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STOCK-BASED COMPENSATION - Stock Option Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares
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%
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

- 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (31,830)	$ (9,146)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	93	47
Amortization of debt issuance costs	463	141
Stock-based compensation	2,615	489
Non-cash expense related to long-term operating leases	5,993	607
Non-cash expense related to warrant valuation	13,146	0
Non-cash income related to derivative valuation	(1,270)	0
Changes in operating assets and liabilities:
Grant receivable	0	702
Prepaid expenses and other	(624)	3,583
Deposits	(8)	18,733
Accounts payable	1,232	(3,644)
Net changes in other assets and liabilities	1,153	5,562
Net cash (used in) provided by operating activities	(9,037)	17,074
Cash flows from investing activities:
Capital expenditures	(172,793)	(105,443)
Net cash used in investing activities	(172,793)	(105,443)
Cash flows from financing activities:
Proceeds from long-term debt	14,152	8,031
Proceeds from issuance of common stock	826	89
Payment of debt issuance costs	(14,152)	0
Treasury stock purchased	0	(1,945)
Other	(56)	0
Net cash provided by financing activities	770	6,175
Net change in cash and cash equivalents and restricted cash	(181,060)	(82,194)
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	286,776	117,234
Supplemental disclosure of cash flow information:
Accrued capital expenditures (at end of period)	153,443	44,384
Adjustment of redeemable noncontrolling interest	3,434	0
Cash paid for interest, net of amounts capitalized	$ 2,953	$ 925

Condensed Consolidated Statements of Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Stockholders’ Deficit (Unaudited) (Parenthetical)	May 14, 2026
Subsequent event
Statement [Line Items]
Stock split conversion ratio	0.7194

- Definition

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+ Details

WARRANTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
WARRANTS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	May 14, 2026	Apr. 28, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	3,550,329
Loss related to remeasurement of warrants	$ 13,146	$ 0
Fair value of warrants	$ 23,400				$ 10,200
Series E-2 convertible preferred stock
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of warrant (in shares)	3,550,329
Class A common stock \| Subsequent event
Class of Warrant or Right [Line Items]
Number of shares issuable upon conversion of preferred stock (in shares)			2,554,107	2,554,107

OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

OTHER CURRENT LIABILITIES

NOTE 5 – 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 March 31,		As of December 31,
	2026		2025
Accrued expenses	$	10,880	$	9,035
Bonus accrual	8,500		4,830
Deferred grant income	769		888
Derivative(1)	410		1,680
Payroll liabilities	373		564
Total other current liabilities	$	20,932	$	16,997

_________________

(1) See Note 10 – Noncontrolling Interests for further discussion on the derivative.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 – COMMITMENTS AND CONTINGENCIES Contractual Commitments As of March 31, 2026, the Company had outstanding contractual commitments of approximately $496.3 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.

ASSET RETIREMENT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 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 March 31,		As of December 31,
	2026		2025
Beginning balance	$	1,193	$	299
Liabilities incurred during the period	89		843
Accretion expense	32		51
Ending balance	$	1,314	$	1,193

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease expense	$ 2,620	$ 1,989
Cash payments related to leases	6,600	600
Right-of-use assets obtained in exchange for lease liabilities	$ 38,000	$ 100

NONCONTROLLING INTERESTS (Tables)

3 Months Ended

Mar. 31, 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 three months ended March 31, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	102,586
Remeasurement of redeemable noncontrolling interest	1,257
Balance at March 31, 2026	$	103,843

The following table is a summary of the changes in redeemable noncontrolling interest for Intermediate Class A Units for the three months ended March 31, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	77,344
Remeasurement of redeemable noncontrolling interest	2,177
Balance at March 31, 2026	$	79,521

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	24 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) instrument tranche	Mar. 06, 2026 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 189,752	$ 189,752	$ 175,600
Unamortized debt issuance costs	3,116	3,116	2,763
Surety bonds
Debt Instrument [Line Items]
Off-balance sheet liability	59,800	59,800	$ 57,500
Promissory notes \| XRC Facility
Debt Instrument [Line Items]
Number of promissory notes issued \| instrument			3
Number of tranches issued \| tranche			3
Principal amount	145,600	145,600	$ 145,600
Unamortized debt issuance costs	2,600	2,600	2,800
Debt, estimated fair value	143,700	143,700	140,700
Line of credit \| Mercuria Credit Facility
Debt Instrument [Line Items]
Principal amount	30,000	30,000	30,000
Debt, estimated fair value	30,000	30,000	30,000
Credit agreement amount outstanding	30,000	30,000	30,000
Debt issuance costs incurred, recorded in long-term assets					$ 3,500
Off-balance sheet liability	35,500	35,500	35,500
Line of credit \| Project Granite Facility
Debt Instrument [Line Items]
Principal amount	14,152	14,152	$ 0
Debt, estimated fair value	14,200	14,200
Aggregate commitments	$ 421,400	$ 421,400
Commitment fee percentage on unutilized portions		30.00%
Line of credit \| Project Granite Facility \| Construction loan
Debt Instrument [Line Items]
Principal amount				$ 14,200
Credit agreement amount outstanding				13,700
SOFR margin rate		3.00%
SOFR floor rate	0.00%	0.00%
Debt issuance costs incurred, offset against debt				$ 500
Line of credit \| Project Granite Facility \| Term loans \| SOFR borrowings
Debt Instrument [Line Items]
SOFR margin rate	3.00%
SOFR margin rate, annual increase	0.10%
Line of credit \| Project Granite Facility \| Term loans \| Base rate borrowings
Debt Instrument [Line Items]
SOFR margin rate, annual increase	0.10%
Base rate margin, percentage lower than SOFR margin	1.00%

NATURE OF BUSINESS (Details) - $ / shares	May 14, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock, par value (in usd per share)		$ 0.0001	$ 0.0001
Subsequent event \| Class A common stock
Subsequent Event [Line Items]
Common stock, par value (in usd per share)	$ 0.0001
Subsequent event \| IPO \| Class A common stock
Subsequent Event [Line Items]
Sale of stock, price per share (in usd per share)	$ 27.00

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2026		2025
Numerator:
Net loss attributable to common shares	$	(35,264)	$	(9,146)
Denominator:
Weighted-average common shares	9,467		8,961
Net loss per share – basic and diluted	$	(3.72)	$	(1.02)

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)	Three months ended March 31,
	2026	2025
Preferred shares	201,429	160,756
Option-based awards	32,384	12,395
Warrants	2,554	—
Total	236,367	173,151

NATURE OF BUSINESS	3 Months Ended
NATURE OF BUSINESS	Mar. 31, 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 March 31, 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. On May 14, 2026, the Company completed an IPO of Class A common stock of Fervo Energy Company, par value of $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”. See Note 17 – Subsequent Events for additional information on other transactions completed in connection with the IPO.

LEASES (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2026		As of December 31, 2025
Carrying values by asset category
ROU Asset:
Geothermal land leases	$	48,071	$	45,609
Equipment	36,612		6,188
Office space	6,180		6,635
Vehicles	249		281
Total	$	91,112	$	58,713
Lease Liability(1):
Geothermal land leases	$	67,053	$	62,744
Equipment	36,140		6,300
Office space	8,249		8,144
Vehicles	242		273
Total	$	111,684	$	77,461


By asset category	As of March 31, 2026		As of December 31, 2025

Weighted average remaining term
Geothermal land leases	14 years		14 years
Equipment	4 years		9 years
Office space	3 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	8.1	%	8.7	%
Vehicles	9.6	%	9.6	%

_________________

(1) The short-term and long-term lease liability totals $25.3 million and $86.3 million as of March 31, 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 March 31, 2026

2026	$	23,897
2027	17,827
2028	7,132
2029	13,419
2030	12,921
Thereafter	139,632
Total minimum lease payments	$	214,828
Less: Amount representing interest	103,144
Total lease obligation	$	111,684
Less: Current lease obligation	25,335
Long-term lease obligation	$	86,349

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 1,193	$ 299
Liabilities incurred during the period	89	843
Accretion expense	32	51
Ending balance	$ 1,314	$ 1,193

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions			3 Months Ended
	Mar. 06, 2026 USD ($) tranche shares	Jan. 26, 2026 USD ($) shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
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	4,184,750
Stock options granted, grant date fair value		$ 16.9
Stock-based compensation expense			$ 2.6	$ 0.5
March 6, 2026 Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 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
Stock options granted, grant date fair value	$ 1.9
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

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 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 March 31,		As of December 31,
	2026		2025
Long-term debt
XRC Facility	$	145,600	$	145,600
Mercuria Credit Facility	30,000		30,000
Project Granite Facility	14,152		—
Total principal due for long-term debt	189,752		175,600
Less: Unamortized debt issuance cost	(3,116)		(2,763)
Total long-term debt, net of issuance costs	$	186,636	$	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

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 15 – 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. For both the three months ended March 31, 2026 and 2025, the Company incurred $0.1 million of costs related to technical services provided by a supplier that is a major investor in the Company and an observer to the Company’s Board of Directors. 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.

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+ Details

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS - Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total principal due for long-term debt	$ 189,752	$ 175,600
Less: Unamortized debt issuance cost	(3,116)	(2,763)
Total long-term debt, net of issuance costs	186,636	172,837
Promissory notes \| XRC Facility
Debt Instrument [Line Items]
Total principal due for long-term debt	145,600	145,600
Less: Unamortized debt issuance cost	(2,600)	(2,800)
Line of credit \| Mercuria Credit Facility
Debt Instrument [Line Items]
Total principal due for long-term debt	30,000	30,000
Line of credit \| Project Granite Facility
Debt Instrument [Line Items]
Total principal due for long-term debt	$ 14,152	$ 0

- 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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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
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Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

NONCONTROLLING INTERESTS - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) instrument
Noncontrolling Interest [Abstract]
Embedded derivative, number of instruments \| instrument	2
Embedded derivative liability fair value \| $	$ 0.4

WARRANTS

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

WARRANTS

NOTE 8 – WARRANTS

As of March 31, 2026, the Company had 3,550,329 warrants outstanding, which were exercisable into 3,550,329 shares of Series E-2 redeemable convertible preferred stock. The warrants were issued in October 2025 in connection with the issuance of Intermediate Class A Units (see Note 10 – Noncontrolling Interests for additional information). The warrants are classified as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and are measured at fair value, with changes in fair value recognized in earnings each reporting period. No warrants have been exercised as of March 31, 2026. After giving effect to the Reverse Stock Split effectuated on May 14, 2026, the 3,550,329 shares of Series E-2 redeemable convertible preferred stock are convertible into 2,554,107 shares of Class A common stock. See Note 17 – Subsequent Events for additional information regarding the exercise of warrants occurring after March 31, 2026.

During the three months ended March 31, 2026, the Company recognized a $13.1 million loss related to the remeasurement of the warrants, which is reflected within Other non-operating expense in the Condensed Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, the fair value of the warrants was approximately $23.4 million and $10.2 million, respectively, and is recorded within Other long-term liabilities in the Condensed Consolidated Balance Sheets.

Fair Value Measurement and Settlement Amounts

As of March 31, 2026, the warrants were measured at fair value using a Black-Scholes option pricing model, weighted between a going concern scenario and IPO scenario. The Company estimated the fair value of the warrants using the following assumptions:


	As of March 31, 2026
	Going concern scenario			IPO scenario
Series A-1 Redeemable Convertible Preferred Stock price	$	8.73		$	—
Series E-1 Redeemable Convertible Preferred Stock price	8.17			—
Estimated IPO price	—			14.00
Expected volatility	75.0		%	75.0		%
Expected term (in years)	3.00			0.12
Risk-free interest rate	3.8		%	3.7		%
Expected dividend yield	0.0		%	0.0		%

Due to the use of significant unobservable inputs of stock price, volatility and expected term in the valuation, the warrants are classified within Level 3 of the fair value hierarchy. Accordingly, significant judgment is required in selecting these assumptions. Actual assumptions may differ from the Company’s current estimates and such differences could materially impact the fair value of the warrants.

Changes in the fair value of the Company’s equity directly affect the fair value of the warrants.

LEASES - Information Regarding Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ROU Asset:
Total	$ 91,112	$ 58,713
Lease Liability:
Total	111,684	77,461
Short-term lease liability	25,335	4,822
Long-term lease liability	86,349	72,639
Geothermal land leases
ROU Asset:
Total	48,071	45,609
Lease Liability:
Total	$ 67,053	$ 62,744
Weighted average remaining term	14 years	14 years
Weighted average discount rate	11.40%	11.40%
Equipment
ROU Asset:
Total	$ 36,612	$ 6,188
Lease Liability:
Total	$ 36,140	$ 6,300
Weighted average remaining term	4 years	9 years
Weighted average discount rate	8.30%	12.00%
Office space
ROU Asset:
Total	$ 6,180	$ 6,635
Lease Liability:
Total	$ 8,249	$ 8,144
Weighted average remaining term	3 years	3 years
Weighted average discount rate	8.10%	8.70%
Vehicles
ROU Asset:
Total	$ 249	$ 281
Lease Liability:
Total	$ 242	$ 273
Weighted average remaining term	2 years	2 years
Weighted average discount rate	9.60%	9.60%

EARNINGS PER SHARE - Potentially Dilutive Instruments (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	236,367	173,151
Preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	201,429	160,756
Option-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	32,384	12,395
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	2,554	0

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding contractual commitments	$ 496.3

SEGMENT INFORMATION (Details)	3 Months Ended
SEGMENT INFORMATION (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

NOTE 7 – STOCK-BASED COMPENSATION

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

During the three months ended March 31, 2026, the Company granted stock options to employees and directors under the stock incentive plan (the “2019 Stock Incentive Plan” or the “Plan”), which was amended on March 6, 2026 to authorize an additional 34,151,952 shares of common stock to be available under the plan. 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 March 31, 2026, the performance condition related to this award was probable of being achieved, and therefore, related stock-based compensation expense was recognized during the three months ended March 31, 2026. The remaining stock options covering 7,294,494 shares, comprised of three tranches split evenly, vest upon the occurrence of a) the completion of an IPO within a specific timeframe, b) a performance-based vesting condition tied to operational milestones, c) the achievement of either a market-based condition or another performance-based condition tied to operations and d) 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 March 31, 2026, as all three tranches are tied to the IPO performance condition and an IPO is not considered probable until consummated. Accordingly, no stock-based compensation expense has been recognized related to these awards during the three months ended March 31, 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		%

Stock-based Compensation Expense

During the three months ended March 31, 2026 and 2025, the Company recorded $2.6 million and $0.5 million, respectively, as stock-based compensation in General and administrative expense in the Condensed Consolidated Statements of Operations.

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	Jun. 17, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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	Q1
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		286,859,562
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,785,412

WARRANTS - Fair Value Assumptions (Details)	Mar. 31, 2026 $ / shares year
Stock price \| Going concern scenario \| Series A-1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	8.73
Stock price \| Going concern scenario \| Series E-1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	8.17
Stock price \| Going concern scenario \| Common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Stock price \| IPO scenario \| Series A-1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Stock price \| IPO scenario \| Series E-1 Redeemable Convertible Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0
Stock price \| IPO scenario \| Common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	14.00
Expected volatility \| Going concern scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.750
Expected volatility \| IPO scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.750
Expected term (in years) \| Going concern scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| year	3.00
Expected term (in years) \| IPO scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| year	0.12
Risk-free interest rate \| Going concern scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.038
Risk-free interest rate \| IPO scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.037
Expected dividend yield \| Going concern scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.000
Expected dividend yield \| IPO scenario
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.000

NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

NONCONTROLLING INTERESTS

NOTE 10 – NONCONTROLLING INTERESTS

As discussed in Note 9 – 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 March 31, 2026, conditions relevant to the embedded derivatives were evaluated and one feature was determined to have a fair value of $0.4 million. This amount is included in Other current liabilities (see Note 5 – Other Current Liabilities).

There were no material changes to the terms, classification or measurement of the Company’s redeemable noncontrolling interests during the three months ended March 31, 2026.

The following table is a summary of the changes in redeemable noncontrolling interest for CPI HoldCo Class A Units for the three months ended March 31, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	102,586
Remeasurement of redeemable noncontrolling interest	1,257
Balance at March 31, 2026	$	103,843

The following table is a summary of the changes in redeemable noncontrolling interest for Intermediate Class A Units for the three months ended March 31, 2026:


(Dollars in thousands)
Balance at December 31, 2025	$	77,344
Remeasurement of redeemable noncontrolling interest	2,177
Balance at March 31, 2026	$	79,521

NONCONTROLLING INTERESTS - Redeemable Noncontrolling Interest (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 179,930
Remeasurement of redeemable noncontrolling interest	(3,434)
Ending balance	183,364
CPI HoldCo Class A Units
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	102,586
Remeasurement of redeemable noncontrolling interest	1,257
Ending balance	103,843
CPI Intermediate Class A Units
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	77,344
Remeasurement of redeemable noncontrolling interest	2,177
Ending balance	$ 79,521

- 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

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 – INCOME TAXES The Company’s effective tax rate was 0.0% for both the three months ended March 31, 2026 and 2025. The effective rate differs from the federal statutory rate of 21.0% primarily due to the 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 months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued expenses	$ 10,880	$ 9,035
Bonus accrual	8,500	4,830
Deferred grant income	769	888
Derivative	410	1,680
Payroll liabilities	373	564
Total other current liabilities	$ 20,932	$ 16,997

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026	$ 23,897
2027	17,827
2028	7,132
2029	13,419
2030	12,921
Thereafter	139,632
Total minimum lease payments	214,828
Less: Amount representing interest	103,144
Total	111,684	$ 77,461
Less: Current lease obligation	25,335	4,822
Long-term lease obligation	$ 86,349	$ 72,639

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 31, 2026
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 11 – 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 three months ended March 31, 2026.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 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 March 31,		As of December 31,
	2026		2025
Accrued expenses	$	10,880	$	9,035
Bonus accrual	8,500		4,830
Deferred grant income	769		888
Derivative(1)	410		1,680
Payroll liabilities	373		564
Total other current liabilities	$	20,932	$	16,997

_________________

(1) See Note 10 – Noncontrolling Interests for further discussion on the derivative.

DEBT AND OFF-BALANCE SHEET ARRANGEMENTS

3 Months Ended

Mar. 31, 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 March 31,		As of December 31,
	2026		2025
Long-term debt
XRC Facility	$	145,600	$	145,600
Mercuria Credit Facility	30,000		30,000
Project Granite Facility	14,152		—
Total principal due for long-term debt	189,752		175,600
Less: Unamortized debt issuance cost	(3,116)		(2,763)
Total long-term debt, net of issuance costs	$	186,636	$	172,837

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 March 31, 2026 and December 31, 2025, outstanding borrowings totaled $145.6 million and $145.6 million, respectively. These amounts are offset by the unamortized debt issuance costs of $2.6 million and $2.8 million, respectively.

The estimated fair value of the note was $143.7 million and $140.7 million as of March 31, 2026 and December 31, 2025, respectively, based on a discounted cash flow model based on current market interest rates for similar instruments. The fair value is classified as Level 2 in the fair value hierarchy.

The Company was in compliance with all applicable covenants as of March 31, 2026 and December 31, 2025.

In April 2026, the Company repaid in full the outstanding borrowings under the XRC Facility. The repayment of the XRC Facility resulted in a loss on extinguishment of debt, including prepayment premiums and the write-off of unamortized debt issuance costs. See Note 17 – Subsequent Events for additional information.

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 March 31, 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.

The estimated fair value of the Mercuria Credit Facility was $30.0 million as of March 31, 2026 and December 31, 2025 based on a discounted cash flow model based on current market interest rates for similar instruments. The fair value is classified as Level 2 in the fair value hierarchy.

The Company also had $35.5 million outstanding under the Mercuria Letter of Credit Facility as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.

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 March 31, 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 in arrears.

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. As of March 31, 2026, the Company was in compliance with all covenants.

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.

On March 6, 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. The financing costs associated with undrawn term loan commitments were recorded as deferred financing costs within other long-term assets on the Condensed Consolidated Balance Sheets.

The net carrying amount of the construction loan at issuance was approximately $13.7 million. The difference of approximately $0.5 million between the stated principal amount and the net carrying amount reflects debt issuance costs allocated to the drawn construction loan, which are presented as a direct reduction of the carrying value of long-term debt on the Condensed Consolidated Balance Sheets and are included in unamortized debt issuance costs in the table above. The estimated fair value of the Project Granite Facility was $14.2 million as of

March 31, 2026, based on a discounted cash flow model based on current market interest rates for similar instruments. The fair value is classified as Level 2 in the fair value hierarchy.

See Note 17 – Subsequent Events for additional information regarding borrowings under the Granite Credit Agreement and related transaction occurring after March 31, 2026.

Surety Bond Arrangements

As of March 31, 2026 and December 31, 2025, the Company had outstanding surety bonds totaling $59.8 million and $57.5 million, respectively, which constitute off-balance sheet arrangements.

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator:

Net loss attributable to common shares, basic

$ (35,264)

$ (9,146)

Net loss attributable to common shares, diluted

$ (35,264)

$ (9,146)

Denominator:

Weighted-average common shares, basic (in shares)

^[1]

9,467

8,961

Weighted-average common shares, diluted (in shares)

^[1]

9,467

8,961

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

^[1]

$ (3.72)

$ (1.02)

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

^[1]

$ (3.72)

$ (1.02)

[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 2 – Significant Accounting Policies and Note 17 – Subsequent Events 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.

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- Definition

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ 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

GRANT INCOME (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended	15 Months Ended
GRANT INCOME (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2026
Government Assistance [Abstract]
Grant income netted against research and development expense	$ 0.1	$ 0.2
Grant income netted against construction-in-progress	$ 20.3	$ 14.1
Grant awarded during period			$ 22.1	$ 0.7

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate benefit	0.00%	0.00%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 280,776	$ 461,836
Grant receivables	16,755	10,580
Prepaid expenses and other	10,338	9,714
Total current assets	307,869	482,130
Deposits	15,242	15,234
Construction-in-process	972,040	789,571
Operating leases right of use assets	91,112	58,713
Restricted cash	6,000	6,000
Other long-term assets	35,244	13,520
Total assets	1,427,507	1,365,168
Current liabilities:
Accounts payable	8,043	10,789
Accrued capital expenditures	147,610	119,303
Operating lease liabilities	25,335	4,822
Other current liabilities	20,932	16,997
Total current liabilities	201,920	151,911
Long-term debt, net of issuance costs	186,636	172,837
Operating lease liabilities	86,349	72,639
Other long-term liabilities	24,673	11,407
Total liabilities	499,578	408,794
Commitments and Contingencies (Note 16)
Redeemable convertible preferred stock
Redeemable convertible preferred stock, par value $0.0001 per share; 283,546 and 283,546 authorized; 279,995 and 279,995 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1,022,886	1,022,942
Redeemable noncontrolling interest
Redeemable noncontrolling interest	183,364	179,930
Stockholders’ deficit:
Common stock, par value $0.0001 per share; 358,279 and 358,279 authorized; 9,873 and 9,457 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	0	0
Treasury stock, at cost; 270 and 270 shares as of March 31, 2026 and December 31, 2025, respectively	(1,960)	(1,960)
Accumulated deficit	(276,362)	(244,539)
Total stockholders’ deficit	(278,321)	(246,498)
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interests and stockholders’ deficit	1,427,507	1,365,168
Cape Phase I HoldCo - Redeemable noncontrolling interest
Redeemable noncontrolling interest
Redeemable noncontrolling interest	103,843	102,586
Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest
Redeemable noncontrolling interest
Redeemable noncontrolling interest	$ 79,521	$ 77,344

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions				1 Months Ended	2 Months Ended
	May 22, 2026 USD ($)	May 14, 2026 USD ($) $ / shares shares	Apr. 28, 2026 USD ($) shares	Apr. 30, 2026 USD ($)	May 22, 2026 USD ($)	Dec. 31, 2041 USD ($)	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Subsequent Event [Line Items]
Common stock, par value (in usd per share) \| $ / shares							$ 0.0001	$ 0.0001
Subsequent event
Subsequent Event [Line Items]
Cash proceeds from exercised warrants			$ 18.7
Stock split conversion ratio		0.7194
Subsequent event \| Series E-2 convertible preferred stock
Subsequent Event [Line Items]
Stock issued for exercised warrants (in shares) \| shares			3,550,329
Subsequent event \| Class A common stock
Subsequent Event [Line Items]
Number of shares issuable upon conversion of preferred stock (in shares) \| shares		2,554,107	2,554,107
Common stock, par value (in usd per share) \| $ / shares		$ 0.0001
Subsequent event \| Class A common stock \| IPO
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		$ 2,200.0
Subsequent event \| Class A common stock \| Underwriters' option
Subsequent Event [Line Items]
Sale of stock, number of shares sold (in shares) \| shares		10,500,000
Subsequent event \| Class B common stock
Subsequent Event [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.0001
Subsequent event \| Interest rate swaps
Subsequent Event [Line Items]
Derivative notional value				$ 262.4
Derivative, fixed interest rate				3.90%
Subsequent event \| Forecast \| Interest rate swaps
Subsequent Event [Line Items]
Derivative notional value						$ 0.8
Subsequent event \| Project Granite Facility \| Line of credit
Subsequent Event [Line Items]
Proceeds from credit facility	$ 25.9			$ 172.3	$ 198.2
Subsequent event \| XRC Facility \| Promissory notes
Subsequent Event [Line Items]
Repayments of borrowings				145.6
Debt prepayment premium				$ 6.5

Condensed Consolidated Balance Sheets (Unaudited) (Variable Interest Entities) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 280,776	$ 461,836
Prepaid expenses and other	10,338	9,714
Total current assets	307,869	482,130
Deposits	15,242	15,234
Construction-in-process	972,040	789,571
Other long-term assets	35,244	13,520
Total assets	1,427,507	1,365,168
Liabilities
Accrued capital expenditures	147,610	119,303
Other current liabilities	20,932	16,997
Total current liabilities	201,920	151,911
Long-term debt, net of issuance costs	186,636	172,837
Other long-term liabilities	24,673	11,407
Total liabilities	499,578	408,794
VIEs
Assets
Cash and cash equivalents	11	13,882
Prepaid expenses and other	872	545
Total current assets	883	14,427
Deposits	7,158	7,158
Construction-in-process	386,020	361,213
Other long-term assets	13,643	0
Total assets	407,704	382,798
Liabilities
Accrued capital expenditures	21,776	17,061
Other current liabilities	1,855	2,970
Total current liabilities	23,631	20,031
Long-term debt, net of issuance costs	156,728	142,837
Other long-term liabilities	1,560	1,468
Total liabilities	181,919	164,336
Total net assets of consolidated VIEs	$ 225,785	$ 218,462

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

NOTE 6 – 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.

The Company recognized $2.6 million and $2.0 million, respectively, in total lease expense as reflected in Operating lease expense in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025. Total cash payments related to leases were $6.6 million and $0.6 million, respectively, for the three months ended March 31, 2026 and 2025. Non-cash lease activity consisted of right-of-use (“ROU”) assets obtained in exchange for lease liabilities of $38.0 million for the three months ended March 31, 2026, compared to $0.1 million for the three months ended March 31, 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 March 31, 2026		As of December 31, 2025
Carrying values by asset category
ROU Asset:
Geothermal land leases	$	48,071	$	45,609
Equipment	36,612		6,188
Office space	6,180		6,635
Vehicles	249		281
Total	$	91,112	$	58,713
Lease Liability(1):
Geothermal land leases	$	67,053	$	62,744
Equipment	36,140		6,300
Office space	8,249		8,144
Vehicles	242		273
Total	$	111,684	$	77,461


By asset category	As of March 31, 2026		As of December 31, 2025

Weighted average remaining term
Geothermal land leases	14 years		14 years
Equipment	4 years		9 years
Office space	3 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	8.1	%	8.7	%
Vehicles	9.6	%	9.6	%

_________________

(1) The short-term and long-term lease liability totals $25.3 million and $86.3 million as of March 31, 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 March 31, 2026

2026	$	23,897
2027	17,827
2028	7,132
2029	13,419
2030	12,921
Thereafter	139,632
Total minimum lease payments	$	214,828
Less: Amount representing interest	103,144
Total lease obligation	$	111,684
Less: Current lease obligation	25,335
Long-term lease obligation	$	86,349

ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2026

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

NOTE 4 – ASSET RETIREMENT OBLIGATIONS


(Dollars in thousands)	As of March 31,		As of December 31,
	2026		2025
Beginning balance	$	1,193	$	299
Liabilities incurred during the period	89		843
Accretion expense	32		51
Ending balance	$	1,314	$	1,193

GRANT INCOME	3 Months Ended
GRANT INCOME	Mar. 31, 2026
Government Assistance [Abstract]
GRANT INCOME	NOTE 13 – GRANT INCOME Grant income of $0.1 million and $0.2 million attributable to research and development is netted against eligible expenses in research and development, net in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, respectively. Grant income totaling $20.3 million and $14.1 million attributable to project development is netted against construction-in-process on the Condensed Consolidated Balance Sheets as of March 31, 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 expires July 1, 2026. 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 three months ended March 31, 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.

SIGNIFICANT ACCOUNTING POLICIES (Details)	May 14, 2026
Subsequent event
Subsequent Event [Line Items]
Stock split conversion ratio	0.7194

WARRANTS (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Assumptions Used to Estimate Fair Value of Warrants

The Company estimated the fair value of the warrants using the following assumptions:


	As of March 31, 2026
	Going concern scenario			IPO scenario
Series A-1 Redeemable Convertible Preferred Stock price	$	8.73		$	—
Series E-1 Redeemable Convertible Preferred Stock price	8.17			—
Estimated IPO price	—			14.00
Expected volatility	75.0		%	75.0		%
Expected term (in years)	3.00			0.12
Risk-free interest rate	3.8		%	3.7		%
Expected dividend yield	0.0		%	0.0		%

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 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 March 31, 2026 and December 31, 2025, and the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Stockholders’ Deficit, and Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 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 three months ended March 31, 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 three months ended March 31, 2026. See Note 17 – Subsequent Events for additional information on other transactions completed in connection with the IPO. Stock-based Compensation Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted. 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. The stock option awards are classified as equity. For stock option 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 condition 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 three months ended March 31, 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. 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 Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Stockholders’ Deficit (Unaudited) - USD ($)
$ in Thousands

Total

Common stock

Treasury stock

Additional paid-in capital

Accumulated deficit

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

223,458,000

Beginning balance at Dec. 31, 2024

$ 561,500

Ending balance at Mar. 31, 2025

$ 561,500

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

223,458,000

Redeemable noncontrolling interest

Remeasurement of noncontrolling interests

$ 0

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

^[1]

8,971,000

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]

Total stockholders’ deficit

Stock-based compensation

489

Repurchase of shares (in shares)

^[1]

265,000

Repurchase of shares

(1,945)

$ (1,945)

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

^[1]

105,000

Exercise of stock-based awards by employees and directors

Net loss

(9,146)

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

^[1]

9,076,000

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]

265,000

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

279,995,000

Beginning balance at Dec. 31, 2025

$ 1,022,942

Redeemable convertible preferred stock

Other

(56)

Ending balance at Mar. 31, 2026

$ 1,022,886

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

279,995,000

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

12,000

Beginning balance at Dec. 31, 2025

$ 179,930

Redeemable noncontrolling interest

Remeasurement of noncontrolling interests

3,434

Ending balance at Mar. 31, 2026

$ 183,364

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

12,000

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

9,457,000

^[2]

9,457,000

^[3]

Beginning balance at Dec. 31, 2025

$ (246,498)

$ 1

$ (1,960)

(244,539)

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

270,000

^[2]

270,000

^[3]

Total 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]

416,000

Exercise of stock-based awards by employees and directors

826

Net loss

$ (31,830)

(31,830)

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

9,873,000

^[2]

9,873,000

^[3]

Ending balance at Mar. 31, 2026

$ (278,321)

$ 1

$ (1,960)

$ 0

$ (276,362)

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

270,000

^[2]

270,000

^[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 2 – Significant Accounting Policies and Note 17 – Subsequent Events 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 2 – Significant Accounting Policies and Note 17 – Subsequent Events 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 2 – Significant Accounting Policies and Note 17 – Subsequent Events for details.

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical)	May 14, 2026
Subsequent event
Statement [Line Items]
Stock split conversion ratio	0.7194

- 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

+ Details

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

Mar. 31, 2026

$ / shares

Dec. 31, 2025

$ / shares

Statement of Financial Position [Abstract]

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

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

$ 0.0001

Common stock, authorized (in shares)

^[1]

358,279

Common stock, issued (in shares)

^[1]

9,873

9,457

Treasury stock (in shares)

^[1]

270

[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 2 – Significant Accounting Policies and Note 17 – Subsequent Events for details.

- Definition

The maximum number of securities classified as temporary equity that are permitted to be issued by an entity's charter and bylaws. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

- Definition

The number of securities classified as temporary equity that have been sold (or granted) to the entity's shareholders. Securities issued include securities outstanding and securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

- Definition

The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 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 March 31, 2026 and December 31, 2025, and the Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Stockholders’ Deficit, and Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 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.
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted. 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. The stock option awards are classified as equity. For stock option 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 condition 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 three months ended March 31, 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.
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 award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS Management has evaluated subsequent events that occurred after the date of the Condensed Consolidated Balance Sheets through June 23, 2026, the date the financial statements were issued. •In April 2026, the Borrowers completed a second draw under the Granite Credit Agreement of approximately $172.3 million. On May 22, 2026, the Company made an additional draw of $25.9 million under the Project Granite Facility. As a result, total borrowings under the Project Granite Facility subsequent to March 31, 2026 were approximately $198.2 million. In connection with the April 2026 draw, the Company repaid in full the outstanding borrowings under the XRC Facility, using approximately $145.6 million of the proceeds. The remaining proceeds were used to fund transaction costs and for project-related purposes, including construction expenditures and required reserves. The repayment of the XRC Facility resulted in a loss on extinguishment of debt, including prepayment premiums and the write-off of unamortized debt issuance costs. The prepayment premium was approximately $6.5 million. In connection with the Project Granite financing, the Company 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. As part of the current and anticipated borrowings under the construction loan, the Company entered into a series of interest rate swaps to mitigate exposure to adverse movements in interest rates. The interest rate swaps have an aggregate initial notional value of $262.4 million on the forward start date of January 1, 2027 and amortize over the term of the swaps to $0.8 million at maturity on December 31, 2041. Under the swaps, the Company pays a fixed interest rate of 3.9% and receives a floating interest rate based on SOFR, as compounded daily over the interest period in accordance with overnight indexed swap conventions, with net settlements made periodically. The Company has not designated these interest rate swaps as hedging instruments for accounting purposes. Accordingly, the swaps will be recorded at fair value, with changes in fair value recognized in earnings. See Note 3 – Debt and Off-Balance Sheet Arrangements for additional information on the debt facilities. •On April 28, 2026, Centaurus Capital LP delivered a notice to exercise the warrant in full. In accordance with its terms, the warrant was exercised into 3,550,329 shares of Series E-2 redeemable convertible preferred stock, which are convertible into 2,554,107 shares of Class A common stock after taking into consideration the Reverse Stock Split. Centaurus Capital LP paid an aggregate exercise price of $18.7 million in cash and surrendered the original warrant upon full exercise. As a result of this transaction, the warrant is no longer outstanding, and no further shares are issuable thereunder. •On May 14, 2026, the Company completed its IPO of Class A common stock of Fervo Energy Company, par value of $0.0001 per share, at a price of $27.00 per share. The Company’s common stock trades on the Nasdaq under the symbol “FRVO”. In connection with the IPO, the Company sold an aggregate of 80,500,000 shares of Class A common stock, which includes 10,500,000 shares of the Class A common stock issued upon the underwriters’ full exercise of their option to purchase additional shares from the Company. The gross proceeds to the Company from the IPO were approximately $2.2 billion, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the IPO, the following transactions were completed: •Effectuation of a 0.7194-for-1 Reverse Stock Split of the Company’s common stock. Shares for periods presented have been retroactively adjusted to reflect the Reverse Stock Split for all periods prior to May 14, 2026, in the condensed consolidated financial statements for the three months ended March 31, 2026. See Note 2 – Significant Accounting Policies for additional information. •Automatic conversion of all outstanding redeemable convertible preferred stock into Class A common stock of Fervo with a par value of $0.0001 per share, taking into consideration the Reverse Stock Split •Reclassification of the Company’s capital structure, including the establishment of Class A and Class B common stock. •Founder share exchange, resulting in the issuance of Class B common stock of Fervo with a par value of $0.0001 per share (“Class B common stock”) to certain existing holders. •Filing and effectiveness of the Company’s amended and restated certificate of incorporation and bylaws. Other than the matters described above, the Company identified no subsequent events that require adjustment to or disclosure in the condensed consolidated financial statements.

VARIABLE INTEREST ENTITY	3 Months Ended
VARIABLE INTEREST ENTITY	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITY	NOTE 9 – 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 PI Intermediate HoldCo, LLC (“Cape PI Intermediate HoldCo”) are VIEs under ASC 810, Consolidation (“ASC 810”) as of March 31, 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 10 – 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 March 31, 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 three months ended March 31, 2026 from those disclosed as of and for the year ended December 31, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

Revenues

$ 61

$ 0

Costs and expenses:

Operation and maintenance

482

252

Research and development income, net

(72)

(36)

General and administrative expense

16,990

7,679

Operating lease expense

2,620

1,989

Depreciation and amortization

Operating loss

(20,052)

(9,931)

Other income (expense):

Interest income

2,815

2,028

Interest expense

(2,717)

(1,227)

Other non-operating expense, net

(11,876)

(16)

Loss before income taxes

(31,830)

(9,146)

Net loss

(31,830)

(9,146)

Net loss per share information:

Net loss

(31,830)

(9,146)

Less: Remeasurement of redeemable noncontrolling interest

(3,434)

Net loss attributable to common shares, basic

(35,264)

(9,146)

Net loss attributable to common shares, diluted

$ (35,264)

$ (9,146)

Weighted average shares, basic (in shares)

^[1]

9,467

8,961

Weighted average shares, diluted (in shares)

^[1]

9,467

8,961

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

^[1]

$ (3.72)

$ (1.02)

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

^[1]

$ (3.72)

$ (1.02)

[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 2 – Significant Accounting Policies and Note 17 – Subsequent Events for details.

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Valuation Assumptions

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		%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
General and administrative expense	$ 16,990	$ 7,679
Major investor
Related Party Transaction [Line Items]
General and administrative expense	$ 100	$ 100

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147477383/970-810-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 12 – EARNINGS PER SHARE

The number of shares have been restated to reflect the Reverse Stock Split effectuated on May 14, 2026. All historical share and per share amounts reflected in the condensed consolidated financial statements for the three months ended March 31, 2026 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 March 31,
	2026		2025
Numerator:
Net loss attributable to common shares	$	(35,264)	$	(9,146)
Denominator:
Weighted-average common shares	9,467		8,961
Net loss per share – basic and diluted	$	(3.72)	$	(1.02)


(Shares in thousands)	Three months ended March 31,
	2026	2025
Preferred shares	201,429	160,756
Option-based awards	32,384	12,395
Warrants	2,554	—
Total	236,367	173,151