Fervo Energy reported higher annual revenues in documents filed on Friday ahead of a US stock market listing, as the geothermal developer seeks to access capital markets amid rising energy prices.
The Houston-based company declared a net loss of $57.8 million on revenues of $138,000 for the fiscal year ending December 31, 2025, compared to a net loss of $41.1 million on revenues of $199,000 a year earlier.
Several energy companies, including drilling equipment supplier HMH and nuclear reactor developer X-Energy, have tapped capital and debt markets since the start of the Iran war to capitalize on the surge in oil prices.
Electricity consumption has also increased as tech companies expand their data processing capacity. Morgan Stanley forecasts global demand will rise by more than 1,000 billion kWh per year until 2030, with data centers contributing to nearly 20% of this growth.
Fervo Energy uses advanced geothermal systems to generate continuous and carbon-free electricity as a reliable alternative to solar and wind energy, which are weather-dependent.
President Donald Trump has expressed support for geothermal energy, designating it as an essential domestic energy source at the beginning of his term.
The company is building its flagship Cape Station project in Utah and had 658 megawatts of power purchase agreements in December 2025, along with a broader pipeline covering multiple US states.
The company plans to use the proceeds from the IPO for general purposes, including funding project construction, advancing its geothermal development pipeline, and expanding its land holdings.
J.P. Morgan, BofA Securities, RBC Capital Markets, and Barclays are the operation’s joint bookrunners.
Fervo intends to list its shares on the Nasdaq under the symbol “FRVO”.
