FRVO — what changed in the latest 10-Q
A section-by-section comparison of FRVO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-13 vs the prior 10-Q · 2026-06-23
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +50 | −29 | ~28 | 27 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~5 | 3 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | Some risk factors updated | +33 | −28 | ~41 | 380 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-13
Total capital expenditures during the period (in millions)$399.3
(2) Geothermal Development Portfolio data as of August 12, 2026. Refer to the following definitions of the Geothermal Development Portfolio.
Mature: Represents near-term commercial value and includes projects that are operating, under construction, or ready to build
•Operating: 3 megawatts are currently online and generating power from our pilot project, Project Red.
•Under Construction: 500 megawatts are currently in construction at Cape Station, with commercial contracts in place and physical work underway.
Text removed vs the prior filing · source: 10-Q · 2026-06-23
In March 2026, our subsidiaries, Cape Phase I Borrower LLC and Phase I WellCo LLC, entered into a senior secured credit agreement with a syndicate of lenders (the “Project Granite Facility”) providing for aggregate commitments of approximately $421.4 million to finance the development of our Cape St…
Q1 2026 Key Performance Indicator SummaryAs of March 31, 2026
Total capital expenditures during the period (in millions)$172.8
(2) Excludes $2.2 billion of gross proceeds from our IPO on May 14, 2026.
(3) Excludes $112.7 million of commitments that closed and became available in early April 2026.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-13
competition; credit market volatility; increasing regulatory costs and challenges; prices of construction of projects; and our failure to capitalize on growth opportunities.
components, impacting our ability to complete projects, including Phase II of Cape Station, as planned and meet contractual obligations.
offtake agreements with credit-worthy counterparties in certain cases, long-term exposure to a concentrated offtaker base remains a risk.
However, data center development has faced increasing public scrutiny and community opposition, including in states where we plan to develop projects, based on concerns about electricity rates, infrastructure costs, land use, grid strain and water consumption. In response, governmental authorities, …
Additionally, there is no assurance that these forecasts of load growth will be accurate or that the anticipated load growth will occur as projected. Factors such as evolving technology, improvements in energy efficiency, changes in economic conditions, shifts in government policy or regulation, com…
Text removed vs the prior filing · source: 10-Q · 2026-06-23
similar occurrences affecting our power plants or any of the power purchases or other third parties providing services to our power plants;
However, there is no assurance that these forecasts of load growth will be accurate or that the anticipated load growth will occur as projected. Factors such as evolving technology, improvements in energy efficiency, changes in economic conditions, shifts in government policy or regulation, communit…
Unlike conventional generators that procure external fuel, our “fuel” is the heat extracted from reservoirs where permeability has been enhanced through stimulation. If reservoir performance does not meet expectations or declines faster than anticipated, whether due to subsurface heterogeneity, ther…
Another aspect of geothermal operations is the management and stabilization of subsurface impacts, including ground subsidence or inflation, related to reservoir creation and injection. Inflation and subsidence, if not controlled, can adversely affect agricultural operations and infrastructure at or…
turbine suppliers. Failure to demonstrate a compelling cost and deliverability profile relative to competing baseload or hybrid solutions could erode our market position and margins.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice