Fervo Energy Company (FRVO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to Fervo Energy's first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the prepared remarks. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Paxton Bensinger, Senior Director, Corporate Development and Investor Relations. Please go ahead, sir. Thank you. Good morning, everyone, and welcome to Ferbo Energy's Q1 2026 earnings call. Joining us today are Tim Latimer, co-founder and chief executive officer, and David Ulrey, chief financial officer. Before we begin, I'd like to remind everyone that today's discussion will contain forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. Please refer to the forward-looking statements and risk factors disclosed in today's earnings release and in our filings with the SEC. Additionally, today's discussion may include certain non-GAAP financial measures. Reconciliation tables are provided in the appendix of the earnings release as applicable. With that, I'll turn the call over to Tim. Thank you, Paxton, and good morning, everyone. This marks Fervo Energy's first-ever quarterly earnings call, and I want to begin by recognizing what a significant milestone our recent IPO represents. In May, we raised approximately $2.2 billion in gross proceeds after upsizing the offering and pricing above the high end of the revised range, a testament to the growing role of enhanced geothermal systems in the energy sector. We understand this was one of the largest primary energy and...