Fervo Energy Company · NASDAQ:FRVO
Fervo Energy — Q2 2026 Earnings Presentation
22 slides from Fervo Energy's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Quarterly Results
Q2 2026 Quarterly Results August 12, 2026
Slide 2: Forward-Looking Statements
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other th
Slide 3: Health, Safety, Security, & Environment
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Health, Safety, Security, & Environment At the heart of every Fervo milestone is a culture of safety that shows up in the details 0.34 Total Recordable Incident Rate (TRIR) Rolling 12 Months, Ending June 30th, 2026 3
Slide 4: 650,000+ Acre Portfolio Anchors Growth Pipeline
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS 650,000+ Acre Portfolio Anchors Growth Pipeline Portfolio segmented by level of maturity Q1 2026 Q2 2026 Prospects: Land Holdings 270k acres 245k acres1 Long-term expansion Early Development 38.5 GW 48.6 GW2 Pipeline: Mid-term growth engine Advanced Dev
Slide 5: Diverse Customer Base Underpins Power Demand
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Diverse Customer Base Underpins Power Demand Current and future contractual summary Unprecedented 7,000 Load Growth Contract Backlog U.S. Power Demand (TWh) History Forecast Fervo’s Current Binding PPAs: 658 MW 6,000 5,766 Customer Origination1 +2.0% 5,
Slide 6: Partnering Locally to Build Things That Last
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Partnering Locally to Build Things That Last Fervo believes community partnership is essential to responsible project development and long-term success Seismic stations Fervo well location Do What We Say We Are Going To Do Fervo’s approach to developmen
Slide 7: Microgrid Behind-the-Meter Structure
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Microgrid Behind-the-Meter Structure Grid-isolated On-site Load (BTM) Representative Day (MW) Estimated Microgrid Demand Solar PV + BESS Other partners supply includes Solar PV, Fervo EGS Baseload Peaking Gas BESS, Peaking Gas Fervo GeoBlocks Microgrid
Slide 8: Proven Speed-to-Power
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Proven Speed-to-Power Cape Station Phase I construction from October 2024 to June 2026 Cape Station Phase I, June 2026 ORC 1, October 2024 ORC 1, October 2025 8
Slide 9: Cape Station Phase I Update: GeoBlocks 1-3
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Cape Station Phase I Update: GeoBlocks 1-3 ~100 MW capacity to fulfill PPAs with Shell and Southern California Edison Mechanical Completion Current Focus First Power GeoBlock 1 Commissioning Q4 2026 GeoBlock 1 Early GeoBlock 2 Commissioning 2027 Geo
Slide 10: Cape Station Phase II Update: GeoBlocks 4-11
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Cape Station Phase II Update: GeoBlocks 4-11 ~400 MW capacity slated for 2028 delivery GeoBlocks 4-11 Key Statistics GeoBlock Capacity 50 MW (8 GeoBlocks) ▪ Set Fervo drilling records: • Longest bit run: 2,295 ft Delivery 2028 • Deepest well (TD): 19,86
Slide 11: Drilling Deeper, Hotter, Faster, and Cheaper
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Drilling Deeper, Hotter, Faster, and Cheaper Design 1.0 Design 2.0 Design 3.0 Gross Power per Production Well: 3 MW 10 MW 15 MW SURFACE Target Well Spud-to- Empire State Installed Building Design Total Depth 1,250 ft Capex 5” casing 7” casing 8 5/8” cas
Slide 12: EGS Technicals: Engineering Improved Performance
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS EGS Technicals: Engineering Improved Performance Cape Station Subsurface: lateral profile view Project Red Wellfield Design Well Design ▪ Wine rack assembly ▪ Doublet: injector- ▪ Multiple benches producer pair ▪ Bounded injection ▪ Single bench wells L
Slide 13: Q2 2026 Financial Highlights
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Q2 2026 Financial Highlights Operating Loss Net Loss ~$28.7 mm ~$55.9 mm Current & Long-Term Debt Capital Expenditures ~$228.4 mm ~$226.5 mm Cash & Equivalents Revenue Backlog ~$2.1 B ~$7.2 B 13
Slide 14: GeoBlock Path to Full Production
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS GeoBlock Path to Full Production Sequenced milestones drive Fervo towards first power Ramp-Up Period Hot Performance Mechanical Completion Commissioning Commissioning Testing Cold Initial Grid Initial Production Commissioning Synchronization Drilling an
Slide 15: FTM vs. BTM Cost Comparison
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS FTM vs. BTM Cost Comparison Behind-the-meter economics remain broadly consistent with front-of-the-meter delivery Construction $/kW – Relative Cost Comparison 100% Higher redundancy architecture 90% requirements have only a marginal impact on overall 80
Slide 16: Appendix
Appendix 16
Slide 17: 650,000+ Acre Portfolio Underpins Growth Pipeline
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS 650,000+ Acre Portfolio Underpins Growth Pipeline Portfolio definitions Prospects: Land Holdings Large-scale, high-quality leased acreage positions Long-term expansion Early Commissioned and received independent HIIP studies and Development are conducti
Slide 18: Days vs. Depth: Horizontal Wells at Project Cape
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Days vs. Depth: Horizontal Wells at Project Cape Days (Spud to Total Depth) 0 10 20 30 40 50 60 70 80 0 2,000 4,000 6,000 Measured Depth (ft) 8,000 10,000 12,000 Project Red 14,000 Cape Station Well Design 1.0 Well Design 2.0 16,000 18,000 Fastest 3.0 W
Slide 19: Sawtooth 7 Sets New Drilling Record for 3.0 Well Design
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Sawtooth 7 Sets New Drilling Record for 3.0 Well Design Gross Power per Production Well (MW) Target Installed Capex ($/kW) Well Improvements To-Date 25 >$15,000/kW Sawtooth 7 Results: $15,000 Longer Laterals +10 MW >25 MW A ▪ Set 3.0 design drilling pac
Slide 20: Modular Repeatable GeoBlocks Enable Scale
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Modular Repeatable GeoBlocks Enable Scale Fervo’s geothermal design, leveraging shale-derived techniques, will be deployed in modular 50 MW GeoBlocks FERVO GEOCLUSTER Number of Power Units x 50 MW = Scalable, Modular GeoCluster Speed to Power Cost-compe
Slide 21: Fervo's Cape Station: 500 MW Under Construction
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Fervo’s Cape Station: 500 MW Under Construction The world's largest enhanced geothermal system to date, with a 4.3 GW capacity potential Cape Station GeoBlock 1: wellpad & ORC unit Illustrative GeoCluster Buildout Phase II: drilling activities PHASE IV
Slide 22: Mission & Core Values
FERVO ENERGY COMPANY Q2 2026 QUARTERLY RESULTS Mission & Core Values Our mission is to transform geothermal energy into America’s most dependable and affordable source of clean, 24/7 power. Build Things That Last Innovation Through Collaboration We prioritize health, safety, and the environment firs