Fervo Energy
Develops enhanced-geothermal power plants using standardized GeoBlocks and horizontal drilling.
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Profile
Develops, owns and operates enhanced-geothermal power plants, intending to sell electricity through long-term PPAs and monetize related tax attributes. Its scaling model combines repeatable GeoBlocks, leased GeoClusters and oilfield-derived drilling methods, while utility-scale revenue depends on Cape Station commissioning and reservoir performance.
Develops, owns and operates geothermal power plants built around enhanced geothermal systems. Horizontal drilling, multistage stimulation, computational modeling and downhole fiber-optic monitoring create controlled subsurface flow pathways; standardized GeoBlocks use Organic Rankine Cycle equipment, while GeoClusters organize leased development areas. Electricity is intended to be sold under long-term power purchase agreements, with project tax attributes monetized separately.
Operates entirely in the western United States, with construction concentrated at Cape Station in Utah and commercial demand from California, Nevada and Shell retail load. Project Red is a limited proof of concept; utility-scale output depends on commissioning Cape Station, reservoir performance, specialized equipment suppliers, permits, water and transmission interconnection. Founder control persists through the dual-class share structure.
Company facts
Key statistics
Year to date −45.4% · Average volume (30d) 3.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Robert W. Baird | Target | $50 | $35 | ||
| Jul 20, 2026 | Jefferies | Upgrade | Hold | Buy | $42 | $34 |
| Jul 17, 2026 | B of A Securities | Upgrade | Neutral | Buy | ||
| Jun 24, 2026 | UBS | Target | $45 | $48 | ||
| Jun 23, 2026 | Robert W. Baird | Target | $47 | $50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | −$0.07 | −$0.38 | −415.3% | $241.0K | $113.0K | −53.1% | −16.59% |
| Jun 22, 2026Q1 FY26 | −$0.05 | −$3.72 | −6,716.9% | $342.9K | $61.0K | −82.2% | −9.35% |
Financial highlights
| 2 quarters | — | — | — | — | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $61.0K | $113.0K | |
| Gross profit | — | — | — | — | −$514.0K | −$537.0K | |
| Operating income | — | — | — | — | −$20.1M | −$28.7M | |
| Net income | — | — | — | — | −$35.3M | −$59.5M | |
| Diluted EPS | — | — | — | — | −$0.12 | −$0.20 | |
| Gross margin | — | — | — | — | -842.6% | -475.2% | |
| Operating margin | — | — | — | — | -32,872.1% | -25,435.4% |
Balance sheet, Jun 30, 2026Cash & short-term investments $2.11B · Total debt $338.3M · Total assets $3.54B · Shareholders' equity $2.79B
Dividends
No dividends on record.
Ownership
Shares outstanding 286.86M · Float 203.59M · 71.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Devon Energy Corp/DE | 35.73M | 12.45% | 13F | Aug 13, 2026 |
| Capricorn Investment Group LLC | 34.23M | 11.93% | 13F | Aug 14, 2026 |
| JPMorgan Chase & Co | 7.57M | 2.64% | 13F | Aug 12, 2026 |
| Canada Pension Plan Investment Board | 7.30M | 2.54% | 13F | Aug 14, 2026 |
| Capital Research Global Investors | 6.00M | 2.09% | 13F | Aug 12, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Ormat Technologies
Direct geothermal rival with plants, equipment, and emerging EGS.
- Constellation Energy
California geothermal leader with a dominant 730 MW operating fleet.
- AES
Utility-scale solar-plus-storage PPA bidder for 24/7 clean power.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fervo Energy | $14.88 | +0.88% | $4.24B | — | — | 24,350.1 | — |
| Ormat Technologies | $102.00 | −1.00% | $6.33B | 50.8 | 53.3 | 5.3 | +10.6% |
| Constellation Energy | $277.11 | +0.13% | $99.38B | 26.9 | 22.4 | 3.2 | +23.0% |
| AES | $14.72 | 0.00% | $10.50B | 5.6 | 7.6 | 0.8 | +19.9% |
| Median | 26.9 | 22.4 | 3.2 | +19.9% |