Fervo Energy Co 10-Q

Financial Statements (unaudited)

ITEM 1. FINANCIAL STATEMENTS Fervo Energy Company and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Dollars and shares in thousands) As of March 31, As of December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 280,776 $ 461,836 Grant receivables 16,755 10,580 Prepaid expenses and other 10,338 9,714 Total current assets 307,869 482,130 Deposits 15,242 15,234 Construction-in-process 972,040 789,571 Operating leases right of use assets 91,112 58,713 Restricted cash 6,000 6,000 Other long-term assets 35,244 13,520 Total assets $ 1,427,507 $ 1,365,168 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 8,043 $ 10,789 Accrued capital expenditures 147,610 119,303 Operating lease liabilities 25,335 4,822 Other current liabilities 20,932 16,997 Total current liabilities 201,920 151,911 Long-term debt, net of issuance costs 186,636 172,837 Operating lease liabilities 86,349 72,639 Other long-term liabilities 24,673 11,407 Total liabilities 499,578 408,794 Commitments and Contingencies (Note 16) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $ 0.0001 per share; 283,546 and 283,546 authorized; 279,995 and 279,995 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,022,886 1,022,942 Redeemable noncontrolling interest Cape Phase I HoldCo - Redeemable noncontrolling interest 103,843 102,586 Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest 79,521 77,344 Stockholders’ deficit: Common stock, par value $ 0.0001 per share; 358,279 and 358,279 authorized; 9,873 and 9,457 issued as of March 31, 2026 and December 31, 2025, respectively (1) 1 1 Additional paid-in capital — — Treasury stock, at cost; 270 and 270 shares as of March 31, 2026 and December 31, 2025, respectively (1) ( 1,960 ) ( 1,960 ) Accumulated deficit ( 276,362 ) ( 244,539 ) Total stockholders’ deficit ( 278,321 ) ( 246,498 ) Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interests and stockholders’ deficit $ 1,427,507 $ 1,365,168 (1) Shares for periods presented have been retroactively adjusted to reflect the 0.7194 -for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s initial public offering (“IPO”). See Note 2 – Significant Accounting Policies and Note 17 – Subsequent Events for details. The accompanying no