Fervo Energy Q3 revenue rises as Cape Station starts operations
FRVO•Fervo Energy said Q3 revenue rose as Cape Station began commercial operations. The company reported $116,000 in revenue and $11.66 million in net income, signed a 15-year power purchase agreement with Google for 396 MW with an option to expand by 600 MW, and maintained its 2027 revenue outlook.
1. Cape Station begins operations
Fervo Energy said commercial operations began ahead of schedule at Cape Station Phase I GeoBlock 1, which is delivering power as expected under its power purchase agreement. The company reported Q3 revenue of $116,000, net income of $11.66 million, operating income of negative $43.75 million and a loss per share of $0.07.
2. Google agreement and outlook
Fervo signed a 15-year enhanced geothermal power purchase agreement with Google for 396 MW, with an option to expand by 600 MW. The company expects Q4 2026 revenue to be in line with prior expectations and maintained its 2027 revenue outlook; it projects Q4 2026 capital expenditures of $450 million to $500 million, below its prior forecast. Construction and commissioning efficiencies deferred some Cape Google 400 spending, with no change to total expected investment or project timing.
