Home / Going-concern warnings / Fermi Inc.
Filed 2026-05-15 路 Form 10-Q 路 Accession 0002071778-26-000032 mid
Price before filing: $7.37 (2026-05-14 close, split/dividend-adjusted)
Market cap at flag: $4.10B (2026-05-15) 路 Latest: $2.01B (2026-10-16)
| Window | FRMI | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +1.5% | +0.9% | +0.6% | 2026-06-15 |
| 90 days | -10.4% | +4.2% | -14.7% | 2026-08-13 |
| 180 days | pending | pending | until 2026-11-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 4 insiders sold $67.8M (8 sales)
30 days after: 1 insider sold $1.0M (2 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2026-03-30 | Perry Griffin (+1 joint filer) 10% owner | Sale | 9,000,000 | $5.02 | $45.2M | no | Form 4 |
| 2026-03-31 | Perry Griffin (+1 joint filer) 10% owner | Sale | 2,000,000 | $5.54 | $11.1M | no | Form 4 |
| 2026-04-08 | Everson Miles E. Chief Financial Officer | Sale | 403,205 | $4.91 | $2.0M | no | Form 4 |
| 2026-04-08 | Hamilton Charles Lynn Chief Site Development Officer | Sale | 375,950 | $4.91 | $1.8M | no | Form 4 |
| 2026-04-08 | Ortiz Blanes Jacobo Chief Operating Officer | Sale | 403,545 | $4.91 | $2.0M | no | Form 4 |
| 2026-04-09 | Everson Miles E. Chief Financial Officer | Sale | 427,004 | $4.58 | $2.0M | no | Form 4 |
| 2026-04-09 | Hamilton Charles Lynn Chief Site Development Officer | Sale | 398,140 | $4.58 | $1.8M | no | Form 4 |
| 2026-04-09 | Ortiz Blanes Jacobo Chief Operating Officer | Sale | 427,363 | $4.58 | $2.0M | no | Form 4 |
| 2026-05-15: red flag filed | |||||||
| 2026-06-03 | Uzman Mesut Chief Nuclear Constr. Officer | Sale | 79,032 | $6.31 | $499K | no | Form 4 |
| 2026-06-03 | Uzman Mesut Chief Nuclear Constr. Officer | Sale | 79,509 | $6.31 | $502K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2026-02-14 to 2026-06-14. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Considered in the aggregate and before consideration of management's plans, these conditions raise substantial doubt about the Company's ability to continue as a going concern within that period."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2026-03-31)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
The week's most serious auditor changes, restatements, late filings and going-concern warnings, in plain English. Free. Unsubscribe anytime.
Subscribe to the newsletter →
The signup form didn't load here (often an ad or privacy blocker). This opens beehiiv's secure signup page.
Form not showing? Subscribe on beehiiv →
Newsletter delivered by beehiiv. See our privacy policy.