Strategic Transition to Fermi 2.0

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• Management is transitioning from an entrepreneurial foundation to an institutional framework to support the execution of multibillion-dollar contracts with investment-grade counterparties.

• The Board terminated the former CEO for cause to ensure the company operates with the governance and financial discipline required for the next 18 months of commercial scaling.

• Market demand for AI-driven power has intensified, with power availability and interconnection timelines now serving as the primary constraints for hyperscalers rather than capital.

• The company's value proposition is centered on providing behind-the-meter, gigawatt-scale redundant private power to bypass global interconnection delays and equipment shortages.

• Structural changes, including a new Dallas headquarters and an expanded Board, have reinitiated stalled tenant conversations and attracted new prospective tenants to the data room.

• Strategic execution is focused on leveraging $1.4 billion in existing infrastructure assets, including secured long-lead time gas generation equipment, to provide a 'speed to power' advantage.

• The Board rejected calls for an immediate sale of the company, stating that a sale at this juncture is not in the best interest of long-term shareholders given advancing anchor tenant negotiations.

90-Day Execution Roadmap and Scaling Strategy

• The company has established a 90-day 'shot clock' to secure a binding tenant agreement, hire a permanent CEO, and deliver power at the project site.

• Future capital deployment will be strictly disciplined, matching cash outlays with capital inflows from tenant prepayments and the transition to project-level finance.

• Management is exploring strategic partnerships with established data center and power operators to accelerate deployment and potentially provide additional capital infusions.

• The 2026-2027 power plan assumes the delivery of 1.5 gigawatts of installed power in simple cycle, contingent upon lease execution and project financing.

• Guidance for the next phase of Project Matador includes utilizing DOE financing tracks and foreign trade zone designations to provide tariff relief and duty deferrals.

Governance and Financial Risk Management

• The Board amended company bylaws to require a 70% shareholder vote for changes to Board composition, a move intended to protect against outside interference and ensure stability.

• A $189 million net loss for the quarter was primarily driven by non-cash share-based compensation and a $25 million loss on the retirement of the Macquarie term loan.

• The company replaced $150 million of high-cost debt with more favorable, non-recourse equipment financing anchored by a $500 million facility from MUFG.

• Receipt of a 6-gigawatt clean air permit serves as a critical commercial milestone, providing the regulatory certainty required for tenants to commit long-term capital.