Fervo Energy Company filed its Form 10-Q with the SEC on November 10, 2026, covering the quarterly period ended September 30, 2026, its first quarterly report as a publicly traded company following its initial public offering earlier in 2026.

Key Highlights

  • Total assets of $3.64 billion: As of September 30, 2026, the company reported total assets of $3,638,547 thousand, up from $1,365,168 thousand as of December 31, 2025.
  • Cash position of $1.92 billion: Cash and cash equivalents stood at $1,916,477 thousand at quarter end, compared to $461,836 thousand at year-end 2025.
  • Net loss attributable to Fervo Energy: The company reported a net loss attributable to Fervo Energy Company of $19,527 thousand for the three months ended September 30, 2026, and $107,272 thousand for the nine months ended September 30, 2026.
  • Revenues of $116 thousand for Q3 2026: The company reported revenues of $116 thousand for the three months ended September 30, 2026, compared to $55 thousand in the same period of 2025.
  • IPO-related reverse stock split: A 0.7194-for-1 reverse stock split was effected on May 14, 2026 in connection with the company's initial public offering, with prior period share figures retroactively adjusted.
  • Shares outstanding as of November 5, 2026: 287,225,439 shares of Class A common stock and 7,795,412 shares of Class B common stock were outstanding.
  • Income tax benefit of $29,911 thousand: The company recorded an income tax benefit of $29,911 thousand for the three months ended September 30, 2026, resulting in net income of $11,660 thousand at the consolidated level for the quarter.

Fervo Energy's Balance Sheet and Operating Results for the Quarter Ended September 30, 2026

According to the filing, Fervo Energy Company (NASDAQ:FRVO), a Delaware-incorporated geothermal energy company headquartered in Houston, Texas, reported a significant expansion of its balance sheet following its 2026 IPO. Total assets grew to $3,638,547 thousand as of September 30, 2026, from $1,365,168 thousand as of December 31, 2025. The company disclosed that cash and cash equivalents rose to $1,916,477 thousand, and property, plant and equipment, net, increased to $1,491,721 thousand from $793,234 thousand at year-end 2025.

On the equity side, the filing indicates that redeemable convertible preferred stock, which stood at $1,022,942 thousand as of December 31, 2025, was reduced to zero by September 30, 2026, as the company completed its IPO and converted to a Class A and Class B common stock structure. Total stockholders' equity shifted from a deficit of $246,498 thousand at year-end 2025 to a positive $2,790,677 thousand as of September 30, 2026, with additional paid-in capital of $3,142,451 thousand. The accumulated deficit stood at $351,804 thousand at quarter end.

For the three months ended September 30, 2026, the company reported an operating loss of $43,746 thousand, driven in part by general and administrative expense of $39,350 thousand. Interest income of $15,370 thousand and fair value changes in interest rate swaps of $11,836 thousand partially offset the operating loss. The company also reported consolidated variable interest entities with total net assets of $258,402 thousand as of September 30, 2026. The filing notes that the net loss per share attributable to common stockholders, basic and diluted, was $(0.07) for the three months ended September 30, 2026, compared to $(1.90) in the prior-year period, with share counts retroactively adjusted for the reverse stock split.

What Was Disclosed

Fervo Energy Company filed its quarterly report for the period ended September 30, 2026, disclosing a significant increase in total assets, a large cash position following its IPO, continued operating losses, and details of its new Class A and Class B common stock capital structure.