# Fermi (FRMI.US)

Canonical: https://gigainvestors.com/s/FRMI

Analysis as of: 2026-10-16T07:28:38.065Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.40 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 87% since Oct 2025 · "But Fermi fell short on one crucial metric when it reported zero revenues again." (finance.yahoo.com, Aug 2026)

Story as of 2026-10-16T09:58:47.146Z; price observation 2026-10-15.

- 2025-12-12: Fermi Stock Craters 43% as AI-Energy Company Loses Funding Commitment From First Major Tenant ([finance.yahoo.com](https://finance.yahoo.com/m/ec553d35-d01d-3095-ab11-159b07594f9d/fermi-stock-craters-43%25-as.html))

- 2026-02-11: Fermi (FRMI) Soars 8% After Raising $500 Million in Fresh Funds ([finance.yahoo.com](https://finance.yahoo.com/news/fermi-frmi-soars-8-raising-164845259.html))

- 2026-03-30: Fermi shares tumble after wider-than-expected loss, tenant uncertainty weighs ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fermi-shares-tumble-wider-expected-140500001.html))

- 2026-04-12: UBS Cautious on Fermi (FRMI) Outlook As It Awaits First Tenant Lease ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ubs-cautious-fermi-frmi-outlook-214431530.html))

- 2026-05-15: Fermi Flags AI Power Push as Q1 Loss Widens on Expansion Costs ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/fermi-flags-ai-power-push-022103140.html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### Where the cash goes

Paid no dividends in 1 year.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); Dividend observations: [[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 43.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FRMI.US SharesStats.PercentInsiders = 43.863 percentage points; cache date 2026-10-15.

### What the price says

The price is 1.4 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-30); Closing price 3.395 USD; reporting-to-trading FX 1; FY2025 net assets per share 2.3417899375585365; price multiple 1.4497457459995329. FY2025 cash earnings/share -1.9445622979136865. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-10: $26.21 per share

- 2025-11: $16.49 per share

- 2025-12: $8.00 per share

- 2026-01: $8.72 per share

- 2026-02: $9.97 per share

- 2026-03: $5.84 per share

- 2026-04: $5.13 per share

- 2026-05: $6.98 per share

- 2026-06: $9.16 per share

- 2026-07: $5.69 per share

- 2026-08: $4.97 per share

- 2026-09: $4.21 per share

- 2026-10: $3.40 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/2071778/000207177826000010/frmi-20251231.htm); period 2025-12-31, filed 2026-03-30.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Christopher Davis](https://gigainvestors.com/DAV): 451,400 FRMI shares; USD 4,135,000 reported position value; 0.02% of portfolio; add; quarter 2026 Q2.

# FRMI — Fermi Inc.

Held by 1 investor · USD 4,135,000 total · 2026 Q2 · reported price USD 9.16 (split-adjusted).
Page: https://gigainvestors.com/s/FRMI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Christopher Davis (https://gigainvestors.com/DAV) | USD 4,135,000 | <0.1% | add +47.65% |

## Total held by quarter

- 2026 Q1: USD 1,785,463 · 1 holder · USD 5.84
- 2026 Q2: USD 4,135,000 · 1 holder · USD 9.16