Fervo Energy Co (FRVO) FY2026 YTD Q2 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-06-30

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Fervo Energy Co cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Proceeds from initial public offering, net of underwriting discounts and commissions → financing reconciliation: $2,043,089,000.00Proceeds from long-term debt → financing reconciliation: $212,344,000.00Proceeds from warrant exercise → financing reconciliation: $18,750,000.00Proceeds from issuance of common stock, net of issuance costs → financing reconciliation: $1,201,000.00financing reconciliation → Net cash from financing activities: $2,092,586,000.00financing reconciliation → Repayment of long-term debt: $152,085,000.00financing reconciliation → Debt issuance costs related to long-term debt: $20,855,000.00financing reconciliation → Offering costs related to initial public offering: $9,802,000.00financing reconciliation → Other: $56,000.00Net cash used in investing activities → investing reconciliation: $399,278,000.00investing reconciliation → Capital expenditures: $399,278,000.00Net cash used in operating activities → operating reconciliation: $43,773,000.00Non-cash expense related to warrant valuation → operating reconciliation: $39,998,000.00Stock-based compensation → operating reconciliation: $10,845,000.00Loss on extinguishment of debt → operating reconciliation: $8,988,000.00Accounts payable → operating reconciliation: $5,139,000.00Deposits → operating reconciliation: $2,632,000.00Non-cash expense related to long-term operating leases → operating reconciliation: $2,584,000.00Amortization of debt issuance costs → operating reconciliation: $1,672,000.00Depreciation and amortization expense → operating reconciliation: $437,000.00operating reconciliation → Net loss: $87,745,000.00operating reconciliation → Prepaid expenses and other: $20,857,000.00operating reconciliation → Net changes in other assets and liabilities: $4,674,000.00operating reconciliation → Non-cash income related to embedded derivative valuation: $1,620,000.00operating reconciliation → Non-cash income related to interest rate swap valuation: $1,172,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $467,836,000.00Net cash from financing activities → Cash sources and uses: $2,092,586,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $2,117,371,000.00Cash sources and uses → Net cash used in investing activities: $399,278,000.00Cash sources and uses → Net cash used in operating activities: $43,773,000.00Net loss: -$87,745,000.00Net loss−$87.75 MDepreciation and amortization expense: $437,000.00Other D&A+$437.00 KAmortization of debt issuance costs: $1,672,000.00Debt issuance cost amortization+$1.67 MStock-based compensation: $10,845,000.00Stock-based compensation+$10.85 MNon-cash expense related to long-term operating leases: $2,584,000.00Operating lease amortization+$2.58 MNon-cash expense related to warrant valuation: $39,998,000.00Warrant fair value+$40.00 MNon-cash income related to embedded derivative valuation: -$1,620,000.00Embedded derivative gain & loss−$1.62 MGrant receivable: $0.00Prepaid expenses and other: -$20,857,000.00Prepaid & other assets−$20.86 MDeposits: $2,632,000.00Deposits & other assets+$2.63 MAccounts payable: $5,139,000.00Accounts payable+$5.14 MNet changes in other assets and liabilities: -$4,674,000.00Other working capital, net−$4.67 MLoss on extinguishment of debt: $8,988,000.00Debt extinguishment gain & loss+$8.99 MNon-cash income related to interest rate swap valuation: -$1,172,000.00Derivative value change−$1.17 MAccrued expenses: $0.00Net cash used in operating activities: -$43,773,000.00. Cash required to fund net payments.Operating cash−$43.77 Moperating reconciliation: $116,068,000.00Proceeds from issuance of common stock, net of issuance costs: $1,201,000.00Common stock issued+$1.20 MProceeds from long-term debt: $212,344,000.00Long-term debt issued+$212.34 MProceeds from warrant exercise: $18,750,000.00Warrant exercises+$18.75 MDebt issuance costs related to long-term debt: -$20,855,000.00Debt issuance costs−$20.86 MRepayment of long-term debt: -$152,085,000.00Long-term debt repaid−$152.09 MProceeds from issuance of subsidiary stock, net of issuance costs: $0.00Treasury stock purchased: $0.00Proceeds from initial public offering, net of underwriting discounts and commissions: $2,043,089,000.00IPO proceeds, net+$2.04 BOffering costs related to initial public offering: -$9,802,000.00Stock issuance costs−$9.80 MOther: -$56,000.00Other financing, net−$56.00 KNet cash from financing activities: $2,092,586,000.00Financing cash+$2.09 Bfinancing reconciliation: $2,275,384,000.00Capital expenditures: -$399,278,000.00Capital expenditures−$399.28 MNet cash used in investing activities: -$399,278,000.00. Cash required to fund net payments.Investing cash−$399.28 Minvesting reconciliation: $399,278,000.00Cash sources and uses: $2,560,422,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $467,836,000.00Beginning cash$467.84 MEnding cash: Cash, cash equivalents, and restricted cash: $2,117,371,000.00Ending cash$2.12 BCASH RECONCILIATIONFinancingflowsInvestingflowsOperatingflowsNet loss −$87.75M + net operating adjustments $43.97M = operating cash −$43.77MFree cash flow−$443.05 MOperating cash − cash spent on productive assetsCash flow / Net incomeNot meaningfulOperating cash flow ÷ net incomeNet cash change+$1.65 BEnding cash − beginning cash
Chart details

Fervo Energy Co cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026

Cash flows for Jan 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
467,836,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
negative 43,773,000 US dollars. Net cash used.
Net loss
negative 87,745,000 US dollars
Depreciation and amortization expense
437,000 US dollars
Amortization of debt issuance costs
1,672,000 US dollars
Stock-based compensation
10,845,000 US dollars
Non-cash expense related to long-term operating leases
2,584,000 US dollars
Non-cash expense related to warrant valuation
39,998,000 US dollars
Non-cash income related to embedded derivative valuation
negative 1,620,000 US dollars
Grant receivable
0 US dollars
Prepaid expenses and other
negative 20,857,000 US dollars
Deposits
2,632,000 US dollars
Accounts payable
5,139,000 US dollars
Net changes in other assets and liabilities
negative 4,674,000 US dollars
Loss on extinguishment of debt
8,988,000 US dollars
Non-cash income related to interest rate swap valuation
negative 1,172,000 US dollars
Accrued expenses
0 US dollars
Investing activities
negative 399,278,000 US dollars. Net cash used.
Capital expenditures
negative 399,278,000 US dollars
Financing activities
2,092,586,000 US dollars. Net cash provided.
Proceeds from issuance of common stock, net of issuance costs
1,201,000 US dollars
Proceeds from long-term debt
212,344,000 US dollars
Proceeds from warrant exercise
18,750,000 US dollars
Debt issuance costs related to long-term debt
negative 20,855,000 US dollars
Repayment of long-term debt
negative 152,085,000 US dollars
Proceeds from issuance of subsidiary stock, net of issuance costs
0 US dollars
Treasury stock purchased
0 US dollars
Proceeds from initial public offering, net of underwriting discounts and commissions
2,043,089,000 US dollars
Offering costs related to initial public offering
negative 9,802,000 US dollars
Other
negative 56,000 US dollars
Operating adjustment reconciliation
116,068,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
2,275,384,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
399,278,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Jun 30, 2026
2,117,371,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
2,560,422,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
1,649,535,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
Not meaningful. Operating cash flow divided by reconciliation net income for the same period. The ratio is not meaningful when net income is zero or negative.
Operating cash flow
negative 43,773,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
399,278,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 443,051,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net loss −$87.75M + net operating adjustments $43.97M = operating cash −$43.77M. The loss reduces the earnings basis of the reconciliation; it is not a cash payment. The signed loss remains a deduction at the operating reconciliation junction.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: negative 43,773,000 US dollars minus 399,278,000 US dollars equals negative 443,051,000 US dollars.
Fervo Energy Co (FRVO) FY2026 YTD Q2 Statement of Cash Flows Sankey chart
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