FERVO ENERGY (FRVO)
NASDAQUtilitiesRenewable UtilitiesSnapshot 2026-09-04
$18.16+5.83%
Close 2026-09-04 · 1-day change
NASDAQUtilitiesRenewable UtilitiesSnapshot 2026-09-04
QuarterlyIQ Insights · FRVO
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Complete mechanical and commissioning milestones for Cape Station Phase I and progress Phase II development toward 2028 delivery.
Stated as a priority in 2 of last 2 quarters. Q2 2026 capital expenditures rose to $226.5 million from $108.0 million in Q2 2025, reflecting Cape Station development. Mechanical completion on GeoBlocks 1 and 2 achieved, commissioning progressing, with first power targeted in Q4 2026. The trajectory shows delivering progress toward operational milestones.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 0 of the last 3 quarter-over-quarter moves. Historically, Utilities names rated weak grew net income 58% of the time over the next year (vs 69% for the rest of the cohort, n=1101).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
“Commissioning at Cape Station Phase I, record-setting drilling at Phase II, and continued derisking of our pipeline all bring Fervo closer to the goal of making geothermal the world's cheapest, most…”
“Cape Station Phase I mechanical completion on GeoBlocks 1 and 2, commissioning progressing, GeoBlock 3 mechanical completion expected soon.”
Maintain disciplined capital spending in line with prior guidance to support Cape Station and pipeline development.
Stated as a priority in 2 of last 2 quarters. The company expects capital expenditures of $850 to $900 million in H2 2026 and approximately $1.2 billion from Q2 2026 through Q1 2027, consistent with prior guidance. The trajectory is on track with disciplined capital allocation.
“Expect total capital expenditures of approximately $850.0 to $900.0 million in the second half of 2026, in line with previously disclosed expectations.”
“Expects total capital expenditures of approximately $1.2 billion from Q2 2026 through Q1 2027.”
Grow revenue from initial commercial operations and power sales as geothermal projects come online.
Stated as a priority in 2 of last 2 quarters. Revenue increased from $61,000 in Q1 2026 to $113,000 in Q2 2026, reflecting early commercial sales. The trajectory shows delivering initial revenue growth consistent with management's stated focus.
“Demand for firm, carbon-free power has never been stronger, and our commercial pipeline reflects that - converting resource portfolio into shovel-ready capacity quarter after quarter.”
“Revenue grew from $61,000 in Q1 2026 to $113,000 in Q2 2026 as commercial operations advance.”
Work to reduce operating losses and net losses as projects scale and revenue grows.
Stated as a priority in 3 of last 3 quarters. Operating loss increased from $10.3 million in Q2 2025 to $28.7 million in Q2 2026, and net loss increased from $11.4 million to $55.9 million over the same period, reflecting higher investment and scaling costs. The trajectory shows increasing losses consistent with growth stage, indicating mixed progress on improving profitability.
“Reported Q2 2026 operating loss of $28.7 million and net loss of $55.9 million.”
“Operating loss of $20.1 million and net loss of $31.8 million in Q1 2026.”
“Operating loss of $10.3 million and net loss of $11.4 million in Q2 2025.”
Secure large-scale PPAs to support growth and deployment of geothermal capacity.
Newly stated in 2026-Q3. The company announced a 396 MW PPA with Google, with an option to expand to nearly 1 GW by 2030. This represents a significant commercial partnership supporting growth, with initial delivery expected in 2028. The trajectory is newly established with strong commercial validation.
“Fervo Energy and Google sign 396 MW PPA, world's largest enhanced geothermal PPA to date, with option to expand to nearly 1 GW by 2030.”
Not enough signal yet.
Not enough signal to read sensitivity to the US dollar, the broad stock market, Fed net liquidity, long-term interest rates, real (inflation-adjusted) rates (low R² over the window).
1 material management or governance event in the past 24 months, led by executive changes. Historically, Utilities names rated stable grew net income 60% of the time over the next year (vs 69% for the rest of the cohort, n=176).
Not investment advice. As of 2026-09-04.