Fervo Energy Company (FRVO) Income Statement
FRVO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFRVO revenue and net income
Where FRVO's revenue goes
2025Each bar shows an amount and its share of revenue. FRVO kept −51,097.8% of revenue as net income.
FRVO profit margins
FRVO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −30.7% | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FRVO quarterly EPS vs estimates
Fervo Energy beat the analyst EPS estimate in 0 of the last 2 quarters. Next report: November 11, 2026 (estimate $-0.09).
FRVO income statement
| 2025 | 2024 | |
|---|---|---|
| Revenue | $138,000 | $199,000 |
| Cost of revenue | $678,000 | $380,000 |
| Gross profit | −$540,000 | −$181,000 |
| Research & development | $133,000 | $97,000 |
| Sales, general & admin | $48.4M | $41.6M |
| Total operating expenses | $48.3M | $42.0M |
| Operating income | −$48.8M | −$41.8M |
| Interest income | $4.2M | $1.8M |
| Interest expense | $8.4M | $766,000 |
| Income before taxes | −$57.8M | −$41.1M |
| Income taxes | $1,000 | — |
| Net income | −$70.5M | −$41.1M |
| EBITDA | −$48.5M | −$40.2M |
| Gross margin | −391.3% | −91.0% |
| Operating margin | −35,366.7% | −21,024.1% |
| Net margin | −51,097.8% | −20,658.3% |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Revenue | $113,000 | $61,000 | $0 | $0 |
| Cost of revenue | $650,000 | $575,000 | $158,000 | $252,000 |
| Gross profit | −$537,000 | −$514,000 | −$158,000 | −$252,000 |
| Research & development | $712,000 | $72,000 | $395,000 | $36,000 |
| Sales, general & admin | $28.9M | $19.6M | $9.7M | $9.7M |
| Total operating expenses | $28.2M | $19.5M | $10.3M | $9.9M |
| Operating income | −$28.7M | −$20.1M | −$10.3M | −$9.9M |
| Interest income | $10.5M | $2.8M | $601,000 | $2.0M |
| Interest expense | $2.2M | $2.7M | $1.7M | $1.2M |
| Income before taxes | −$55.9M | −$31.8M | −$11.4M | −$9.1M |
| Income taxes | $1,000 | — | — | — |
| Net income | −$59.5M | −$35.3M | −$11.6M | −$9.1M |
| EBITDA | −$28.4M | −$20.0M | −$9.6M | −$7.9M |
| EPS (diluted) | −$0.38 | −$3.72 | — | — |
| Gross margin | −475.2% | −842.6% | — | — |
| Operating margin | −25,435.4% | −32,872.1% | — | — |
| Net margin | −52,678.8% | −57,809.8% | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FRVO's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FRVO financial results
In fiscal year 2025 (ended December 31, 2025), Fervo Energy reported revenue of $0.1 million, down 30.7% from the year before. It had a net loss of $70.5 million, a net profit margin of −51,097.8%.
See the FRVO stock overview for the latest quote and news, or the FRVO chart for price history and technical indicators.
FRVO income statement FAQ
What is Fervo Energy's annual revenue?
Fervo Energy reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 30.7% from $0.2 million the previous year.
Is Fervo Energy profitable?
No. Fervo Energy reported a net loss of $70.5 million in fiscal 2025, a net profit margin of −51,097.8%; its operating margin was −35,366.7%.
What is Fervo Energy's gross margin?
Fervo Energy's gross margin was −391.3% in fiscal 2025: for every $100 of revenue, Fervo Energy kept $-391 after the direct cost of its products and services.
How much does Fervo Energy spend on research and development?
Fervo Energy spent $0.1 million on research and development in fiscal 2025, 96.4% of revenue.
When will Fervo Energy report its next earnings?
Fervo Energy is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Fervo Energy's fiscal year end?
Fervo Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.