Fervo Energy Q3: Much More Enticing After The Share Price Collapse (Upgrade)

Fervo Energy Company is upgraded to a Buy as revenue momentum accelerates and the balance sheet remains strong despite ongoing losses. GeoBlock 1 is now in commercial production, setting up Q4 for a dramatic sequential revenue increase, with $5m–$7m expected. The binding 15-year, 396 MW PPA with Google lifts FRVO's contracted backlog to $12B, with significant expansion optionality.