FRVO Q3 Earnings Call Highlights Google Deal and Geothermal Expansion

FRVO locked in a 15-year, 396-MW power purchase agreement with Google, with deliveries starting mid-2028, headlining its Q3 earnings call.

The Google contract adds to a binding-agreement book that now totals 1,054 MW, worth $11.9 billion. That gives FRVO a quantified contracted backlog tied to a named, high-profile counterparty, which anchors the revenue story well ahead of the 2028 delivery start.

Operationally, Cape Station began commercial operations with its first 33-MW GeoBlock, ahead of schedule. Two additional blocks are expected online by January 2027. Interpretation: an early first block lends credibility to the delivery timeline, though the 396-MW Google commitment dwarfs the 33-MW now running, so execution at scale remains the open question.

Cost is the other pillar. FRVO is targeting $5,500 per kW in construction costs, with a longer-term goal of $3,000 per kW. Interpretation: the gap between those figures is where margin expansion would have to come from. Hitting the nearer target matters for project returns on the contracted megawatts, while the $3,000 figure is a longer-dated aspiration, not a near-term deliverable.

Google's involvement may also draw attention to GOOG, GOOGL, GOOGM and GOOGN as the counterparty, though the source offers no data on how those shares react.