Q3 2025 Fermi Inc Earnings Call

November 11, 2025

Rodrigo Acuna: Ladies and gentlemen, thank you for standing by, welcome to the Fermi America Q3 2025 Earnings Conference Call. Today's call will be conducted by the company's Chief Financial Officer, Miles Everson. Before I turn the call over to Mr. Everson, I'd like to read the company's abbreviated safe harbor statement. I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial positions, markets, economic conditions, product releases, partnerships, and any other statements that may be construed as a prediction of future performance or events or forward-looking statements which may involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Non-GAAP results may also be discussed on the call.

Operator: Ladies and gentlemen, thank you for standing by, welcome to the Fermi America Q3 2025 Earnings Conference Call. Today's call will be conducted by the company's Chief Financial Officer, Miles Everson. Before I turn the call over to Mr. Everson, I'd like to read the company's abbreviated safe harbor statement.

And gentlemen, thank you for standing by and welcome to the fur. Me America, third quarter 2025 earnings conference call

Today's call will be conducted by the company's Chief Financial Officer miles Iverson.

Operator: I'd like to remind you that statements made in this conference call concerning future revenues, results from operations, financial positions, markets, economic conditions, product releases, partnerships, and any other statements that may be construed as a prediction of future performance or events or forward-looking statements which may involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements.

Before I turn the call over to Mr, Everson. I'd like to read the company's abbreviated Safe Harbor statement

Operator: Non-GAAP results may also be discussed on the call. The company believes the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only. With that said, Mr. Everson, the floor is yours.

I'd like to remind you that statements made in this conference call concerning future revenues results from operations. Financial positions, markets economic conditions, product release is Partnerships and any other statements. That may be construed as a prediction of future performance or events or forward-looking statements, which may involve known and unknown risks, uncertainties and other factors. Which may cause actual results to differ materially from those expressed or implied by such statements.

Rodrigo Acuna: The company believes the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only. With that said, Mr. Everson, the floor is yours.

Non-gaap results may also be discussed on the call. The company believes the presentation of non-gaap information. Provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes. Only

Miles Everson: Thank you, operator. Good morning, everyone. Welcome to Fermi America's first Earnings Call as a public company. Joining me today are Toby Neugebauer, Co-founder and Chief Executive Officer, and Rodrigo Acuna, our Director of Investor Relations. Earlier today, we published our Q3 2025 shareholder letter, which is available on our investor relations website at investors.fermiamerica.com. As a reminder, today's remarks will include forward-looking statements that involve risks and uncertainties which may cause actual results to differ materially. For more information, please refer to our filings with the Securities and Exchange Commission. As this is our first Earnings Call, let me say a few things about our CEO. Toby is an American patriot and businessman that has spent his career making America stronger and building out the gas infrastructure for this country that has contributed to our national security.

With that said, Mr. Iverson, the floor is yours.

Thank you, operator, and good morning everyone. Welcome to fairy. America's first furnished call as a public company. Joining me today are Toby nagaba co-founder and chief executive officer.

And Rodrigo Acuna our director of investor relations earlier. Today, we published our Q3 2025 shareholder letter which is available on our investor relations website at investors fairm america.com

Miles Everson: For more information, please refer to our filings with the Securities and Exchange Commission. As this is our first Earnings Call, let me say a few things about our CEO. Toby is an American patriot and businessman that has spent his career making America stronger and building out the gas infrastructure for this country that has contributed to our national security.I'm delighted to be part of his team as we take on the next big challenge. With that, I'll turn the call over to Toby.

As a reminder, today's remarks will include forward-looking statements, that involve risk and uncertainties, which may cause actual results to differ materially.

For more information, please refer to our filing with the Security and Exchange Commission.

As this is our first earnings call. Let me say a few things about our CEO.

Miles Everson: I'm delighted to be part of his team as we take on the next big challenge. With that, I'll turn the call over to Toby.

Toby is an American Patriot and businessman that has spent his career, making America stronger and building out the gas infrastructure for this country that has contributed to our national security. I'm delighted to be part of his team as we take on the next big challenge.

Toby Neugebauer: Thank you, Miles. Thank you for helping lead Fermi on this most important journey. At Fermi, we like to set our goals and our timelines around patriotic holidays. For example, we set our S-11 and our nuclear application for the Fourth of July. When we were thinking about setting the date for our first earnings call, Veterans Day, Remembrance Day in Europe, in honor of all of those who have sacrificed to defend freedom and Western civilization, we thought that was the perfect day. Everyone at Fermi has a deep felt appreciation for all those who have served, which includes their family, who sometimes the sacrifice is just as great. The inspiration to create Fermi was in response to Western civilization's next battlefield, its next theater of war, which we all know is the artificial intelligence race.

With that I'll turn the call over to Toby. Thank you miles and thank you for helping lead. Fair me on this most important Journey at Fair me. We like to set our goals and our timelines around patriotic holidays. For example, I we set our S11 and our nuclear application uh for the 4th of July. So when we were thinking about setting the date for our first earnings call,

Toby Neugebauer: The Chinese know the key to winning that war is power, large-scale power. Unfortunately, they are winning. As you may have seen, The New York Times reported just last week that the Chinese have 33 nuclear reactors under construction, as well as the world's largest, highest dam. They are not investing in this power for their citizens. They are waging war. The war is on us. The team members of Fermi view their work building the West America's largest power complex as a privilege, as a responsibility, which gives us a deep sense of purpose as we work our 16-hour days, six days a week. As Miles reviews Q3 and we look ahead to Q4 and beyond, we believe you will be blown away by the pace of accomplishment. We believe it's unmatched in any company at any point in time.

Veterans Day. Remember, it's day in Europe. In honor of all of those who have sacrificed, uh, to defend freedom and Western Civilization. We thought that was the perfect day. Everyone at fairy has a deep felt appreciation. For all those who have served, which includes their family, who sometimes a sacrifice is just as great the inspiration to create for me was in response to Western civilizations. Next Battlefield. Its next theater of war which we all know is the artificial intelligence race. The Chinese know, the key to winning that war is power.

Large scale power.

And unfortunately, they are winning. As you may have seen, the New York Times reported just last week that the Chinese have 33 nuclear reactors under construction, as well as the world's largest, highest dam. They are not investing in this power for their citizens; they are waging war, and the war is on us. So, the team members of Fermi viewed their work building the West.

America's largest power complex is a privilege.

Toby Neugebauer: A reporter this week asked me, maybe skeptically, how is all of this possible? I think first is our business model is relatively simple. We make dumb electrons for the companies who make smart electrons. As we have all seen, the growth models and the growth expectations for our nation's leading technology companies are 35%, 40%, and 45%, and they're making smart electrons, but they can only make as many smart electrons as there are dumb electrons. Our business, really simple. We make dumb electrons. The second is we look good because our site is so good. We do have the best site in our minds to create these dumb electrons, and it just is like having the West Texas wind at our back every day. Organizationally, we are very flat and dynamic, but we're driven by accountability. We love our Gantt charts.

Blown Away by the pace of accomplishment. We believe it's unmatched in any company and any point in time

a reporter this week asked me, maybe skeptically

How is all of this possible? I think? First is our business model is relatively simple. We make dumb electrons for the companies who make smart Electronics as we have all seen the growth models and the growth expectations for our nation's leading technology companies are 35.445% and they're making smart electrons, but they can only make as many smart electrons. As there are dumb electrons. So our business really simple. We make dumb electrons the second is, we look good because our site is so good, we we do have the best site in our minds to create these dumb electrons and it just is like having uh, the westex wind

Toby Neugebauer: That flat organization, that dynamic organization, that is able to act decisively, quickly, only works because our team leaders have decades of experience and relationships in their specific field of expertise. You take the combination of, again, the dynamic organization with the decades of experience our team leaders have and the best location in that Friday night football district where we've grown up and know everybody, we are able to operate very effectively at extraordinary pace. I look forward to answering your question after Miles provides us his update. We are so fortunate to have a CFO who's truly one of the world's foremost leaders on compliance during his time leading PricewaterhouseCoopers Consulting, but who has also proven himself to be a great entrepreneur and businessman through his leadership of MBO Partners. Miles, I'm gonna turn it over to you.

At our back every day organizationally. We are very flat and dynamic, but we're driven by accountability. We love our Gantt. Charts that flat organization that Dynamic organization. Uh, that is able to act decisively quickly. Only works because our team leaders have Decades of experience and relationships in their specific field of expertise. So you take the combination of again, the dynamic organization.

Miles Everson: Thanks, Toby. As Toby mentioned, this was an extraordinary quarter for Fermi, one defined by great execution, partnerships, and financial momentum. Let's start with the operational milestones that are transforming Project Matador from blueprint to a reality of AI energy sovereignty and resilience. In September, we formally commenced our 99-year lease with Texas Tech University System in the Texas Panhandle. Having long-term control of the land enables us to complete geotechnical work across roughly 5,200 acres, including drilling, soil sampling, and surveying to prepare for foundation construction. On-site campus development is underway with over 4 million square feet cleared and graded across the data center, substation, and generation areas. We've installed 6,500 feet of roads, 34,000 feet of fencing, 9,500 feet of barriers, and 12,000 feet of water lines with additional clearing underway.

With the Decades of experience, our team leaders have and the best location in that Friday Night Football District where we've grown up and know everybody, we are able to operate very effectively at extraordinary Pace. I look forward to answering your question after Mi provides us his update. We are so fortunate to have a CFO. Who is surely 1 of the world's foremost leaders on compliance during his time, leading, PWC Consulting. But who is also proven himself to be a great entrepreneur and businessman through his leadership of MBO Partners miles. I'm going to turn it over to you. Thanks. Toby as Toby mentioned, this was an extra

Ordinary quarter for Fairy 1, defined by great execution, Partnerships and financial momentum.

Let's start with the operational Milestones that are transforming project Matador from blueprint to a reality of AI energy, sovereignty, and resilience,

In September, we formally commenced our 99 year lease with Texas Tech University system in the Texas. Panhandle having long-term control of the land, enables us to complete geotechnical work across roughly 5200 Acres, including drilling soil, sampling and surveying to prepare for foundation construction. On-site campus development is underway with over 4 million square feet, cleared and graded across the data center substation and generation areas. We've installed 6,500. Ft of Roads, 34,000 ft of fencing.

Miles Everson: These activities mark the start of physical construction and keep us on track to deliver the first GW of power by the end of 2026. We also advanced multiple critical relationships during the quarter. We signed a memorandum of understanding with Hyundai Engineering & Construction to plan and develop the nuclear energy component of our private grid. We entered into a letter of intent with Siemens Energy for both the nuclear turbine generator packages and importantly, for 3 F-class gas turbines that will provide approximately 1.1 GW of combined cycle capacity by 2026. We expanded our coalition by signing an MOU with Doosan for heavy nuclear components and future small modular reactor collaboration.

9,500 ft of barriers and 12,000. Ft of water lines with additional clearing underway, these activities marked the start of physical construction and keep us on track to deliver the first gigawatt of Power by the end of 2026.

Miles Everson: Together, these agreements anchor what will become the heart of our HyperGrid campus with nuclear, natural gas, solar, and storage, all integrated behind the meter to serve high-density AI compute loads for the hyperscalers of the United States. On the equipment front, we've already secured or placed under LOI roughly 2.2 GW of gas-fired generation. That includes 9 industrial turbines, 6 from Siemens and 3 from GE, representing more than 580 MW of capacity, as well as steam turbines and balance of plant equipment. It also includes 200 MW of committed generation from Xcel Energy for 2026, about 86 MW from the regional grid and 114 MW from GE TM2500 mobile units.

We also Advanced multiple critical relationships during the quarter. We signed a memorandum of understanding with Hyundai engineering and construction to plan and develop the nuclear energy component of our private grid. We entered into a letter of intent with Siemens energy for both, the nuclear turbine generator packages and importantly for free f-class gas. Turbines, that will provide approximately 1.1 gigawatts of combined. Cycle capacity by 202026 and we expanded our Coalition by signing an mou, with doosan for heavy, nuclear components and future small modular reactor collaboration.

Behind the meter to serve high density, AI compute, loads for the hyperscalers of the United States on the equipment front. We've already secured or placed under Loi roughly 2.2 gigawatts of gas fire generation, that includes 9, industrial turbines.

6 from Siemens and 3 from GE representing more than 580 megawatts of capacity as well as Steam turbines and balance of plant equipment. It also includes 200 megawatts of committee generation from Xcel Energy for 2026.

Miles Everson: To supplement those, we entered into an October 2025 lease with Mobile Power Solutions LLC for seven GE TM2500 Gen4 mobile turbine units, adding approximately 135 MW of flexible fast start capacity to support early stage operations. We made significant progress on the regulatory front as well. In June, we submitted our Combined License, otherwise known as a COL, application to the United States Nuclear Regulatory Commission. In September, the NRC formally accepted that application for review, a key milestone that keeps our nuclear deployment on schedule. In August, we submitted our clean air permit application that cleared its first round of comments. As we scale capacity, each GW we bring online represents a powerful financial engine for the company. Our business model is built on long-term triple net leases with investment-grade tenants.

About 86 megawatts from the regional grid and 114 megawatts from GE TM2500 mobile units.

To supplement those. We entered into an October 2025 lease with mobile Power Solutions, LLC for 7 g e, tm2500 Gen 4, mobile turbine units. Adding approximately 135 megawatts of flexible fast. Start capacity to support early stage operations,

We made significant progress on the regulatory front as well. In June we submitted our combined operating license otherwise known as a coal application to the United States nuclear Regulatory Commission. And in September the NRC formally accepted that application for review a key Milestone that keeps our nuclear deployment on schedule in August. We submitted our clean air permit application, that cleared its first round of comments.

As we scale capacity, each gigawatt, we bring online represents a powerful Financial engine, for the company.

Miles Everson: We provide access to our private behind-the-meter power grid and powered shelves behind the meter. Under these agreements, tenants pay a fixed capacity rent for both power and infrastructure, with operating expenses passed directly through to the tenant. Based on our recent market transactions and our own lease negotiations, 1 gigawatt of gross capacity is expected to generate approximately $1.5 billion of annualized revenue and about $1 billion of net operating income. Our first gigawatt is already under letter of intent with an investment-grade tenant. We are in active discussions for additional tranches of capacity. Each incremental gigawatt deployed has the potential to deliver similar net operating income contribution, underscoring the scalability and profitability of our model as Project Matador ramps towards 11 gigawatts of hyper-efficient power delivery.

Our business model is built on long-term. Triple net leases with investment grade tenants. We provide access to our private behind the meter power grid and powered shells behind the meter under these agreements. Tenants pay a fixed capacity, rent for both power and infrastructure with operating expenses passed directly through to the tenant, based on our recent Market transactions in our own lease negotiations. 1 gigawatt of gross capacity is expected to generate approximately 1.5 billion of annualized Revenue, and about 1 billion.

Dollars of net operating income.

Miles Everson: In November, we took another major step forward with Project Matador by executing a $150 million Advance in Aid of Construction agreement with our first prospective tenant. This agreement establishes a framework for cost reimbursement and prepayment, allowing the tenant to fund a portion of shared infrastructure and utility systems ahead of occupancy. It is a significant milestone for our commercial program, one that deepens alignment with our tenant and moves us closer to finalizing the long-term campus lease. Let's turn to the financials. As expected, we remain pre-revenue while we advance the development of Project Matador. We expect to begin generating revenue in 2026 as we bring our first tenant online under a long-term lease agreement. The Q3 primarily reflects early-stage corporate expenses, non-cash items, and charges associated with our transition to becoming a public company.

Our first gigawatt is already under letter of intent with an investment grade tenant. And we are an active discussions for additional tranches of capacity. Each incremental gigawatt deployed has the potential to deliver similar net operating income contribution, underscoring, the scalability and profitability of our model is Project, Matador Branch towards 11, gigawatts of hyper efficient. Power delivery in November, we took another major step forward with project Matador by executing a 150 million dollar advance in Native construction agreement. With our first prospective tenant, this agreement establishes a framework for cost reimbursement and prepayment allowing the tenant to fund a portion of shared infrastructure and Utility Systems ahead of occupancy. It is a significant milestone for our commercial program. 1 that deepens alignment with our tenant and moves

us closer to finalizing the long-term Compass Lease.

Let's turn to the financials as expected. We remain pre-revenue, while we advance the development of project manager, we expect to begin generating Revenue in 2026. As we bring our first tenant online under a long-term lease agreement, the third quarter primarily reflects early stage, corporate expenses, non-cash items and charges associated with our

Miles Everson: For the 3 months ended 30 September 2025, we reported a GAAP net loss of $346.8 million, or $0.84 per basic and diluted share. General and administrative expenses totaled $37.8 million, which includes $24.8 million in share-based compensation related to employee and management equity awards. During the quarter, we capitalized $5.9 million of interest to construction in progress. Other expenses totaled $309 million, driven by non-cash items, including our charitable donation of $173.4 million, which reflects the fair value of our September contribution of Class B Units to a donor-advised fund. Other expense for the quarter also included several non-cash fair value adjustments, including the mark-to-market adjustment of $61 million on our Series B Convertible Notes, for which we elected the fair value option.

Transition to becoming a public company for the three months ended September 30, 2025. We reported a GAAP net loss of $346.8 million, or $0.84 per basic and diluted share.

General and administrative expenses totaled $37.8 million, which includes $24.8 million in share-based compensation related to employee and management equity awards.

During the quarter, we capitalized 5.9 million of interest to Construction in progress.

Miles Everson: Fair value changes of $50.6 million on embedded derivatives associated with both the preferred units and the Macquarie Term Loan. A conversion inducement charge of $23.7 million related to options granted by certain of our founding investors to Series A and Series B Convertible Note holders to encourage the voluntary conversion of their notes ahead of the IPO. While these items impacted reported results, they are non-cash and not indicative of our long-term cost structure once operations commence. Turning to the balance sheet, we ended the quarter with $183 million of cash and cash equivalents, including $99.3 million of restricted cash tied to project financing and construction obligations.

Value of our September contribution of Class B, units to a Donor, advised fund other expense for the quarter also included several non-cash, fair value adjustments, including the mark-to-market adjustment of 61 million on our series B, convertible notes for which we elected the fair value option. Fair value, changes of 50.6 million on embedded. Derivatives associated with both, the preferred units and the McCory Term Loan, and a conversion inducement charge of 23.7 million related to options. Granted by certain of our founding investors to series a and series B. Convertible note folders to encourage the voluntary conversion of their notes ahead of the IPO. While these items impacted reported results, they are non-cash and not indicative of our long-term cost structure once operations commenced.

Miles Everson: Construction in progress ended the quarter at $270.7 million, consisting primarily of the Siemens SGT-800 combined cycle system at $153.9 million acquired through the Firebird transaction, the GE 6B package at $18 million, and other capitalizable engineering and site development costs tied to Project Matador. Upon commencement of our 99-year lease with Texas Tech University System, we recognized an operating lease right-of-use asset of $24.6 million and a corresponding lease liability of $22.6 million. In August, we completed a $350 million private financing led by Macquarie Group.

Turning to the balance sheet, we ended the quarter with $183 million of cash and cash equivalents, including $99.3 million of restricted cash tied to project financing and construction obligations.

Instruction in progress, ended the quarter at 2, 7 0. 7, 0 9,

Miles Everson: That round included $100 million in Series C preferred equity and a $250 million senior loan facility with $100 million drawn at the close. This capital allowed us to lock in critical long lead time equipment and fund early development work ahead of our IPO. On 02 October, we completed our initial public offering, raising approximately $785 million in gross proceeds, inclusive of the underwriter's 15% over-allotment option. We priced 32.5 million shares at $21 per share at the top of the marketed range. Demand was exceptionally strong, leading to a full exercise of the Green Shoe, and a total issuance of 37.4 million shares. Our stock began trading on the Nasdaq Global Select Market under the ticker FRMI that same day.

In August, we completed a $350 million private financing led by McCory Group. That round included $100 million in Series C preferred equity and a $250 million senior loan facility, with $100 million drawn at the close. This capital allowed us to lock in critical long lead time equipment and fund early development work ahead of our IPO. Then, on October 2nd, we completed our initial public offering, raising approximately $785 million in gross proceeds, inclusive of the underwriters’ 15% overallotment option. We priced at $32.

.5 million shares at $11 per share at the top of the marketing range. The man was exceptionally strong leading to a full exercise of the green shoe, and a total issuance of 37.4 million shares.

Miles Everson: The next morning, we debuted on the London Stock Exchange, marking the first time in decades that a US company has launched with a concurrent dual listing. The IPO valued Fermi America at approximately $14 billion on a fully diluted basis. Including proceeds from our October IPO, we have raised approximately $1 billion in cash equity, establishing a strong foundation to fund phase one of Project Matador. These proceeds will be directed towards three areas. First, the construction of phase one facilities, which include the initial data center buildings and power generation units, targeting 1 GW of capacity by late 2026. Second, long lead time power infrastructure and equipment, including the turbines, grid interconnects, and pipeline infrastructure necessary to supply and transmit power at scale.

Our stock began trading on the NASDAQ Global Select Market under the ticker FRMI that same day, and the next morning we debuted on the London Stock Exchange. This marks the first time in decades that a U.S. company has launched with a concurrent dual listing. The IPO valued Fermi America at approximately $14 billion on a fully diluted basis. Including proceeds from our October IPO, we have raised approximately $1 billion in cash equity, establishing a strong foundation to fund Phase 1 of Project Matador. These proceeds will be directed towards three areas.

First the construction of phase 1 facilities, which include the initial Data Center, buildings, and power generation units targeting 1, gigawatt of capacity by late 2026.

Miles Everson: Between the start of Q3 and the end of October, we have deployed approximately $108 million in capital towards these long lead time items, advancing critical components of our phase zero build-out. Third, team expansion. As we continue to hire engineers, construction managers, and operators needed to deliver on our execution plan. We expect capital spending to ramp significantly through 2026 as turbine deliveries, civil work, and interconnection projects move forward. We'll maintain a disciplined approach, deploying capital only as milestones are achieved. With that, I'll turn it back to Toby for closing remarks.

Second, long lead time power infrastructure and equipment, including the turbines, grid interconnects, and pipeline infrastructure, are necessary to supply and transmit power at scale.

Between the start of the third quarter and the end of October, we have deployed approximately $108 million in capital towards these long lead time items, advancing critical components of our Phase Zero buildout.

Toby Neugebauer: As we reflect on the breadth of the stakeholders we owe a duty to, it's very humbling. We owe a duty to the people of the Panhandle, to Texas Tech University, to the state of Texas, our landlord, to the United States of America, to our employees, specifically their safety, our partners, in the construction, of course, our customers, and last but surely not least, our owners who have entrusted us with their capital. Rest assured that as high of a standard that each group rightly will hold us to, our expectations of ourselves is even higher. As Fermi has received a lot of attention from the press, et cetera, our focus is lasered. We exist to deliver the electrons, literally the power for artificial intelligence. We will not get distracted. It's about our customers. It's about our supply chain. It's about budgeting and forecasting.

With that, I'll turn it back to Toby for closing remarks.

As we reflect on the breadth of the stakeholders, we owe a duty to it's very humbling, we owe a duty to the people of the Panhandle.

To Texas Tech University to the state of Texas. Our landlord to the United States of America to our employees, specifically, their safety, our partners. Uh, in the construction, of course, our customers. And last, but surely not least, our owners who have entrusted us with their capital.

Toby Neugebauer: As Fermi has received a lot of attention from the press, et cetera, our focus is lasered. We exist to deliver the electrons, literally the power for artificial intelligence. We will not get distracted. It's about our customers. It's about our supply chain. It's about budgeting and forecasting. It's about project management, finance, and most importantly, all in a safe environment. As we head into the holiday season, we will be as busy as Santa's elves in the North Pole and look forward to our next call in February. Thank you.

Toby Neugebauer: It's about project management, finance, and most importantly, all in a safe environment. As we head into the holiday season, we will be as busy as Santa's elves in the North Pole and look forward to our next call in February. Thank you.

Rest assured that, as high of a standard as each group rightly will hold us to our expectations of ourselves, it is even higher for us. We have received a lot of attention from the press, etc. Our focus is laser-focused. We exist to deliver the electrons—literally, the power for artificial intelligence. We will not get distracted. It's about our customers. It's about our supply chain. It's about budgeting and forecasting. It's about project management, finance, and most importantly, all.

Steven Gengaro: Thank you, Toby, and thank you, Miles. Operator, please open the line for questions.

Rodrigo Acuna: Thank you, Toby, and thank you, Miles. Operator, please open the line for questions.

Call in a safe environment as we head into the holiday season. We will be as busy as Santa's elves in the North Pole and look forward to our next call in February. Thank you. Thank you, Toby and thank you Myles. Operator, please open the line for questions.

Rodrigo Acuna: Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, please press star 1 if you have a question at this time. One moment please while we poll for questions. The first question today is coming from Nick Amicucci from Evercore ISI. Nick, your line is live.

Operator: Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, please press star 1 if you have a question at this time. One moment please while we poll for questions. The first question today is coming from Nick Amicucci from Evercore ISI. Nick, your line is live.

Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad, a confirmation total will indicate your line is in the question queue, you may press star 2. If you would like to remove your question from the team for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star Keys once, again, please press star 1. If you have a question at this time, 1 moment, please while we pull for questions,

And the first question today is coming from Nick amakuchi from evercore isi, Nick, your line is live.

Nick Amicucci: Hey, guys. Good morning. Just wanted to echo the sentiments of, you know, thank you to all the veterans.

Nicholas Amicucci: Hey, guys. Good morning. Just wanted to echo the sentiments of, you know, thank you to all the veterans.

Toby Neugebauer: Yes.

Miles Everson: Yes.

Nick Amicucci: Miles, Toby, just wanted to kind of drill into the $150 million AIAC, sorry, advance. How should we be reading that? Is that kind of, you know, an incremental type of vote of confidence from the tenant one? Just wanted to kind of rectify and make sure we're kind of thinking about that correctly.

Nicholas Amicucci: Miles, Toby, just wanted to kind of drill into the $150 million AIAC, sorry, advance. How should we be reading that? Is that kind of, you know, an incremental type of vote of confidence from the tenant one? Just wanted to kind of rectify and make sure we're kind of thinking about that correctly.

Hey guys. Good morning. And, uh, just wanted to Echo the sentiments of, you know, thank you to all the veterans. Yes. Um, miles, uh, Toby just wanted to kind of drill in to, um, to, to the 150 million dollar. Um, the ah, ah, ah, sorry, um Advance. Um, so could that be, how should we be reading that? Um, is that kind of, you know, an incremental type of vote of confidence? Uh, from from the uh, from tenant 1, uh, just wanted to

Miles Everson: Hey, good morning. This is Toby. I think, to me, it's promises kept.

Miles Everson: Hey, good morning. This is Toby. I think, to me, it's promises kept. We told the market when we were on the roadshow that this was a very real customer. We're all aware that sometimes LOIs are used as a strategy tool to tie up land, and that this $150 million. I'm here in Amarillo, everybody, and Miles and the entire team is. We spend Mondays and Tuesdays here, so it's a cold day. I can assure everyone that $150 million is already at work preparing for the 1 GW that customer client one wants. I view this. They take this $150 million very seriously. Miles, would you think they'd have given us the $150 if they weren't very, very serious as the negotiator on the deal?

Toby Neugebauer: We told the market when we were on the roadshow that this was a very real customer. We're all aware that sometimes LOIs are used as a strategy tool to tie up land, and that this $150 million. I'm here in Amarillo, everybody, and Miles and the entire team is. We spend Mondays and Tuesdays here, so it's a cold day. I can assure everyone that $150 million is already at work preparing for the 1 GW that customer client one wants. I view this. They take this $150 million very seriously. Miles, would you think they'd have given us the $150 if they weren't very, very serious as the negotiator on the deal?

Kind of Rectify and make sure we're kind of thinking about that correctly. Hey, good morning. Uh, this is Toby. Uh, I think, uh, to me it's Promises Kept, uh, we uh, told the market when we were on the road show that this was a very real customer, we're all aware that sometimes, uh, Louis are used as a, a strategy tool to um, tie up land uh, and that this 150 million. Uh, and I'm here in Amarillo, everybody, uh and miles in the entire team as we spend Mondays and Tuesdays here. So it's a cold day and I can assure everyone, that 150 million is already at work. Uh preparing for the 1 gigawatts.

Miles Everson: Right. Yeah, look, Nick, the 150 is clearly a sign of, you know, good faith and commitment. Negotiating lease agreements takes time. We're actively working on that negotiation. This is an indication from them that, you know, they're also vested in getting that lease accomplished. We feel very good about it, you know, things are going well, let me put it that way.

They, they take this 150 million dollars, very seriously miles. Would you think they've given us the 150? If they weren't very, very serious. As The Negotiator on the deal, right? Yeah. Look, Nick, the 150 is clearly a sign of, um, you know, good faith and commitment. Negotiating lease agreements takes time. We're actively working on that negotiation. Um, and this is an indication from them that, you know, they're also vested in getting at least accomplished. So um, we feel very good about it and you know, things are things are going.

Nick Amicucci: Great. Great. I'm glad to hear. As we think about, you know, I guess what should we expect the next step especially associated with kind of tenant one to be kind of a firm contract? Just any kind of color on how other negotiations with other tenants are going.

Nicholas Amicucci: Great. Great. I'm glad to hear. As we think about, you know, I guess what should we expect the next step especially associated with kind of tenant one to be kind of a firm contract? Just any kind of color on how other negotiations with other tenants are going.

Toby Neugebauer: You absolutely think our next step is a contract with tenant one. We are also already working with the lenders/financing sources for what would be one of the larger initial project financings for this. Miles just returned from working with tenant one last night, got in early this morning. Do you want to add something, Miles?

Miles Everson: Yeah, so the next thing would be, you know, we get the final lease agreement worked out, agreed, and all, you know, it has to go through multiple approvals on our side and theirs, of course, right? You had a question, Nick, with respect to other tenants as well. We continue to be in active discussions with, you know, a handful, let's say, you know, a half a dozen directionally of other tenants or potential tenants. Once, you know, once we see where we're at on the delivery for 2027 for tenant number one-

And then, as we think about, you know, kind of, I guess, what, what should we expect the next step, especially associated with kind of tenant 1, to be, kind of a firm, a firm contract and then just any, uh, any kind of color on how other negotiations with other tenants are going. You, absolutely think. Our, our next step is, uh, uh, a contract with tenant 1. We are also already working with, uh, the lenders slash financing sources for what would be a 1 of the larger uh initial um uh project financing for, for this uh, miles just returned from working with tenant 1 last night. Got in early this morning. Uh, do you want to add something miles? Yeah, so the next, the next thing would be, you know, we get the final lease agreement worked out agreed and all, you know, has to go through multiple approvals on our site and there's a course, right? Um, and then

on you had a question Nick with respect to other tenants as well. We continue to be an active discussions with, you know, a handful. Let's say, you know, a half a dozen directionally of other tenants or potential tenants.

and,

Toby Neugebauer: Right. It's up six.

Miles Everson: Well, the equipment 2026.

Toby Neugebauer: Yeah.

Miles Everson: I was thinking of revenue and income in 2027, right? Which we're on plan with what we had in the S-11, Nick. The other tenants are active discussions. Candidly, what we've said for probably four or five months right now, we continue to believe that the price of power is going up. The need is there. We're not trying to accelerate into getting another tenant for, you know, 28. We're waiting to see how things flush out because we think that our negotiating power increases, not decreases, as time passes here.

Toby Neugebauer: I violently agree with Miles. The only thing I would add is we do have the capacity to add a 2027 tenant. As we've discussed with the roadshow, the 1.1 gigs that were picked up from Siemens F-class, we went super hard on that last week. That's a done deal. Those units are headed our way. That gives us capacity in 2027 that would allow us to have 2 tenants online in 2027.

So once, you know, once we see where we're at on the delivery for 2027, for tenant number 1, right? Top 6, well, the equipment 2026, the revenue. I was thinking of Revenue and income in 2027, right? Um, which run plan with what we had in the S11, Nick and then the other, the other tenants are active discussions. But candidly we, what we've said for probably 4 or 5 months right now, we continue to believe that the price of power is going up. The need is there, so we're not trying to accelerate into getting another tenant for, you know, 28. We're we're we're waiting to see how things flush out because we think that our negotiating power increases not decreases as we time, best is you, but I violently agree with, with with Miles, the only thing I would add is we do have the capacity to add a 2027 Senate, uh, as

We've discussed this in the, uh, on the roadshow.

Miles Everson: That's right.

The 1.1 gigs that were picked up for them, uh, Siemens, uh, F-class, uh, we went super hard on that last week. That's a done deal. Those units are headed our way, and that gives us, uh, uh, capacity in 2020, uh, that would allow us to have 2 tenants online in 2027.

Nick Amicucci: Great. If I could just squeeze one quick one in too. As we think of in these discussions with, you know, other potential tenants or even the current tenants, I mean, just how much of a value are they ascribing to, like, the true behind the meter type of solution? Like, understanding that, look, yes, capacity is constrained on the grid, as it is, you know, are they really kind of preferring this true behind the meter solution as opposed to, you know, something that even if there is available capacity that they could connect to?

Nicholas Amicucci: Great. If I could just squeeze one quick one in too. As we think of in these discussions with, you know, other potential tenants or even the current tenants, I mean, just how much of a value are they ascribing to, like, the true behind the meter type of solution? Like, understanding that, look, yes, capacity is constrained on the grid, as it is, you know, are they really kind of preferring this true behind the meter solution as opposed to, you know, something that even if there is available capacity that they could connect to?

That's right.

Right. Um, and then if I could just squeeze uh 1 1 1 quick 1 in too, um, as we think of as, as in these, uh, discussions with um, you know, other potential tenants or even, even the current tenants, what kind of? Um, I mean just how much of a value are they ascribing to it like the true behind the meter um type of solution like understanding that look yes, capacities constrained on the grid um as as it is but um you know is there is are they really kind of prefering this this a true behind the meter solution as opposed to um you know something that even if there is available capacity that they could connect to?

Toby Neugebauer: Well, I felt like Don Quixote in February and March when I was explaining that, you know, maybe there wasn't this grid power. I don't think we're near the rebels that we once were six months later. Everyone gets that the power's gonna come behind the meter. I don't know if you heard the president talk in Florida just three days ago. It was basically the description of the Fermi site. Even in our conversations with the groups that provide these, you know, billions of dollars required to build these facilities, they definitely inferred that Fermi is leading the way, but there are a number of followers that will also be doing behind the meter.

Toby Neugebauer: I think, you know, while we loved being a rebel for a short period of time, I don't think any more explaining to people that this power's not coming from the grid. What's fortunate is Fermi sits in probably, at least my mind, for sure, the best site to produce behind the meter at scale in the world. Nick, I would just add, if you go back six, eight, 10 months ago, a number of the large tech companies were of a mindset that they were not going to use behind the meter as a primary source of power. That has completely flipped. They all understand that behind the meter is key component to driving their future power needs and growth strategies. That's unequivocally happened.

Well, I felt like donkey xote in February and March. When I was explaining that, you know, maybe there wasn't this grid power, uh I I don't think we're near the rebels that we weren't for 6 months later. Um, everyone gets that. The power is going to come behind the meter. I don't know if you heard the president talk in. Um uh Florida just 3 days ago. It was basically the description of the fair me site. Uh and and even in our conversations with the the groups that provide these, you know, billions of dollars required to build these facilities. Um, they definitely inferred that. Uh, Fair me is leading the way but there are a number of followers that will also be doing behind the meter. So I think, you know why we love to be?

Miles Everson: Nick, I would just add, if you go back six, eight, 10 months ago, a number of the large tech companies were of a mindset that they were not going to use behind the meter as a primary source of power. That has completely flipped. They all understand that behind the meter is key component to driving their future power needs and growth strategies. That's unequivocally happened.

Being a rebel for a short period of time. Uh, I don't think uh any more explaining to people that the this is not, this power is not coming from the grid. What's fortunate is fair, me sits in probably at least my mind for sure the best site to produce behind the meter at scale in the world. Yeah Nick I would just add

if you go back 68, 10 months ago,

Nick Amicucci: Perfect. Thanks so much, guys.

Nicholas Amicucci: Perfect. Thanks so much, guys.

Behind the meter is a primary source of power that has completely flipped. They all understand that behind the meter is a key component to driving their future power needs and growth strategies. That's unequivocally happened.

Rodrigo Acuna: Thank you. The next question will be from John Hodulik from UBS. John, your line is live.

Operator: Thank you. The next question will be from John Hodulik from UBS. John, your line is live.

Operator: Great. Good morning, guys. Toby, could you talk about your visibility into the supply chain required to get all the power and the shell stood up in 26? Obviously, a lot of big data center and power projects out there. Just wondering if you have the visibility, both from the supply chain and from a labor standpoint, that gives you the confidence that everything will come in as planned. That's number one. Number two, I think it was a couple weeks ago, the government signed an $80 billion nuclear deal with Brookfield and Westinghouse for the deployment of large-scale reactors. Obviously, that's part of the playbook here at Fermi. Does that deal benefit you guys in any way?

John Hodulik: Great. Good morning, guys. Toby, could you talk about your visibility into the supply chain required to get all the power and the shell stood up in 26? Obviously, a lot of big data center and power projects out there. Just wondering if you have the visibility, both from the supply chain and from a labor standpoint, that gives you the confidence that everything will come in as planned. That's number one.

Perfect. Thanks so much, guys. Thank you. The next question will be from John Hoik from UBS. John, your line is live.

John Hodulik: Number two, I think it was a couple weeks ago, the government signed an $80 billion nuclear deal with Brookfield and Westinghouse for the deployment of large-scale reactors. Obviously, that's part of the playbook here at Fermi. Does that deal benefit you guys in any way? How do you see Fermi sort of playing into, you know, the, clearly the US government's desire to get this ecosystem up and running again? Thanks.

Great, good morning guys. Uh, Toby could you talk about your visibility into into the supply chain required to get all the the power and the, the shells stood up in 26. Obviously a lot of Big Data Center power projects out there. Just wondering if you have the visibility both, both from the supply chain. And from a, from a labor standpoint, um, that that gives you the confidence that that, that everything will will come in as planned. That's number 1 and then number 2, uh, I think it was a couple weeks ago, the, the government signed an 80 billion dollar nuclear deal with uh, Brookfield and Westinghouse um, for the deployment of large-scale reactors, obviously, that's part of the Playbook here at firmy. Does that?

Operator: How do you see Fermi sort of playing into, you know, the, clearly the US government's desire to get this ecosystem up and running again? Thanks.

Deal benefit. You guys in any way or how do you see firmly sort of playing into, you know, the, the clearly that the US government's, um, desire to, to, to get this, uh, ecosystem up and running again. Thanks.

Toby Neugebauer: Hey, thanks. Well, the supply chain, as you and I have even discussed and I discussed on the roadshow, is my first, second. Safety's first, but second, third, and fourth is the supply chain. I do feel confident about the procurement position we are for the first gig. What we've been talking about now that is how we protect what we've procured on the campus. So that's where our mindset is around the first gig. But we are hyper-focused on subsequent acquisitions of both gen sets, transformers, and components for the control system. I mean, this is gonna be controlling the largest gas generation campus in America, and those all are long lead time items. I think we're doing great at it.

Hey, thanks. Well, uh, the supply chain, as you and I have even discussed—and as I discussed on the road show—is my first, second, uh, safety's first. But second, third, and fourth is the supply chain. I do feel confident, uh, about the procurement position we are in for the first gig.

What we've been talking about now is how we protect what we procured on the campus.

Uh, so that's where our mindset is around the first gig. Uh, but uh, we are hyper focused on subsequent uh Acquisitions, uh of both gen sets.

Um, Transformers, uh, components for the control system. I mean, this is going to be, uh, controlling the largest gas, uh,

Toby Neugebauer: We spent all Saturday morning, so instead of being with our families, the Fermi team is spending their Saturdays going through them literally item by item. How we do it is not just ourselves. We have all our key contractors on the phone. We want everybody's opinion on what we could possibly be missing. I think we're doing good. I think we have. This is my first earnings call, don't want to create... We are actively working other things that are going to fulfill our vision and meet the, you know, first 6 GW that we're applying for the gas permit for. As well as you saw what we've done leading the world and securing long lead time items on nuclear with our Doosan announcement just a few weeks ago.

Generation, uh, campus, uh, in America. And those all are long lead, time items. I think we're doing great at it. We spent all Saturday morning. So, instead of being with our families, the fairy team is spending their Saturdays, going through them, literally item by item and how we do. It is not just ourselves. We have all our key contractors on the phone. We want everybody's opinion on what we could possibly be missing. Uh, and so I think we're doing good. I

We have.

It's my first and it's called, don't want to create.

We are.

Toby Neugebauer: I If you want me to sound confident, I know the market wants me to. I'm gonna be paranoid about this every We're gonna have these calls for the next four, five, 10 years, I'm gonna be worried about the supply chain every time because that's what we need to be worried about. I am now worried about taking care of and managing the enormous amount of parts and components that we've already procured. They're headed to the site, That's what our dinner conversation was about last night is one thing to procure them, we've got to protect them before they're put into service. We've got to make sure that when we have a number of different contractors, that we don't have people grabbing other people's parts. The answer is yes.

Actively uh, working other things that are going to fulfill our vision uh, and meet the, you know, first 6, gigawatts that we're applying for the gas permit for, uh, as well. As you saw what we've done leading the world and securing long lead, time items on nuclear with our dukaan announcement, um, just a few weeks ago. So I I if you want me to sound confident, I know the market wants me to, I'm going to be paranoid about this. Every we're going to have these calls for the next 4 or 5 10 years, and I'm going to be worried about the supply chain every time.

Uh, because that's what we need to be worried about. I am now worried about

Toby Neugebauer: If you want me to sound overconfident on this one, you're not. I'm gonna be worried about the supply chain till we're done. As it relates to the nuclear deal, it's overwhelming the support that we receive in the knowledgeable nuclear community about what we're achieving. The recent reporter almost skeptical of our nuclear announcements called the Koreans leadership and their companies, et cetera, where they absolutely verified their strong desire to finance Project Matador in a very, very significant way. Hyundai will be here next week. As it relates to the government's recent deal and the announcement last night, it's obvious that if the President of the United States wants to move fast, wants to have a shovel-ready project in the very near term, that Project Matador is his first, second, and third great choice.

Taking care of and managing the enormous amount of parts and components that we've already procured, they're headed to the site. And that's what our dinner conversation was about last night. It's 1 thing to procure them, we got a protective before they're put into service. We've got to make sure that when we have a number of different contractors that we don't have people grabbing other people's Parts. Uh, but the answer is yes. And if you want me to sound overconfident on this 1, you're not. I'm going to be worried about the supply chain till we're done as it relates to the nuclear deal.

It's overwhelming, uh, the support that we received in the knowledgeable nuclear community about what we're achieving. Uh,

The recent reporter, almost skeptical of our nuclear announcements, called the Korean leadership and their companies, etc., where they absolutely verified their strong desire.

To finance.

Very very significant way yande will be here next week as it relates to the government's uh, recent deal and the announcement last night. Uh, it's obvious that if the president of the United States wants to move fast

Toby Neugebauer: Based on our understanding is he does want to be first. He wants it to be big, as you can see from press releases. What we want to make sure about these big deals is that we're maintaining competition. You know, if Brookfield wants to develop, for example, V.C. Summer, let's go and let's see who can develop large-scale reactors at scale and speed with our team, which bluntly, objectively look at our team's experience building them. I'm sorry, there's no team on, you know, with Mr. Choi having run Hyundai Engineering & Construction, with Ms. Su having been involved in the Chinese reactors. Obviously Mr. Choi and Ms. Su just completed the most successful nuclear project outside of China, period. Not in the last 10 years, 20 years. Period.

Wants to have a shovel ready project uh in the very near term. Uh that project. Uh, Matador is his first second and third, great choice and based on our uh uh, understanding is he does want to be first. He wants it to be big as you can see, from press releases. Um what we want to make sure about these big deals

Is that we're maintaining.

Competition and you know, if Brookfield wants to develop, for example, BC Summers. Let's let's go.

And let's see who can develop.

Large scale reactors at scale and speed uh with our team, which monthly objectively look at our team's experience building them. I'm sorry we there's no team, uh, on, you know, with Mr. Choice, having run hyundi nuclear with mass suit. Having been involved in the Chinese reactors. Uh and obviously Mr. Choy, and the suit just completed the

Toby Neugebauer: We have a high degree of confidence that Washington gets that, the Koreans get that, and we're very enthusiastic.

The most successful nuclear project outside of China, period, not in the last 10 years, 20 years, period. And, um, we have a high degree of confidence that Washington gets that.

The Koreans get that.

Miles Everson: Hey, let me just chime on here for a second, John, because you asked about labor, and I'll touch on that in a second. On the long lead time equipment, there's two things that have come together really, really nicely. We are always concerned about long lead time, because that is the most scarce asset in the value chain from a molecule of gas to an hour of compute. We have secured our 6 GW clean air permit from TCEQ in Texas. It's open for public comment period, but we are on track to align with having that 6 GW of air permit approved and having the long lead time equipment to fill out that air permit. Those are really strong signals when you think of how early we are in our game here. Second, on the labor.

Miles Everson: It's open for public comment period, but we are on track to align with having that 6 GW of air permit approved and having the long lead time equipment to fill out that air permit. Those are really strong signals when you think of how early we are in our game here. Second, on the labor. The labor force in the Panhandle could not be stronger for the construction in the building. There's plenty of labor for us to get this work done, you know, it's come up before. Like, I don't know what more we can say that on the labor point that.

Miles Everson: The labor force in the Panhandle could not be stronger for the construction in the building. There's plenty of labor for us to get this work done, you know, it's come up before. Like, I don't know what more we can say that on the labor point that.

And um we're very enthusiastic. Hey, let me just check on here for a second John. Um because you asked about Labor and I'll touch on that in a second, but on the long lead, time equipment. There's, there's 2 things that have come together, really, really nicely. We are always concerned about long lead time because that is the most scarce asset and the value chain from a molecule of gas to an hour of compute. But we have secured our 6 gigawatt. Clean air permit from TCU in Texas. It's open for public comment period, but we are on track to align with having that 6. Gigawatts of air permit approved and having a long lead time equipment to fill out that are permit so that those are really strong signals when you think of how early we are in our game here. Um, and then second on the labor, the labor force and the Panhandle could not be stronger for the construction in the building, there's plenty of labor for

Toby Neugebauer: Well, they just built out, Miles. This Friday Night Lights, the original high school football district, just built out the largest energy thing ever. That was the 13 million barrels of oil, a day in the Permian. The 75+ trillion cubic feet a day, I mean, of total reserves. They did the Marcellus in their spare time. We're in a very, very unique position, which gets back to the Washington. Chris Wright, the Secretary of Energy, Doug Burgum, the Secretary of Energy, fully know that our high school football district, District 3-5A in the Panhandle, is the best place for this labor to actually go execute on these visions than any other place in the country. Maybe global.

Miles Everson: No, that's right. Toby mentioned Secretary Burgum, Secretary of the Interior. Just to be clear.

To get this work done. Um, so you know it's come up before I did like I I don't know what more we can say that on the labor point that well, they just built out miles, this Friday night, light Night Lights, the original High School football district, just built out, the largest energy thing ever and that was the 13th foil uh a day in the premium, the 75 plus trillion cubic feet of day. I mean, of total reserves. Plus they did the Marcellus in their spare time. Uh, we're in a very very unique position which gets back to the Washington Chris Wright, the Secretary of Energy Doug bergam the Secretary of Energy fully know that our high school football district district 35a and the Panhandle is the best place for this labor to actually go execute on these Vision that any other place in the country maybe the world know that's right. And Toby mentioned secretary.

Bergam Secretary of interior.

Toby Neugebauer: Yep.

Paul Golding: Great. Thanks for all the detail, guys.

Toby Neugebauer: Yeah, thanks, John.

To get you clear? Yeah. Alright. Thanks for all the detail guys.

Rodrigo Acuna: Thank you. The next question will be from Paul Golding from Macquarie Capital. Paul, your line is live.

Yeah, thanks John.

Paul Golding: Thanks so much for taking the question. Congrats on all the progress. I wanted to ask. Appreciate all the color in the slide presentation. A couple of questions about the site and the financing. The first question is relating to the solar and BESS. How should we think about the financing for the redundancies there that you're planning? I see there's some commentary around coordinating with the tenant. Just wondering if that's included in the $3.3 billion project finance expected or if there's incremental capital needed or to be provided by the tenant. I have a follow-up. Thank you.

Thank you. The next question will be from Paul Golding from McQuarrie Capital Paul. Your line is live.

Toby Neugebauer: Yes. Where we are on the BESS, which has been the latest 911 between tenant 1 and ourselves, is agreeing on, you know, the specifications and the preferred providers. We have narrowed it down to six that meet tenant 1's objectives. We are sending the a request, a proposal out to those immediately. That is on its way. What I think will happen on the financing is we assumed a ratio of BESS to the total first gigawatt, and our tenant 1 wants to increase that intensity relative to their use. That's one of the things that we're working through from a financing standpoint.

The latest 911 between Senate 1 and ourselves is agreeing on who you know, the specifications and the preferred um uh uh providers. We have narrowed it down to 6.

That need tenant number 1's objectives.

Toby Neugebauer: Obviously, tenant number one knows that, you know, I would assume they know that as they increase the intensity, that that, you know, will increase the need for financing. The fortunate thing is tenant number one is a very creditworthy counterparty. We're zoned in on the BESS. I think we were so focused on the gas gen and the turbines and all of that the meetings all last week were trying to nail down the BESS. As it relates to solar, we are in conversations on solar, and I really can't talk more about that. We had hoped to be able to talk in a greater detail, but we are very zoned in on solar.

Uh, we are sending the uh uh a request a proposal out to those immediately. And so that is um uh uh on its way, what I think will happen on the financing, is we assumed a ratio of best to the total first gigawatt. Uh, and our tenant number 1 wants to increase that intensity relative to their use. So that's 1 of the things that we're working through from a financing standpoint. Obviously tenant number 1 knows that, you know, would I would assume they knew that as they increase the intensity but that you know, will increase the need for financing. Uh, the fortunate thing is tenant. Number 1 is a very credit worthy counterparty. So we're zoned in on the best and and I think um,

Toby Neugebauer: I'm sorry, on that one, as much as I want to talk about it, I don't know that I'm allowed to.

Miles Everson: Well, we're not allowed to at this point just because of confidentiality in the negotiations, Josh.

Miles Everson: Well, we're not allowed to at this point just because of confidentiality in the negotiations, Josh. Very directly, the best that we put in for the first gigawatt will be part of the project finance, to be very clear, on that point.

Toby Neugebauer: Very directly, the best that we put in for the first gigawatt will be part of the project finance, to be very clear, on that point. Yeah, but. Yeah. Asking for more. We have to figure all that out real time.

It's so I think we were so focused on these gas chin and the turbines and all of that that we the the meetings uh, all last week were trying to nail down the best as it relates to solar. Um we are uh in conversations uh on solar and I really can't talk more about that we had hoped to be able to talk in a greater detail. Uh but we are very zoned in on solar. Um and I'm sorry on that 1. I probably as much as I want to talk about it. I don't know that I'm allowed to well we're not we're not allowed to at this point just because of confidentiality in the negotiations, Josh.

Toby Neugebauer: Yeah, but. Yeah. Asking for more. We have to figure all that out real time.

Um, but very directly the best that we put in. For the first gigawatt will be part of the project Finance to be very clear. Uh, on that point. Yeah. But they yeah.

Paul Golding: Got it.

Toby Neugebauer: Any other follow-ups? You said you wanted to have a follow-up. I apologize.

Paul Golding: No, no worries. I appreciate the color and understand that you're in the midst of negotiations. All good. My follow-up was around the 2,000 acres potential expansion of the campus. Wanted to just clarify first off that the campus expansion, none of the existing roadmap is contingent on that campus expansion. Maybe just to add to that, what you might look to do if you are able to secure the campus expansion. Thank you.

Asking asking asking for more. So we we have to figure all that out real time. Got to follow up. You said, you wanted to have a follow-up? I apologize. No, no worries. I appreciate the color and understand that, um, you're in the midst of negotiations, so, uh, all good. I my follow-up was around the the, uh, uh, 2000 acre, uh, potential expansion of the campus 1 to um, just clarify. First off that the, the campus expansion, none of the existing road map is contingent on that campus expansion and and maybe just to add to that.

Toby Neugebauer: Well, yeah, the 2,000 acres are under contract. Miles and I have not secured board approval for that. We have an upcoming board meeting, and haven't felt the need to call a special board meeting based on the contract terms. Miles and I will be recommending to the board to make that additional acquisition. I think again, these are literally adjacent plots, and our desire to expand the campus is based on a couple of factors. Number one, our expectations for this campus's power generation capacity long term continues to increase. Our confidence in our ability to find customers to consume that capacity continues to increase. Third, as we start looking at some of the more advanced ways to cool these data centers, there could result in a little less density.

What you might look to do, if you are able to secure the campus expansion. Thank you. Well, yeah, the 2000 acres are under contract. Uh, I do miles and I have not secured board approval for that. We have an upcoming board meeting, uh, and haven't felt the need to call a special board meeting based on the contract terms, but, uh, miles. And I will be recommending to the board to make that additional acquisition. Uh, I think again, we the these are literally adjacent plots.

And our desire to expand the campus is based on a couple of factors. Number one, our expectations for this campus's power generation capacity, long term.

Toby Neugebauer: Our confidence in our ability to find customers to consume that capacity continues to increase. Third, as we start looking at some of the more advanced ways to cool these data centers, there could result in a little less density. Those are our 3 reasons for doing that. We would only be interested in parcels that basically strategically are adjacent. I think the market should take that as a very big sign of confidence in all of the areas that matter.

Toby Neugebauer: Those are our 3 reasons for doing that. We would only be interested in parcels that basically strategically are adjacent. I think the market should take that as a very big sign of confidence in all of the areas that matter.

And continues to increase our, uh, confidence in our ability to find customers to consume that capacity. This confidence continues to increase. And third, as we start looking at some of the more advanced ways to cool, uh, these data centers, there could result in a little less density. So, those are our three.

Our three, uh, reasons for doing that.

But we we would only be interested in partials. That basically, uh,

Strategically, we are adjacent. I think the market should take that as a very big sign of competence in all of the areas.

Paul Golding: Understood. Thanks so much.

Rodrigo Acuna: Thank you. The next question will be from Andrew Fisher from Berenberg. Andrew, your line is live.

Um, that matter is understood. Thanks so much.

Fisher from Baron B, Andrew. Your line is live.

Andrew Fisher: Okay. Thank you. Good morning, everyone. Thank you for taking my question and congratulations on all the progress made. Some of my questions have already been answered, but I just had one quickly on the natural gas pipeline that you're due to start construction on in 2026. Could you just maybe give a bit more color on sort of what else needs to be done? Is there any other sort of hurdles or permitting or anything that you need to establish over the sort of coming quarter in order to sort of get the go ahead to start building that out, please? I have a second question just on the power generation equipment for the LOI with Siemens for the 3.5 GW of additional capacity.

Andrew Fisher: I have a second question just on the power generation equipment for the LOI with Siemens for the 3.5 GW of additional capacity. Should we take from that capacity is sort of you've got a position in their, in their sort of order book, and it's really about you sort of saying, yes, we need to go ahead and execute and agreeing a price with them, in order to get that additional capacity delivered for the sort of mid stages of Project Matador, please?

Andrew Fisher: Should we take from that capacity is sort of you've got a position in their, in their sort of order book, and it's really about you sort of saying, yes, we need to go ahead and execute and agreeing a price with them, in order to get that additional capacity delivered for the sort of mid stages of Project Matador, please?

Toby Neugebauer: Well, hey, I was One of the things that made me the happiest was those of you all who've been to the campus, and the helicopter tour, remember there's an American flag where the interconnect is. What I saw yesterday was the pipe lay and the ditch being dug, connecting where the American flag is to the campus. When I look at that in 2026, absent of surprise, they're gonna start welding that pipe. The ditch is being dug. The pipe's laid out to lay into the ditch so that it can be welded. Obviously, that brings on roughly 300 million cubic feet a day, which definitely gets us to our kind of first 2.2 to 2.5 gigawatts of power. We're very, very excited about that.

Okay, thank you. Good morning everyone. Uh thank you for taking my question and congratulations on all the progress made. Um some of my questions already been answered but I just had 1 quickly on the natural gas pipeline uh that you're due to start construction on in 26. Um, could you just, uh, maybe give a bit more color on? Sort of what else needs to be done? Is there any other sort of hurdles or permitting or anything that you need to establish over over the sort of coming quarter, um, in order to sort of get the go ahead to start building that out please? And then I have a second question, just on the power generation equipment for the LOI with Zeman's, um, and for the 3 and a half gigawatts of additional capacity, um, is that should we take from that? That, that capacity is sort of, you've got a position in their, in their sort of order book. And it's really about you sort of saying yes, we need to go ahead and execute and agreeing agreeing a price with them. Uh in order to get that additional capacity, delivered for the sort of mid-stages of um project matter at all. Please

Correct me. Yeah. Well, hey, I was 1 of the things that made me the happiest. Was it? Those of you all, who have been to the campus, uh, and helicopter tours. Remember, there's an American flag where they interconnect is, and what I saw yesterday was the pipe late and, uh, the ditch being dug connecting where the American flag is to the campus.

so, when I look at that in 2026,

Absent of surprised. Uh,

they're going to start welding that pipe, the ditch is being dug.

Toby Neugebauer: That was really one of the, you know, when you know, this is a tough business, and that was probably the highlight of my day yesterday. Feel confident about where we are on the gas pipeline. What we're really working on the gas side, when you say, what are your challenges with it? Is, you know, we're gonna be bringing in enough gas in kind of phase 1 for 6 gigawatts of gas-fired generation, which is, as you know, our permit is for. Just, you know, what I'm panicking, and I say panic to y'all, that you should take that not as that shouldn't scare you, it should encourage you, is I want to make sure that, you know, the distribution system on the campus is designed flawlessly.

The pipe laid out to lay into the ditch so that it can be welded and obviously that brings on roughly 300 million cubic feet a day, which definitely gets us to our kind of first 2.2 to 2.5 gigawatts of power. So we're very, very excited about that. That was really 1 of the, you know, when you, you know, this is a tough business and we have, that was probably the highlight of my day yesterday. So feel confident about where we are, uh, on the uh, gas pipeline, what we're really working on, on the gas side. When you, when you say what are your challenges with it is, you know, we're going to be bringing in

Toby Neugebauer: That's what I'm in Amarillo doing today and yesterday and all weekend. As it relates to the subsequent, and I now know we're getting this, is we intend for this campus to be a pretty big SGT-800 campus. We want as many of the exact same kinds of generators. It's easier for us to maintain, it's easy for us to operate. We don't have an announcement about how we're gonna achieve this homogeneous nature that we have designed for this campus, but we encourage everybody to stay tuned. Our goal is to make this the easiest to operate, the most redundant, the most safest, the highest reliability, gas generation site on planet Earth. We believe the size of the SGT-800 makes that very, very...

Enough gas and kind of phase 1 for 6, gigawatts of gas fired generation, which is as you know, our permit is for. And just, you know, when I'm panicking and I stay panicked to y'all, that you should take, that notice SC, that shouldn't scare you. It shouldn't be encourage you is I want to make sure that you know, the distribution system on the campus. Uh is um is um, is is designed flawlessly. So that's what I'm in Amarillo doing, uh, today and yesterday

And all weekend as it relates to the um, subsequent and I I I now know, we're just getting this is we intend for this campus to be uh, a a pretty big Sgt, 800 campus. We want as many of the exact same kinds of um,

Generators, it's easier for us to maintain, it's easy for us to operate. So we don't have an announcement about how we're going to achieve. Uh, this homogeneous nature, uh, that, uh, we, uh, have designed for this campus. Uh, but we encourage everybody to stay tuned. Our goal is to make this, the easiest to operate the most redundant, the most safest.

Highest.

Toby Neugebauer: We believe the size of the SGT-800 makes that very, very- I think if you do the math, it'll be hard to beat it. Because if one unit goes down, you know, right now in our current design, you know, we're looking at 51 SGT-800s for phase 1. That's a unit size that we can easily back up with battery power, easily back up with the TM2500, easily back up with grid power. That's our objective. We don't have any further announcements on that, but it feels like you're reading our mail.

Toby Neugebauer: I think if you do the math, it'll be hard to beat it. Because if one unit goes down, you know, right now in our current design, you know, we're looking at 51 SGT-800s for phase 1. That's a unit size that we can easily back up with battery power, easily back up with the TM2500, easily back up with grid power. That's our objective. We don't have any further announcements on that, but it feels like you're reading our mail.

Uh, uh reliability, uh, uh gas uh, generation uh, site on planet Earth. And we believe the SG, the size of the Sgt 800 makes that very, very, um, I think if you do the math, it'll be hard to beat it. Because if 1 unit goes down, you know, right now in our current design we're you know, we're looking at 51 Sgt 800s for Phase 1 and that's a unit size that we can easily back up with battery power easily back up with the T.

Miles Everson: Yeah, absolutely. Thank you very much. Very clear.

2500 easily back up with grid power. So that's our objectives. We don't have any further announcements on that, but, uh, it feels like you're reading our mail.

Rodrigo Acuna: Thank you. The next question will be from Rich Anderson from Cantor Fitzgerald. Rich, your line is live.

Yeah, I see. Thank you very much. Um, very clear.

Operator: Thanks. Good morning. Congratulations to this point. On the Doosan agreement, can you talk about when you think they'll begin fabricating the AP1000s, and if there is a new nuclear timeline in mind for you, perhaps, you know, a shorter time to nuclear execution?

Rich Anderson: Thanks. Good morning. Congratulations to this point. On the Doosan agreement, can you talk about when you think they'll begin fabricating the AP1000s, and if there is a new nuclear timeline in mind for you, perhaps, you know, a shorter time to nuclear execution?

Toby Neugebauer: Well, first of all, I just wanna thank the CEO of Doosan and his commitment. He has conveyed his commitment not just to to Fermi, but to all of the potential stakeholders who would have interest in discussing that. I feel really proud of that partnership. I think that partnership goes hand-in-hand on the long lead time with Hyundai as well, who is also committed to us securing long lead time items as soon as possible. Our expectation that we would qualify for the Texas program. We made it clear to Texas that if we qualified for their funding, that we would use that money to secure and procure long lead time items. I don't just wanna say it's about Doosan.

And the next question will be from Rich Anderson from caner Fitzgerald. Rich your line is live. Thanks, good morning. Congratulations. Uh, to this point. Um, so on the doosan, uh, agreement, can you talk about when you think they'll begin fabricating the p1000. And if there is a new nuclear timeline in mind for you, perhaps, you know, a shorter time to nuclear execution. Well, the, uh,

Toby Neugebauer: What they are doing right now is procuring the raw materials so that we have the first mover advantage on procuring the ingredients to produce the long lead time items. And it puts us in a, you know, pole position, to use a Formula One term, on these items. We have Hyundai here next week. They're sending an entire team to prepare for that. And then we're also working the other long lead time items. The bottom line with the Doosan deal, phase one is a aggressive procurement of the raw ingredients of the long lead time items. And we intend to escalate it from there as our.

First of all, I just want to thank the CEO of dukaan and his commitment. Uh, he has conveyed his commitment not just to, uh, to, uh, Fair me. But to all of the potential stakeholders who would have interest in discussing that. So, I feel really proud of that partnership. I think that partnership goes hand in hand on the long lead time with a yande, uh, as well. Who is also committed to us securing long lead, time items uh as soon as possible. And that our expectation that we would qualify uh, for the Texas program. Uh, we made it clear to Texas that if we qualified for their funding that we would use that money uh to secure and procure, long lead, time items. Uh, so I I I I don't just want to say it's about design, so what they are doing right now,

Miles Everson: Yeah. What I would add is it's securing, that raw materials, but also getting in place the ability to do the fabrication where that's needed for these long lead time items.

Is procuring the raw materials so that we have the first mover advantage on procuring. The ingredients to produce the long lead, time items um and it puts us in a you know, pole position to use a Formula 1 term uh on these items we have Hyundai here next week. They're sending an entire team uh to to prepare for that. Uh and then we're also working the other 1 lead, time items. So the bottom line, what the deuce on Deal. Phase 1 is a aggressive procurement of the raw, ingredients of the long lead, time items. And we intend to escalate it from there as we did as our. Yeah. Yeah. What I what I what I would add is the securing the that raw materials but also getting in place, the ability to do the fabrication where that's needed.

Toby Neugebauer: Well, you saw from the press release, Doosan acknowledged that our full intention is to be first. One of the reasons that we're, you know, part of the president's deal with Japan, and the deal with the Canadians is to re-restart the Japanese nuclear industry. What's great about our relationship with the Koreans is they've been undeterred. They've been building reactors. They haven't halted construction in Korea. They just successfully built the project in the Emirates. We think we've chosen very wisely our partners because the Koreans don't need to, you know, do anything to restart their nuclear industry. It is the epicenter of the free world's nuclear industry. Our relationships there, as you may have heard, I've said it earlier, Mr. Choi ran the nuclear construction business for Hyundai.

For these long lead time items. Well, you saw from the press release due on acknowledged that our full intention is to be first.

And 1 of the reasons that we, you know, part of the president's deal with Japan, uh and the uh uh deal uh with uh uh the Canadians is to restart the Japanese nuclear industry. What's great about our relationship with the Koreans? Is they

Toby Neugebauer: We think we've chosen very wisely our partners because the Koreans don't need to, you know, do anything to restart their nuclear industry. It is the epicenter of the free world's nuclear industry. Our relationships there, as you may have heard, I've said it earlier, Mr. Choi ran the nuclear construction business for Hyundai. His relationships and the fact that we have an office in Korea already, I can't overstate the competitive advantage that puts us in. We intend to be first, period, end stop. First reactors in the United States for the nuclear renaissance or in... What I get up every morning is to make that happen in Amarillo, Texas.

Toby Neugebauer: His relationships and the fact that we have an office in Korea already, I can't overstate the competitive advantage that puts us in. We intend to be first, period, end stop.

We've been under turd, they've been building reactors. They haven't halted Construction in Korea and then they just successfully built the uh the uh uh project in the Emirates. So we think we've chosen, very wisely our partners because the Koreans don't need to to you know do anything to restart their nuclear industry. It is the epicenter of the free world's nuclear industry and our relationships there as you may have heard. I've said it earlier Mr. Choy. Ran the nuclear construction business for Hyundai. So his relationships and the fact that we have an office in Korea already. I can't overstate the competitive advantage that puts us in. We intend to be first.

Operator: Okay.

Toby Neugebauer: reactors in the United States for the nuclear renaissance or in... What I get up every morning is to make that happen in Amarillo, Texas.

Operator: Great. Then just a unrelated follow-up. Miles, I think you said, and correct me if I'm wrong, you may or may not have a tenant number 2 by the year 2028. If I heard that wrong, then correct me. The broader question is, what do you guys think of the efficient frontier in terms of delivering tenants, understanding you wanna maximize return, but how do you find that sort of re-Correct space between maximizing returns and appeasing your shareholders. I'm just wondering what the, you know, sort of the timeline to having the full 11 gigs spoken for. Is it 4 years from now? 5 years? You know, what is where's your mind at today when it comes to that issue? Thank you.

Rich Anderson: Great. Then just a unrelated follow-up. Miles, I think you said, and correct me if I'm wrong, you may or may not have a tenant number 2 by the year 2028. If I heard that wrong, then correct me. The broader question is, what do you guys think of the efficient frontier in terms of delivering tenants, understanding you wanna maximize return, but how do you find that sort of re-Correct space between maximizing returns and appeasing your shareholders. I'm just wondering what the, you know, sort of the timeline to having the full 11 gigs spoken for. Is it 4 years from now? 5 years? You know, what is where's your mind at today when it comes to that issue? Thank you.

Period and stop first. Okay. Reactors in the United States from the nuclear Renaissance are what I get up every morning to make that happen in Emerald, Texas.

Great. Uh, and then just a unrelated follow-up. Uh, miles. I think you said, uh, and correct me if I'm wrong, you may or may not have a tenant number 2 by the year 2028, if I, if I heard that wrong then, correct me. But the, the broader question is, what do you guys think of the as the efficient Frontier in terms of delivering, tenants, understanding you want to maximize return? But how do you find that?

um, sort of

Toby Neugebauer: Yeah. Let me hit tenant number 2 question that you had. We're in active discussions on those. We're not concerned whether or not we're going to have a tenant for 2028. Hit your point very directly. The question is, you know, a matter of which one will it be, is how I think about it right now. When will we have commitments for the full 11? Obviously it's a forward-looking statement. I would expect that we'll see that done in the next 2 years. Okay? We're not going to be doing that a year at a time, because you have to think about it from the customer perspective. They would prefer to have bigger footprints as opposed to smaller footprints.

Miles Everson: Yeah. Let me hit tenant number 2 question that you had. We're in active discussions on those. We're not concerned whether or not we're going to have a tenant for 2028. Hit your point very directly. The question is, you know, a matter of which one will it be, is how I think about it right now. When will we have commitments for the full 11? Obviously it's a forward-looking statement. I would expect that we'll see that done in the next 2 years. Okay? We're not going to be doing that a year at a time, because you have to think about it from the customer perspective. They would prefer to have bigger footprints as opposed to smaller footprints.

Yeah, so is it? Let me hit tenant number 2 question that you had. So we're in active discussions on those. We're not concerned whether or not we're going to have a tenant for 2028. Just to be very direct, the question is not whether or not we will have a tenant, but rather which one it will be, is how I think about it right now, and when we will have commitments for the full 11. Obviously, it's a forward-looking statement. I would expect that we'll see that done in the next 2 years.

Okay, we're not going to be doing that a year at a time, because once you got to think about it from the customer perspective, they would prefer to have bigger footprints.

Toby Neugebauer: Strategically for them, once they're there, we're delivering, they see what it's worth to them and their business and their growth strategy, they're gonna stay. Most of the discussions are, Can you give me more power? Nobody's saying, Can we cut what we originally thought by some factor? They're all looking for more power. To your point about balancing the frontier between signing contracts and satisfying investors, I've always thought that investors like more money, not less. We're gonna balance that by negotiation. There's price discovery going on in the market by our tenants as well. I agree with Miles. I agree with the two years.

Miles Everson: Strategically for them, once they're there, we're delivering, they see what it's worth to them and their business and their growth strategy, they're gonna stay. Most of the discussions are, Can you give me more power? Nobody's saying, Can we cut what we originally thought by some factor? They're all looking for more power. To your point about balancing the frontier between signing contracts and satisfying investors, I've always thought that investors like more money, not less. We're gonna balance that by negotiation. There's price discovery going on in the market by our tenants as well.

That as opposed to smaller footprints so strategically for them. Once they're there, we're delivering, they see what it's worth, you know, to them and their business and their growth strategy. They're going to stay, and then most of the discussions are, "Can you give me more power?" Nobody's saying, "Let's cut what we originally thought by some factor." They're all looking for more power. Um, so to your point about balancing the frontier between signing contracts and satisfying investors, I've always thought that investors like more money, not less. So we're going to balance that.

Toby Neugebauer: I agree with Miles. I agree with the two years. Frankly, unfortunately, I think there's no one coming to our side saying, We want a gigawatt of power. You don't come to Project Matador to say, Hey, I want a gig. The questions are, Can we have the whole thing? Well, no, we can't have the whole thing. Can we have half the thing? Well, we're not really there for half the thing. That's the conversation. We'll be pressured not just by the market to fill the gigs out, we'll be pressured by the customers.

5 negotiation and it's there's price Discovery going on in the market by our tenants as well. So, um, I I agree with Miles I I I I

Toby Neugebauer: Frankly, unfortunately, I think there's no one coming to our side saying, We want a gigawatt of power. You don't come to Project Matador to say, Hey, I want a gig. The questions are, Can we have the whole thing? Well, no, we can't have the whole thing. Can we have half the thing? Well, we're not really there for half the thing. That's the conversation. We'll be pressured not just by the market to fill the gigs out, we'll be pressured by the customers. Like Stretch Armstrong, Miles and I will be stretched by you all in the market and by our customers, and eventually our arms will be stretched out, and we'll have to commit the campus, Miles. We're trying to hang tough there.

I agree with the 2 years, and frankly, unfortunately, I think there's no one coming to our side saying we want a gigawatt of power.

There's not—you don't come to Project Matador to say, "Hey, I want a dick."

The questions are: Can we have the whole thing? Well, no, we can't have those. And can we have half the thing? Well, we're not really there. Perhaps the thing. So that's the conversation. We will be pressured, not just by the market.

Toby Neugebauer: Like Stretch Armstrong, Miles and I will be stretched by you all in the market and by our customers, and eventually our arms will be stretched out, and we'll have to commit the campus, Miles. We're trying to hang tough there. Again, we have two big forces, the market and our customers, to commit the rest of the campus. It's tough, frankly.

Toby Neugebauer: Again, we have two big forces, the market and our customers, to commit the rest of the campus. It's tough, frankly.

Operator: Miles, just a real quick yes or no. Does the experience of negotiating with tenant one perhaps create a template so that it's a bit easier to move forward with tenant two and three and four and so on? Or is everything gonna sort of be a, you know, a long drawn-out kind of process in your mind? Thank you.

To fill the gigs out will be pressured by the customers. So, like Stretch Armstrong, uh, miles, and I will be stretched by you all in the market and buy our customers and eventually our arms will be stretched out. And we'll have to commit the campus miles. We're we're, we're trying to we're trying to hang tough there, but but again, we have 2 big forces, the market, and our customers to commit the rest of the campus. And it's, and it's tough or frankly.

Toby Neugebauer: Well, the short answer is yes, it helps. However, the way that the tenants are thinking about what they need is also in flux for them, so they're doing some things they haven't done before. The drawn-out process is not unilaterally dependent on how we're thinking about it. It also has to consider how they're thinking about it. But the short answer is yes. But I want. What tenant one would say is they've never heard of anything moving as fast as it is happening at Fermi. Everyone needs to remember, the United States of America, the lease wasn't even supposed to be up till December the 31st. They didn't even officially turn over the lease to us.

Miles Everson: Well, the short answer is yes, it helps. However, the way that the tenants are thinking about what they need is also in flux for them, so they're doing some things they haven't done before. The drawn-out process is not unilaterally dependent on how we're thinking about it. It also has to consider how they're thinking about it. But the short answer is yes.

Toby Neugebauer: But I want. What tenant one would say is they've never heard of anything moving as fast as it is happening at Fermi. Everyone needs to remember, the United States of America, the lease wasn't even supposed to be up till December the 31st. They didn't even officially turn over the lease to us. When you start looking at the speed and the scale at which we're moving, they didn't turn over the lease to us until mid-July, which was even in record time when you had 20-plus government agencies looking for the turnover. I think it is everything's slow for Fermi team.

And and Miles if you just a real quick, yes or no. Is does the experience of negotiating with tenant 1, perhaps create a template so that it's a bit easier, um, to move forward with tenant 2 and 3 and 4 and so on, or or is everything going to sort of be, you know, a long drawn out kind of process in your mind. Thank you. Well, short, the short answer is yes it it helps. However, the way that the tenants are thinking about what they need as also in Flex for them, so they're doing some things they haven't done before. So, the drawn out process is not unilaterally dependent on how we're thinking about it. It also has to consider how they're thinking about it. So, um, but Dan, the short answer is, yes, but but I want and, and, and what tenant 1 would say is they've never heard of anything moving as fast as it is happening at Fair me. Uh, and everyone needs to remember the United States of America. The lease isn't even wasn't even supposed to be up.

Toby Neugebauer: When you start looking at the speed and the scale at which we're moving, they didn't turn over the lease to us until mid-July, which was even in record time when you had 20-plus government agencies looking for the turnover. I think it is everything's slow for Fermi team. I think in fairness, tenant number one would be like, "Well, I mean, we didn't know for sure that the lease was even gonna be available till mid-July, so we didn't wanna go all in," and the other tenants. You know, with the anticipated closing time, I think they would say it would be the fastest one they've ever done. Miles, is that what they're... I mean, they're saying this will be

So December, the 31st, they didn't even officially turn over the lease to us when you start looking at the speed and the scale of which we're moving, they didn't turn over the lease to us until mid July, uh, which was even in record time when you had 20 plus government agencies, uh, looking for the turnover. So, I, I

Toby Neugebauer: I think in fairness, tenant number one would be like, "Well, I mean, we didn't know for sure that the lease was even gonna be available till mid-July, so we didn't wanna go all in," and the other tenants. You know, with the anticipated closing time, I think they would say it would be the fastest one they've ever done. Miles, is that what they're... I mean, they're saying this will be

I think it is. Everything's slow for Fermi, uh, team. But I think in fairness, tip number 1 would be, well, I mean we didn't know for sure that at least was even going to be available till mid-July. So we didn't want to go all in on the other tenants, and you know, with the anticipated closing time, I think they would say it would be the fastest one they've ever done. Miles, is that what they're?

Miles Everson: It's clearly fast, right? There's no question. The reason I'm... I don't know if it's the fastest one, because a lot of these leases that were done, you know, were 30, 50, 100 megawatts, 300. They're not for a gig plus. Like, it's a different significant monetary transaction for them. The criticality, I can tell you one thing, for all these tenants that we're talking to, the criticality of this has board attention. It's not a middle management only decision. This is significant and strategic to their future.

Operator: Yep. Okay. Thanks very much.

For all these tenants that we're talking to, the criticality of this is board attention. It's not just a middle management-only decision. If this is significant and strategic to their future,

Rodrigo Acuna: Thank you. The next question will be from Joe Brent from Panmure Liberum. Joe, your line is live.

Yep. Okay. Thanks very much.

Joe Brent: Hi. Good morning. Two quick ones, if I may. Firstly, there's clearly lots of competition for generating assets at the moment, but you're making very good progress on signing those up. To what extent does the political support help you jump the line? Secondly, if we look forward to when you sign the first tenant, when will we get news on the construction contract, and what detail will you share with us?

Thank you. The next question will be from Joe Brent from Panira Librem. Joe, your line is live.

Hi, uh, good morning 2, quick ones. If I met firstly, um, there's clearly lots of competition for generating assets at the moment, but you're making very good. Um, programs on signing those up to what extent does the political support, help you jump the line?

And secondly, um, if we look forward to when you sign the first tenant.

Um, when will we get news on the Construction contract? And what detail will you share with us?

Toby Neugebauer: Miles will disclose we definitely already have the construction contract, so we'll let Miles talk about what the future disclosure of those are. Why are we getting preferential treatment? Number one, members of our team have decades of relationships, and they were in power generation when power generation wasn't cool. It's just hard to replace decades of relationships. Second, we have the best site, and as charming and as much as our friends love us via those decades of relationships, if we couldn't follow it up with one of the best sites in terms of natural gas infrastructure, on planet Earth, I don't know that we would still be able to achieve it. Thirdly, though, we did get, and I think the most tangible example of that was the F-class units.

Uh, miles.

disclose what we definitely already have the Construction contract so we'll let Mi talk about what the future disclosure of those are, uh,

What gets why are we getting preferential treatment number 1 decades, members of our team have Decades of relationships, uh, and they were in power generation when power generation wasn't cool. And so, we have just, it's just hard to replace Decades of relationships.

Second, we have the best site, uh, and as charming. And as much as our friends loved us,

Via those Decades of relationships, if we couldn't follow it up with 1 of the best sites in terms of natural gas infrastructure, uh, on planet Earth. I don't know that we would still be able to achieve it. Thirdly though, we did get. And I think the most tangible example of that was the

Toby Neugebauer: Both the Secretary of Energy and the Secretary of the Interior, because that was at the height of the trade negotiations with Germany, Siemens Energy wanted confirmation that this would make the United States happy for that 1.1 GW to come to Project Matador. We have conveyed to the entire leadership at the White House and both Interior and the Department of Energy our gratitude for making those calls and getting us across the finish line. In America, we got a football team that runs the push-push, where we get it to the end zone, and we just need that extra weight to get it across the goal line. There was no doubt on the Siemens Energy F-class units that we got a massive push-push by the United States of America.

Toby Neugebauer: As it relates to the construction contracts, you're like, maybe you've been reading by now this morning. My concern is we already have so many of them. We got to make sure we're streamlined on them, that we're all coordinating together. I'm going to be doing weekly meetings with the foremen from each one of the general contractors on Mondays. We had barbecue yesterday. I don't know what the appropriate disclosure is for those contracts. I assume it will. Miles, I don't know what the.

F-class units both the Secretary of Energy and the Secretary of interior. Uh because that was at the height of the trade, negotiations with Germany. Uh Siemens wanted confirmation that this would make the United States. Happy for that 1.1 gig to come to um, uh project Matador. So I have we have conveyed to uh, the entire leadership at the White House and both interior and the department of energy, our gratitude for making those calls and, uh, getting us across the Finish Line. Uh, in America, we've got a football team that runs the tush push where we get it to the end zone and we just need that extra weight to get it across the goal line. Uh, there was no doubt, uh, on the Siemens f-class units that we got a massive push push, uh, by the United States of America as it relates.

Miles Everson: No, it's very straightforward. We will disclose what is required by both or either, if one or the other, the SEC in the United States or the FCA, right? These are dicey negotiations. Both parties would prefer for them to frankly be as confidential as possible. However, we will disclose as required by the securities laws.

Toby Neugebauer: Fantastic. Thank you very much.

To the construction contracts. You're like, maybe even reading my mail this morning. My concern is we already have so many of them. We got to make sure we're streamlined on them uh, that we're all coordinating together. I, I'm going to be doing weekly meetings with the foremans from each 1 of the general contractors on Monday. Uh, we had barbecue yesterday. Uh, I don't know what the prop appropriate disclosure is for those contracts. Uh, I assume it will miles. I don't know, it's just very straightforward. Um, we will disclose, what is required by both the both, or either 51 or the other, the SEC in the United States or the FCA, right? These are dicey negotiations. Both parties would prefer for them to frankly, be as confidential as possible. And however, we will disclose as required by the Securities laws. Fantastic.

Miles Everson: Thank you.

Joe Brent: Thank you.

Toby Neugebauer: I think the takeaway point is this is a massive construction site already.

Miles Everson: Right.

Toby Neugebauer: Again, the email I sent to my team at 3:30 or 4:00 is we got too many of these. I mean, I want to make sure we're tracking them well and we understand the scopes of them. My entire team's nodding at us right now. It's not, do we have some? My question is, do we have too many? I'm being facetious, but I just want to make sure we're properly managing all of the general contractors that we have out there on the project right now.

Thank you very much. Thank you. Take away. Point is, this is a massive construction site already, right? So uh, again the email, I said to my team but 3:30 or 4:00 is we got too many of these. I mean I want to make sure we're tracking them well and we understand the scope of them. My entire team's nodding at us right now. It's not. Do we have some my question is do we have too many uh and they that I'm being physic but I just want to make sure we're properly.

Miles Everson: Thank you. The next question is coming from Stephen Gengaro from Stifel. Steven, your line is live.

Managing, uh, all of the general contractors that we have out there on the project right now.

Steven Gengaro: Thanks, and good morning, everybody. Two left for me. The first, I had this early December date in my mind as far as the first contract converting from LOI. Can you remind us, is there anything magical about that date, or is it just related to getting things done on a timely fashion based on your sort of projected timeline?

Thank you. And the next question is coming from Steven, gengaro from stifel. Stephen, your line is live.

Toby Neugebauer: Well, Senate Number One has a very ambitious 2026 delivery schedule. When we think through where we came up with the December number, I think, you know, the original, I don't know, 9 December was our target date. Really, that was driven around our ability to meet our customers' objectives and to secure the financing to achieve those customers' objectives. As you remember, part of that always required this $150 million interim financing structure, which they have delivered on. That's the pressure we feel on the 9 December. Frankly, Fermi, in terms of its contract negotiations, is pressing hard for as early in December as possible. Our capital markets team is pressing the capital markets for an accelerated timeframe.

Can you remind us? Is there anything magical about that date, or is it just related to getting things done on a timely fashion based on your sort of projected timeline?

Well, uh Senate number 1, has a very ambitious 2026 delivery schedule.

Toby Neugebauer: That's the pressure we feel on the 9 December. Frankly, Fermi, in terms of its contract negotiations, is pressing hard for as early in December as possible. Our capital markets team is pressing the capital markets for an accelerated timeframe. There is no doubt we are 3 weeks behind here. It's not anybody's fault. These are big companies, and this is a very big transaction, even for a big company, and a big transaction for Fermi. Our goal over November is to claw back on what I consider us to be 3 weeks behind.

So, when we think through, uh, where we came up with the December, uh, number. I think, you know, the original. I don't know. Yeah. In December 9th was our Target date. And really, that was driven around our ability to, to meet our customers objectives and to secure the financing to achieve those, uh, customers objectives. Uh, as you, you remember, uh, part of that always required, this 150 million dollar intrum, uh, financing structure, which they have, uh, uh, delivered on. Uh, so that, that's the pressure. We feel on the December 9th. And, and, and frankly, uh, Fair me, uh, in terms of its contract, negotiations, uh, is pressing hard, uh, for as early in December as possible, uh, and our Capital markets team is pressing

Toby Neugebauer: There is no doubt we are 3 weeks behind here. It's not anybody's fault. These are big companies, and this is a very big transaction, even for a big company, and a big transaction for Fermi. Our goal over November is to claw back on what I consider us to be 3 weeks behind.

Steven Gengaro: Okay, great. Thank you. The other question, just kind of from a bigger picture perspective, and you've talked about nuclear. When you talk to potential customers, do they have a preference for gas versus nuclear? Like, do they feel like given the strong support the US has from the government, there's this desire to have nuclear as base load long term? Or are they sort of power agnostic and just more concerned about securing the power?

The, the capital markets for an accelerated time frame, there is no doubt we were 3 weeks behind here. Uh, uh, I don't not anybody's fault. These are big companies and these this is a very big transaction. Even for a big company and a big transaction for fair me, uh, our goal over, uh, November is to claw back on what I consider us to be 3 weeks behind. Okay. Great. Thank you. And the other, the other question just kind of from a bigger picture perspective. And we've talked about nuclear,

Toby Neugebauer: I think it is customer customer-specific. I do think the bigger the company, the more interested they are in a carbon free power source. The other thing properly done, which we think we can do based on global construction costs for nuclear. We won't even have our name associated to the ridiculous numbers being thrown around that are up to double, but at least 60% to 70% higher than global construction no-norms for nuclear power. When you get nuclear power, even a 20% to 30% increase to global construction norms, it's very competitive with $4.50 natural gas.

um, when you talk to potential customers, do they have a preference for gas versus nuclear? Like do they feel like giving the strong support? The US has from the government. There's this desire to have nuclear as a base load long term, or are they sort of power agnostic and just more concerned about securing the power. Uh, I think it is customer um,

Uh customer specific. I do think the bigger the company, the more interested they are in a a carbon uh free power source uh the other thing properly done, which we think we can do based on Global Construction costs for nuclear. We are operating under we won't even have our name associated to the ridiculous numbers being thrown around that are

Double up to double, but at least 60% to 70% higher.

Toby Neugebauer: When you look at the math at $4.50 nat gas, which is how we present it to them, and you start looking at, call it $6.75 to $7.5 billion per GW, you're not talking about a dramatic difference. If we think that we're going to be associated with a debacle dramatically above the global nuclear construction norms, I don't think our team leaders who have been the most successful constructors of nuclear power plants in the world, we want to have their names associated with it. I don't think it's going to be a big decision-maker. I'm very optimistic that we're going to make nuclear competitive with gas when you factor in any reasonable allocation for being a completely carbon-free fuel.

Than Global construction knot norms for nuclear power, when you get nuclear power, even at 20 to 30%, increase to Global Construction Norms. It's very competitive with 450 natural gas. So when you look at the math,

At $450 NAT gases, which is how we present it to them. And you start looking at, call it, $675 million to $7.5 billion per gigawatt.

You're not talking about a dramatic difference. If we think that we're going to be associated with a debacle dramatically above, uh, the global nuclear construction Norms. I don't think our, uh, team leaders who have been the most successful Constructors of nuclear power plants in the world. We want to have their names associated with it, so I don't think it's going to be a big decision maker. I don't think.

Steven Gengaro: Great. No, thank you for the details.

I'm very optimistic that we're going to make nuclear competitive with gas when you factor in any reasonable uh allocation for being a completely uh carbon-free fuel.

Great now. Thank you for the details.

Rodrigo Acuna: Thank you. The final question today will be from Skye Landon from Rothschild & Co. Skye, your line is live.

Thank you. And the final question today, will be from Sky, Landon from Rothschild & Company Sky, your line is live.

Skye Landon: Hey, guys. Congrats on the inaugural set of results. A few questions left from me. I just wanted to ask about the 1.1 GW LOI with Siemens. And kind of timing-wise, when do you expect to get those turbines onto the site? And when could they be up and running, ready to provide power? Secondly, the slides you provided are super useful, thanks for those. Most things are either ahead or on track of schedule. On the tenant side of things, can you run through the comment around, you know, the LOI conversion being behind schedule? Clearly, I think that's what's causing the price weakness today. Just wondering if you can clarify exactly what's causing, you know, that delay versus the previous expectation of December.

Hey guys, congrats on the inaugural set of results. Um, a few questions left from me. Um, I just wanted to ask about the 1.1 gigawatt, Loi with Siemens.

Um, and kind of timing-wise, when do you expect to get those turbines onto the site? Um, and could they be up and running, ready to provide power?

Skye Landon: Clearly, I think that's what's causing the price weakness today. Just wondering if you can clarify exactly what's causing, you know, that delay versus the previous expectation of December. Lastly, there's been lots of talk about additional tenants. Tenants wanting more than 1 gigawatt of power. That got me thinking about tenant one. I believe the plan was for them to have an option on future gigawatts beyond the first one. Potentially you can elaborate on how that's looking and how that option would likely work in practice. Thanks.

Skye Landon: Lastly, there's been lots of talk about additional tenants. Tenants wanting more than 1 gigawatt of power. That got me thinking about tenant one. I believe the plan was for them to have an option on future gigawatts beyond the first one. Potentially you can elaborate on how that's looking and how that option would likely work in practice. Thanks.

Or on track of schedule. Um, but on the tenant side of things, can you run through the, the comment around, you know, the LOI conversion being behind the schedule. Clearly, I think that's what's causing the price weakness today. So just wondering wondering if you can clarify exactly what's causing, you know, that delay versus the previous expectation of December.

Toby Neugebauer: Okay. You rightfully machine gunned. I'm not going to take them all in order. Will you please help me with my ADHD if I miss something? First, what we're talking about on being behind with Tenant 1 is, you will remember from the roadshow, we expected the CRA, they call it Kayak, whatever you want to call it, the $150 million to begin construction. That went 3 weeks later than we anticipated. That is all we're saying by that. Our goal is to make up as much of that 3 weeks here in November with intensive face-to-face meetings, day-to-day meetings. What we're doing in terms of how we're tackling this negotiation is, we're tackling the tough questions first.

And then, and then, lastly, um, there's been lots of talk about additional tenants, tenants wanting more than 1 gigawatt of power. Um, and that got me thinking about tenant 1, I believe the plan was for them to have an option on future, giggle, what's really on the first 1? So, potentially, you can elaborate on on how that's looking and and how that option would would likely work in practice. Thanks. Okay. You you, you you you, you you, you, you, you, you, you, you rightfully the machine gun. I'm not going to take them all in order, and will you please help me with my ADHD? If I, if I missed something? First, what we're talking about on being behind with tenant number 1 is, you will remember from the road show, we expect it the, um, CRA. They call it kayak, whatever you want to call it. The 150 million dollars to begin construction, that went 3 weeks later than we anticipated. That is all we're saying by that. Our goal is to make up as much of that 3 weeks.

Uh uh here in November uh with intensive face-to-face, meetings day-to-day meetings and what we're doing in terms of how we're tackling this negotiation.

Toby Neugebauer: You know what normally happens in these things is everybody waits to handle the real problems at the end when everybody's tired and worn out. What we're doing, yesterday, the Fermi delegation, we went and tackled the five big ones right out of the gate. We spent eight hours in a room. We're gonna get right back engaged this afternoon. We intend to make up that three. I wouldn't take anything as a sign of weakness with that delay. I would just say, you know, these are very large corporations who have multiple different stakeholders who have to sign off on everything that's agreed to, and sometimes that takes longer than the commercial guys would prefer.

Is is we're tackling the tough questions first.

Toby Neugebauer: As it relates to the power gen, you know, as you saw in our S-11, in the early rounds, we had one gigawatt of power to deliver in 2026. Literally the day that the roadshow started, we announced a deal with Siemens for 1.1 gigawatts of F-class, which is for Q2, Q3 delivery, 2026. When you think about our power build out schedule, I actually think, you know, y'all are gonna have to learn this about me. I'm a worrier. I'm, some people say, an optimistic visionary. I consider myself a pessimistic person who occasionally has a good idea. We are building six gigawatts now. We're not building one gigawatt right now.

You know what? Normally happens in these things is everybody waits to handle the real problems at the end when everybody's tired and worn out what we're doing, uh, yesterday, uh, the fairy delegation we went and tackled the 5, big ones. Right out of the gate spent 8 hours in a room. We're going to get right back, uh, engaged this afternoon and so we intend to make up that free, I wouldn't take anything as a sign of weakness. Uh, with that delay, I would just say, you know, these are very large corporations, who have multiple different stakeholders, who have to sign off on everything that's agreed to. And sometimes that takes longer than the commercial, guys would would prefer as it relates to the power gin you know as you saw in our S11 uh in the early rounds, uh we had a gigawatt of power.

To deliver uh in 2026. Literally the day that the road show started. We uh announced a deal with Seamans for 1.1, gigawatts of f-class which is for Q2 Q3 delivery 2026.

Toby Neugebauer: If I look at the mistakes this company has made, it's been so focused on the 1 gigawatt that we have forgot we're really building 6 gigawatts. The point being is, consider what we're doing is 6 gigawatts right now. We're gonna have 1 gigawatt of it completed in 2026 pursuant to our obligations to tenant number 1. I intend to build the 6 gigawatts as fast as I possibly can. It's what I tell the team all the time, is we're already on the hook financially for 2.5 gig. Oh, yeah, the team is reminding of gas. Of this gas power generation. We're already at, you know, basically on the hook for 2.5 gigs. I intend to hook that stuff up as fast as we can because we're paying the carrying cost on that.

So, when you think about our power build-out schedule, I actually think, you know, you're always going to have to learn to stop me. I'm a warrior and some people say, an optimistic visionary. I consider myself a pessimistic person who occasionally has a good idea. We are building 6 gigawatts now; we are not building 1 gigawatt. Right now, if I look at the mistakes this company has made, it has been so focused on the 1 gigawatt. So, the point being is, consider what we're doing: it is 6 gigawatts right now.

Toby Neugebauer: Oh, yeah, the team is reminding of gas. Of this gas power generation. We're already at, you know, basically on the hook for 2.5 gigs. I intend to hook that stuff up as fast as we can because we're paying the carrying cost on that. As we lay out the campus, it's real clear that we need to go acquire the rest of the transformers, the rest of the switch gears, the rest of the gen sets to finish out phase one, which is 6GW of natural gas power to finish our phase one permit. The answer is yes, and we're doing it.

We're going to have 1 gigawatt of it completed in 2026 pursuant to our obligations to tenant number 1 and I tend to build the 6 gigawatts as fast as I possibly can. And it's what? I tell the team all the time is we already on the hook financially for 2 and a half gig. Oh yeah. The the team is reminding of gas. So of this gas, Our Generation, we we're already at, you know, basically on the hook for 2.5 digs, I intend to hook that

Toby Neugebauer: As we lay out the campus, it's real clear that we need to go acquire the rest of the transformers, the rest of the switch gears, the rest of the gen sets to finish out phase one, which is 6GW of natural gas power to finish our phase one permit. The answer is yes, and we're doing it. All right, what's the other question? I'm sorry. I got the gas. My point on the gas is we view it as a 6GW project. We view it as that. We're focused on the first gig. We got a little too myopic on 1 gig, but you need to think of this as a 6GW gas. We have the demand for this power.

Stuff up as fast as we can because we're paying the carrying cost on that, and as we lay out the campus, it's real clear that we need to go acquire the rest of the Transformers, the rest of the switch gears. The rest of the gen sets to finish out Phase 1, which is 6, gigawatts of natural gas power to finish our

Phase 1 permit.

So the answer is yes.

Toby Neugebauer: All right, what's the other question? I'm sorry. I got the gas. My point on the gas is we view it as a 6GW project. We view it as that. We're focused on the first gig. We got a little too myopic on 1 gig, but you need to think of this as a 6GW gas. We have the demand for this power. We are well on our way to having 40% of the gen sets secured to achieve that and are working very diligently, very successfully on completing the rest of what needs to be acquired to fulfill the 6 gigawatt objective.

Toby Neugebauer: We are well on our way to having 40% of the gen sets secured to achieve that and are working very diligently, very successfully on completing the rest of what needs to be acquired to fulfill the 6 gigawatt objective.

Gig, uh, but but you need to think of this as a 6 gigawatt gas, we have the demand for this power.

Miles Everson: Yeah, Toby, I would just add...

We are well on our way to having 40% of the gen sets secured to achieve that, and we are working very diligently, very successfully, on completing the rest of what needs to be acquired to fulfill the 6-gigawatt objective.

Toby Neugebauer: I was gonna say my last question.

Skye Landon: I was gonna say my last question.

Until my last.

Miles Everson: I just want to make a really clear point, though, to your question. We have not slipped on our power delivery, and we have not slipped on where we think we're going to generate revenue and net operating income. This 3-week delay on the tenant discussion is just that. It's not a change in what we have said we were going to achieve in that plan.

Toby Neugebauer: It was weird that you brought this to stock because I don't know that it Once we announced that we were back on track, you know, it was a weird trading dynamic. It's clear that tenant number one is a very serious tenant by the signing of the what they call Kayak, we call it CRA. You had another question.

I just want to make a really quick. I want to make a really clear point though, to your question, we have not slipped on our power delivery and we have not slipped on where we think we're going to generate revenue and net operating income this 3 week delay on the 10th discussion is just that it's not a change. In what we have said, we were going to achieve in that plan and and it was weird that you, you brought the stock weakness. I don't know that it once we announced that we were back on track. You know, it was a weird, a weird trading Dynamic. And, um, um, I I it's, it's clear that tenant. Number 1 is a very, very serious tenant by the signing of the what they call kayak, we call her cra.

Miles Everson: No, I was gonna make sense. I'm just trying to give you a chance to to kind of clarify exactly what you meant by the slides. Look, my last my last question was around talk of kind of like additional tenants and tenants wanting more than a gigawatt. That kind of got me thinking about the option that I believe Tenant 1 had for, you know, additional gigawatts beyond the first one. Just wondering if you can elaborate on how that's looking and how that could likely work in practice. Thanks.

Skye Landon: No, I was gonna make sense. I'm just trying to give you a chance to to kind of clarify exactly what you meant by the slides. Look, my last my last question was around talk of kind of like additional tenants and tenants wanting more than a gigawatt. That kind of got me thinking about the option that I believe Tenant 1 had for, you know, additional gigawatts beyond the first one. Just wondering if you can elaborate on how that's looking and how that could likely work in practice. Thanks.

Toby Neugebauer: They really, really want it. If anything, they're trying to. I'm saying this in case tenant number one's on. They're definitely trying to retrade the amount of ROFR they want as we head into the lease contract. They're not trying to shrink that ROFR. I'm laughing and smiling. They're trying to increase it. As I think we were clear on the roadshow, I think we will have at least two corporate clients, and I do think that Project Matador will be in the service of the country in some capacity. As I've said to you all, I do view artificial intelligence, especially nuclear-powered artificial intelligence, as a defense industry. A modern superpower has nuclear-powered submarines, a modern superpower has nuclear-powered aircraft carrier, and a modern superpower has nuclear-powered artificial intelligence. I see that we've run.

Just trying to give you a chance to um, to kind of clarify exactly what you meant by the slides and look my last. Um my last question was around uh talk of kind of like additional tenants and tenants wanting more than a gigawatt that kind of got me thinking about the option that I believe tenant 1 had for, you know, additional gigawatts to be on the first 1. So, just wondering if you can elaborate on how that's looking and how that could likely work in practice. Thanks. They really, really want it. And if anything, they're trying to and I'm saying this engaging the number 1's on they're definitely trying to retrain the amount of Roper they want uh

Toby Neugebauer: As I've said to you all, I do view artificial intelligence, especially nuclear-powered artificial intelligence, as a defense industry. A modern superpower has nuclear-powered submarines, a modern superpower has nuclear-powered aircraft carrier, and a modern superpower has nuclear-powered artificial intelligence. I see that we've run. I knew we weren't gonna be able to stay on time. I, you know, I just again want to. I don't know why they did the closing before. This is me live.

Toby Neugebauer: I knew we weren't gonna be able to stay on time. I, you know, I just again want to. I don't know why they did the closing before. This is me live. We understand the high expectations that the market has for us, that Texas Tech has for us, that the state of Texas, that our customers. One, again, I think the final closing thought I will leave you with, no one has a higher expectation for our performance than this team. We look forward to being able to share with you, as we head into the holidays, additional good news. I think Santa Claus is gonna come. Then look forward to our Q4 results, year-end results in January. As always, feel free to reach out to Rodrigo.

As we head into the lease contract, they're not trying to shrink that Rover. Um I'm laughing and smiling, they're trying to increase it as. I think we were clear on the road show, I think we will have at least 2 corporate clients. And I do think that, uh, project Matador will be in the service of the country in some capacity, as I've said to you all I do view, artificial intelligence, especially nuclear, powered artificial intelligence as a defense industry. Uh, and uh, a modern superpower has nuclear-powered submarines. A modern superpower has nuclear-powered aircraft carrier and a modern superpower has nuclear powered artificial intelligence. I see that we run. I, I knew we weren't going to be able to stay on top.

Toby Neugebauer: We understand the high expectations that the market has for us, that Texas Tech has for us, that the state of Texas, that our customers. One, again, I think the final closing thought I will leave you with, no one has a higher expectation for our performance than this team. We look forward to being able to share with you, as we head into the holidays, additional good news. I think Santa Claus is gonna come. Then look forward to our Q4 results, year-end results in January. As always, feel free to reach out to Rodrigo. Rodrigo, you might remind everybody we have a Investor Day, if people wanted to come see us in Texas soon.

Toby Neugebauer: Rodrigo, you might remind everybody we have a investor day, if people wanted to come see us in Texas soon.

Time I I you know, I just again want to, you know, I don't know why they did the closing before. This is this is me live. Uh we understand the high expectations that the market has for us uh, that Texas Tech has for us that the state of Texas that our customers but 1. Again, I think the final closing thought I would leave you with. No 1 has a higher expectation for our performance than this team. And, um, we look forward to being able to share with you. Uh, as we head into the holidays additional, good news. I think Santa Claus is going to come and, uh, then look forward to our our fourth quarter results. Year end results, uh, in, uh, January as always, feel free to reach out to roderigo roderigo. You might remind everybody we have a, a, a, a investor day, uh, that people wanted to come.

Rodrigo Acuna: Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

Operator: Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

See us in Texas soon.

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