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Item 3 — Quantitative and Qualitative Disclosures About Market Risk
Fermi Inc. · 10-Q · Q2 FY2026 · Period ended Jun 30, 2026
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We are exposed to market risk and changes in interest rates. As of June 30, 2026, we had cash, cash equivalents and restricted cash of $91.7 million, consisting of investments in cash and cash equivalents. We consider short-term, highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash consists of funds held in our checking and savings accounts. Restricted cash represents amounts deposited in a bank account that are required to remain restricted in accordance with the terms of the related financing or standby letter of credit agreements. Due to the short-term duration of our investment portfolio and restricted cash, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value.