Fermi Provides Letter to Shareholders from CEO Lee McIntire on Financing Fermi's Next Chapter

DALLAS, TX / ACCESS Newswire / October 21, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company") today provided the following letter to shareholders from CEO Lee McIntire:

Dear Fellow Shareholders,

We are living through an extraordinary moment in the development of American infrastructure. As artificial intelligence reshapes industries and economies, reliable power has become one of the most strategically important and sought-after assets in the world.

Fermi was founded with this opportunity in mind. At Fermi's Project Matador, we are pursuing one of the most ambitious power and infrastructure developments in the country, designed to deliver the scale and reliability required by the next generation of computing.

Throughout my decades in global infrastructure and construction, I have learned that creating a successful infrastructure business requires more than assembling valuable assets. It requires judgment and financial discipline to turn those assets into sustainable returns for shareholders.

That brings us to the next important question for Fermi: how are we financing a project of this scale efficiently and responsibly? Our answer begins with a clear objective: design our capital strategy to preserve the long-term value of our infrastructure and return to shareholders.

We are doing this by pursuing capital efficient developments, bringing customer and institutional capital into projects, and limiting recourse to Fermi's corporate balance sheet wherever feasible.

Fermi has one of the most exceptional sites in the country. Our site and the work we have put into it have attracted not only TensorWave and AMD but also a robust pipeline of top-tier investment-grade customers. What brings them to Fermi is our ability to address all the key barriers they face. We have permitted land, power generation equipment, our own private grid, an enduring partnership with Texas Tech University, and strong relationships in our community.

Our Approach to Capital

Our strategy is built around three priorities.

Near Term: Manage Equity Allocation and Protect Our Balance Sheet

Our immediate priority is to responsibly manage the amount of Fermi equity required for each megawatt of capacity we deliver.

First, we are prioritizing powered land deals for our remaining 2027 capacity and planned 2028 development. Rather than only funding the construction of turnkey data centers, Fermi has multiple options to deliver power and land to customers. We can prioritize those who can self-perform when it makes sense to balance capital requirements. This significantly reduces the scope of capital Fermi must provide when it makes strategic sense to do so.

Second, we are seeking to bring customer capital into projects earlier through development contributions, mobilization payments and infrastructure funding arrangements, reducing Fermi's upfront capital needs.

Third, we are pursuing project-level debt and strategic investment partners to fund development, with the objective of limiting financial obligations at the corporate level.

Together, these initiatives protect our balance sheet and establish a more capital-efficient model for growth.

Medium Term: Build a Scalable Institutional Financing Model

Infrastructure is best financed by matching assets and contractual cash flows with capital suited to their duration and risk.

We are establishing strategic relationships with leading institutional infrastructure investors and financial partners capable of financing development at scale.

These partnerships will provide us with construction financing, project equity, and broader capital commitments across multiple phases of Project Matador, allowing Fermi to retain meaningful participation in the value of the infrastructure it develops without independently funding every project.

Long Term: Create a Self-Sustaining Infrastructure Platform

As our current construction projects become operational, our operating cash flows will create a business in which each successfully delivered project strengthens our ability to develop and finance the next, creating a flywheel.

This is how Project Matador will scale while maintaining disciplined corporate capital commitments.

Looking Ahead

Our focus is on optimizing the capital already invested and applying this strategy as we convert our robust pipeline into finalized contracts across our remaining 2027 capacity and planned 2028 development.

We commit to our shareholders visibility into our financing progress and the capital required to execute our plans. We will provide clear reporting on project financing and capital commitments as we hit our milestones.

Fermi is a generational opportunity. The foundational work required for its success has been done. Our responsibility now is to pair our ambition with a disciplined and sustainable financial model.

We will measure our success not by the amount of capital we deploy or the scale of our ambitions, but by the sustainable cash flows and returns we create for our shareholders.

Thank you for your continued support.

Lee McIntire
Chief Executive Officer
Fermi Inc.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's commercial strategy, customer agreements, Project Matador, expected capacity, delivery schedules, financing arrangements, expansion opportunities, the potential exercise of expansion rights and any resulting capacity or revenue, expected contracted revenue, the anticipated growth of the company's relationship with TensorWave, market demand, the timing and conditions of construction capital deployment, the sufficiency and continued availability of tenant credit support, the availability of project financing, and future operations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include, among others, satisfaction of the conditions to AMD's obligations under the agreement and to the closing of the TensorWave lease; the Company's ability to obtain project financing on acceptable terms or at all; construction, equipment, supply chain and permitting risks; and the other risks described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements except as required by law.

Investor Contact
Rodrigo Acuna | IR@fermiamerica.com

Media Contact
Fermi Inc. Communications | media@fermiamerica.com

SOURCE: Fermi Inc.