Fervo Energy Co 10-Q

Financial Statements (unaudited)

ITEM 1. FINANCIAL STATEMENTS F-1 Table of Contents Fervo Energy Company and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Dollars and shares in thousands) As of June 30, As of December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents $ 2,106,371 $ 461,836 Grant receivables 17,177 10,580 Prepaid expenses and other 30,634 9,714 Total current assets 2,154,182 482,130 Deposits 12,602 15,234 Construction-in-process 1,235,160 789,571 Operating leases right-of-use assets 88,667 58,713 Restricted cash 11,000 6,000 Other long-term assets 33,478 13,520 Total assets $ 3,535,089 $ 1,365,168 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 29,667 $ 10,789 Accrued capital expenditures 173,961 119,303 Current portion of long-term debt 11,042 — Operating lease liabilities 24,744 4,822 Other current liabilities 10,614 16,997 Total current liabilities 250,028 151,911 Long-term debt, net of issuance costs and current portion 217,376 172,837 Operating lease liabilities 85,123 72,639 Other long-term liabilities 1,749 11,407 Total liabilities 554,276 408,794 Commitments and Contingencies (Note 19) Mezzanine equity Redeemable convertible preferred stock, par value $ 0.0001 per share; 0 and 283,546 authorized; 0 and 279,995 issued and outstanding as of June 30, 2026 and December 31, 2025 — 1,022,942 Redeemable noncontrolling interest Cape Phase I HoldCo - Redeemable noncontrolling interest 105,118 102,586 Cape Phase I Intermediate HoldCo - Redeemable noncontrolling interest 81,858 77,344 Stockholders’ equity (deficit): Common stock, par value $ 0.0001 per share; 0 and 358,279 authorized; 0 and 9,457 issued as of June 30, 2026 and December 31, 2025, respectively (1) — 1 Class A common stock, par value $ 0.0001 per share; 1,000,000 and 0 authorized; 286,869 and 0 issued as of June 30, 2026 and December 31, 2025, respectively 29 — Class B common stock, par value $ 0.0001 per share; 40,000 and 0 authorized; 7,785 and 0 issued as of June 30, 2026 and December 31, 2025, respectively 1 — Additional paid-in capital 3,126,084 — Treasury stock, at cost; 0 shares and 270 shares as of June 30, 2026 and December 31, 2025, respectively (1) — ( 1,960 ) Accumulated deficit ( 332,277 ) ( 244,539 ) Total stockholders’ equity (deficit) 2,793,837 ( 246,498 ) Total liabilities, mezzanine equity, and stockholders’ equity (deficit) $ 3,535,089 $ 1,365,168 (1)