AI-powered contentSome parts of this article are powered by AI.
Share this article
Gotrade News - Fervo Energy (FRVO) reported net income of $11.7 million for the third quarter ended September 30, 2026, and a net loss attributable to common stockholders of $20.8 million, or $0.07 per share, according to Fervo's official release published at 8:37 a.m. ET on Monday, November 9, 2026.
Regular-session close on November 9, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against the closing price on Nasdaq.com.
Fervo Energy Earnings Details
Net income reflected $15.4 million of interest income and two non-recurring items: an $11.8 million non-cash gain on interest rate swaps and a $29.9 million tax benefit from tax credits earned as Cape Phase I assets were placed in service, the company said. The operating loss was $43.7 million, including general and administrative expense of $39.4 million compared with $27.4 million in Q2 2026, which Fervo attributed to higher stock-based compensation, public company costs and headcount growth.
Capital expenditures were $256.7 million, compared with $226.5 million in Q2 2026, primarily related to activities at Cape Station. Fervo ended the quarter with unrestricted cash and cash equivalents of $1.9 billion and current and long-term debt of $301.6 million.
Fervo expects fourth quarter 2026 capital expenditures of approximately $450.0 million to $500.0 million, bringing its second-half 2026 expectation to $700.0 million to $750.0 million, compared with prior expectations of $850.0 million to $900.0 million. The company said it continues to anticipate fourth quarter 2026 revenue in line with prior expectations, the first full quarter of revenue from Cape Station, and that 2027 revenue remains unchanged from its prior outlook.
Why It Matters for FRVO
Fervo declared commercial operation at Phase I GeoBlock 1, a 33-megawatt unit, on September 30, ahead of its contractual date. According to the release, GeoBlock 2 has achieved grid sync, GeoBlock 3 is in cold commissioning, and both are expected to reach commercial operation by January 1, 2027, completing Phase I. "With commercial operations underway and significant demand for our technology, we are focused on delivering the remaining Phase I GeoBlocks on schedule," said CEO Tim Latimer.
Fervo also signed a 15-year, take-or-pay power purchase agreement with Google for 396 megawatts, with first power expected mid-2028, which the company believes is the largest enhanced geothermal power purchase agreement to date. Fervo said it now has 1,054 megawatts under binding power purchase agreements, representing approximately $11.9 billion in contracted revenue, compared with 658 megawatts and approximately $7.2 billion at the end of the second quarter of 2026.
What to watch next: Fervo expects GeoBlocks 2 and 3 at Cape Station to reach commercial operation by Friday, January 1, 2027, which would complete Cape Station Phase I.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
This article was written with the help of AI and checked by the Gotrade team before publishing.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms. His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
