Fervo Energy Reports Third Quarter 2026 Results
Fervo declared commercial operation at Cape Station GeoBlock 1 on September 30, ahead of its contractual date, with GeoBlocks 2 and 3 on track for commercial operation by January 1, 2027. Fervo signed what it believes is the largest enhanced geothermal PPA to date with Google: a 15-year, take-or-pay deal for 396 megawatts with first power expected mid-2028, plus an option for roughly 600 megawatts more, bringing total contracted capacity to 1,054 megawatts and approximately $11.9 billion in contracted revenue.
Key figures
- Revenue
- $116 thousand
- Guidance
- Q4 2026 revenue in line with prior expectations (first full quarter of Cape Station revenue); 2027 revenue outlook unchanged; Q4 capex $450M-$500M, H2 2026 capex lowered to $700M-$750M from $850M-$900M
- Revenue Yoy
- 111%
- Cash
- 1900000000
- Debt
- 301600000
- Capex q3
- 256700000
- Doe awards
- $20.0 million
- Net income
- 11660000
- Contracted mw
- 1054
- Google ppa mw
- 396
- Operating loss
- 43746000
- Net loss common
- 20800000
- Hiip cape station
- 8.4 GW (vs 4.3 GW prior)
- Contracted revenue
- $11.9 billion
- Google ppa term years
- 15
- Geo blocks cost per kw
- $7,000
- Capacity in operation mw
- 36
- Capacity under construction mw
- 466
- Cape google 400 cost target per kw
- $5,500
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