# Source: Fervo Energy Form 10-Q, Q1 2026

**Type:** source
**Status:** Useful
**Confidence:** High
**Source Type:** filing
**URL:** https://www.sec.gov/Archives/edgar/data/1853868/000162828026044799/frvo-20260331.htm
**Publisher:** U.S. Securities and Exchange Commission (EDGAR)
**Retrieved:** 2026-08-12
**Updated:** 2026-08-11
**Relates:** cites [Fervo Energy](fervo-energy.md) · https://greatutah.work/pages/fervo-energy.md · https://www.sec.gov/Archives/edgar/data/1853868/000162828026044799/frvo-20260331.htm

## Summary

Fervo Energy's quarterly report on Form 10-Q for the quarter ended March 31, 2026 — its first as a
public company — filed 2026-06-23. Accession number **0001628280-26-044799**; filer CIK
**0001853868**.

This is the most recent primary record of Fervo's finances and of construction progress at Cape
Station in Milford, Utah. It is a separate artifact from the IPO prospectus and is cited separately;
where the two differ, the later filing governs.

## Useful Claims

- Fervo reported revenue of **$61,000** for the quarter ended March 31, 2026, against **$0** for the
  same quarter of 2025 — the company is pre-revenue in any operational sense.
- Net loss was **$31,830,000** for Q1 2026, against **$9,146,000** for Q1 2025.
- Liquidity at March 31, 2026 was **$280.8 million** of unrestricted cash and cash equivalents
  (including **$274.5 million** in money market funds) plus **$6.0 million** of restricted cash, down
  from **$461.8 million** of cash and equivalents at December 31, 2025.
- Undrawn borrowing capacity at the same date included **$70.0 million** under the Mercuria Credit
  Facility and **$44.5 million** under the Mercuria Letter of Credit facility.
- Cape Station remains **500 megawatts** of capacity under construction in **Milford, Utah**, and
  quarterly capital expenditure was directed primarily at that construction.
- Cape Station Phase I is financed through a facility with HSBC Bank USA, National Association as
  collateral agent.

## Verbatim

> "We are advancing our Cape Station project in Milford, Utah, where we have 500 megawatts of capacity
> under construction."
> — Management's Discussion and Analysis

> "As of March 31, 2026, our liquidity position consisted of $280.8 million of unrestricted cash and
> cash equivalents (including $274.5 million held in money market funds) and $6.0 million of
> restricted cash. In addition, we had access to the following undrawn borrowing capacity: $70.0
> million under our Mercuria Credit Facility, $44.5 million under our Mercuria Letter of Credit
> [facility]"
> — Management's Discussion and Analysis, Liquidity and Capital Resources

> "We are advancing from demonstration to utility-scale commercialization and expect to begin
> delivering first power at Cape Station in Milford, Utah, which will support multi-gigawatt power
> developments ('GeoCluster')."
> — Management's Discussion and Analysis

Figures as the SEC's XBRL API returns them, from
`https://data.sec.gov/api/xbrl/companyconcept/CIK0001853868/us-gaap/{Revenues,NetIncomeLoss,CashAndCashEquivalentsAtCarryingValue}.json`
(`val` in USD, all from accession 0001628280-26-044799):

```
2025-01-01..2025-03-31  revenue            0
2026-01-01..2026-03-31  revenue        61000
2025-01-01..2025-03-31  net income  -9146000
2026-01-01..2026-03-31  net income -31830000
as of 2025-12-31        cash       461836000
as of 2026-03-31        cash       280776000
```

## Reliability Notes

Primary-tier. A 10-Q is filed under securities-law accuracy duties and reviewed by the company's
auditors, though its financial statements are unaudited (reviewed) rather than audited, which is the
one respect in which it is weaker than the annual report.

Cash fell roughly $181 million in the quarter, which is consistent with heavy construction spending at
Cape Station rather than with the IPO proceeds, since the offering closed in May 2026 — after the
period covered here. Do not read the March 31 cash balance as Fervo's post-IPO position; a later
filing from `https://data.sec.gov/submissions/CIK0001853868.json` is required for that.

## Related Pages

- [Fervo Energy](fervo-energy.md)
- [Source: Fervo Energy IPO Prospectus (Form 424B4, May 2026)](fervo-energy-ipo-prospectus-2026.md)