Fermi Inc.

Ladies and gentlemen, thank you for standing by and welcome to Fermi America's earnings conference call. Today's call will be conducted by Rodrigo Acuna, Fermi America's Director of Investor Relations. Before I turn the call over to Mr. Acuna, I'd like to read the company's abbreviated safe harbor statements. I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial positions, markets, economic conditions, product releases, partnerships and any other statements that may be construed as predictions of future performance or events are forward-looking statements, which may involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements. Any non-GAAP measures that may be discussed on the call are supplemental to GAAP results and are intended to provide additional perspective on the company's ongoing operations. With that said, Mr. Acuna, the floor is yours.

Thank you, Operator, and good morning, everyone. Welcome to Fermi America's fourth quarter and full year 2025 earnings call. Joining me today are Toby Neugebauer, our co-founder and CEO, and Mal Severson, our CFO. Before we begin, I want to remind you that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. For a detailed discussion of these risks, Please refer to our annual report on Form 10-K for the fiscal year ended December 31, 2025, which will be filed with the SEC later today. Today's call will be structured in two parts. First, Toby and Miles will walk you through an operational update on Project Matador. Then, Miles will cover our financial results. We will open it for questions after that. And with that, I'll hand it over to Toby.

Good morning. Thank you for taking the time to join us. This past Saturday, we had our board meeting where we reviewed all of the accomplishments of the team over the past 100 days. And it's the first time in 30 years of business that I witnessed multiple rounds of applause. In my opinion, the response to the team's accomplishments were well-deserved. Obviously, Fermi heard loud and clear from the market, go get a tenant. Getting the tenant is the easy part. As our shareholders, what you need, Fermi, to do is to earn the trust of investment-grade counterparties and the investors that provide the financing to fund multibillion dollars per gigawatt construction projects. That requires excellence from engineering to accounting skills. At Fairme, we're creating a private community powered by a private grid to be the leader empowering artificial intelligence that will shape tomorrow. But it all starts and ends with our tenants trusting us with their business, but just as importantly, their balance sheets to execute on the enormous undertaking of in an environment where many are failing. At Fairmeat, we believe the best way to earn this trust is to do, to execute. I invite and almost plead with you all to come to the site. When tenants come to our site, they are blown away with the scale and the speed of which we are executing. 450 million cubic feet of gas pipeline in, 10 million gallons of water pipeline in, grid connect in, substation for an 800 megawatt, 60 to 70% completed, foundations for our gin sets, either completed or on the verge of completion. But what really turned our shoppers into buyers was the air permit. When we got the air permit is when the C-suites of our customers got very, very serious about buying. As you know now, we have the 6 gigawatt air permit. On Friday, we filed for an additional 5, which we qualify for and that I have a high expectation for us executing. But first, I just want you all to understand the expectation at Fermi is 10x. We need multiple 10x to maximize the use of our PowerGen set. I think you have to have multiple tenants because we need diversity of demand to achieve the proper efficiency of what we're creating with this private grid. Second, the board is very concerned about disclosure that in any way impacts the negotiations on transactions that are multi-party and involve tens of billions of dollars. So while we are signing new LOIs, we are in the mode of coffee is for closers. We are not serving coffee until we have a complete close. It's clear that there have been issues with the stock. And as many of my friends and family and all of you all entrusted your capital and being a steward for your capital, I can't overstate how seriously I take it. I also can't be too focused on the day-to-day fluctuations. We are building a consequential company to solve a critical need for our customers, to protect consumers, and to serve our country. I'm now going to hand it off to Miles Everson, our Chief Financial Officer.