FRVO
Fervo Energy Co
Company overview
- Market capitalization
- —
- Employees
- 199
- Latest publication
- 2026-09-29
About Fervo Energy Co
Fervo Energy Company operates as a geothermal energy developer, builds, owns, and operates geothermal power facilities. The company's product incorporates horizontal drilling, advanced computational models, and distributed fiber optic sensing that increase the productivity and lifetime of geothermal wells. The company employs precision directional drilling technology to drill horizontally in geothermal reservoirs and develops a data analytics algorithm that enables the identification of existing resources and optimizes flow distribution through the reservoir for heat mining efficiency. The company was incorporated in 2017 and is headquartered in Houston, Texas.
Financial statements
Income Quarterly
| Metric | Q2 20262026-06-30 · USD | Q1 20262026-03-31 · USD |
|---|---|---|
| Total Revenue | 113,000USD | 61,000USD |
| Cost Of Revenue | 306,000USD | 482,000USD |
| Gross Profit | -193,000USD | -421,000USD |
| Research Development | -712,000USD | — |
| Selling General Administrative | 27,427,000USD | — |
| General And Administrative Expenses | 27,427,000USD | 16,990,000USD |
| Other Operating Expenses | 1,490,000USD | — |
| Total Operating Expenses | 28,549,000USD | 19,631,000USD |
| Operating Income | -28,742,000USD | -20,052,000USD |
| Total Other Income Expense Net | -27,172,000USD | -11,778,000USD |
| Interest Income | 10,521,000USD | 2,815,000USD |
| Interest Expense | 2,215,000USD | 2,717,000USD |
| Depreciation And Amortization | 344,000USD | 93,000USD |
| Income Before Tax | -55,914,000USD | -31,830,000USD |
| Income Tax Expense | 1,000USD | 0USD |
| Net Income | -55,915,000USD | -31,830,000USD |
| Net Income Applicable To Common Shares | -59,527,000USD | -35,264,000USD |
| Source | DisclosureDeterministicFinal | DisclosureDeterministicFinal |
Income Yearly
| Metric | FY 20252025-12-31 · USD | FY 20242024-12-31 · USD |
|---|---|---|
| Total Revenue | 138,000USD | 199,000USD |
| Cost Of Revenue | 388,000USD | 380,000USD |
| Gross Profit | -250,000USD | -181,000USD |
| Selling General Administrative | 48,399,000USD | 41,630,000USD |
| Total Operating Expenses | 48,944,000USD | 42,037,000USD |
| Operating Income | -48,806,000USD | -41,838,000USD |
| Interest Income | 4,192,000USD | 1,787,000USD |
| Interest Expense | 8,406,000USD | 766,000USD |
| Net Interest Income | -4,214,000USD | 1,021,000USD |
| Income Before Tax | -57,787,000USD | -41,054,000USD |
| Tax Provision | 1,000USD | 56,000USD |
| Net Income | -57,788,000USD | -41,110,000USD |
| Net Income From Continuing Ops | -57,788,000USD | -41,110,000USD |
| Reconciled Depreciation | 290,000USD | 124,000USD |
| Total Other Income Expense Net | -4,767,000USD | -237,000USD |
| Source | Legacy providerLegacy | Legacy providerLegacy |
Balance sheet Quarterly
| Metric | Q2 20262026-06-30 · USD | Q1 20262026-03-31 · USD |
|---|---|---|
| Total Assets | 3,535,089,000USD | 1,427,507,000USD |
| Cash And Equivalents | 2,106,371,000USD | 280,776,000USD |
| Total Current Assets | 2,154,182,000USD | 307,869,000USD |
| Other Current Assets | 30,634,000USD | 10,338,000USD |
| Other Non Current Assets | 33,478,000USD | 35,244,000USD |
| Total Liabilities | 554,276,000USD | 499,578,000USD |
| Total Current Liabilities | 250,028,000USD | 201,920,000USD |
| Other Current Liabilities | 10,614,000USD | 20,932,000USD |
| Other Non Current Liabilities | 1,749,000USD | 24,673,000USD |
| Total Stockholder Equity | 2,793,837,000USD | -278,321,000USD |
| Total Equity Including Noncontrolling Interest | 2,980,813,000USD | 927,929,000USD |
| Short Long Term Debt | 11,042,000USD | — |
| Long Term Debt | 217,376,000USD | 186,636,000USD |
| Net Receivables | 17,177,000USD | — |
| Property Plant Equipment Net | 1,323,827,000USD | 91,112,000USD |
| Accounts Payable | 29,667,000USD | — |
| Short Term Debt | 24,744,000USD | 25,335,000USD |
| Common Stock | 30,000USD | 1,000USD |
| Retained Earnings | -332,277,000USD | -276,362,000USD |
| Source | DisclosureDeterministicFinal | DisclosureDeterministicFinal |
Balance sheet Yearly
| Metric | FY 20252025-12-31 · USD | FY 20242024-12-31 · USD |
|---|---|---|
| Total Assets | 1,365,168,000USD | 531,299,000USD |
| Other Current Assets | 7,714,000USD | 7,917,000USD |
| Total Liab | 1,431,736,000USD | 708,494,000USD |
| Total Stockholder Equity | -246,498,000USD | -177,195,000USD |
| Other Current Liab | 1,680,000USD | — |
| Capital Stock | 1,000USD | 1,000USD |
| Retained Earnings | -244,539,000USD | -179,778,000USD |
| Cash | 461,836,000USD | 193,428,000USD |
| Total Current Assets | 482,130,000USD | 205,297,000USD |
| Total Current Liabilities | 151,911,000USD | 66,825,000USD |
| Long Term Debt | 172,837,000USD | 39,019,000USD |
| Accounts Payable | 10,789,000USD | 35,036,000USD |
| Property Plant Equipment Net | 848,285,000USD | 284,572,000USD |
| Property Plant Equipment Gross | 848,285,000USD | 284,572,000USD |
| Common Stock Shares Outstanding | 283,562,333shares | 283,562,333shares |
| Non Current Assets Total | 883,039,000USD | 326,002,000USD |
| Non Current Liabilities Total | 1,279,825,000USD | 641,669,000USD |
| Non Current Liabilities Other | 11,407,000USD | 299,000USD |
| Non Currrent Assets Other | 14,020,000USD | 8,910,000USD |
| Net Working Capital | 330,219,000USD | 138,472,000USD |
| Unclassified Current Assets | 12,580,000USD | 3,952,000USD |
| Unclassified Non Current Assets | 20,734,000USD | 32,520,000USD |
| Unclassified Current Liabilities | 139,442,000USD | 31,789,000USD |
| Unclassified Non Current Liabilities | 1,095,581,000USD | 602,351,000USD |
| Unclassified Equity | — | 2,582,000USD |
| Source | Legacy providerLegacy | Legacy providerLegacy |
Cash flow YTD
| Metric | Q2 20262026-06-30 · USD |
|---|---|
| Net Income | -87,745,000USD |
| Depreciation | 437,000USD |
| Stock Based Compensation | 10,845,000USD |
| Other Non Cash Items | 50,450,000USD |
| Unclassified Operating Cash Flow | 0USD |
| Change To Liabilities | 5,139,000USD |
| Change In Working Capital | -17,760,000USD |
| Operating Cash Flow | -43,773,000USD |
| Capital Expenditures | -399,278,000USD |
| Investing Cash Flow | -399,278,000USD |
| Net Debt Issuance | 39,404,000USD |
| Common Stock Issuance | 2,044,290,000USD |
| Net Common Stock Issuance | -9,802,000USD |
| Other Financing Activities | 18,694,000USD |
| Unclassified Financing Cash Flow | 0USD |
| Financing Cash Flow | 2,092,586,000USD |
| Change In Cash | 1,649,535,000USD |
| End Cash Flow | 2,117,371,000USD |
| Source | DisclosureDeterministicFinal |
Cash flow Quarterly
| Metric | Q2 20262026-06-30 · USD | Q1 20262026-03-31 · USD |
|---|---|---|
| Net Income | -55,915,000USD | -31,830,000USD |
| Depreciation | 344,000USD | — |
| Stock Based Compensation | 8,230,000USD | 2,615,000USD |
| Change To Liabilities | 3,907,000USD | 1,232,000USD |
| Change In Working Capital | -16,326,000USD | 608,000USD |
| Operating Cash Flow | -34,736,000USD | -9,037,000USD |
| Capital Expenditures | -226,485,000USD | -172,793,000USD |
| Investing Cash Flow | -226,485,000USD | -172,793,000USD |
| Net Debt Issuance | 46,107,000USD | 14,152,000USD |
| Unclassified Financing Cash Flow | 2,045,709,000USD | -13,326,000USD |
| Financing Cash Flow | 2,091,816,000USD | 770,000USD |
| Change In Cash | 1,830,595,000USD | -181,060,000USD |
| End Cash Flow | 2,117,371,000USD | 286,776,000USD |
| Unclassified Operating Cash Flow | — | 19,570,000USD |
| Net Common Stock Issuance | — | 0USD |
| Other Financing Activities | — | -56,000USD |
| Source | DisclosureDeterministicFinal | DisclosureDeterministicFinal |
Cash flow Yearly
| Metric | FY 20252025-12-31 · USD | FY 20242024-12-31 · USD |
|---|---|---|
| Net Income | -57,788,000USD | -41,110,000USD |
| Depreciation | 290,000USD | 124,000USD |
| Stock Based Compensation | 2,665,000USD | 1,370,000USD |
| Other Non Cash Items | 5,919,000USD | 4,780,000USD |
| Change In Working Capital | 12,087,000USD | -19,912,000USD |
| Total Cash From Operating Activities | -31,757,000USD | -54,748,000USD |
| Capital Expenditures | -465,659,000USD | -178,693,000USD |
| Free Cash Flow | -497,416,000USD | -233,441,000USD |
| Net Borrowings | 134,961,000USD | 40,684,000USD |
| Total Cash From Financing Activities | 765,824,000USD | 403,754,000USD |
| Sale Purchase Of Stock | -1,943,000USD | 0USD |
| Issuance Of Capital Stock | 630,668,000USD | 368,413,000USD |
| Change In Cash | 268,408,000USD | 170,313,000USD |
| Begin Period Cash Flow | 199,428,000USD | 29,115,000USD |
| End Period Cash Flow | 467,836,000USD | 199,428,000USD |
| Unclassified Operating Cash Flow | 5,070,000USD | — |
| Unclassified Financing Cash Flow | 632,806,000USD | 363,070,000USD |
| Source | Legacy providerLegacy | Legacy providerLegacy |
Operating metrics
Advanced-Development Geothermal Capacity
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 3,000 | MW | Disclosure |
Cape Station Phase I Permit Completion
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 98.75 | percent | Disclosure |
Cape Station Phase I Permits Received
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 79 | permits | Disclosure |
Cape Station Phase I Permits Required
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 80 | permits | Disclosure |
Cape Station Phase II Contracted Capacity
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 384 | MW | Disclosure |
Cape Station Phase II Interconnection and Transmission Rights
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 290 | MW | Disclosure |
Cape Station Phase II Permit Completion
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 45.81 | percent | Disclosure |
Cape Station Phase II Permits Received
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 82 | permits | Disclosure |
Cape Station Phase II Permits Required
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-13 | instant | 179 | permits | Disclosure |
Contracted Capacity Under Binding PPAs
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 658 | MW | Disclosure |
Contracted Revenue Backlog
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 7.2 | USD billions | Disclosure |
Early-Development GeoClusters
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 10 | GeoClusters | Disclosure |
Early-Development Geothermal Capacity
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 48,550 | MW | Disclosure |
Employees
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 261 | employees | Disclosure |
| 2025-06-30 | instant | 158 | employees | Disclosure |
Ending Active Rig Count
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 3 | rigs | Disclosure |
Federal Share of Geothermal Leasehold
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 63.3 | percent | Disclosure |
Geothermal Capacity Ready to Build
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 550 | MW | Disclosure |
Geothermal Capacity Under Construction
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 500 | MW | Disclosure |
Geothermal Leasehold Interests
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 630,000 | acres | Disclosure |
Geothermal Leasehold Jurisdictions
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 7 | jurisdictions | Disclosure |
Mature Geothermal Portfolio Capacity
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 1,053 | MW | Disclosure |
Operating Geothermal Capacity
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 3 | MW | Disclosure |
Operating-Lease Portfolio Count
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 255 | leases | Disclosure |
| 2025-06-30 | instant | 205 | leases | Disclosure |
Pipeline Geothermal Capacity
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 51,550 | MW | Disclosure |
Prospect Incremental Land Holdings
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 245,000 | net acres | Disclosure |
Ready-to-Build GeoClusters
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 2 | GeoClusters | Disclosure |
State or Private Share of Geothermal Leasehold
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 36.7 | percent | Disclosure |
Total Geothermal Lease Position
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-08-12 | instant | 650,000 | net acres | Disclosure |
Utility-Backed Contracted Revenue Backlog
| Period end | Period | Value | Unit | Source |
|---|---|---|---|---|
| 2026-06-30 | instant | 5.7 | USD billions | Disclosure |
Revenue breakdown
No revenue breakdown is currently published for this company.
Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.