Key facts
- Fervo said contracted revenue stands at $11.9 billion, up from $7.2 billion the prior quarter.
- Fervo reported an operating loss of $43.7 million and $1.9 billion in cash for the quarter.
Geothermal company Fervo said in its third quarter earnings report, released Monday, November 9, 2026, that it now holds $11.9 billion of contracted revenue, up from $7.2 billion the prior quarter. The company has been meeting its project deadlines, which the report says has helped drive orders.
Fervo said it is on track to complete a 396 megawatt power plant for Google by the end of 2028, and that it connected its first 100 megawatt plant to the grid earlier this year. Both projects are at Cape Station in Utah, a site the company says could generate 8.4 gigawatts, versus about 4 gigawatts that experts previously told the company it could produce.
The Google project, now called Cape Google 400, will be grid connected, co-founder and CEO Tim Latimer said on Monday's earnings call. Under the arrangement, Google can draw power from the deal and sell it to other customers if it is not ready to use it. Latimer said: "We build Cape Station on our schedule. Google can develop a potential data center on their schedule, and neither party is waiting on the other."
Fervo's newer wells are deeper and hotter, each capable of generating 15 megawatts gross, and several are linked into what the company calls a GeoBlock. The first completed GeoBlock generated 33 megawatts, while recent ones reached 50 megawatts, sized to match a typical data center hall.
Fervo ended the quarter with an operating loss of $43.7 million, alongside cash and cash equivalents of $1.9 billion and long-term debt of $301.6 million. The first phase of Cape Station cost $7,000 per kilowatt of capacity, the company said, while the Google project costs $5,500 per kilowatt. With subsidies, that is roughly equivalent to a new natural gas plant running on fuel costing $6 per million BTUs, about twice what natural gas costs, according to the report. Fervo's long-term target is $3,000 per kilowatt.