TeraWulf — Third Quarter 2026 Earnings Summary

Financial Performance:

• Generated third-quarter revenue of $76.2 million, compared to $50.6 million in the same period in 2025.
• HPC lease revenue reached $63.0 million, representing approximately 83% of total third-quarter revenue, up from $7.2 million in Q3 2025.
• Net income for the quarter was approximately $709.9 million, driven by a non-cash change in the fair value of warrants; net income attributable to TeraWulf Inc. was $709.9 million.
• Non-GAAP Adjusted EBITDA was $(12.8) million for the quarter, compared to $18.1 million in Q3 2025.
• 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.
• Total equity increased to $870.5 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 is on track for phased delivery and rent commencement during the fourth quarter of 2026.
• CB-5 at Lake Mariner is targeted to begin phased delivery in early 2027.
• Justified Data Campus phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028.
• Muskie second 500 MW phase delivery 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:

• Lake Mariner operated 102 MW of revenue-generating critical IT capacity as of September 30, 2026, with an additional 336 MW under construction 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.
• Secured a Google Credit Backstop for project financing in support of the Anthropic lease.
• Executed a definitive EPC agreement with Fluor Enterprises, Inc. covering three data center buildings at the Justified Data Campus.
• Muskie contracted power capacity expanded to 1 GW 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.

Market and Competitive Landscape:

• The Company operates as a vertically integrated owner, developer, and operator of large-scale digital infrastructure purpose-built for high-performance computing and artificial intelligence workloads.
• The Company combines long-term control of land, power, and interconnection infrastructure with in-house expertise in energy markets and data center operations.
• The Company is developing and pursuing additional large-scale campuses in Kentucky, New York, and Maryland.

Risks and Challenges:

• Forward-looking statements are subject to risks including the ability to attract additional customers, complete data center campuses within cost estimates, and operational performance under lease agreements.
• Risks include changes in laws and regulations, failure to obtain adequate financing, adverse geopolitical or economic conditions, and cybercrime or data security breaches.
• Risks also include the availability and cost of power and electrical infrastructure equipment.

Management Commentary and Tone:

• Paul Prager, Chairman and CEO, stated that third-quarter results reflect strong execution, with Lake Mariner delivering contracted capacity, Justified having customer and credit support, and Muskie providing a contracted path to a gigawatt of power.
• Management emphasized a disciplined approach to capital deployment, focusing on executing commitments, protecting economics, and creating long-term shareholder value.
• Patrick Fleury, CFO, 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, citing Lake Mariner's progress within cost guidance and Justified's investment-grade credit support.

Other Key Points:

• Subsequent to quarter-end, TeraWulf increased commitments under its Revolving Credit Agreement from $250 million to $400 million and added an uncommitted accordion feature permitting up to $150 million of additional commitments.
• Received $250 million in cash consideration from the Abernathy Joint Venture sale during the quarter, with $150 million expected by December 31, 2026, and approximately $130 million expected by April 30, 2027.
• Proceeds from the sale of equity in the net assets of the investee were $250 million during the nine months ended September 30, 2026.
• Issued common stock for proceeds of $1.2 billion (net of issuance costs) during the nine months ended September 30, 2026.
• Net cash used in investing activities was $2.2 billion for the nine months ended September 30, 2026, primarily due to purchases of plant and equipment.
• Net cash provided by financing activities was $1.0 billion for the nine months ended September 30, 2026.