FRVO: Solid First Quarter As A Public Company

Research evidence excerpt

FRVO: Solid First Quarter As A Public Company

FLASH NOTE

June 22, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com FRVO: Solid First Quarter As A Public Company

415 852 6468

Michael Stratoti, CFA Key Message: Fervo Energy reported its first set of quarterly results as a public company.

michael.stratoti@guggenheimpartners.com The headline financials are of limited analytical value given the company's pre-revenue

212 518 9308 status, but the operational, technological, and commercial progress during the quarter

was substantial, in our view.

• Operating losses as expected, with capital spending plans advancing.FRVO reported a Q1 2026 operating loss of $20.1 million and a net loss of $31.8 million,FRVO

Fervo Energy Co. largely as expected, with capital expenditures of $173 million directed almost entirely

Sector: Energy Technology at Cape Station construction and early-stage development across the broader portfolio.

Management targeted ~$1.2 billion of cumulative capex through Q1 2027, with ~$1.1

Earnings Release billion earmarked for Cape Station and the balance for advanced and early development

Share Price $35.09 work elsewhere. The company exited the quarter with $280.8 million of cash, and

subsequently raised approximately $2.2 billion in its May IPO.

Cape Station Phase I is mechanically complete on its first power block, with Market Data • first power on track for Q4 2026. All Phase I wells have been drilled, stimulated 52-Week Range $32.39 - $42.65 and completed, and the largest zipper operation in the company's history — six wells

Market Cap (M) $10,319 simultaneously stimulated on the Frisco pad — set internal records on both stages-per-

Shares Out (M) 286.3 day and cost-per-foot. GeoBlock 1, the initial power block, has achieved mechanical