Fervo Energy 2026年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-43285_________________________ Fervo Energy Company(Exact name of registrant as specified in its charter) _________________________ 82-3168838 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (832) 554-3253Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo As of June 17, 2026, the number of shares of the registrant’s Class A common stock outstanding was 286,859,562, and the number ofshares of the registrant’s Class B common stock outstanding was 7,785,412. TABLE OF CONTENTS Part I - Financial Information Item 1.Financial StatementsItem 2.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and Procedures Part II - Other Information Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures 1212616262626364 PART I - FINANCIAL INFORMATION Fervo Energy Company and Subsidiaries Fervo Energy Company and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) The following table presents the assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in theCondensed Consolidated Balance Sheets above. The assets in the table below may only be used to settle obligations of consolidatedVIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not haverecourse to the general credit of the Company. Additionally, the assets and liabilities in the table below exclude intercompany balancesthat eliminate upon consolidation. Fervo Energy Company and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Three months ended March 31, Fervo Energy Company and Subsidiaries The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited). Fervo Energy Company and Subsidiaries The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited). Fervo Energy Company and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Fervo Energy Company and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) NOTE 1 – NATURE OF BUSINESS Fervo Energy Company (the “Company” or “Fervo”) is a Delaware corporation formed on May 27, 2017, to commercializetechnology to build, own, and operate geothermal assets. Fervo’s innovations include technologies such as advanced computationalmodels, horizontal drilling, and distributed fiber optic sensing that were developed with various partners to increase the productivityand lifetime of geothermal wells. The Company’s geographical area of operation is in the western region of the United States. The U.S. federal government encourages production of electricity from thermal energy derived from the Earth’s natural heat(“geothermal resources”). The Company requested and received grants for research and development and project development fromthe Department of Energy (“DOE”). As of March