TeraWulf Inc. · NASDAQ:WULF
TeraWulf — Q3 2026 Earnings Presentation
26 slides from TeraWulf's earnings presentation, Nov 6, 2026
Slide 1: The Power of Infrastructure: Q3 2026 Business Update
Q3 2026 INVESTOR UPDATE Q3 2026 BUSINESS UPDATE NOVEMBER 6, 2026 THE POWER OF INFRASTRUCTURE
Slide 2: Safe Harbor Statement
SAFE HARBOR SAFE HARBOR STATEMENT This presentation is for informational purposes only and contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements co
Slide 3: Q3 and Recent Execution Highlights
WULF OVERVIEW Q3 AND RECENT EXECUTION HIGHLIGHTS Building momentum through Q3 2026 CB-4 & CB-5 ABERNATHY JV HPC RENT REVENUE GOOGLE + FLUOR AT MUSKIE EXPANDED CREDIT FACILITY CONSTRUCTION MONETIZATION UP 71% QoQ ADVANCING JUSTIFIED TO 1 GW COMPLETED UPSIZED $46.0M 336 MW 401 MW 1 GW ~$530M $400M Q3
Slide 4: WULF Investment Case
WULF OVERVIEW WULF INVESTMENT CASE Power is the constraint. We control it. 839 MW ~$27B ~$1.5B ~2.1 GW 250–500 MW CONTRACTED CRITICAL IT CONTRACTED REVENUE AVG. ANNUALIZED NOI (2) DEVELOPMENT PIPELINE(1) ANNUAL SIGNINGS TARGET POWER CONTROL CONTRACTED CASH FLOW EXECUTION CAPITAL DISCIPLINE Scalabl
Slide 5: Q3 2026 Financial Performance
FINANCIALS Q3 2026 FINANCIAL PERFORMANCE HPC gross lease revenue increased 97% QoQ and represents ~83% of total revenue HPC RENT REVENUE Metric Q2 2026 Q3 20261 Delta Commentary +71% QoQ Total Revenue $44.8M $76.2M $31.4M ~83% of Revenue in Q3 was HPC $46.0M — ~60% of total revenue Gross HPC Lease
Slide 6: Contracted Portfolio & Development Pipeline
OPERATIONS CONTRACTED PORTFOLIO & DEVELOPMENT PIPELINE 839 MW contracted critical IT and ~2.1 GW identified development pipeline CAPACITY BY STATUS (CRITICAL IT) Operating 102 MW Lake Hawkeye Lake Mariner Data Under construction 737 MW Future development ~2.1 GW Muskie Data 839 MW contracted = 102 MW
Slide 7: Lake Mariner: Contracted Capacity Converting to Revenue
OPERATIONS LAKE MARINER: CONTRACTED CAPACITY CONVERTING TO REVENUE Barker, NY | 438 MW contracted critical IT 102 MW operational and generating lease revenue across WULF Den, CB-1, CB-2A, CB-2B and CB-3 CB-4 (168 MW): phased Q4 delivery under amended lease schedule; CB-5 (168 MW) targeted Q1 202
Slide 8: Justified: Contracted, Credit-Supported, Under Construction
OPERATIONS JUSTIFIED: CONTRACTED, CREDIT-SUPPORTED, UNDER CONSTRUCTION Hawesville, KY | 482 MW of approved electric service in MISO 401 MW ~$19B 482 MW CONTRACTED CRITICAL IT CONTRACTED REVENUE APPROVED ELECTRIC GOOGLE CREDIT SUPPORT EPC CONTRACTOR SERVICE BY KENTUCKY PSC PROJECT UPDATE Phased del
Slide 9: Muskie: Utility-Supported Path to GW
OPERATIONS MUSKIE: UTILITY-SUPPORTED PATH TO 1 GW Grayson, KY | Contracted power expanded to 1 GW in PJM 1 GW 500 MW +500 MW CONTRACTED POWER CAPACITY INITIAL PHASE ADDITIONAL PHASE Oct. amended agreements Ramp targeted Q4 2028 Targeted 2029 DEVELOPMENT MILESTONES Amended power agreements subject to
Slide 10: Near-Term Execution Priorities
OPERATIONS NEAR-TERM EXECUTION PRIORITIES Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 1H 2028 168 MW 168 MW 401 MW CB-4 PHASED CB-5 PHASED JUSTIFIED JUSTIFIED DATA CENTER DELIVERIES DELIVERY DELIVERY CONSTRUCTION RAMP PHASED DELIVERY Phased delivery targets Lake Mariner, NY Lake Mariner, NY Hawesville,
Slide 11: Contracted Infrastructure Economics
OPERATIONS CONTRACTED INFRASTRUCTURE ECONOMICS Lake Mariner and Justified: 839 MW of long-term, credit-supported contracted capacity OPERATING + UNDER CONSTRUCTION UNDER CONSTRUCTION LAKE MARINER DATA | Barker, NY JUSTIFIED DATA | Hawesville, KY 438MW ~$8B ~$700M 401MW ~$19B ~$800M CONTRACTED CRITICA
Slide 12: Capital Discipline in Action: Abernathy Monetization
OPERATIONS CAPITAL DISCIPLINE IN ACTION: ABERNATHY MONETIZATION Completed sale of JV interest validates our repeatable value-creation model CAPITAL AVAILABLE FOR REDEPLOYMENT INTO CONTROLLED, TRANSACTION COMPLETED SCALABLE INFRASTRUCTURE ~$530M ~20% 401 MW Justified (Hawesville, KY) Critical IT lease
Slide 13: Investment Takeaways
SUMMARY INVESTMENT TAKEAWAYS Power Control ~$8B 1 Lake Mariner Secured, scalable power across key U.S. markets 2 Contracted Demand 839 MW / ~$27B contracted revenue ~$27B Contracted Revenue 3 Execution 102 MW operating / 737 MW under construction ~$19B Justified Data 4 Capital Discipline Project-leve
Slide 14: Appendix
APPENDIX 14
Slide 15: Power Advantage: We Control the Constraint
APPENDIX POWER ADVANTAGE: WE CONTROL THE CONSTRAINT Utility partnerships and power-secured campuses provide a differentiated path to scaled AI infrastructure BROWNFIELD REDEVELOPMENT POWER-MARKET EXPERTISE UTILITY PARTNERSHIPS Repurpose legacy industrial sites 30+ years in power development Est
Slide 16: Multi-Year Development Runway
APPENDIX MULTI-YEAR DEVELOPMENT RUNWAY Platform capacity to support 250–500 MW of annual critical IT signings 1.8 – 2.8 GW ~2.9 GW Signed contracts (839 MW) Future signings (illustrative, 250–500 MW/yr) Multi-year visibility into contracted capacity growth Muskie Data Multiple pathways to scalab
Slide 17: WULF Playbook
APPENDIX WULF PLAYBOOK Repeatable, scalable infrastructure engine CONTROL POWER + CONTRACT CAPACITY Ownership 10-20-year HPC leases Alignment 250-500 MW annually FINANCE CAPACITY REINVEST IN GROWTH Senior secured amortizing ~25% insider Capital recycled for next debt during construction ownership co
Slide 18: Sourcing and Evaluation of Potential Sites
APPENDIX SOURCING AND EVALUATION OF POTENTIAL SITES 30+ years of experience driving disciplined site acquisition Feasibility & Market & Site Infrastructure & Active Pursuit & Broad Universe of Broad Universe of Commercial Broad Universe of Broad Origination Regulatory Screening Final Universe Dilige
Slide 19: Chesapeake: Integrated Generation + Load Opportunity
APPENDIX CHESAPEAKE: INTEGRATED GENERATION + LOAD OPPORTUNITY Morgantown, MD | Net Generator Campus in PJM | Acquisition Pending Closing and Regulatory Approvals 1 GW 1 GW 500 MW ON-SITE GENERATION DATA CENTER LOAD BATTERY STORAGE GENERATION + STORAGE + LOAD INTEGRATION Former coal-generation camp
Slide 20: WULF Compute Construction Capex Summary
APPENDIX WULF COMPUTE CONSTRUCTION CAPEX SUMMARY ~97% of WULF Compute construction capex secured <1% WULF Compute1 CB-3 <5% 3% 6% 95% 2% 3% CB-4 CB-5 7% 8% 91% 91% 89% COMMITTED CAPEX TOP 5 REMAINING CAPEX2 REMAINING CAPEX ADJUSTED COMMITTED CAPEX (1) Includes La Lupa (CB-2) and Akela (CB-3 + CB-4 +
Slide 21: Capital Structure
APPENDIX CAPITAL STRUCTURE Funded platform with substantial liquidity ($ in billions, unless denoted otherwise) Cash $1.1 Convertible Notes $2.5 Revolver (1) $75m WULF Compute Justified Data $1,479 Data Chesapeake $1,479 Lake Hawkeye (NY / NYISO) (KY / MISO) (MD / PJM) (NY / NYISO) (100) (100) Cash D
Slide 22: WULF Quarterly Performance
APPENDIX WULF QUARTERLY PERFORMANCE Unaudited Non-GAAP Segment Margin ($M) (1) Non-GAAP Adjusted EBITDA ($M) (2) ($4.1) ($12.8) ($18.3) $38.5 $15.2 $21.4 $6.0 $10.2 ($51.1) $5.9 ($0.1) $1.0 4Q25(3) 1Q26(4) 2Q26(5) 3Q26(6) 4Q25 1Q26 2Q26 3Q26 Mining Margin HPC Margin (1) Calculated as Revenue less Co
Slide 23: Statement of Operations
APPENDIX STATEMENT OF OPERATIONS ` Three Months Ended September 30 Unaudited 2026 2025 Revenue Digital asset revenue $13,244 $43,375 HPC lease revenue 62,986 7,203 Total revenue 76,230 50,578 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 25,188 17,123 Operating expenses
Slide 24: Balance Sheet
APPENDIX BALANCE SHEET Unaudited ASSETS September 30, 2026 December 31, 2025 LIABILITIES AND EQUITY September 30, 2026 December 31, 2025 CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents $1,602,127 $3,266,389 Accounts payable $237,710 $65,139 Restricted cash 486,702 189,933 Accrued cons
Slide 25: Adjusted EBITDA
APPENDIX ADJUSTED EBITDA Unaudited RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Net income (loss) a ributable to TeraWulf, Inc. $709,912 $(455,050) Net loss a ributable to non-controlling interest (378) -
Slide 26: TeraWulf Capitalization Table
APPENDIX TERAWULF CAPITALIZATION TABLE As of November 2, 2026 Estimated Diluted Shares at Various Share Prices (Based on the Treasury Method) Outstanding $ 10.00 $ 12.00 $ 14.00 $ 16.00 $ 18.00 $ 20.00 $ 22.00 $ 24.00 Common Stock 501,522 501,522 501,522 501,522 501,522 501,522 501,522 501,522 501,5