Class B common stockholders on a proportionate basis. As a result, net income (loss) per share is the same for both Class A and Class B common stock on both an individual and combined basis. Basic net income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of common stock outstanding during the period. Diluted net income (loss) is computed by adjusting net income (loss) to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share is computed by dividing the diluted net income (loss) by the weighted average number of common stock outstanding during the period, including potential dilutive common stock assuming the dilutive effect of common stock equivalents. Derivative and Hedging The Company is exposed to interest rate risk associated with its variable-rate debt, which the Company has sought to manage by entering into interest rate swaps that become effective in January 2027. The Company has not designated its derivative instruments as hedging instruments for accounting purposes. As a matter of policy, the Company does not use financial instruments for speculative purposes. ASC 815, Derivatives and Hedging, requires entities to recognize all derivative instruments as either assets or liabilities in the Condensed Consolidated Balance Sheets at fair value. As the Company has not elected to apply hedge accounting for its derivative instruments, changes in the fair value of the derivatives are recognized in current-period earnings. The Company’s derivative contracts include interest rate swap agreements, which, once effective, are expected to economically modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed-rate basis. These agreements involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreements without an exchange of the underlying principal amount. Property, Plant and Equipment, Net Construction-in-process represents the capitalized costs related to power plants. All costs associated with the acquisition, development and construction of power plants are capitalized. Major improvements are capitalized and repairs and maintenance are expensed. Property, plant and equipment for power plants are stated at cost, net of accumulated depreciation. The Company capitalizes progress and milestone payments made under certain equipment supply agreements when it is probable that the related projects will be completed and the related amounts are recoverable. If the Company determines that recovery of capitalized construction costs is no longer probable, such costs are charged to Operation and maintenance expense in the period the determination is made. Recent Accounting Pronouncement Accounting Standards to be Implemented In May 2026, the FASB issued Accounting Standards Update (“ASU”) 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818)”, which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and related environmental credit obligations. The guidance is effective for public business entities for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. The requirements will be applied retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on the condensed consolidated financial statements and related disclosures.

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Class A Shares

^[2]

Class B Shares

Redeemable convertible preferred stock

Common Stock

Class A Shares

Common Stock

Class B Shares

Common Stock

Redeemable convertible preferred stock

Treasury Stock

Additional paid-in capital

Redeemable convertible preferred stock

Accumulated deficit

Beginning balance (in shares) at Dec. 31, 2024

223,458

Beginning balance at Dec. 31, 2024

$ 561,500

Ending balance (in shares) at Mar. 31, 2025

223,458

Ending balance at Mar. 31, 2025

$ 561,500

Beginning balance (in shares) at Dec. 31, 2024

Beginning balance at Dec. 31, 2024

$ 0

Ending balance at Mar. 31, 2025

$ 0

Ending balance (in shares) at Mar. 31, 2025

Beginning balance (in shares) at Dec. 31, 2024

^[1]

8,971

Beginning balance at Dec. 31, 2024

$ (177,195)

$ 1

$ 0

$ 2,582

$ (179,778)

Treasury stock, beginning balance (in shares) at Dec. 31, 2024

^[1]

Stockholders' Deficit

Stock-based compensation

489

Repurchase of shares (in shares)

^[1]

265

Repurchase of shares

(1,945)

$ (1,945)

Exercise of stock-based awards by employees and directors (in shares)

^[1]

105

Exercise of stock-based awards by employees and directors

Net loss

(9,146)

Ending balance (in shares) at Mar. 31, 2025

^[1]

9,076

Ending balance at Mar. 31, 2025

$ (187,708)

$ 1

$ (1,945)

3,160

(188,924)

Treasury stock, ending balance (in shares) at Mar. 31, 2025

^[1]

265

Beginning balance (in shares) at Dec. 31, 2024

223,458

Beginning balance at Dec. 31, 2024

$ 561,500

Ending balance (in shares) at Jun. 30, 2025

223,458

Ending balance at Jun. 30, 2025

$ 561,500

Beginning balance (in shares) at Dec. 31, 2024

Beginning balance at Dec. 31, 2024

$ 0

Redeemable noncontrolling interests

Remeasurement of noncontrolling interests

Ending balance at Jun. 30, 2025

$ 81,238

Ending balance (in shares) at Jun. 30, 2025

Beginning balance (in shares) at Dec. 31, 2024

^[1]

8,971

Beginning balance at Dec. 31, 2024

$ (177,195)

$ 1

$ 0

2,582

(179,778)

Treasury stock, beginning balance (in shares) at Dec. 31, 2024

^[1]

Stockholders' Deficit

Retirement of treasury shares

Net loss

(20,584)

Ending balance (in shares) at Jun. 30, 2025

^[1]

9,155

Ending balance at Jun. 30, 2025

$ (198,482)

$ 1

$ (1,960)

3,839

(200,362)

Treasury stock, ending balance (in shares) at Jun. 30, 2025

^[1]

270

Beginning balance (in shares) at Mar. 31, 2025

223,458

Beginning balance at Mar. 31, 2025

$ 561,500

Ending balance (in shares) at Jun. 30, 2025

223,458

Ending balance at Jun. 30, 2025

$ 561,500

Beginning balance (in shares) at Mar. 31, 2025

Beginning balance at Mar. 31, 2025

$ 0

Redeemable noncontrolling interests

Issuance of shares in subsidiaries (in shares)

Issuance of shares in subsidiaries

$ 81,238

Ending balance at Jun. 30, 2025

$ 81,238

Ending balance (in shares) at Jun. 30, 2025

Beginning balance (in shares) at Mar. 31, 2025

^[1]

9,076

Beginning balance at Mar. 31, 2025

$ (187,708)

$ 1

$ (1,945)

3,160

(188,924)

Treasury stock, beginning balance (in shares) at Mar. 31, 2025

^[1]

265

Stockholders' Deficit

Stock-based compensation

613

Repurchase of shares (in shares)

^[1]

Repurchase of shares

(15)

$ (15)

Exercise of stock-based awards by employees and directors (in shares)

^[1]

Exercise of stock-based awards by employees and directors

Net loss

(11,438)

Ending balance (in shares) at Jun. 30, 2025

^[1]

9,155

Ending balance at Jun. 30, 2025

$ (198,482)

$ 1

$ (1,960)

3,839

(200,362)

Treasury stock, ending balance (in shares) at Jun. 30, 2025

^[1]

270

Beginning balance (in shares) at Dec. 31, 2025

279,995

Beginning balance at Dec. 31, 2025

$ 1,022,942

Redeemable convertible preferred stock

Other

$ (56)

Ending balance (in shares) at Mar. 31, 2026

279,995

Ending balance at Mar. 31, 2026

$ 1,022,886

Beginning balance (in shares) at Dec. 31, 2025

Beginning balance at Dec. 31, 2025

$ 179,930

Redeemable noncontrolling interests

Remeasurement of noncontrolling interests

3,434

Ending balance at Mar. 31, 2026

$ 183,364

Ending balance (in shares) at Mar. 31, 2026

Beginning balance (in shares) at Dec. 31, 2025

9,457

^[3]

Beginning balance at Dec. 31, 2025

$ (246,498)

$ 1

$ 0

$ (1,960)

(244,539)

Treasury stock, beginning balance (in shares) at Dec. 31, 2025

270

^[2]

270

^[3]

Stockholders' Deficit

Remeasurement of noncontrolling interests

$ (3,434)

(3,441)

Stock-based compensation

2,615

Exercise of stock-based awards by employees and directors (in shares)

^[3]

416

Exercise of stock-based awards by employees and directors

826

Net loss

(31,830)

Ending balance (in shares) at Mar. 31, 2026

9,873

^[3]

Ending balance at Mar. 31, 2026

$ (278,321)

$ 1

$ 0

$ (1,960)

(276,362)

Treasury stock, ending balance (in shares) at Mar. 31, 2026

^[3]

270

Beginning balance (in shares) at Dec. 31, 2025

279,995

Beginning balance at Dec. 31, 2025

$ 1,022,942

Ending balance (in shares) at Jun. 30, 2026

Ending balance at Jun. 30, 2026

$ 0

Beginning balance (in shares) at Dec. 31, 2025

Beginning balance at Dec. 31, 2025

$ 179,930

Redeemable noncontrolling interests

Remeasurement of noncontrolling interests

7,046

Ending balance at Jun. 30, 2026

$ 186,976

Ending balance (in shares) at Jun. 30, 2026

Beginning balance (in shares) at Dec. 31, 2025

9,457

^[3]

Beginning balance at Dec. 31, 2025

$ (246,498)

$ 1

$ 0

$ (1,960)

(244,539)

Treasury stock, beginning balance (in shares) at Dec. 31, 2025

270

^[2]

270

^[3]

Stockholders' Deficit

Retirement of treasury shares

$ (1,960)

Net loss

(87,745)

Ending balance (in shares) at Jun. 30, 2026

286,869

7,785

^[3]

286,869

7,785

Ending balance at Jun. 30, 2026

$ 2,793,837

$ 0

$ 29

$ 1

$ 0

3,126,084

(332,277)

Treasury stock, ending balance (in shares) at Jun. 30, 2026

^[2]

^[3]

Beginning balance (in shares) at Mar. 31, 2026

279,995

Beginning balance at Mar. 31, 2026

$ 1,022,886

Redeemable convertible preferred stock

Exercise of warrants (in shares)

3,550

Exercise of warrants

$ 68,961

Conversion of redeemable convertible preferred stock (in shares)

(283,545)

Conversion of redeemable convertible preferred stock

$ (1,091,847)

Ending balance (in shares) at Jun. 30, 2026

Ending balance at Jun. 30, 2026

$ 0

Beginning balance (in shares) at Mar. 31, 2026

Beginning balance at Mar. 31, 2026

$ 183,364

Redeemable noncontrolling interests

Remeasurement of noncontrolling interests

3,612

Ending balance at Jun. 30, 2026

$ 186,976

Ending balance (in shares) at Jun. 30, 2026

Beginning balance (in shares) at Mar. 31, 2026

9,873

^[3]

Beginning balance at Mar. 31, 2026

$ (278,321)

$ 1

$ 0

$ (1,960)

(276,362)

Treasury stock, beginning balance (in shares) at Mar. 31, 2026

^[3]

270

Stockholders' Deficit

Remeasurement of noncontrolling interests

(3,612)

Exercise of warrants and conversion of shares (in shares)

(7,785)

7,785

203,983

Exercise of warrants and conversion of shares

$ 0

$ 1,091,847

$ (1)

$ 1

$ 20

$ 1,091,827

Retirement of treasury shares (in shares)

^[3]

270

Retirement of treasury shares

$ 1,960

(1,960)

Stock-based compensation

8,230

Exercise of stock-based awards by employees and directors (in shares)

560

^[3]

Exercise of stock-based awards by employees and directors

374

Issuance of Class A and Class B Common Stock in Initial Public Offering, net of underwriters’ discounts and commissions (in shares)

(10,433)

^[3]

90,663

Issuance of Class A common stock in Initial Public Offering, net of underwriters’ discounts and commissions of $130,410 and offering costs of $11,855

2,031,234

$ (1)

$ 10

2,031,225

Net loss

(55,915)

Ending balance (in shares) at Jun. 30, 2026

286,869

7,785

^[3]

286,869

7,785

Ending balance at Jun. 30, 2026

$ 2,793,837

$ 0

$ 29

$ 1

$ 0

$ 3,126,084

$ (332,277)

Treasury stock, ending balance (in shares) at Jun. 30, 2026

^[2]

^[3]

[1]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.
[2]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s initial public offering (“IPO”). See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.
[3]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical)	May 14, 2026
Income Statement [Abstract]
Stock split conversion ratio	0.7194

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
shares in Thousands

Jun. 30, 2026

$ / shares

Dec. 31, 2025

$ / shares

Statement [Line Items]

Redeemable convertible preferred stock, par value (in usd per share) | $ / shares

$ 0.0001

Redeemable convertible preferred stock, authorized (in shares)

283,546

Redeemable convertible preferred stock, issued (in shares)

279,995

Redeemable convertible preferred stock, outstanding (in shares)

279,995

Treasury stock (in shares)

^[1]

270

Common stock

Statement [Line Items]

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, authorized (in shares)

358,279

Common stock, issued (in shares)

9,457

Class A common stock

Statement [Line Items]

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, authorized (in shares)

^[1]

1,000,000

Common stock, issued (in shares)

^[1]

286,869

Class B common stock

Statement [Line Items]

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, authorized (in shares)

40,000

Common stock, issued (in shares)

7,785

[1]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s initial public offering (“IPO”). See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19 – COMMITMENTS AND CONTINGENCIES Contractual Commitments As of June 30, 2026, the Company had outstanding contractual commitments of approximately $488.3 million, primarily related to its Cape Station Phase I and Cape Station Phase II facilities. This amount represents the Company’s contractual obligations under binding supplier contracts, including fixed and variable components. Litigation and Other Legal Proceedings The Company records liabilities related to litigation and other legal proceedings when they are either known or considered probable and can be reasonably estimated. Legal proceedings are inherently unpredictable and subject to significant uncertainties, and significant judgment is required to determine both probability and the estimated amount. As a result of these uncertainties, any liabilities recorded are based on the best information available at the time. As any new information becomes available, the Company reassesses the potential liability related to pending litigation. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Company’s financial condition, results of operations or cash flows for the periods presented. Environmental permits U.S. environmental permitting regimes with respect to geothermal projects center upon several general areas of focus. The first involves land use approvals. These may take the form of Special Use Permits or Conditional Use Permits from local planning authorities or a series of development and utilization plan approvals and right-of-way approvals where the geothermal facility is entirely or partly on BLM lands. Certain federal approvals require a review of environmental impacts in conformance with the federal National Environmental Policy Act. These federal and local land use approvals typically impose conditions and restrictions on the construction, scope and operation of geothermal projects. The second category of permitting focuses on the installation and use of the geothermal wells themselves. Geothermal projects typically have three types of wells: (i) exploration wells designed to define and verify the geothermal resource, (ii) production wells to extract the hot geothermal liquids (also known as brine), and (iii) injection wells to inject the brine back into the subsurface resource. For geothermal wells, including exploration, production and injection wells, the Company obtains applicable drilling, construction, operating and/or injection permits from the relevant federal, state or local agencies in the jurisdictions in which the wells are located. A third category of permits involves the regulation of potential air emissions associated with the construction and operation of wells. Generally, each well requires a preconstruction air permit and storm water discharge permit before earthwork can commence. Certain jurisdictions may also require ministerial or administrative permits such as building permits, hazardous materials storage and management permits, and pressure vessel operating permits. In some cases, projects may also require permits, issued by the applicable federal agencies or authorized state agencies, regarding threatened or endangered species, permits to impact wetlands or other waters and notices of construction of structures which may have an impact on airspace. Environmental laws and regulations may change in the future that may modify the time to receive such permits and associated costs of compliance. All of the material environmental permits and approvals currently required have been obtained. The Company sometimes experiences regulatory delays in obtaining various permits and approvals required for projects in development and construction. These delays may lead to increases in the time and cost to complete these projects. The Company’s operations are designed and conducted to comply with applicable environmental permits and approval requirements. Environmental laws and regulations The Company’s facilities and operations are subject to several federal, state, local and foreign environmental laws and regulations relating to development, construction and operation. In the U.S., these may include the Clean Air Act, the Clean Water Act, the Emergency Planning and Community Right-to-Know Act, the Endangered Species Act, the National Environmental Policy Act, the Resource Conservation and Recovery Act, and related state laws and regulations.

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17 – INCOME TAXES The Company’s effective tax rate was 0.0% for the three and six months ended June 30, 2026 and 2025. The effective rate differs from the federal statutory rate of 21.0% primarily due to the exercise of warrants and valuation allowance. State and local income tax impacts primarily relate to minimal filing obligations in Utah, California, and the District of Columbia, which collectively comprise the majority of the Company’s state and local income tax exposure. Such obligations did not result in a material current state or local tax expense or benefit and had no material impact on the Company’s effective tax rate for the three and six months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 55
-Paragraph 231
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

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-Section 50
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

COMMON STOCK	6 Months Ended
COMMON STOCK	Jun. 30, 2026
Equity [Abstract]
COMMON STOCK	NOTE 9 – COMMON STOCK The rights of the Company’s Class A common stock and Class B common stock issued after the IPO are summarized below. Voting Rights The holders of Class A common stock are entitled to one vote for each share on all voting matters other than matters that solely relate to the terms of one or more outstanding series of preferred stock. The holders of Class B common stock are entitled to 40 votes for each share of Class B common stock on all voting matters other than matters that solely relate to the terms of one or more outstanding series of preferred stock. The holders of shares of Class A and Class B common stock shall, at all times, vote together as a single class on all matters submitted to a vote of the stockholders, including election of directors to the Board of Directors (“Board”). Dividends and Liquidation Rights The holders of Class A and Class B common stock are entitled to dividends if declared by the Board and subject to any rights of the holders of preferred stock outstanding at the time. If the dividend is in the form of common stock, the holders of Class A and Class B common stock will receive a dividend in the respective class of common stock held. During the six months ended June 30, 2026 and 2025, no dividends on the Company’s common stock had been paid or declared by the Company. In the event of any voluntary or involuntary liquidation, dissolution, winding up of the Company, the holders of Class A and Class B common stock are entitled to share in any distribution of assets on a pro rata basis, subject to any rights of the holders of preferred stock outstanding at the time. Class B Common Stock Conversion Rights Holders of Class B common stock have the right to convert one share of Class B common stock into one share of Class A common stock at any time unless an automatic or mandatory conversion event has occurred. Each share of Class B common stock generally converts automatically into one share of Class A common stock upon any transfer, whether or not for value, subject to specified exceptions for permitted transfers. All outstanding shares of Class B common stock also convert automatically into Class A common stock on a 1:1 basis upon the earliest to occur of the following mandatory conversion events: (1) the first trading day following the seventh anniversary of the Company’s IPO of Class A common stock, (2) the date on which the Co-Founders and their permitted transferees (including shares underlying outstanding options) cease to hold at least 25% of the aggregate number of Class A and Class B common stock held as of the effective date of the IPO, and (3) certain Co-Founder-specific events such as death, disability or termination for cause. Other Rights Holders of Class A and Class B common stock are generally entitled to equal treatment on a per-share basis in mergers, consolidations and other similar transactions. Any differences in equity consideration distributed to Class A and Class B holders are generally limited to preserving the relative voting rights of the two classes, unless otherwise approved by the requisite vote of each class of common stock.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 18 – RELATED PARTY TRANSACTIONS The Company evaluates its relationships and transactions with related parties in accordance with ASC 850, Related Party Disclosures. Related parties include affiliates, principal owners, management, members of the Board of Directors, and their immediate family members, as well as entities under common control or significant influence. During the three and six months ended June 30, 2026 and 2025, the Company incurred costs for technical services provided by a supplier that was a major investor in the Company and a member of the Company’s Board of Directors. The supplier ceased to be a related party during the three months ended June 30, 2026. Costs related to these services were $0.0 million and $0.1 million for the three and six months ended June 30, 2026, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively. These costs were recorded in General and administrative expense in the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Topic 850
-Name Accounting Standards Codification
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-Topic 850
-SubTopic 10
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-Topic 850
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+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenues

$ 113

$ 0

$ 174

$ 0

Costs and expenses:

Operation and maintenance

306

158

788

410

Research and development (income) expense, net

(712)

395

(784)

359

General and administrative expense

27,427

9,484

44,417

17,163

Operating lease expense

1,490

205

4,110

2,194

Depreciation and amortization

344

437

103

Operating loss

(28,742)

(10,298)

(48,794)

(20,229)

Other income (expense):

Interest income

10,521

601

13,336

2,629

Interest expense

(2,215)

(1,739)

(4,932)

(2,966)

Other non-operating expense, net

(35,478)

(47,354)

(16)

Loss before income taxes

(55,914)

(11,436)

(87,744)

(20,582)

Income tax expense

(1)

(2)

(1)

(2)

Net loss

(55,915)

(11,438)

(87,745)

(20,584)

Net loss per share information:

Net loss

(55,915)

(11,438)

(87,745)

(20,584)

Less: Remeasurement of redeemable noncontrolling interest

(3,612)

(189)

(7,046)

(189)

Net loss attributable to common stock, basic

(59,527)

(11,627)

(94,791)

(20,773)

Net loss attributable to common stock, diluted

$ (59,527)

$ (11,627)

$ (94,791)

$ (20,773)

Weighted average shares, basic (in shares)

^[1]

157,003

8,844

83,643

8,902

Weighted average shares, diluted (in shares)

^[1]

157,003

8,844

83,643

8,902

Net loss per share attributable to common stockholders, basic (in usd per share)

^[1]

$ (0.38)

$ (1.31)

$ (1.13)

$ (2.33)

Net loss per share attributable to common stockholders, diluted (in usd per share)

^[1]

$ (0.38)

$ (1.31)

$ (1.13)

$ (2.33)

[1]	Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Certain Information Related to Derivatives

Certain information related to our derivatives contracts is presented below:

(Dollars in thousands)

Effective Date

Notional Amount (a)

Fixed Rate

Index

Mandatory Early Termination Date

Maturity Date

Interest Rate Swaps

1/1/2027

$262,375

3.9445%

Daily Compounded SOFR

3/6/2031

12/31/2041

_________________

NONCONTROLLING INTERESTS - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 183,364	$ 179,930	$ 179,930
Remeasurement of redeemable noncontrolling interest	(3,612)	(3,434)
Ending balance	186,976	183,364	186,976
CPI HoldCo Class A Units
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance		102,586	102,586
Remeasurement of redeemable noncontrolling interest			2,532
Ending balance	105,118		105,118
CPI Intermediate Class A Units
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance		$ 77,344	77,344
Remeasurement of redeemable noncontrolling interest			4,514
Ending balance	$ 81,858		$ 81,858

- Definition

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References

+ Details

VARIABLE INTEREST ENTITY	6 Months Ended
VARIABLE INTEREST ENTITY	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITY	NOTE 12 – VARIABLE INTEREST ENTITY The Company evaluated its interests in certain legal entities and determined that Cape Phase I HoldCo, LLC (“Cape PI HoldCo”) and Cape Phase I Intermediate HoldCo, LLC (“Cape PI Intermediate HoldCo”) are VIEs under ASC 810, Consolidation (“ASC 810”) as of June 30, 2026. The Company concluded that it is the primary beneficiary of these VIEs because it has (i) the power to direct the activities that most significantly impact these VIEs’ economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to these VIEs. The Company holds its interest in Cape PI Intermediate HoldCo through other consolidated subsidiaries. Cape PI HoldCo is consolidated into Cape PI Intermediate HoldCo as the direct owner of its equity interests. Accordingly, the Company has consolidated Cape PI HoldCo and Cape PI Intermediate HoldCo in the accompanying condensed consolidated financial statements and recognized noncontrolling interests related to these VIEs. Refer to Note 13 – Noncontrolling Interests. The assets of Cape PI HoldCo and Cape PI Intermediate HoldCo may only be used to settle the obligations of the respective VIEs, and creditors of these entities do not have recourse to the general credit of the Company. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is limited to its investment in the entities and any contractual arrangements that require the Company to provide financial support. As of June 30, 2026, such ongoing financial support includes capital commitments and construction-related funding obligations consistent with those disclosed in the Company’s audited consolidated financial statements for the years ended December 31, 2025 and 2024. Management reassesses its involvement with Cape PI HoldCo and Cape PI Intermediate HoldCo on an ongoing basis to determine whether the Company continues to be the primary beneficiary, including upon the occurrence of a reconsideration event. There have been no material changes in the Company’s VIE conclusions, consolidation determinations or maximum exposure to loss during the six months ended June 30, 2026 from those disclosed as of and for the year ended December 31, 2025.