Fermi Announces TensorWave Data Center Lease Closing Missed October 31 Deadline As Both Parties Continue Working To Satisfy Conditions; CEO Says Both Fermi And TensorWave Remain Committed To This Lease

Fermi Inc. (NASDAQ:FRMI)(LSE:FRMI), operating as Fermi America™ ("Fermi" or the "Company"), today issued the following statement on the Data Center Lease and Services Agreement (the "Lease") between its wholly owned subsidiary, Fermi Campus 1 LLC, and TensorWave TEX1, LLC ("TensorWave"), after the October 31, 2026 closing date passed without extension.

"Both Fermi and TensorWave remain committed to this lease, and we are continuing to work through the remaining conditions prior to close," said Lee McIntire, Fermi Chief Executive Officer. "We expect to provide more information on the discussions during our earnings call next week, or sooner if appropriate."

The Lease, signed in August 2026, provides that its effectiveness is subject to the satisfaction or waiver of specified closing conditions. Those conditions include executing and delivering related work letters and guaranties; finalizing operations schedules and a service-level agreement; obtaining Board approvals; and securing project-level financing sufficient to fund construction of the leased premises. The closing conditions under the Lease were not fully satisfied by October 31, 2026, and therefore the Lease has not yet become effective. Neither party has exercised any right to terminate the Lease, and Fermi and TensorWave continue to work together toward completing the transaction.