Fervo Energy Stock Jumps 26% After Q3 Results Show Cape Station Milestone and Larger Google Deal

Fervo Energy (Nasdaq: FRVO) shares rose 26.0% on Monday, Nov. 9, 2026, closing at $11.38 from a previous close of $9.03, while the S&P 500 ETF (SPY) gained 2.37%. Volume ran at 2.7 times its usual level. The move followed the release of third-quarter results, which the company furnished in an 8-K filed with the SEC that morning.

The press release highlighted Cape Station's first power and contractual commercial operation, and a new power purchase agreement with Google. The 15-year, take-or-pay contract supplies 396 megawatts, with first power expected in mid-2028, and Fervo has offered Google an option to expand by about 600 megawatts, for a total of nearly 1 gigawatt.

Cape Station reaches commercial operation

The company declared commercial operation at GeoBlock 1, a 33-megawatt unit, on Sept. 30, ahead of its contractual date. GeoBlock 2 has achieved grid sync and is delivering test energy, while GeoBlock 3 is in cold commissioning. Both are expected to reach commercial operation by Jan. 1, 2027, completing Cape Station Phase I.

Capacity and spending outlook

Fervo now has 1,054 megawatts under binding power purchase agreements, representing about $11.9 billion in contracted revenue, compared with 658 megawatts and about $7.2 billion at the end of the second quarter. The company expects fourth-quarter 2026 capital expenditures of $450.0 million to $500.0 million, bringing second-half spending to $700.0 million to $750.0 million, down from prior expectations of $850.0 million to $900.0 million. The company said the change reflects later timing of spending, with no change to commercial operation dates or total expected investment.

Losses and cash position

The company reported a third-quarter operating loss of $43.7 million, with general and administrative expense of $39.4 million, up from $27.4 million in the second quarter. Net income was $11.7 million. The release's narrative text gives a net loss attributable to common stockholders of $20.8 million, or $(0.07) per share, while its statement of operations shows a net loss attributable to Fervo Energy Company of about $19.5 million. Fervo ended the quarter with unrestricted cash and cash equivalents of $1.9 billion and debt of $301.6 million.