SCHEDULE: Neugebauer Discloses 7.9% Stake in Fermi Inc.

Robert Randolph Neugebauer has disclosed a 7.9% beneficial ownership stake in Fermi Inc. through two children's trusts.

Summary

• Robert Randolph Neugebauer reported beneficial ownership of 45,241,787 shares of Fermi Inc. Common Stock.
• This ownership represents 7.9% of the company's outstanding Common Stock.
• The shares are held by two trusts: the Neugebauer 1998 Children's Trust FBO Nathan R. Neugebauer (22,620,893 shares) and the Neugebauer 1998 Children's Trust FBO Noah T. Neugebauer (22,620,893 shares).
• Mr. Neugebauer serves as the trustee for both trusts, and as such, may be deemed to hold voting and investment power over these shares.
• He disclaims beneficial ownership of the shares held by the 1998 Children's Trusts except to the extent of his pecuniary interest therein.
• The percentage ownership is calculated based on 574,977,840 shares of Common Stock outstanding as of September 30, 2025, as reported by Fermi Inc. in its Quarterly Report on Form 10-Q.

Sentiment

Score: 5

Explanation: A Schedule 13G is a factual disclosure of a significant ownership stake. It is neutral in sentiment regarding the company's operational performance, but the presence of a substantial, albeit passive, investor can be viewed as a stable factor.

Positives

• NA

Negatives

• NA

Risks

• The reporting person disclaims beneficial ownership of the shares held by the trusts except to the extent of his pecuniary interest, which could imply a limited direct financial stake or control despite trustee duties.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Robert Randolph Neugebauer, the reporting person, serves as the trustee for the Neugebauer 1998 Children's Trusts, which hold the reported shares. This constitutes a related party relationship between the individual and the entities holding the shares.

Stakeholder Impact

• Shareholders: Disclosure of a significant passive shareholder (7.9%) provides transparency regarding the ownership structure.
• Management: Awareness of a substantial, albeit passive, ownership block.

Key Dates

Recommendation

This filing is a disclosure of beneficial ownership, not a performance report or strategic update. While a significant stake (7.9%) by a single individual/family trusts indicates a notable long-term interest, it does not provide sufficient information to warrant a 'buy' or 'sell' recommendation. The investor is passive (filed under 13d-1(c)), suggesting no immediate intent to influence control. Therefore, a 'hold' recommendation is appropriate, pending further operational or financial news from Fermi Inc.

Keywords

Fermi Inc., Robert Randolph Neugebauer, beneficial ownership, Schedule 13G, common stock, institutional ownership, trusts, equity stake