SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS Management has evaluated subsequent events that occurred after the date of the Condensed Consolidated Balance Sheets through June 23, 2026, the date the financial statements were issued. •In April 2026, the Borrowers completed a second draw under the Granite Credit Agreement of approximately $172.3 million. On May 22, 2026, the Company made an additional draw of $25.9 million under the Project Granite Facility. As a result, total borrowings under the Project Granite Facility subsequent to March 31, 2026 were approximately $198.2 million. In connection with the April 2026 draw, the Company repaid in full the outstanding borrowings under the XRC Facility, using approximately $145.6 million of the proceeds. The remaining proceeds were used to fund transaction costs and for project-related purposes, including construction expenditures and required reserves. The repayment of the XRC Facility resulted in a loss on extinguishment of debt, including prepayment premiums and the write-off of unamortized debt issuance costs. The prepayment premium was approximately $6.5 million. In connection with the Project Granite financing, the Company entered into agreements to monetize certain production and/or investment tax credits associated with the project, which are expected to generate proceeds to support the overall project financing structure, including repayment of the tax credit transfer bridge loan facility. As part of the current and anticipated borrowings under the construction loan, the Company entered into a series of interest rate swaps to mitigate exposure to adverse movements in interest rates. The interest rate swaps have an aggregate initial notional value of $262.4 million on the forward start date of January 1, 2027 and amortize over the term of the swaps to $0.8 million at maturity on December 31, 2041. Under the swaps, the Company pays a fixed interest rate of 3.9% and receives a floating interest rate based on SOFR, as compounded daily over the interest period in accordance with overnight indexed swap conventions, with net settlements made periodically. The Company has not designated these interest rate swaps as hedging instruments for accounting purposes. Accordingly, the swaps will be recorded at fair value, with changes in fair value recognized in earnings. See Note 3 – Debt and Off-Balance Sheet Arrangements for additional information on the debt facilities. •On April 28, 2026, Centaurus Capital LP delivered a notice to exercise the warrant in full. In accordance with its terms, the warrant was exercised into 3,550,329 shares of Series E-2 redeemable convertible preferred stock, which are convertible into 2,554,107 shares of Class A common stock after taking into consideration the Reverse Stock Split. Centaurus Capital LP paid an aggregate exercise price of $18.7 million in cash and surrendered the original warrant upon full exercise. As a result of this transaction, the warrant is no longer outstanding, and no further shares are issuable thereunder. •On May 14, 2026, the Company completed its IPO of Class A common stock of Fervo Energy Company, par value of $0.0001 per share, at a price of $27.00 per share. The Company’s common stock trades on the Nasdaq under the symbol “FRVO”. In connection with the IPO, the Company sold an aggregate of 80,500,000 shares of Class A common stock, which includes 10,500,000 shares of the Class A common stock issued upon the underwriters’ full exercise of their option to purchase additional shares from the Company. The gross proceeds to the Company from the IPO were approximately $2.2 billion, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the IPO, the following transactions were completed: •Effectuation of a 0.7194-for-1 Reverse Stock Split of the Company’s common stock. Shares for periods presented have been retroactively adjusted to reflect the Reverse Stock Split for all periods prior to May 14, 2026, in the condensed consolidated financial statements for the three months ended March 31, 2026. See Note 2 – Significant Accounting Policies for additional information. •Automatic conversion of all outstanding redeemable convertible preferred stock into Class A common stock of Fervo with a par value of $0.0001 per share, taking into consideration the Reverse Stock Split •Reclassification of the Company’s capital structure, including the establishment of Class A and Class B common stock. •Founder share exchange, resulting in the issuance of Class B common stock of Fervo with a par value of $0.0001 per share (“Class B common stock”) to certain existing holders. •Filing and effectiveness of the Company’s amended and restated certificate of incorporation and bylaws. Other than the matters described above, the Company identified no subsequent events that require adjustment to or disclosure in the condensed consolidated financial statements.

•In April 2026, the Borrowers completed a second draw under the Granite Credit Agreement of approximately $172.3 million. On May 22, 2026, the Company made an additional draw of $25.9 million under the Project Granite Facility. As a result, total borrowings under the Project Granite Facility subsequent to March 31, 2026 were approximately $198.2 million.

In connection with the April 2026 draw, the Company repaid in full the outstanding borrowings under the XRC Facility, using approximately $145.6 million of the proceeds. The remaining proceeds were used to fund transaction costs and for project-related purposes, including construction expenditures and required reserves.

The repayment of the XRC Facility resulted in a loss on extinguishment of debt, including prepayment premiums and the write-off of unamortized debt issuance costs. The prepayment premium was approximately $6.5 million.

In connection with the Project Granite financing, the Company entered into agreements to monetize certain production and/or investment tax credits associated with the project, which are expected to generate proceeds to support the overall project financing structure, including repayment of the tax credit transfer bridge loan facility.

As part of the current and anticipated borrowings under the construction loan, the Company entered into a series of interest rate swaps to mitigate exposure to adverse movements in interest rates. The interest rate swaps have an aggregate initial notional value of $262.4 million on the forward start date of January 1, 2027 and amortize over the term of the swaps to $0.8 million at maturity on December 31, 2041. Under the swaps, the Company pays a fixed interest rate of 3.9% and receives a floating interest rate based on SOFR, as compounded daily over the interest period in accordance with overnight indexed swap conventions, with net settlements made periodically. The Company has not designated these interest rate swaps as hedging instruments for accounting purposes. Accordingly, the swaps will be recorded at fair value, with changes in fair value recognized in earnings. See Note 3 – Debt and Off-Balance Sheet Arrangements for additional information on the debt facilities.

•On April 28, 2026, Centaurus Capital LP delivered a notice to exercise the warrant in full. In accordance with its terms, the warrant was exercised into 3,550,329 shares of Series E-2 redeemable convertible preferred stock, which are convertible into 2,554,107 shares of Class A common stock after taking into consideration the Reverse Stock Split. Centaurus Capital LP paid an aggregate exercise price of $18.7 million in cash and surrendered the original warrant upon full exercise. As a result of this transaction, the warrant is no longer outstanding, and no further shares are issuable thereunder.

•On May 14, 2026, the Company completed its IPO of Class A common stock of Fervo Energy Company, par value of $0.0001 per share, at a price of $27.00 per share. The Company’s common stock trades on the Nasdaq under the symbol “FRVO”. In connection with the IPO, the Company sold an aggregate of 80,500,000 shares of Class A common stock, which includes 10,500,000 shares of the Class A common stock issued upon the underwriters’ full exercise of their option to purchase additional shares from the Company. The gross proceeds to the Company from the IPO were approximately $2.2 billion, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the IPO, the following transactions were completed:

•Effectuation of a 0.7194-for-1 Reverse Stock Split of the Company’s common stock. Shares for periods presented have been retroactively adjusted to reflect the Reverse Stock Split for all periods prior to May 14, 2026, in the condensed consolidated financial statements for the three months ended March 31, 2026. See Note 2 – Significant Accounting Policies for additional information.

•Automatic conversion of all outstanding redeemable convertible preferred stock into Class A common stock of Fervo with a par value of $0.0001 per share, taking into consideration the Reverse Stock Split