Fuzzy Panda Research is Short Fermi (FRMI)
-Uncovered Allegations of Fraud Against Multiple C-Suite Executives
-No AI Hyperscaler Tenant Coming
-The Real Reason Why Amazon Bailed
It was announced that Fermi’s former CEO and co-founder, Toby Neugebauer, ‘Departed’ in a friday night 8-K, but the company’s problems have just begun. The remaining C-Suite is filled with Toby’s “Yes Men” who allegedly schemed with him in “Fraudulent Transfers,” “Misappropriation of Millions of Assets,” and “Securities Fraud.”
We also uncovered that:
Fermi’s Key Contractors and Suppliers Appear to Be “Undisclosed Related Party Transactions”
Little Known Engineering Firm’s Co-Owner is 1st Cousins w/ C-Suite Executive - Isn’t it a Related Party when you are Actually Related?
Key Natural Gas Supplier - Chairman of Fermi’s Board is on their Board too. The large supplier discloses it as a related party. Yet, Fermi still hides it.
Drone Footage Show a Mostly Empty Dirt Patch.
Fermi’s Key Assets - Natural Gas Turbines can be sold by debt holders in <7 months if there still is no AI tenant.
Our research will shed light onto the questions Fermi has refused to answer:
Why the founder & CEO suddenly was fired departed.
Why the hyperscaler tenant bailed.
Why we think Fermi’s Project Matador’s will fail before the end of 2026.
Through 6 months of research we uncovered all the reasons we think Fermi just fired Toby Neugebauer the mastermind behind the company’s plans. We uncovered multiple allegations of past fraudulent transfer schemes in which Toby is accused of millions of dollars of insider enrichment. Toby also has a “colorful” history that includes drinking alcohol at work starting at 10am, drug use, threatening to kill Vivek Ramaswamy, and yelling at the current US Commerce Secretary, Howard Lutnick.
But getting rid of Toby solves none of Fermi’s Problems.
Almost all of Fermi’s Senior Management team are Friend’s of Toby’s and three senior employees are accused of being involved in the very same fraud allegations.
CFO Miles Everson - allegedly schemed with Toby to skim $8.7 million by billing for phantom services.
Director - Rodrigo Acuna – allegedly Schemed with Toby to “Misappropriate” Assets Worth >$20m
Chief Site Officer – Charlie Hamilton – Toby’s ‘Yes Man’ who approved “Fraudulent Backdated Securities”
New CEO – Jacobo Ortiz – Toby's Golf Club Neighbor that’s a Puerto Rican Property Developer
Fermi’s GC - George Wentz - Has his own set of accusations of running a fraudulent transfer scheme. Even worse is that lawsuit against George & Fermi could result in the Siemens Turbine deal being unwound.
Other Toby Family Members and Long-Time Friends are other key employees
So why did Hyperscaler Tenant 1 (Amazon) walk?
We believe it is because Fermi promised Amazon Fermi could secure $5-5.5 billion of financing. We think Toby accidentally tipped his hand and revealed the real answer in an October 2025 Amarillo City Council meeting. He said they needed to secure the financing by Dec 9th. Dec 9th also coincidentally was the very last day of exclusivity in their LOI with Amazon. No financing = Amazon walked.
Fermi is running low on cash and has even begun resorting to ‘toxic death spiral’ financing deals from Yorkville. Fermi paused construction on the site back in February. If they hadn’t stopped building out the site we estimate that with the Q4 burn rate that Fermi’s cash balance would’ve been negative at the end of Q1.
We flew drones over the Fermi site and visited multiple times. What we found is best described as a patch of empty dirt. It’s no wonder Fermi can’t raise the additional >$2 billion of Capital to finish Phase 1 yet alone the $70-90 billion that would be required to build out the full plan.
Meanwhile insiders just started selling. They sold >$65 million in the first 2 weeks and still hold >$2.4 billion of shares. Even the former CEO that was just put out to pasture told investors that he planned to sell.
Fermi is stuck in a Catch 22. Fermi can’t raise the money to finish the project without an AI hyperscaler contract. No AI hyperscaler will sign a contract until Fermi can raise billions more to de-risk completion of the project.
We are short Fermi America because the AI bulls are about to be slaughtered by Project Matador.
Fuzzy Panda Research is Short Fermi (FRMI)
Full report at www.fuzzypandaresearch.com
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