Core Viewpoint - TeraWulf, Inc. reported disappointing fourth-quarter earnings, missing both revenue and earnings estimates, leading to a decline in stock price. Financial Performance - The company reported a quarterly loss of $0.29 per share, which was worse than the expected loss of $0.13 per share [1] - Quarterly revenue was $35.84 million, falling short of the consensus estimate of $45.78 million by 21.73% [2] Strategic Developments - Fiscal year 2025 is seen as a pivotal moment for TeraWulf, as the company secured long-term data center lease agreements totaling 522 critical IT MW, which is expected to provide multi-year revenue visibility and stable cash flow [3] - Digital asset revenue for the quarter was $26.1 million, down from $43.4 million in the previous quarter, primarily due to lower Bitcoin production and price [4] - HPC lease revenue increased to $9.7 million for the quarter, up from $7.2 million in the prior quarter [4] Stock Performance - Following the earnings report, TeraWulf's stock fell by 4.14% to $17.15 in extended trading [3]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $35.8 million, down from $50.6 million in Q3 2025, primarily due to lower Bitcoin production. However, HPC lease revenue increased to $9.7 million in Q4, up 35% from $7.2 million in Q3 [16][15] - For the full year, revenue increased 20% to $168.5 million from $140.1 million in 2024, with digital asset revenue of $151.6 million and HPC lease revenue of $16.9 million [16][15] - Cost of revenue increased 32% to $82.7 million in 2025 from $60.3 million in 2024, primarily due to higher realized power prices [17] - Operating expenses rose to $8.8 million in Q4 from $4.5 million in Q3, and full-year operating expenses increased to $19.7 million in 2025 from $7.6 million in 2024 [18] - GAAP net loss in 2025 was $661.4 million compared to a net loss of $72.4 million in 2024, driven by non-cash fair value adjustments related to the Google warrant [23] Business Line Data and Key Metrics Changes - The company transitioned from Bitcoin mining to HPC leasing, with HPC lease revenue becoming a more stable revenue source [15][27] - The HPC leasing segment's profit margin was approximately 42%, with adjustments yielding approximately 77% segment profit margin in 2025, converging towards the long-term guidance of 85% [19] Market Data and Key Metrics Changes - Demand for power in Kentucky is extremely strong, with engagement from major hyperscalers and AI compute platforms [8][9] - The company is targeting 480 MW online in Kentucky in the second half of 2027, with proposals for secured loan facilities to fund pre-lease development [27] Company Strategy and Development Direction - The company aims to transition into a scaled, power-backed AI infrastructure platform, focusing on controlling energy-advantaged sites and securing long-term credit-backed AI capacity [4][5] - The strategy includes building integrated, bring-your-own generation campuses, with a focus on operational excellence and disciplined delivery [7][10] - The company is actively evaluating additional opportunities and maintaining a disciplined approach to site selection based on power control, scalability, and capital efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of their assets, particularly in Kentucky, and highlighted strong state and local support [9][31] - The company anticipates a shift towards stable contracted HPC revenue, reducing reliance on volatile Bitcoin mining [27] - Management emphasized the importance of power availability and generation capabilities in meeting customer demands and addressing market constraints [34][35] Other Important Information - The company secured over $12.8 billion of HPC lease agreements and executed $6.5 billion of debt and equity linked financing in the second half of 2025 [15] - As of December 31, 2025, cash and restricted cash totaled $3.7 billion, with total assets amounting to $6.6 billion and total liabilities of $6.4 billion [24] Q&A Session Summary Question: Details on the Kentucky site and ideal customer - Management described the Kentucky site as having immediate power availability and strong demand from major hyperscalers, with ongoing substantive discussions for long-term leases [30][31] Question: Complexity of the Maryland site and TeraWulf's strengths - Management highlighted the Maryland site as a gig site with competitive pricing and strong state support, emphasizing the importance of bringing their own generation [33][34] Question: Labor and equipment availability for construction in Kentucky - Management expressed confidence in Kentucky's labor market and the selection of Fluor as a contractor, ensuring robust procurement and execution [42][43] Question: PUE efficiency across sites - Management attributed the low PUE to geographic advantages and investments in cooling systems, ensuring redundancy in power delivery [48][51] Question: CapEx differences at Morgantown compared to other sites - Management outlined the expected CapEx for Morgantown, including costs for power generation and battery storage, estimating a total of around $13 million-$14 million per MW [62][64] Question: Regulatory approvals needed for Morgantown - Management anticipated FERC approval within three to six months, describing the process as routine [68]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $35.8 million, down from $50.6 million in Q3 2025, primarily due to lower Bitcoin production. However, HPC lease revenue increased to $9.7 million in Q4, up 35% from $7.2 million in Q3 [16][15] - For the full year, revenue increased 20% to $168.5 million from $140.1 million in 2024, with digital asset revenue of $151.6 million and HPC lease revenue of $16.9 million [16] - Cost of revenue increased 32% to $82.7 million in 2025 from $60.3 million in 2024, primarily due to higher realized power prices [17] - Operating expenses rose to $8.8 million in Q4 from $4.5 million in Q3, and full-year operating expenses increased to $19.7 million in 2025 from $7.6 million in 2024 [18] - GAAP net loss in 2025 was $661.4 million compared to a net loss of $72.4 million in 2024, driven by non-cash fair value adjustments related to the Google warrant [23] Business Line Data and Key Metrics Changes - The company transitioned from Bitcoin mining to HPC leasing, with HPC lease revenue becoming a more significant contributor to overall revenue [15][16] - The HPC leasing segment's profit margin was approximately 42%, with adjustments yielding approximately 77% segment profit margin in 2025, converging toward the long-term guidance of 85% [19] Market Data and Key Metrics Changes - Demand for power in Kentucky is extremely strong, with engagement from major hyperscalers and AI compute platforms [8] - The company is actively pursuing opportunities in constrained markets, emphasizing the importance of power control and scalability [9] Company Strategy and Development Direction - The company aims to transition into a scaled, power-backed AI infrastructure platform, focusing on controlling energy-advantaged sites and securing long-term credit-backed AI capacity [4] - The strategy includes acquiring power generation expertise and securing long-duration site control, as demonstrated by the acquisition of Beowulf Electricity & Data and the lease with Fluidstack [4][5] - The company is building a team to match its ambitions, focusing on engineering detail, construction discipline, and operational rigor [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of their assets, particularly in Kentucky, where state and local support is strong [9][31] - The company anticipates a shift towards stable contracted HPC revenue, moving away from the volatility of Bitcoin mining [15][27] - Management highlighted the importance of power as a binding constraint in the industry, with a growing need for integrated power generation solutions [34][35] Other Important Information - The company secured over $12.8 billion of HPC lease agreements and executed $6.5 billion of debt and equity linked financing in the second half of 2025 [15] - As of December 31, 2025, cash and restricted cash totaled $3.7 billion, with total assets amounting to $6.6 billion and total liabilities of $6.4 billion [24] Q&A Session Summary Question: Details on the Kentucky site and ideal customers - The Kentucky site is a former smelter with immediate power availability and strong demand from major hyperscalers. The company is in active discussions for long-term leases [30][31] Question: Complexity of the Maryland site and TeraWulf's strengths - The Maryland site is designed to be a net contributor to the grid, with strong support from state leadership. The company has expertise in power generation and is well-positioned to meet market demands [33][34] Question: Labor and equipment availability for the Kentucky project - The company has engaged Fluor as the contractor and is confident in labor availability and procurement processes to meet construction timelines [42][43] Question: PUE efficiency across sites - The company maintains a PUE of 1.25 due to geographic advantages and investments in cooling systems, which enhance operational efficiency [48][50] Question: CapEx differences at Morgantown compared to other sites - The CapEx for Morgantown is expected to be around $13 million-$14 million per MW, factoring in power generation and battery storage components [62][64] Question: Regulatory approvals for the Morgantown site - The company expects FERC approval within three to six months, considering the routine nature of the approval process [67]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $35.8 million, down from $50.6 million in Q3 2025, primarily due to lower Bitcoin production. HPC lease revenue increased to $9.7 million in Q4, up 35% from $7.2 million in Q3 [15][13] - For the full year, revenue increased 20% to $168.5 million from $140.1 million in 2024, with digital asset revenue of $151.6 million and HPC lease revenue of $16.9 million [15][21] - Cost of revenue increased 32% to $82.7 million in 2025 from $60.3 million in 2024, primarily due to higher realized power prices [16] - Operating expenses rose to $8.8 million in Q4 from $4.5 million in Q3, and full year operating expenses increased to $19.7 million in 2025 from $7.6 million in 2024 [17] - GAAP net loss in 2025 was $661.4 million compared to a net loss of $72.4 million in 2024, driven by non-cash fair value adjustments related to the Google warrant [21] Business Line Data and Key Metrics Changes - The company transitioned from Bitcoin mining to HPC leasing, with HPC lease revenue commencing in July 2025 and energizing 18 megawatts of critical IT capacity by year-end [15][21] - The HPC leasing segment's profit margin was approximately 42%, with adjustments yielding approximately 77% segment profit margin in 2025, converging towards the long-term guidance of 85% [18] Market Data and Key Metrics Changes - Demand for power in Kentucky is extremely strong, with engagement from major hyperscalers and AI compute platforms [7][8] - The company is targeting 480 MW online in Kentucky in the second half of 2027, with proposals for secured loan facilities to fund pre-lease development [25] Company Strategy and Development Direction - The company aims to control energy-advantaged sites and engineer infrastructure around power, securing long-term credit-backed AI capacity [3][4] - The strategy includes replicating the model in Texas and executing financing transactions to support scalable capital structure [4][5] - The focus is on disciplined delivery, turning contracted megawatts into energized capacity and durable recurring cash flow [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the AI build-out is constrained by power rather than GPUs, highlighting the importance of controlling power generation [5][6] - The company is confident in the long-term value of its assets, particularly in Kentucky, and is actively evaluating additional opportunities [8][25] - Management noted that while mining has introduced revenue volatility, the transition to HPC revenue will stabilize results over time [14][25] Other Important Information - The company secured over $12.8 billion of HPC lease agreements and executed $6.5 billion of debt and equity linked financing in the second half of 2025 [13][22] - The company has a strong liquidity position with cash and restricted cash totaling $3.7 billion as of December 31, 2025 [22] Q&A Session Summary Question: Can you provide more details on the Kentucky site and ideal customers? - The Kentucky site is a former smelter with immediate power availability and strong demand from major hyperscalers. The company is in substantive discussions with potential customers for long-term deals [27][28] Question: How does the Maryland site fit into TeraWulf's strengths? - The Maryland site is designed to be a net contributor to the grid and benefits from a strong regulatory environment. The company has expertise in power generation and is well-positioned to meet market demands [30][31] Question: Can you comment on the labor and construction schedule in Kentucky? - The company has engaged Fluor as the contractor and is confident in the labor availability and procurement processes to meet the ambitious construction schedule [38][39] Question: What factors drive the 250-500 MW guidance? - The guidance reflects operational capabilities, procurement processes, and financing perspectives, with a focus on delivering 250-500 MW of critical IT load annually [84][85]

Financial Performance - TeraWulf reported $168.5 million in revenue for the full year 2025, a 20% increase from $140.1 million in 2024, with HPC lease revenue contributing $16.9 million to the total [1] - The company posted a net loss of $661.4 million for the year, compared to a net loss of $72.4 million in 2024, primarily due to a $429.8 million change in the fair value of warrant and derivative liabilities [2] - Non-GAAP adjusted EBITDA was negative $23.1 million, a decline from positive $60.4 million the previous year [2] Quarterly Performance - In Q4 2025, TeraWulf generated $26.1 million in bitcoin mining revenue, down from $43.4 million in Q3, attributed to lower bitcoin production and a weaker bitcoin price [3] - HPC lease revenue increased to $9.7 million in Q4 from $7.2 million in the prior quarter [3] Cash Position - TeraWulf ended 2025 with $3.7 billion in cash, cash equivalents, and restricted cash, a significant rise from $274.1 million at the end of 2024, driven by $3.1 billion from long-term debt issuances and $1.97 billion from convertible notes [4] Construction and Capacity Expansion - The Lake Mariner campus in New York has 39 critical IT MW of HPC capacity online, with additional buildings scheduled for completion between March and Q4 2026 [5] - Design optimization for buildings CB4 and CB5 increased total capacity from 162 MW to 168 MW per building without additional construction costs [5] Strategic Partnerships and Contracts - TeraWulf has signed long-term lease agreements totaling 522 critical IT MW, representing over $12.8 billion in contracted revenue, including leases to Core42 and Fluidstack, the latter backed by Google [6] - In October 2025, TeraWulf entered a joint venture with Fluidstack to develop the Abernathy HPC Campus in Texas, which will have a 25-year lease and is also backed by Google [7]

Where Power Unlocks Compute Q4 & Full Year 2025 Update February 2026 522 MW Leased | ~$13B Contracted Revenue | 2.4 GW HPC Portfolio Geom Slide Title – 28 Franklin Gothic Med Header – 14 Franklin Gothic Book Content Text – 14 Franklin Gothic Book Chart Content – 10 RGB 33 – 40 – 64 20 – 135 – 211 129 – 200 – 255 205 – 217 – 225 74 – 88 – 135 Outline: black, ½ pt. 255 – 177 – 0 1 SAFE HARBOR STATEMENT This presentation is for informational purposes only and contains forward-looking statements within the mean ...

Core Viewpoint - TeraWulf Inc. is hosting a lender construction update call for its subsidiary WULF Compute, indicating ongoing developments in its digital infrastructure operations [1]. Group 1: Company Overview - TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the U.S. specifically for high-performance computing (HPC) hosting and bitcoin mining [2]. - The company is led by a team of experienced energy infrastructure entrepreneurs and aims to provide scalable, low-carbon compute capacity for next-generation AI and HPC customers [2]. Group 2: Event Details - The lender construction update call will take place on March 4, 2026, at 8:00 a.m. ET, featuring key executives including the Head of Investor Relations, CFO, CTO, and COO [1]. - A webcast link is provided for credit investors to access the call [2].

Financial Performance - Fourth quarter revenue reached $168.5 million, with HPC lease revenue increasing to $9.7 million from $7.2 million in the previous quarter[11]. - Total revenue for the year ended December 31, 2025, was $168,455,000, representing a 20.5% increase from $140,051,000 in 2024 and a significant increase from $69,229,000 in 2023[25]. - Digital asset revenue increased to $151,556,000 in 2025, up 8.6% from $140,051,000 in 2024 and more than doubled from $69,229,000 in 2023[25]. - The net loss for 2025 was $661,416,000, significantly higher than the net loss of $72,418,000 in 2024, reflecting an 815.5% increase[26]. - Non-GAAP Adjusted EBITDA for 2025 was $(23,109,000), a decrease from $60,377,000 in 2024[34]. - The Company reported a net loss of $661,416,000 for the year ended December 31, 2025, compared to a net loss of $72,418,000 for 2024[34]. Assets and Cash Flow - Cash and cash equivalents totaled $3,722.8 million as of December 31, 2025, a significant increase from $274.1 million in 2024[22]. - The company's total assets reached $6.56 billion as of December 31, 2025, compared to $787.5 million in 2024[22]. - Cash, cash equivalents, and restricted cash at the end of 2025 totaled $3,722,775,000, a substantial increase from $274,065,000 at the end of 2024[29]. - Cash used in operating activities from continuing operations was $(123,180,000) in 2025, compared to $(24,422,000) in 2024[29]. Costs and Expenses - Total costs and expenses for 2025 were $354,668,000, compared to $216,267,000 in 2024, resulting in an operating loss of $186,213,000, which is a 144.5% increase from the operating loss of $76,216,000 in 2024[26]. - The company incurred interest expenses of $80,248,000 in 2025, compared to $19,794,000 in 2024, indicating a significant rise in financing costs[26]. - Stock-based compensation expense was $50,909,000 in 2025, up from $30,927,000 in 2024[34]. - The Company recognized a loss on disposals of property, plant, and equipment, net, of $4,895,000 in 2025, compared to $17,824,000 in 2024[34]. Financing and Investments - The company completed $6.5 billion in long-term financings to support its expanding HPC platform[3]. - The company raised $3,132,938,000 through the issuance of long-term debt in 2025, indicating strong financing activity to support growth initiatives[29]. - The company made investments in joint ventures totaling $(450,000,000) in 2025, reflecting a strategic focus on expansion[29]. Strategic Focus and Development - TeraWulf's strategic focus includes disciplined execution and transparent capital allocation to convert energy-advantaged infrastructure into long-term cash flow[14]. - TeraWulf's multi-year development pipeline aims to deliver 250-500 critical IT MW annually through the end of the decade[1][14]. - The Abernathy HPC Campus in Texas is designed to support 168 critical IT MW under a 25-year lease, with construction targeted for completion in the second half of 2026[8]. Digital Asset Performance - Digital asset revenue for Q4 2025 was $26.1 million, down from $43.4 million in Q3 2025, primarily due to lower bitcoin production and prices[11].

Core Insights - TeraWulf Inc. has contracted 522 critical IT MW, generating over $12.8 billion in revenue visibility through long-term lease agreements, marking a significant inflection point for the company in fiscal year 2025 [1][2][3] Financial and Operational Highlights - The company achieved a transformational fourth quarter in 2025, commencing recurring HPC lease revenue and signing contracts worth $12.8 billion, alongside completing $6.5 billion in long-term financing [3][4] - TeraWulf's total revenue for the year ended December 31, 2025, was $168.5 million, compared to $140.1 million in 2024, reflecting a growth trajectory [29] - The company reported a net loss of $661.4 million for the year, with a loss per common share of $1.66 [28][29] Strategic Developments - TeraWulf's primary growth engine is its HPC hosting platform, with significant developments at the Lake Mariner Data Campus in New York and the Abernathy HPC Campus in Texas, which is a joint venture with Fluidstack [4][5] - The Lake Mariner campus is expected to support up to 750 MW of gross HPC leasing capacity upon full buildout, enhancing its position as a leading AI infrastructure campus [12][14] Capital Formation and Growth Pipeline - The company completed a comprehensive capital-formation strategy, securing over $6.5 billion in committed capital to support its infrastructure buildout and multi-regional development roadmap [10][19] - TeraWulf plans to expand its infrastructure portfolio with new sites in Kentucky and Maryland, increasing total platform capacity to approximately 2.9 GW across five sites [18][19] Revenue Breakdown - Digital asset revenue for the fourth quarter of 2025 was $26.1 million, down from $43.4 million in the previous quarter, primarily due to lower bitcoin production and prices [16] - HPC lease revenue increased to $9.7 million in Q4 2025 from $7.2 million in Q3 2025, indicating positive momentum in the company's leasing operations [16] Construction and Development Updates - The Lake Mariner campus has advanced its phased expansion, with 39 critical IT MW of HPC capacity online and more than 500 MW of near-term contracted capacity [12][14] - Construction at the Abernathy HPC Campus is progressing, with a target delivery in the second half of 2026, supported by Google credit enhancement [7][19]

Core Viewpoint - TeraWulf Inc. (NASDAQ:WULF) has shown strong market performance, with a notable increase of 11.99% in stock price ahead of its upcoming earnings report for the fourth quarter and full year 2025 [1][6]. Financial Performance - The company is set to release its financial and operational highlights after market close on February 26, with a conference call planned to discuss the results in detail [2]. Expansion Plans - TeraWulf announced plans to expand its portfolio by developing approximately 1,480 MW of new digital and power capacity, following the acquisition of land parcels in Kentucky and Maryland [3]. - The company acquired a former industrial site in Hawesville, Kentucky, which can accommodate 250 buildable acres for compute capacity and has existing power operations of 480 MW, with potential for future expansion [4]. - In Maryland, TeraWulf successfully acquired a 250-acre parcel housing the Morgantown Generating Station, which has an operational generation capacity of about 210 MW and the potential to expand to 1 GW [5]. - The initial plan for the Maryland site includes developing a 500 MW power capacity [5].