Fervo Energy reported a second-quarter 2026 net loss of $55.9 million, wider than a year earlier, as spending accelerated on its Cape Station geothermal project in Utah. Revenue came in at just $113,000, below the $420,000 analysts expected, and the per-share loss also missed consensus estimates. Operating loss widened to $28.7 million and capital expenditures climbed to $226.5 million as the company pushed through a heavy construction phase. The Houston-based company ended June with about $2.1 billion in cash and equivalents and $228.4 million in current and long-term debt after raising about $2.2 billion in its May initial public offering and repaying the XRC Facility with proceeds from the $421 million non-recourse Project Granite Facility. Fervo said it now has 658 megawatts under binding power purchase agreements, backing a $7.2 billion revenue backlog, and raised 400 megawatts into advanced development during the quarter. At Cape Station, Phase I GeoBlocks 1 and 2 reached mechanical completion, with GeoBlock 3 expected in the coming months. Fervo is targeting first power from GeoBlock 1 by year-end, while GeoBlocks 2 and 3 are slated for initial output in early 2027. Phase II, which includes eight 50-megawatt GeoBlocks, remains on schedule for 2028 delivery. The company also said Sawtooth 7 reached nearly 19,500 feet in a 460-degree-Fahrenheit resource in 21 days, a company record for drilling pace. Fervo raised its 2030 installed-capacity target to 1.1 gigawatts from 1 gigawatt and said its development pipeline exceeds 50 gigawatts. It expects second-half capital expenditures of $850 million to $900 million and continues to pursue behind-the-meter delivery alongside conventional grid-delivered power contracts to meet demand from utilities, hyperscale data centers and industrial users.