The Waiting Game

Research evidence excerpt

The Waiting Game

AI Infrastructure

Fermi Inc. (FRMI)

EQUITY RESEARCH Company Update

May 14, 2026

The Waiting Game Price: $7.42

Price Target: $8.00

FRMI reported 1Q26 results this morning (5/14). It has been a chaotic couple of

Rating: Overweight months for FRMI. After announcing that former CEO Toby Neugebauer has left the

Key Statistics: company, but would remain on the Board, they subsequently determined he was

Symbol NSQ: FRMI removed for cause and removed him from the Board. The company then put in place

52-Week Range 4.47 - 36.99 a "CEO office", led by Jacobo Ortiz Blanes and Anna Bofa. Mr. Neugebauer, who

Market Cap 4,675.0 owns ~40% of the company (himself and through affiliated entities), then pushed

ADV (3 mo) 13,157,637

the company to sell itself. Mr. Neugebauer attempted to call a Special Meeting of EV ($M) 4,376

Shares Out (M) 630.0 Shareholders (targeted for 5/29) to appoint five new directors on the Board. FRMI's

Board unanimously decided to cancel this Special Meeting, and no meeting will take

Research Analysts: place. While all of this is going on, the company is actively trying to land a tenant at

Brett Knoblauch, CFA its Project Matador campus. While we are not privy to everything happening behind

212-610-2221 closed doors, we do believe it will take some time for the company to sort out the

Brett.Knoblauch@cantor.com recent issues, which we tend to believe is something that needs to be done before a

Gareth Gacetta lease gets signed. With that being said, FRMI has secured equipment for more than 212-915-1251

Gareth.Gacetta@cantor.com 2 GW of power, which continues to make the value-proposition of this site attractive.

Nathan Frankovitz Management was also quite optimistic that they could get a definitive lease done