# Fermi Inc. (FRMI) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from Fermi Inc.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/FRMI/mda/fy2025/): filed 2026-03-30; accession 0002071778-26-000010 (https://www.sec.gov/Archives/edgar/data/2071778/000207177826000010/frmi-20251231.htm); latest 10-K

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