Slide 1: Moving Infrastructure Forward
Moving Infrastructure Forward Q3 2025 Update Presentation November 10, 2025 1
Slide 2: Safe Harbor Statement
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 concerning ant
Slide 3: WULF: The Power of Infrastructure
WULF: The Power of Infrastructure Expect to lease 250-500 MW critical IT load of new HPC capacity per year HPC Colocation | 594 MW contracted1 Bitcoin Mining | ~130 MW ✓ 60 MW contracted to Core42 (online ✓ 130 MW in current operation 2025/2026) ✓ Maintaining ~7.2 EH/s in Q4 2025 ✓ 366 MW contracted
Slide 4: Investment Highlights
Investment Highlights Strategic Advantages of TeraWulf’s Digital Infrastructure Platform HPC-Ready Infrastructure • Industrial-scale, high-density compute sites • Infrastructure co-located with redundant high-speed fiber, water, and access to clean power • Ability to convert existing BTC capacity fo
Slide 5: 2025 Highlights: Disciplined Growth & Consistent Execution
2025 Highlights: Disciplined Growth & Consistent Execution Deliver Core42 Secure Next HPC Expand HPC Capacity Tenant & Finance Build Pipeline ✓ WULF Den generating ✓ 10 & 25-year leases, totaling ✓ Cayuga site unlocks revenue (July 2025) $16.2Bn 320 MW of scalable HPC ✓ CB-1 generating revenue (Augu
Slide 6: TeraWulf Announces Historic $3.2Bn Green Notes Offering
TeraWulf Announces Historic $3.2Bn Green Notes Offering Secured end-to-end development and financing model $3.2Bn Senior 14% Ownership Parent Secured Green Due 2030 via Warrants Notes Credit Group WULF Compute LLC (wholly-owned subsidiary) Borrower New Build $3.2Bn Senior $3.2Bn Senior 7.750% Coupon
Slide 7: A Repeatable Financing Model for Sustainable AI Infrastructure
A Repeatable Financing Model for Sustainable AI Infrastructure Secured end-to-end development and financing model Secure Agency Rating Validate structure and credit strength ➢ BB rating from leading agencies, recognizing the strength of Google’s support, and collateral package De-Risk Through Credit
Slide 8: Pipeline: Filtering Opportunities Through Expertise
Pipeline: Filtering Opportunities Through Expertise 25+ years of experience driving disciplined site acquisition—led by experts in energy development, utility interconnection, and regulatory strategy Fewer than 1% of opportunities progress to active development Broad Universe of Infrastructure & Fea
Slide 9: Comprehensive Capacity Overview
Comprehensive Capacity Overview Visibility into contracted infrastructure, secured expansion sites, and future growth targets Contracted Capacity Future Capacity Pipeline Growth Targets ~510 MW Critical IT -- 100% Pre-Leased 750 – 1,500 MW critical IT load Robust and Investor-Aligned Pipeline Lake M
Slide 10: Capacity Under Contract
Capacity Under Contract Capacity Overview ➢ Total Capacity: 1,390 MW (gross) 2,500 Expect 250 – 500 MW critical IT ▪ Lake Mariner: 750 MW load of incremental HPC signings annually ~1,350 – 2,100 ▪ Cayuga: 400 MW 2,000 ▪ Abernathy: 240 MW 750 ~1,100 – 1,600 1,500 ➢ Leased Critical Capacity: 594 MW 50
Slide 11: Q3 2025 Financial Snapshot
Q3 2025 Financial Snapshot HPC lease revenue and segment reporting commences 3Q25 Metric Amount Comments EOP Active Leased HPC Load (Net) 18 MW ➢ Wulf Den (2 MW net), CB-1 (16 MW net) ➢ WULF Den online July, CB-1 online August; includes rent, power passthrough, Gross HPC Lease Revenue $7.2 million m
Slide 12: WULF Quarterly Performance
WULF Quarterly Performance Strongest Quarterly Adjusted EBITDA since April 2024 (2Q24) Halving Bitcoin Mined (# BTC) Ending Operating Capacity (EH/s) 1 12.2 12.2 11.6 ➢ HPC Leasing Segment 485 423 377 9.7 generated ~72% profit margin3 372 ➢ Digital asset mining segment margin increased 8% QoQ driven
Slide 13: Q3 2025 Capital Allocation
Q3 2025 Capital Allocation Capital expenditures directed to HPC hosting buildout with focus on execution $1,200 $975 $1,000 $(101) $800 $713 $(226) $(29) $600 $400 $200 $91 $0 Cash as of Q2’25 (1) Net Proceeds from 2031 Purchase of Akela & La Lupa Other Cash Impacts Cash as of Q3’25(1) Convertible N
Slide 14: 4Q25 – 2026 Capital Allocation and Liquidity
4Q25 – 2026 Capital Allocation and Liquidity ~$4.3B $4.33B $675M DSRA/IDC/Fees ~$1.1B Equity $3.2B Senior ~$3.7B Capex for $1.3B - $1.7B (2) Secured Notes Akela & La Lupa $1.3B Google Backstop $1B ~$1B Cash for Abernathy $713M JV Cash for Pipeline M&A Excess Cash on Balance Sheet Cash as of 3Q’25 (1
Slide 15: Appendix
APPENDIX 15
Slide 16: Core42 HPC Leasing “Double Click”
Core42 HPC Leasing “Double Click” 1 2 3 4 Broad Universe of Potential Sites Broad Universe of Potential Construction & Sites Lease Commencement and Lease Broad Universe of Potential Sites Contract Execution Power Passthrough & Other Services Development Revenue Recognition ✓ Contracts executed on cr
Slide 17: Cash Cost to Mine BTC
Cash Cost to Mine BTC Q1 2025A Q2 2025A Q3 2025A Q4 2025E Market Inputs: Network Hash Rate (EH/s) 1,100 Transaction Fees (%) 2.0% Operating Inputs: Miner Efficiency (J/TH) [1] 18.0 Average Hash Rate (EH/s) [2] 7.3 10.3 8.5 7.2 Total BTC Mined 372 485 377 278 $ in 000’s $/BTC $/PH/Day $ in 000’s $/BT
Slide 18: Q3 2025 Statement of Operations
Q3 2025 Statement of Operations Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 50,578 $27,059 $125,416 $105,066 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 17,123 14,660 63,770 42,986 Operating expenses 2,921 729 6,104 2
Slide 19: Q3 2025 Balance Sheet
LIABILITIES AND STOCKHOLDERS' EQUITY September 30, 2025 December 31, 2024 CURRENT LIABILITIES: Accounts payable 62,281 24,382 Q3 2025 Balance Sheet Accrued construction liabilities 51,971 16,520 Accrued compensation 6,216 4,552 Accrued interest 6,868 2,559 Accrued lessor costs 42,813 — Other accrued
Slide 20: Q3 2025 Non-GAAP Adjusted EBITDA Reconciliation
Q3 2025 Non -GAAP Adjusted EBITDA Reconciliation RECONCILIATION OF NET LOSS TO NON-GAAP Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended ADJUSTED EBITDA September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net loss $ (455,050) $(22,733) $ (106,123) $ (
Slide 21: TeraWulf Capitalization Table
TeraWulf Capitalization Table As of November 10, 2025 Estimated Diluted Shares at Various Share Prices (Based on the Treasury Method) Outstanding $ 13.00 $ 14.50 $ 16.00 $ 17.50 $ 19.00 $ 20.50 $ 22.00 $ 23.50 Common Stock 418,682 418,682 418,682 418,682 418,682 418,682 418,682 418,682 418,682 2030