Technology

Sanmina Reports Second Quarter Fiscal 2025 Financial Results

Published

12 months ago

April 28, 2025

SAN JOSE, Calif., April 28, 2025 /PRNewswire/ — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the second quarter ended March 29, 2025 and outlook for its third fiscal quarter ending June 28, 2025.

Second Quarter Fiscal 2025 Financial Highlights

Revenue: $1.98 billionGAAP operating margin: 4.6%GAAP diluted EPS: $1.16Non-GAAP(1) operating margin: 5.6%Non-GAAP(1) diluted EPS: $1.41

Additional Highlights

Cash flow from operations: $157 millionFree cash flow(2): $126 millionShare repurchases: 1.03 million shares for $84 millionEnding cash and cash equivalents: $647 million

(1)

See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.

(2)

See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.

“We delivered solid financial results for the second quarter, with revenue at the high end and non-GAAP earnings per share exceeding our outlook. Our ability to adapt to the evolving environment is reflected in our consistent operating margin and strong cash generation,” stated Jure Sola, Chairman and Chief Executive Officer. “Our regional manufacturing footprint has enabled us to be agile and responsive to support our customers during these uncertain times. We remain focused on operational execution and driving shareholder value. Based on our results for the first half of fiscal 2025 and our outlook for the third quarter, we remain confident that fiscal 2025 will be a growth year,” Sola concluded.

Third Quarter Fiscal 2025 Outlook
The following outlook is for the third fiscal quarter ending June 28, 2025. These statements are forward-looking and actual results may differ materially.

Revenue between $1.925 billion to $2.025 billionGAAP diluted earnings per share between $1.05 to $1.15Non-GAAP diluted earnings per share between $1.35 to $1.45

Safe Harbor Statement
The statements above including our financial outlook for the third quarter fiscal 2025 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable, including uncertainties related to trade policy; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, and the other risk factors set forth in the Company’s annual and quarterly reports filed with the Securities Exchange Commission.

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the second quarter and outlook for the third quarter of fiscal 2025 on Monday, April 28, 2025 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q2’25 Earnings. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 31002#.

About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com..

Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610

Sanmina Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(GAAP)

(Unaudited)

March 29,
2025

September 28,
2024

ASSETS

Current assets:

Cash and cash equivalents

$ 647,141

$ 625,860

Accounts receivable, net

1,383,116

1,337,562

Contract assets

384,629

384,077

Inventories

1,548,093

1,443,629

Prepaid expenses and other current assets

104,080

79,301

Total current assets

4,067,059

3,870,429

Property, plant and equipment, net

608,749

616,067

Deferred income tax assets

155,685

160,703

Other assets

135,139

175,646

Total assets

$ 4,966,632

$ 4,822,845

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 1,351,087

$ 1,441,984

Accrued liabilities

125,655

132,513

Deferred revenue and customer advances

443,983

215,553

Accrued payroll and related benefits

134,879

133,129

Short-term debt, including current portion of long-term debt

17,500

Total current liabilities

2,073,104

1,940,679

Long-term liabilities:

Long-term debt

291,394

299,823

Other liabilities

206,564

220,835

Total long-term liabilities

497,958

520,658

Stockholders’ equity

2,395,570

2,361,508

Total liabilities and stockholders’ equity

$ 4,966,632

$ 4,822,845

Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

Six Months Ended

March 29,
2025

March 30,
2024

March 29,
2025

March 30,
2024

Net sales

$ 1,984,080

$ 1,834,595

$ 3,990,428

$ 3,709,393

Cost of sales

1,807,845

1,679,838

3,646,278

3,393,796

Gross profit

176,235

154,757

344,150

315,597

Operating expenses:

Selling, general and administrative

76,313

69,199

147,158

133,984

Research and development

7,316

6,323

14,340

12,612

Restructuring

990

3,274

2,426

5,464

Total operating expenses

84,619

78,796

163,924

152,060

Operating income

91,616

75,961

180,226

163,537

Interest income

3,723

3,412

7,119

7,069

Interest expense

(4,979)

(8,218)

(9,980)

(16,630)

Other income (expense), net

(1,955)

3,276

(2,684)

2,143

Interest and other, net

(3,211)

(1,530)

(5,545)

(7,418)

Income before income taxes

88,405

74,431

174,681

156,119

Provision for income taxes

17,890

19,122

33,282

40,446

Net income before noncontrolling interest

70,515

55,309

141,399

115,673

Less: Net income attributable to noncontrolling interest

6,307

2,824

12,188

6,120

Net income attributable to common shareholders

$ 64,208

$ 52,485

$ 129,211

$ 109,553

Net income attributable to common shareholders per share:

Basic

$ 1.18

$ 0.94

$ 2.38

$ 1.95

Diluted

$ 1.16

$ 0.93

$ 2.32

$ 1.91

Weighted-average shares used in computing per share amounts:

Basic

54,405

55,585

54,304

56,062

Diluted

55,511

56,699

55,681

57,470

Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

March 29,
2025

December 28,
2024

March 30,
2024

GAAP Operating income

$ 91,616

$ 88,610

$ 75,961

GAAP Operating margin

4.6 %

4.4 %

4.1 %

Adjustments:

Stock compensation expense (1)

15,790

15,292

14,651

Distressed customer charges (2)

159

6,872

4,299

Legal (3)

—

450

1,350

Restructuring and other

3,081

1,436

3,274

Non-GAAP Operating income

$ 110,646

$ 112,660

$ 99,535

Non-GAAP Operating margin

5.6 %

5.4 %

GAAP Net income attributable to common shareholders

$ 64,208

$ 65,003

$ 52,485

Adjustments:

Operating income adjustments (see above)

19,030

24,050

23,574

Legal (3)

—

(4,967)

Adjustments for taxes (4)

(5,201)

(8,880)

2,849

Non-GAAP Net income attributable to common shareholders

$ 78,037

$ 80,173

$ 73,941

GAAP Net income attributable to common shareholders per share:

Basic

$ 1.18

$ 1.20

$ 0.94

Diluted

$ 1.16

$ 0.93

Non-GAAP Net income attributable to common shareholders per share:

Basic

$ 1.43

$ 1.48

$ 1.33

Diluted

$ 1.41

$ 1.44

$ 1.30

Weighted-average shares used in computing per share amounts:

Basic

54,405

54,206

55,585

Diluted

55,511

55,853

56,699

(1)

Stock compensation expense

Cost of sales

$ 4,931

$ 5,024

$ 4,416

Selling, general and administrative

10,580

9,962

9,984

Research and development

279

306

251

Total

$ 15,790

$ 15,292

$ 14,651

(2)

Relates to accounts receivable and inventory write-downs associated with distressed customers.

(3)

Represents charges and recoveries associated with certain legal matters.

(4)

Adjustments for taxes include the tax effects of the various adjustments we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items.

Q3 FY25 Earnings Per Share Outlook*:

Q3 FY25 EPS Range

Low

High

GAAP diluted earnings per share

$ 1.05

$ 1.15

Stock compensation expense

$ 0.30

Non-GAAP diluted earnings per share

$ 1.35

$ 1.45

* Due to uncertainty regarding the timing of recognition of restructuring, acquisition and integration expenses, impairment charges and other unusual or infrequent items, if any, that could be incurred during the third quarter of FY25, an estimate of such items is not included in the outlook for Q3 FY25 GAAP EPS.

Sanmina Corporation

Condensed Consolidated Cash Flow

(in thousands)

(GAAP)

(Unaudited)

Three Months Ended

Six Months Ended

March 29,
2025

March 30,
2024

March 29,
2025

March 30,
2024

Net income before noncontrolling interest

$ 70,515

$ 55,309

$ 141,399

$ 115,673

Depreciation

28,208

30,274

60,053

61,000

Other, net

13,921

18,634

35,075

36,819

Net change in net working capital

44,214

(31,900)

(15,731)

(15,150)

Cash provided by operating activities

156,858

72,317

220,796

198,342

Purchases of long-term investments

(14,340)

(700)

(14,640)

(1,300)

Proceeds from long-term investments

49,309

—

49,309

—

Net purchases of property & equipment

(30,647)

(29,611)

(47,568)

(63,827)

Cash used in investing activities

4,322

(30,311)

(12,899)

(65,127)

Net share repurchases

(84,340)

(1,255)

(100,453)

(107,605)

Net borrowing activities

(4,375)

(8,750)

(17,195)

Payments for tax withholding on stock-based compensation

(29,312)

(16,222)

(37,655)

(25,491)

Cash used in financing activities

(118,027)

(21,852)

(146,858)

(150,291)

Effect of exchange rate changes

1,165

(886)

(179)

364

Net change in cash, cash equivalents & restricted cash equivalents

$ 44,318

$ 19,268

$ 60,860

$ (16,712)

Free cash flow:

Cash provided by operating activities

$ 156,858

$ 72,317

$ 220,796

$ 198,342

Net purchases of property & equipment

(30,647)

(29,611)

(47,568)

(63,827)

$ 126,211

$ 42,706

$ 173,228

$ 134,515

Schedule 1

The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.

Management excludes these items principally because such charges or benefits are not directly related to the Company’s ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company’s operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company’s strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management’s approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company’s liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company’s performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.

Additional information regarding the economic substance of each exclusion, management’s use of the resultant non-GAAP measures, the material limitations of management’s approach and management’s methods for compensating for such limitations is provided below.

Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company’s results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company’s core results with those of its competitors.

Restructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company’s competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company’s core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company’s competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Therefore, management also reviews GAAP results including these amounts.

Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company’s liquidity. In addition, given the fact that the Company’s competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors.

Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company’s liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors because the Company’s competitors complete acquisitions at different times and for different amounts than the Company.

Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company’s ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company’s competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.

Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company’s core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.

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SOURCE Sanmina Corporation

Technology

THE MINISTRY OF DEFENCE ENHANCES NATIONAL RESILIENCE THROUGH SMART DEFENCE TECHNOLOGY INNOVATION

Published

43 minutes ago

April 22, 2026

KUALA LUMPUR, Malaysia, April 22, 2026 /PRNewswire/ — On April 20, The Prime Minister of Malaysia, YAB Dato’ Seri Anwar bin Ibrahim, officiated the Defence Services Asia (DSA) & National Security (NATSEC) Asia 2026 Opening Ceremony at the Malaysia International Trade and Exhibition Centre (MITEC).

Themed “Enhancing Capabilities and Resilience Through Technology”, the 19th Edition of the DSA 2026 Exhibition will run for four days from 20 to 23 April 2026. This exhibition aims to enhance defence capabilities and drive future technology to ensure national resilience through innovation, international cooperation and the development of the local defence industry ecosystem.

The main focus of this event is on the evolution of defence technology that has shifted from conventional assets to smart systems. Emphasis is placed on mastering technology that is capable of facing the security threats of the new millennium which are asymmetric and hybrid in nature.

Among the core advanced technologies featured :

a) Autonomous & Robotic Systems: Exhibition of various variations of unmanned systems (UAV, UGV, and UUV) equipped with Artificial Intelligence (AI) for long-distance monitoring and detection operations.

b) Digital & Cyber Defence: Application of new generation encryption technology and cybersecurity platforms to protect the country’s data sovereignty and critical infrastructure.

c) Sensor & Electronic Technology: High-precision radar and sensor systems that enable ATM readiness to be at an optimal level in monitoring space, maritime, and land in real-time.

In line with this global technology exposure, the government continues to strengthen the Industrial Collaboration Programme (ICP) as the main mechanism for technology transfer. Through the ICP, the involvement of international industry players is required to contribute to the development of local talent and research and development (R&D) in the high-tech sector.

Among the key segments highlighted are the CBRNe Arena, focusing on technologies related to chemical, biological, radiological, nuclear and explosive threats; the Firearms and Tactical Equipment Segment, showcasing the latest operational capabilities and equipment; and the Coalition of Defence Industry Malaysia (CDIM) Pavilion, which highlights the capabilities of the country’s defence industry. The DSA & NATSEC Asia Lab also showcases innovation initiatives by providing a platform for small and medium-sized enterprises (SMEs) and start-ups to introduce their innovations on the international stage.

This edition recorded the participation of 1,456 companies from 63 countries, including 37 international pavilions, as well as approximately 600 official delegations and 50,000 trade visitors from more than 114 countries within the 48,000-square-metre exhibition space. This scale of participation reflects the strategic importance of the exhibition at the global level and further demonstrates Malaysia’s position as a strategic meeting point for defence and security cooperation.

Also present were the Minister of Defence, YB Dato’ Seri Mohamed Khaled Nordin; Chief Secretary to the Government, Tan Sri Shamsul Azri Abu Bakar; Speaker of the Dewan Rakyat, Tan Sri Dato’ Dr. Johari bin Abdul; Chairman of DSA Exhibition and Conference Sdn Bhd, Tan Sri Asmat Kamaludin; Chief of Defence Force, General Datuk Haji Malek Razak bin Sulaiman; Secretary-General of the Ministry of Defence, Datuk Lokman Hakim bin Ali; Deputy Minister of Defence, YB Adly Zahari; as well as top management and senior officers of the Ministry and the Malaysian Armed Forces.

– END –

“‘MALAYSIA MADANI” “BERKHIDMAT UNTUK NEGARA”
”PERTAHANAN NEGARA, TANGGUNGJAWAB BERSAMA”

Ministry of Defence Malaysia
20 April 2026

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SOURCE DSA & NATSEC ASIA

Technology

Grantd Launches Platform to Help Employees Understand Their Equity, Build Confidence in Their Financial Plan, and Connect to Advice When They Need It

Published

43 minutes ago

April 22, 2026

New Platform Gives Every Equity Recipient a Personalized View of Their Awards — and a Clear Path to Understand, Act, and Get Advice on Them

DENVER, April 21, 2026 /PRNewswire-PRWeb/ — Grantd, an AI-powered equity compensation platform whose advisor platform helps advisors manage over $14 billion in assets under administration for more than 400 registered investment advisory firms and 14,000 clients, today announced the launch of its issuer platform, Grantd for Work. The platform is built to give employees a clear, personalized understanding of their equity compensation — what they have, what it’s worth, how it fits into their broader financial picture, and what they should consider doing about it. Equity compensation is complex, and for most employees, it has been difficult to navigate without dedicated resources and support. Grantd for Work changes that — providing the tools, education, and guidance employees need to understand their awards with confidence, and connecting them to a financial advisor when they’re ready to take the next step.

“It gives every employee a real, personalized view of their equity — what it means for their financial goals, what actions they should consider, and a direct line to advice when they need it.”

The launch marks a significant expansion of Grantd’s reach — from individual equity recipients and their financial advisors to the employers and employees inside the companies that grant those awards. It also helps HR and compensation administrators gain better visibility into their programs, reduce the volume of manual employee questions, and identify where engagement and retention may be at risk.

“Equity is one of the most powerful forms of compensation companies offer — but for most employees, it’s also one of the least understood,” said Brian McDonald, Founder & CEO of Grantd. “An employee might receive an RSU grant, watch it vest, and still have no idea what the tax implications are, whether they should sell or hold, or how it changes their financial picture. Grantd for Work changes that. It gives every employee a real, personalized view of their equity — what it means for their financial goals, what actions they should consider, and a direct line to advice when they need it.”

Grantd for Work is built around the employee experience. Key capabilities include:

A personalized equity dashboard showing each employee’s total portfolio value, vested and unvested equity broken down by grant, external holdings, and concentration risk — giving them a complete, real-time picture of what they own, what it’s worth, and how it fits into their overall financial picture.AI-powered document reading that automatically extracts holdings from any brokerage statement or equity award summary — from any provider — so the platform is accurate and fully populated from day one, with no manual entry required.Financial goal tracking that maps each employee’s equity directly to their personal financial goals — financial independence, early retirement, a home purchase — showing whether they’re on track, what’s at risk, and how upcoming vests and exercises could change the outcome.A full equity planning toolkit, including concentration analysis, price target modeling, growth scenario projections, exercise planning, withholding analysis, and trading window tracking — alongside pre-built strategy templates like sell-to-cover, diversification sell-down, and automated trading plans.Ask Grant, an AI equity guide built directly into the platform that answers employees’ most pressing questions — from how RSU income is taxed at vest to what the ESPP 15% discount means for their tax situation — in plain language, on demand.AI agents that work for every employee — Grantd’s AI agents don’t wait to be asked. They continuously analyze each employee’s equity portfolio and surface timely, personalized insights. Every insight is specific to that employee — not generic equity education, but guidance grounded in what they actually hold.A learning center with articles and guides covering equity basics, tax and finance, investing strategy, and company-specific plan guides — so employees can build real confidence in their equity, not just access to it.A direct connection to financial advice when employees are ready to go beyond self-service — with their complete equity profile already structured and ready to share with an advisor.

For HR and compensation administrators, the platform also provides visibility into how equity programs are performing across the organization — including a live dashboard of total equity wealth created by employee, department, and level; proactive retention signals for employees with expiring grants or low engagement; and competitive equity modeling tools to help design compelling offers for prospective hires.

The new platform arrives at a time when industry leaders are rethinking equity program design and employee share plan strategy. Grantd will further that conversation at the Global Equity Organization’s (GEO) 27th Annual Conference in Austin, taking place April 21–23, 2026. On Wednesday, April 22, Brian McDonald will join the expert panel, “Strategic Shifts in Employee Share Plans: How Companies Are Redesigning Equity for 2026 and Beyond,” alongside fellow Grantd Advisory Board members Billy Vitense of Starbucks, Christine Zwerling of Asana, and Melissa Howell of Nike.

To learn more about Grantd for Work or schedule a demonstration, visit Grantd online at https://www.grantdequity.com/.

About Grantd:

Founded by Brian McDonald, Grantd is an AI-powered equity compensation platform built to simplify how equity is understood, managed, and acted on. Its advisor platform manages over $14 billion in assets under administration for more than 400 registered investment advisory firms, 2,600 advisors, and 14,000 clients. With the launch of Grantd for Work, the company now serves the full equity ecosystem — from individual equity recipients and their advisors to the employees who hold those awards and the HR and compensation teams who design and run the programs. Grantd is headquartered in Denver, Colorado.

Media Contact

Jane Kim, Grantd Equity, 1 (303) 515-3158, jane.kim@grantdequity.com, grantdequity.com

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SOURCE Grantd Equity

Technology

FERMI PROVIDES BUSINESS UPDATE

Published

43 minutes ago

April 22, 2026

DALLAS, April 21, 2026 /PRNewswire/ — Fermi Inc. (d/b/a Fermi America) (NASDAQ: FRMI) (LSE: FRMI), operating as Fermi America™ (“Fermi” or the “Company”), subsequent to the Company’s announcement of Fermi 2.0 on April 20, 2026, has received significant and positive feedback from multiple potential tenants, the Company’s landlord, the Texas Tech University System, as well as suppliers, vendors, contractors, financing sources, and other partners. The Company is gratified by that feedback and is pursuing Fermi 2.0’s business and leadership objectives with all deliberate speed.

The Company also acknowledges receipt of a letter from Mr. Toby Neugebauer, and has reviewed a press release issued by him, calling for the initiation of a process for the immediate sale of the Company. As Mr. Neugebauer indicated in his press release, he was removed from his position on April, 17, 2026, after careful consideration by the Company’s Board of Directors in accordance with its fiduciary duties. Given recent changes in leadership, which position the Company for its next chapter of growth and evolution from a startup to a scaled enterprise, the Company firmly believes a sale is not in the best interest of its continued momentum on Project Matador, ability to serve potential tenants and long-term value creation for shareholders. The Board, consistent with its fiduciary duties, will carefully review all avenues to maximize shareholder value, which include continued execution of its business plan, strategic investments from third parties, joint ventures or other transactions.

About Fermi America™

Fermi America™ (NASDAQ & LSE: FRMI) (fermiamerica.com) is pioneering the development of next-generation private electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence. Co-founded by former U.S. Energy Secretary Rick Perry and Co-Founder and former Co-Managing Partner of Quantum Energy Toby Neugebauer, Fermi America™ combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders to create the world’s largest, 17 GW next-generation private HyperGrid campus. Project Matador 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 deliver hyperscaler artificial intelligence.

Additional Information and Where to Find It

If the Company determines to hold a special meeting of shareholders, the Company will file a proxy statement on Schedule 14A, an accompanying white proxy card and other relevant documents with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the Company’s shareholders for such meeting. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), IF ANY, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of any definitive proxy statement of the Company, an accompanying white proxy card, any amendments or supplements thereto and other documents filed by the Company with the SEC if and when they become available at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge in the “SEC Filings” subsection of the Company’s Investor Relations website at https://fermiamerica.com/ or by contacting the Company’s Investor Relations Department at IR@fermiamerica.com, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

Participants in the Solicitation

If the Company determines to hold a special meeting of shareholders, the Company, its directors and certain of its executive officers may be deemed participants in the solicitation of proxies from the Company’s shareholders in connection with matters to be considered at such special meeting of shareholders. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company’s directors and executive officers is included in the Company’s final prospectus, filed with the SEC on October 1, 2025, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026, and in the Company’s Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of the Company’s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the definitive proxy statement for the Company’s special meeting of shareholders and other relevant documents to be filed with the SEC, if and when they become available.

Forward-Looking Statements

Statements contained in this press release which are not historical facts, such as those relating to future events, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Fermi undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Investors should consult further disclosures and risk factors included in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, the Registration Statement on Form S-8 and other documents filed from time to time with the SEC by Fermi.

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SOURCE Fermi Inc.