TeraWulf : Q1 2026 Earnings Update Presentation

Published: 2026-05-08 07:07:23 ET WULF

Published on 05/08/2026 at 07:07 am EDT

Power is the primary constraint in AI infrastructure growth

WULF controls scalable, power-advantaged sites across key markets

Positioned to partner with utilities as interconnection dynamics evolve

Long-term, credit-backed contracts drive stable, recurring cash flows

Platform supports targeted 250-500 MW of annual contracted growth

LEASED CAPACITY

Targeting 250-500 MW of annual HPC critical IT capacity signings

CONTROLLED

PIPELINE

Sourcing from a disciplined pipeline of evaluated sites

DIVERSIFIED PLATFORM

Deploying capital exclusively into power-advantaged infrastructure

Operating in jurisdictions with clear, durable regulatory frameworks

Repeatable model driving contracted capacity and cash flow growth

REVENUE CONTRACTED

AVG ANNUAL

NOI

Long-term, credit-backed contracts | 10-25-year lease terms | Hyperscaler-grade infrastructure

Capacity figures represent critical IT MWs. Average annualized NOI includes TeraWulf's 50.1% interest in Abernathy's net operating income. Abernathy is not consolidated in TeraWulf's financial statements; the investment is accounted for under the equity method, with TeraWulf's proportionate share reflected as "equity in net income of investee, net of tax" in the consolidated statement of operations. 4

CONTROL POWER +

CONTRACT CAPACITY

10-25-year HPC leases 250-500 MW annually

Ownership Alignment

~25% insider ownership Mgmt, Board, and affiliates

REINVEST IN GROWTH

Capital recycled for next contracted capacity

FINANCE CAPACITY

Senior secured amortizing

debt during construction

Callable in short-term

EQUITY VALUE CREATION

Cash flow and value unlock realized at parent

BUILD DATA CENTERS

Standardized design + serial delivery

Tenant-aligned deployment

Annual Capital Formation 250-500 MW critical IT

@ $8-10M/MW =

$2.0B-$5.0B

REFINANCE / DELEVER

Long-duration, bullet maturity infra debt

~4x stabilized leverage

GENERATE NOI

Long-term contracted revenue

Low-teens yield on cost

Stabilized Economics

~85% target NOI margin on contracts

Total Platform (Gross)

Total Platform (Critical IT)

2,272 MW

2,870 MW

"Headline"

MWs

Monetized MWs

Site

Market

Gross

Critical IT

Contracted

Open

Lake Mariner

NYISO

750

600

438

162

Abernathy JV

SPP

240

168

Lake Hawkeye

NYISO

400

320

Justified Data

MISO

480

384

Chesapeake Data

PJM

1,000

800

Total

2,870

2,272

522

1,750

Industry-leading PUE of 1.25

Lower PUE = higher efficiency, lower operating cost, and greater power to compute conversion - yielding more revenues and profitability per MW

WULF is a leader in monetizable critical IT scale

Abernathy JV capacity figures represent TeraWulf's 50.1% joint venture interest.

Deliver Capacity | Secure Leases | Advance Pipeline

60 MW energized and generating revenue

CB-3 on track for completion

CB-4 / CB-5 progressing to delivery in 2026

Kentucky tenant expected in Q2 2026

Advancing next phase of pipeline expansion

DELIVERED TO DATE(1) UNDER CONSTRUCTION CONTROLLED PIPELINE

WULF Den (2 MW)

CB-1 (16 MW)

CB-2A (21 MW)

CB-2B (21 MW)

CB-3 (42 MW, May)

CB-4 (168 MW, Q3)

CB-5 (168 MW, Q4)

Abernathy JV (84 MW, Q4)

Lake Mariner (162 MW)

Lake Hawkeye (320 MW)

Justified Data (384 MW)

Chesapeake Data (800 MW)

Abernathy JV Option (84 MW)

Capacity figures represent critical IT MWs.

As of March 31, 2026 8

The Constraint

Interconnection queues backlogged

Transmission capacity limited

New generation needed to support demand

Our Advantage

Brownfield Redevelopment

Repurpose legacy industrial sites

Proven redevelopment track record

Power Market Expertise

30+ years in power development

Deep expertise in grid dynamics

Integrated generation strategy (BYOG)

Control scalable, power-ready sites

Develop net generator campuses (e.g., Morgantown)

What That Enables

Accelerated time to power

De-risked, sequential delivery

Alignment with hyperscaler requirements

1.8 - 3.0 GW

378

250

500

250

750

1,000

500

1,250

750

1,000

1,250

Multi-year visibility into contracted capacity growth

Multiple pathways to scalable growth

1.5 - 2.5 GW

2.3 GW

Contracted Capacity 522 MW

LMD Expansion 162 MW

Lake Hawkeye 320 MW

Justified Data 384 MW

Chesapeake Data 800 MW

Abernathy JV Option

84 MW

1.3 - 2.0 GW

1.0 - 1.5 GW

0.8 - 1.0 GW

2026 2027 2028 2029 2030

Leased Capacity + Pipeline

Capacity figures represent critical IT MWs.

Future deployment figures assume an incremental 250-500 MW annually and are subject to customer demand and regulatory approvals for power draw beyond existing interconnection agreements.

(1) Abernathy figures represent TeraWulf's 50.1% joint venture interest. 10

Financial Metric

Q1 2026

Commentary

Revenue

$34.0M

117% increase in HPC revenue QoQ partially offset by 50% decrease in mining revenue

Gross HPC Lease Revenue

$21.0M

>60% of total Q1 2026 revenue

Adjusted EBITDA

$(4.1)M

Improved ~$47M from prior quarter driven by normalized SG&A (ex SBC) and segment margin expansion

Cash, Cash Equivalents, and Restricted Cash

$3.1B

Cash balance as of March 31, 2026

Net Debt1

$2.7B

$2.5B Convertible Notes @ TeraWulf

$3.2B Senior Secured Notes @ WULF Compute

$0.1B Bridge Credit Facility @ KY

HPC now >60% of revenue

Intentional transition toward contracted HPC revenue

Revenue increasingly driven by long-term contracted cash flows

Credit-backed counterparties enhance predictability and durability

High-margin infrastructure economics emerging at scale

Capital structure aligned with long-duration contracted assets

Net debt is calculated as total debt of $5.8 billion (comprising $2.5 billion of Convertible Notes at TeraWulf, $3.2 billion of Senior Secured Notes at WULF Compute, and $0.1 Billion of Bridge Credit Facility at

Kentucky subsidiary) less $3.1 billion of cash, cash equivalents, and restricted cash. 11

Power-controlled platform with regional diversity

Contract-first development model

Proven execution at scale

Lake Mariner Lake Hawkeye

Long-duration contracted cash flows

Positioned for next phase of AI infrastructure growth

Justified Data

Chesapeake Data

Abernathy JV

Multi-regional HPC infrastructure platform positioned across key U.S. power markets

<1% advance to development

Broad Universe of Potential Sites

Infrastructure & Regulatory Screening

Feasibility & Commercial Assessment

Active Pursuit & Final Diligence

Phase I

500 MW to 5 GW

Identify areas where infrastructure fundamentals align

Proximity to generation and transmission

Regional grid strength

Land use and zoning compatibility

State and utility regulatory environment

Comprehensive inventory of viable locations for screening

Phase II

100 - 300 sites

Remove speculative or constrained sites

Interconnection capacity and cost

Market and pricing dynamics

Fiber availability and latency routes

Community receptivity

Refined subset of locations technically and politically possible

Phase III

10 - 15 aligned sites

Quantify buildability and alignment with strategic objectives

Engineering, supply chain, and grid diligence

Environmental and permitting assessments

Stakeholder alignment

Time to power

Clear visibility into cost and execution risk

Phase IV

3 - 5 pursued sites

De-risk and advance high-

confidence opportunities

Land control

Power agreement negotiations

Final economic validation and stakeholder signoff

LOCAL ALIGNMENT

Strong state and community support

Recognized economic anchor project for the State

CUSTOMER DEMAND

Active potential customer engagement

Data room open; diligence process underway

Targeting 2H 2027 delivery

IMMEDIATE POWER ACTIVE HYPERSCALER DEMAND

EXPANSION OPTIONALITY

Additional scalable capacity

Grid-powered or on-site gen

Capacity figures represent gross MWs.

ON-SITE GENERATION DATA CENTER LOAD BATTERY STORAGE

GENERATION + STORAGE + LOAD INTEGRATION

Former coal-generation campus in NoVA corridor

Designed to be a net contributor to Maryland grid reliability

Active engagement with Maryland stakeholders

PHASE I

500 MW generation

250 MW battery storage

500 MW data center load

PHASE II

500 MW generation

250 MW battery storage

500 MW data center load

Capacity figures represent gross MWs.

($ in billions)

Cash

Convertible Notes

$0.3

$2.5

WULF Compute

Cash

$2.8

Cash

$1.4

Cash

$0.1

DSRA + IDC

(0.5)

HoldCo LockBox

(0.1)

Bridge Credit Facility

$0.1

Adjusted Cash

$2.3

DSRA + IDC + LOC

(0.2)

Capex Spend

$1.5

Adjusted Cash

$1.0

Capex Spend Remaining (1)

$2.2

Capex Spend

$0.4

Senior Secured Notes

$3.2

Capex Spend Remaining (2)

$0.9

Senior Secured Notes

$1.3

(NY / NYISO)

50.1% Ownership

Flash Compute

(TX / SPP)

Justified Data

(KY / MISO)

Chesapeake Data

(MD / PJM)

Lake Hawkeye

(NY / NYISO)

FUNDED PLATFORMS

As of March 31, 2026

Includes contingency

Reflects payments to EPC contractor, Hypertec.

TBD

DEVELOPMENT PLATFORMS

WULF Compute1

72%

18%

10%

CB-3

86%

11%

17%

29%

54%

CB-5

86%

CB-4

Committed CapEx

Top 5 Remaining CapEx2

Remaining CapEx

Adjusted Committed CapEx

Includes La Lupa (CB-2) and Akela (CB-3 + CB-4 + CB-5)

Reflects the next five largest outstanding equipment purchase orders for each building, many of which have purchase orders in hand. 18

HPC segment margin expands 152% QoQ

Non-GAAP Segment Margin ($M) 1

Non-GAAP Adjusted EBITDA ($M)

$35.0

$30.0

$22.0

$23.7

$10.2

$5.9

$6.0

$15.2

$5.0

$25.0

$14.5

$18.1

($51.1)

($4.1)

4Q25

$20.0

$15.0

2Q25 3Q25

1Q26

$10.0

$5.0

2Q25 3Q25 4Q25 (2)

1Q26 (3)

Calculated as Revenue less Cost of Revenue (exclusive of depreciation, inclusive of demand response proceeds) and Operating Expenses.

HPC Segment Margin adjusted for $1.2 million of tenant fit-out revenue and associated costs, and $4.1 million of development and pre-revenue operating costs.

HPC Segment Margin adjusted for $2.1 million of tenant fit-out revenue and associated costs, $3.5 million of pre-revenue operating costs at WULF Compute, and $2.1 million of development costs. 19

Three Months Ended March 31,

2026

2025

Revenue:

Digital asset revenue

$ 12,990

$ 34,405

HPC lease revenue

21,022

Total revenue

34,012

34,405

Costs and expenses:

Cost of revenue (exclusive of depreciation shown below)

2,361

24,553

Operating expenses

8,848

1,144

Operating expenses - related party

2,186

1,748

Selling, general and administrative expenses

127,132

46,573

Selling, general and administrative expenses - related party

159

3,571

Depreciation

43,709

15,574

Loss on fair value of digital assets, net

653

870

Impairment of property, plant, and equipment

8,876

Total costs and expenses

193,924

94,033

Operating loss

(159,912)

(59,628)

Interest expense

(87,650)

(4,049)

Change in fair value of warrants

(216,325)

Interest income

29,411

2,259

Loss before income tax and equity in net (loss) income of investee

(434,476)

(61,418)

Income tax provision

(28)

Equity in net loss of investee, net of tax

(11,548)

Net loss

$ (446,052)

$ (61,418)

Less: net loss attributable to noncontrolling interests

(69)

Loss per common share:

Basic and diluted

$ (1.05)

$ (0.16)

Weighted average common shares outstanding:

Basic and diluted

422,999,671

383,149,511

Note: All values in thousands except number of shares and loss per common share.

Disclaimer

Terawulf Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 11:06 UTC.