Fermi signs new hyperscaler agreements as third-quarter loss narrows
Fermi Inc on Thursday said it signed new deals, saying this was "just the start" of converting its "strong" pipeline of customers.
The Texas-based, data centre-focused real estate investment trust said it signed multiple new agreements with an "investment-grade" hyperscaler that it didn't name for 600 megawatts of power capacity at Fermi's Project Matador in Texas.
Fermi said the customer's identity remains confidential.
Chief Executive Officer Lee McIntire said: "Hyperscalers want sites that are ready with permitted power, and Fermi's Project Matador is one of few that can meet that demand today. Our headstart in speed to power is a key reason an investment-grade hyperscaler has signed up for 600 megawatts and committed more than USD200 million up front to accelerate construction at Project Matador with an additional USD90 million contemplated.
"We believe this is just the start of converting our strong pipeline of customers. If we successfully turn this pipeline of prospective customers into leases, it would completely fill our 2.2 gigawatts of current capacity. This gives us growing confidence in our path forward and puts us in strong position to evolve from pre-revenue, pre-lease to the next phase of growth."
Meanwhile, Fermi said it and TensorWave have terminated the Data Center Lease & Services deal signed in August. At the start of November, Fermi had said that the October 31 closing date for the agreement had passed without extension but that the two companies "remained committed to this lease" and were working through the remaining conditions to close.
Fermi also on Thursday said its net loss narrowed to USD141.6 million in the third quarter from USD346.8 million a year prior. Other expenses were reduced sharply to USD1.6 million from USD309.0 million.
Fermi shares were 3.6% lower at USD1.72 each on Thursday afternoon in London. The stock is down 92% over the past 12 months.
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