TeraWulf — Third Quarter 2026 Earnings Summary

Financial Performance

• Reported third-quarter revenue of $76.2 million, up from $50.6 million in the same period in 2025.
• HPC lease revenue totaled $63.0 million, representing approximately 83% of total revenue, compared to $7.2 million in the prior year period.
• Digital asset revenue was $13.2 million for the quarter, down from $43.4 million in the prior year period.
• Net income for the quarter was approximately $709.9 million, compared to a net loss of $455.1 million in the prior year period, driven by a non-cash change in the fair value of warrants.
• Non-GAAP Adjusted EBITDA was approximately $(12.8) million for the quarter, compared to $18.1 million in the prior year period.
• For the nine months ended September 30, 2026, total revenue was $155.0 million versus $132.6 million in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $658.0 million, compared to a net loss of $534.8 million in the prior year period.
• Non-GAAP Adjusted EBITDA for the nine months ended September 30, 2026, was $(35.2) million, compared to $28.0 million in the prior year period.
• Ended the quarter with approximately $2.4 billion in cash, cash equivalents, and restricted cash.
• Total assets increased to $8.15 billion as of September 30, 2026, from $6.56 billion as of December 31, 2025.
• Total liabilities increased to $7.28 billion as of September 30, 2026, from $6.42 billion as of December 31, 2025.
• Stockholders' equity increased to $870.7 million as of September 30, 2026, from $140.4 million as of December 31, 2025.

Guidance and Future Outlook

• Reaffirmed the target of contracting 250–500 MW of incremental critical IT capacity annually.
• CB-4 at Lake Mariner remains on track for phased delivery and rent commencement during the fourth quarter of 2026.
• CB-5 at Lake Mariner remains targeted to begin phased delivery in early 2027.
• Phased ready-for-service completions at the Justified Data Campus are expected to begin in late 2027 and continue through the second quarter of 2028.
• The anticipated delivery of the second 500 MW phase at Muskie is advanced to 2029.
• WULF Compute continues to progress within the previously disclosed cost guidance of $8 million to $10 million per critical IT MW.

Business Segments and Product Lines

• Operated 102 MW of revenue-generating critical IT capacity at Lake Mariner as of September 30, 2026.
• 336 MW of critical IT capacity is under construction at Lake Mariner across CB-4 and CB-5.
• Executed a 20-year lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus, representing approximately $19 billion of contracted revenue over the initial term.
• Executed a definitive EPC agreement with Fluor Enterprises, Inc. covering three data center buildings at the Justified Data Campus.
• Secured a Google Credit Backstop for project financing in support of the Anthropic lease.
• Increased contracted power capacity at Muskie from 500 MW to 1,000 MW through amended agreements with Kentucky Power Company, subject to regulatory approval.
• Completed the sale of the Company's 50.1% interest in the Abernathy Joint Venture, recognizing a $95 million gain on the sale.
• Received $250 million in cash consideration from the Abernathy sale during the quarter, with $150 million expected by December 31, 2026, and approximately $130 million expected by April 30, 2027.

Market and Competitive Landscape

• The Company focuses on securing power, high-quality customer demand, and attractive risk-adjusted returns for its digital infrastructure platform.
• Operations are purpose-built for high-performance computing and artificial intelligence workloads.

Risks and Challenges

• Risks include the ability to attract additional customers, complete campuses within cost estimates, and perform under lease agreements.
• Potential risks involve changes in laws, regulations, permits, and financing availability.
• Adverse geopolitical or economic conditions, including inflation and trade regulations, may impact operations.
• Operational risks include cybercrime, equipment malfunction, physical disaster, and data security breaches.
• The availability and cost of power and electrical infrastructure equipment remain a factor.

Management Commentary and Tone

• Chairman and CEO Paul Prager stated that third-quarter results reflect strong execution, with Lake Mariner delivering revenue, Justified having customer and credit support, and Muskie providing a path to a gigawatt of power.
• Management emphasized discipline in capital deployment and a focus on executing commitments, protecting economics, and creating long-term shareholder value.
• CFO Patrick Fleury noted substantial liquidity at quarter-end and strengthened financial flexibility through the Abernathy monetization and expansion of the revolving credit facility.
• Management expressed confidence in funding contracted development while maintaining balance sheet flexibility due to Lake Mariner's progress within cost guidance and Justified's investment-grade credit support.

Other Key Points

• Subsequent to the quarter-end, the Revolving Credit Agreement commitments were increased from $250 million to $400 million.
• An uncommitted accordion feature was added to the Revolving Credit Agreement, permitting up to $150 million of additional commitments subject to certain conditions.
• Proceeds from the issuance of common stock during the nine-month period were $1.2 billion, net of issuance costs.
• Stock-based compensation expense for the nine months ended September 30, 2026, was $215.4 million.
• The Company hosts an investor conference call and webcast on November 6, 2026, at 8:00 a.m. Eastern Time.