Fermi Provides Update on Lease Agreement

Fermi Provides Update on Lease Agreement as Parties Work Toward Closing

DALLAS, TX / ACCESS Newswire / November 3, 2026 / Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today issued the following statement on the Data Center Lease and Services Agreement (the "Lease") between its wholly owned subsidiary, Fermi Campus 1 LLC, and TensorWave TEX1, LLC ("TensorWave"), after the October 31, 2026 closing date passed without extension.

"Both Fermi and TensorWave remain committed to this lease, and we are continuing to work through the remaining conditions prior to close," said Lee McIntire, Fermi Chief Executive Officer. "We expect to provide more information on the discussions during our earnings call next week, or sooner if appropriate."

The Lease, signed in August 2026, provides that its effectiveness is subject to the satisfaction or waiver of specified closing conditions. Those conditions include executing and delivering related work letters and guaranties; finalizing operations schedules and a service-level agreement; obtaining Board approvals; and securing project-level financing sufficient to fund construction of the leased premises. The closing conditions under the Lease were not fully satisfied by October 31, 2026, and therefore the Lease has not yet become effective. Neither party has exercised any right to terminate the Lease, and Fermi and TensorWave continue to work together toward completing the transaction.

About Fermi America™

Fermi America™ (NASDAQ:FRMI)(LSE:FRMI) develops next-generation private electric grids that deliver highly redundant power at gigawatt scale to support next-generation intelligence and AI compute. Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 GW of experience, to create one of the world's largest, 17 GW next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing. For additional information visit www.fermiamerica.com.

Investor Contact

Rodrigo Acuna | [email protected]

Media Contact

Fermi Inc. Communications | [email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected closing of the Lease, the satisfaction of closing conditions, project-level financing, and the timing of further announcements. Words such as "expects," "anticipates," "intends," "will" and similar expressions identify forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the risk that closing conditions under the Lease are not satisfied or waived on the expected timetable or at all, that project-level financing is not obtained on acceptable terms, and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission. Fermi undertakes no obligation to update any forward-looking statement except as required by law.

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SOURCE: Fermi Inc.