Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO
PR Newswire•30/10/2026•13:39 ET
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Key Highlights
- ➤Fervo shares closed at $14.33, about 46% below its $27 IPO price.
- ➤Morpheus alleged undisclosed thermal decline, excessive water loss, and seismicity-related equipment damage.
- ➤Project Red reportedly showed ~30% water loss, versus sub-1% required commercially.
- ➤Cape Station recorded at least ~58 yellow-level seismic events, Morpheus said.
- ➤Hagens Berman expanded its investigation into Fervo’s disclosures and GFA power backlog.
Expert Statements
Reed Kathrein, Partner leading Hagens Berman’s investigation
“We're focused on the validity of Morpheus' conclusions and, whether Fervo was sufficiently transparent about its ability to deliver on its GFA power backlog”
Fervo Energy Company (FRVO) Scrutinized in New Report Questioning Geothermal Narrative, Stock Closes 46% Below IPO PR Newswire
SAN FRANCISCO, Oct. 30, 2026 /PRNewswire/ -- Fervo Energy Company (NASDAQ: FRVO) faces renewed scrutiny amid an October 6, 2026 report published by investigative research firm Morpheus Research in which Morpheus concludes "that Fervo has failed to disclose existential issues" – namely, thermal decline, excessive water loss, and seismicity-related equipment damage.
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