Fermi Inc.

Good morning, ladies and gentlemen. Thank you for standing by and welcome to Fermi America's first quarter 2026 earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the prepared remarks. Please note that today's event is being recorded. I'd now like to turn the call over to Rodrigo Acuna, Fermi Director of Investor Relations. Rodrigo, the floor is yours.

Good morning, and thank you for joining Fermi America's first quarter 2026 earnings conference call. With me today are our chairman of the board, Marius Haas, co-presidents of the newly established office of the CEO, Jacob Ortiz-Lanez, and Anna Bofa, and our interim chief financial officer, Rob Masson. Today's call contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management current expectations and are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. For our detailed discussion of the risk, please refer to our most recent annual report on Form 10-K and our recent reports on Form 8-K. Any non-GAAP measures discussed today are intended to provide supplemental perspectives on the company's ongoing operations. I will now turn the call over to Mariusz.

Thank you, Rodrigo. Good morning, everyone, and thanks for joining us today. We're at a meaningful inflection point in Fermi America's development. With Fermi 2.0, we're moving forward from the entrepreneurial foundation that built this company to the institutional framework required to scale it. Fermi was built on delivering reliable private grid power at scale to the hyperscale compute infrastructure that the AI economy requires. That hasn't changed. And market conditions continue to validate our approach and value proposition. Forecasts for AI-driven power demand vary, but the central tendency has moved meaningfully upward over the past year. In the near term, the picture is one in which power availability, not capital and not demand, appears to be the biggest constraint. It's clear that delays are being reported across announced projects globally, and those delays are being driven by grid interconnection timelines and equipment availability. What's important for you to know is that our strategy is oriented towards addressing that specific gap, and it's why we believe our project is advantaged. Our mandate today is to execute with the governance, commercial relationships, and operational discipline that our investors rightly demand and expect. On today's call, we'll cover several important topics. First, I'll address the leadership changes and the steps we've taken to strengthen governance, commercial execution, and financial discipline. Second, Anna will cover commercial progress, including tenant engagement, regulatory, and nuclear. Third, Jacobo will provide an operational update on Project Matador, including recent site progress across procurement and construction. And finally, Rob will review first quarter results and liquidity. To begin, I want to take a moment to directly address the recent changes in leadership. Last month, the board removed Toby Nagabar from the positions of president, chief executive officer, and director. He was terminated for cause. The board's decision was deliberate. It was unanimous among the directors involved, and it was the result of a careful and comprehensive process that included guidance of an independent counsel. Importantly, the board firmly believes the move was in the long-term interest of this company and its shareholders. While Toby played a critical role in building something genuinely ambitious, the board recognized that over the next 18 months, Fermi needs to operate differently. We need to execute multi-billion dollar contracts with investment grade counterparties while continuing to evolve as a public company, advancing towards commercial operations. This evolution is what Fermi 2.0 is all about, and executing it will require changes at the top. These include three significant actions. First, we have strengthened our governance structure. I have assumed the role of chairman of the board, bringing experience from Dell Technologies and the enterprise technology sector. We expanded the board from five to seven directors, adding Miles Everson, Larry Kellerman, and Jeffrey Steed. As our former CFO, Miles knows the company inside and out. Larry currently serves as our head of power and has more than 40 years of experience building multi-billion dollar power generation asset portfolios. Jeffrey is a seasoned chief executive and chairman with deep experience scaling industrial enterprises into public company caliber organizations. We have engaged Hydrogen Struggles, a respected executive recruiting firm, to lead the search for our next CEO. That process is underway, and we have a preliminary slate of highly qualified candidates already in hand. were focused on identifying the right person. A season later with experience leading large complex companies, relationships with hyperscalers, and fluency in project financing to take Fermi to commercial operation and beyond. Additionally, we have hired Rob Mason as our interim chief financial officer. Rob has more than 20 years of public company financial leadership. His track record of driving growth and enterprise value across multiple industries is exactly what this company requires as we scale Project Matador and cultivate institutional relationships. Second, we have formalized our operational presence. We've established a new corporate headquarters in Dallas, in addition to our permanent onsite presence in Amarillo. Dallas positions us close to key stakeholders and deep talent, while Amarillo keeps our team embedded in Project Matador's build out. And third, we have actively rebuilt and expanded our commercial relationships. Since the leadership changes in April, our commercial momentum has strengthened. Tenant conversations that had previously stalled have been reinitiated, and new prospective tenants have entered our data room. The market's response to the structural changes we've made have been constructive, and we're increasingly confident that this evolution positions Fermi to accelerate the execution of our first binding tenant agreements. Anna will provide more color in a moment. At this point, I want to quickly touch on a few topics that are top of mind. I'll start with liquidity. Rob will discuss this in more detail shortly, but here's the main takeaway. We have multiple levers we can pull, and we're managing this company so that capital decisions are driven by strategy and not by pressure. Next, our former CEO's ill-advised call for an immediate sale of the company. The board has carefully considered that view and rejected it outright. A forced sale at this moment is not in the best interest of the long-term shareholders, especially with anchor tenant negotiations advancing and our financing structure intact. As any responsible public company should be, we're always open to value-creating opportunities, but we're not going to be stampeded into a short-sighted decision. Lastly, I'd like to talk plainly about what has not changed. The assets and fundamental value of our business have not changed. We have a campus on the path to 17 gigawatts of private power with a six gigawatt clean air permit in hand and an additional five gigawatt application filed. We have more than two gigawatts of long lead time gas generation either on site or under a firm contract. We have great partners, including Texas Tech University, which has reaffirmed its support. Our mission has also not changed. The country is in a generational race for AI compute, and that race is bottlenecked by power. As I mentioned earlier, behind the meter, gigawatt scale, redundant private power that is delivered on the necessary timeline is not a nice to have for the hyperscalers and frontier model developers. It is the constraint. Fermi was purpose-built to relieve that constraint. If anything, the macro thesis that served as the basis for a highly successful IPO is sharper today than it was then. And perhaps most importantly, the fantastic team executing on our vision has not changed. The engineers and project managers who pour the foundations, handle supply chain logistics, manage EPC contractors, and run permitting are here, remain focused, and are moving forward. I will now turn the call over to Anna for a commercial and regulatory update.