Fermi Inc.

Good day, everyone, and welcome to the Fermi America's second quarter 2026 earnings call. At this time, all participants are placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Barry Siebert. Sir, the floor is yours.

Good morning, and thank you for joining Fermi America's second quarter 2026 earnings conference call. With me today are our Chairman of the Board, Marius Haas. our Chief Commercial Officer, Anna Bofa, our Chief Operating Officer, Jacobo Ortiz, and our Chief Financial Officer, Rob Masson. Before we begin, I'd like to remind you that today's call contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management's current expectations and are subjects to risks and uncertainties that could cause actual results to differ materially from those we anticipate. For a discussion of these risks, please refer to our most recent annual report on Form 10-K and our subsequent reports on Form 10-Q. Any non-GAAP measures we reference today are intended to provide a supplemental perspective on the company's ongoing operations. With that, I'll turn the call over to Marius.

Thank you, Barry. And good morning, everyone. Thank you for joining us. One quarter ago, On our first quarter call, I did something a chairman doesn't always do. I gave you a list, a focused 90-day plan built around five specific commitments, and I asked you to hold us to it. I told you the new leadership team would execute and that you should measure us not on our words, but by what we deliver. Several of you questioned why I established self-imposed aggressive deadlines on the team at a time when there was external distractions and internal transitions. Yes, it was a risk, but I have a very strong philosophy that an exceptionally talented team with a clear mission, with clear priorities, and well-understood timelines can achieve extraordinary things. With clarity comes alignment, passion, and focus. The focus eliminates the irrelevant noise. The passion was always about doing what is right for our shareholders. Today, roughly 90 days later, I'm here to report to you on our progress. And I'll say it plainly, Fermi is in a much stronger place now than it was then. Today, We've delivered on all five commitments, including the one that matters most. Let me take you through our results. First, a quick reconnect to the macro backdrop because it frames the problem Fermi is working to solve. Power is the binding constraint on AI compute, not capital, not demand. Across hyperscalers, neocloud providers, and Frontier Model Developers, the same bottleneck keeps surfacing. Access to large-scale, reliable electricity on a timeline that matches the pace of AI and data center development. Delays are being reported across announced projects worldwide, driven by grid interconnection queues and equipment availability. Fermi was created to relieve that constraint. And this past quarter shows you how we're doing it. Objective number one of our 90-day plan was to secure a binding customer agreement. And I will say this was by far the most important objective and the team delivered. We signed a binding agreement representing up to 650 megawatts of power. We are now in the process of finalizing the backstop agreement that sits behind it. Anna will walk you through the details in a moment. I'll simply say this. The caliber of the counterparties now standing behind our advanced energy and AI ecosystem speaks directly to the value we've discussed with you since our IPO. Objective number two was to select the right CEO for the next stage of Fermi's growth. With this in mind, we've appointed Lee McIntyre effective this Tuesday. Lee has served on our board since September of 2025 and already has a detailed working knowledge of the company and the project. More than that, he has built his entire career delivering large-scale projects. And that's the most important task in front of us right now, getting power to the site. Lee has led some of the most demanding engineering and construction organizations in the world, including Bechtel, McDermott, and TerraPower. And he ran large-scale project delivery inside all of them. So when it comes to getting first power to the site in 2027, I can't think of anyone more equipped than Lee. He will work alongside Anna, Jacobo, Rob, and me. We'll keep running the business exactly as we ran it this quarter. Our strategy does not change, and the pace will only accelerate. The third objective was to advance strategic partnerships. Again, we delivered. During the quarter, we announced EPC partnerships with Primorus for balance of plant on phase one. and TSK for early works engineering on phase two. These are two of the most capable and highly respected contractors in the industry. More recently, we also entered into a strategic alliance with Hillcore, a premier and highly experienced infrastructure and power provider around the globe, which will accelerate our ability to deliver power at speed for large scale customers. The Alliance will bring an incremental 2.6 gigawatts to the Project Matador campus within the next three years. There is no site we know of that has equipment and the ability to deliver 4.8 gigawatts during this time period. The demand for the power delivery is already here, and we have the team and the equipment to deliver. Fourth, we've told you we'd enhance our liquidity. In July, we delivered an upsized $431 million convertible notes offering, which significantly strengthened our balance sheet. Importantly, we did it at a low coupon and with a capped call structure built to protect our shareholders from dilution. Rob will take you through it. The fifth and final objective in our 90-day plan was to move the site closer to power. On this front, we've made substantial progress and we're still gaining momentum. Three Siemens Energy F-Class turbines arrived at the Port of Houston in July and have cleared customs. We've also progressed site development. Jacobo will give you full operational picture shortly. Now, Let me put these five milestones into context. Any one of them, a binding customer agreement, a CEO, significant partnerships, a strengthened balance sheet, turbines on the ground would have made for a notable quarter on their own. We challenged the team to stretch and they delivered, all of them in a single quarter. That's the story for this quarter. Our leadership team kept its focus on the plan and executed it with excellence. That was the institutional discipline Fermi 2.0 was built to deliver. The board and I are extremely proud of how the team came together and without doubt delivered an excellent quarter. With the site advancing and the commercial picture coming into focus, let me hand it to Anna.