Terawulf Inc. · NASDAQ:WULF
Terawulf — Q4 2025 Earnings Presentation
25 slides from Terawulf's earnings presentation, Feb 26, 2026
Slide 1: Where Power Unlocks Compute
Where Power Unlocks Compute Q4 & Full Year 2025 Update February 2026 522 MW Leased | ~$13B Contracted Revenue | 2.4 GW HPC Portfolio 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: 2025: Strategy Executed, Platform Scaled, Build Financed
2025: Strategy Executed, Platform Scaled, Build Financed $1,479 FOUNDATION PLATFORM (100) CAPITAL FORMATION ➢ Acquired Beowulf E&D – fully integrated ➢ Signed 366 MW(225) Fluidstack leases at ➢ Established repeatable project power expertise Lake Mariner$1,154 financing model ➢ Secured 400 MW Lake Ha
Slide 4: Who We Are Today
Who We Are Today Power-controlled AI platform | Diversified footprint POWER CREDIT REPEATABLE CONTROLLED BACKED FINANCING In-house generation + load expertise Long-term leases Project debt Generation + load model Investment-grade credit support Funded through completion 8% 17% 26% HPC 35% PRO FORMA
Slide 5: Contracted Platform Snapshot
Contracted Platform Snapshot Stable | Credit-Enhanced | Long-Duration ➢ Three long-term data center leases across two campuses ➢ Investment grade credit enhancement ➢ Stable, contracted NOI (1) 522 MW 10 -25Y ~$13B ~$815M CRITICAL IT LEASED BASE LEASE TERMS CONTRACTED REVENUE AVG. ANNUALIZED NOI (1)
Slide 6: Critical IT Capacity: The Metric That Matters
Critical IT Capacity: The Metric That Matters Gross MWs measure scale. Critical IT MWs measure monetized execution. Total Platform (Gross) 2,870 MW Total Platform (Critical IT) 2,376 MW “Headline” MWs “Monetized” MWs $1,479 Contracted Market Pipeline $1,479 Contracted Market Pipeline (100) (100) Lak
Slide 7: Serial HPC Delivery Model
Serial HPC Delivery Model Standardized | Repeatable | De-Risked DELIVERED TO DATE 2026 CONSTRUCTION 2027+ PIPELINE ➢ WULF Den (2 MW) ➢ CB-2B (21 MW, Q1) ➢ Lake Mariner (182 MW) ➢ CB-1 (16 MW) ➢ CB-3 (42 MW, May) ➢ Lake Hawkeye (320 MW) ➢ CB-2A (21 MW) (1) ➢ CB-4 (168 MW, Q3) ➢ Justified Data (384 MW
Slide 8: Justified Data: The Immediate Power Campus
Justified Data: The Immediate Power Campus Hawesville, KY | 480 MW Campus in MISO CUSTOMER DEMAND 480 MW ➢ Active engagement with major hyperscalers IMMEDIATE POWER ➢ Data room open; diligence process underway ACTIVE HYPERSCALER DEMAND ➢ Targeting 2H 2027 delivery LOCAL ALIGNMENT ➢ Strong state and
Slide 9: Chesapeake Data: The Power + Load Differentiator
Chesapeake Data: The Power + Load Differentiator Morgantown, MD | Net Generator Campus in PJM 1 GW 1 GW 500 MW 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 g
Slide 10: 2.4 GW Controlled HPC Platform
2.4 GW Controlled HPC Platform Multi-Market | Multi-Year Runway Targeting +250–500 MW of New Critical IT Capacity Annually ➢ Evaluate hundreds of sites annually ➢ Advance only the power-advantaged opportunities ➢ Operate only in markets with regulatory clarity 522 MW 2.4 GW 5 SITES CONTRACTED CONTRO
Slide 11: Multi-Year Development Runway
Multi -Year Development Runway Control of sufficient sites to deliver +250–500 MW annually through 2030 1.8 – 3.0 GW 1.5 – 2.5 GW 2.4 GW 1,250 Abernathy JV Options 168 MW 1.3 – 2.0 GW 1,000 Chesapeake Data 800 MW 1.0 – 1.5 GW 750 500 Justified Data 0.8 - 1.0 GW 1,250 384 MW 1,000 250 Lake Hawkeye 75
Slide 12: Power Is The Constraint – And We Control It
Power Is The Constraint – And We Control It The next phase of AI infrastructure requires vertically integrated power strategy Our Structural Advantage ➢ Generation control • 2.4 GW controlled platform • Bring-your-own-generation model • Morgantown net generator campus ➢ Grid Infrastructure Expertise
Slide 13: Capital Structure
Capital Structure Funded through substantial completion ($ in millions) Cash $500 Justified Data Purchase Price (200) Adjusted Cash $300 Convertible Notes $2,525 50.1% Ownership WULF Compute $1,479 Flash Compute $1,479 Justified Data $1,479Data Chesapeake $1,479 Lake Hawkeye (NY / NYISO) (Texas / SP
Slide 14: Q4 Financial Snapshot
Q4 Financial Snapshot Financial Metric Q4 2025 Commentary ➢ 29% QoQ decline driven by lower BTC price and higher network Revenue $35.8M hash rate Gross HPC Lease Revenue $9.7M ➢ +35% QoQ from higher rent and pass-through revenue ➢ Opex increased with HPC ramp Adjusted EBITDA $(51.1)M ➢ SG&A increase
Slide 15: 2026 Priorities – Execution
2026 Priorities – Execution Deliver Capacity | Secure Leases | Advance Pipeline ➢ Deliver remaining contracted capacity ➢ Execute Kentucky lease ➢ Secure +250–500 MW new critical IT ➢ Advance NY & MD development ➢ Maintain capital discipline 15
Slide 16: Appendix
APPENDIX
Slide 17: WULF Quarterly Performance
WULF Quarterly Performance Q4 2025 Non-GAAP Segment Margin ($M) 1 Non-GAAP Adjusted EBITDA ($M) $35.0 $30.0 $5.0 $25.0 $18.1 $14.5 $20.0 ($4.7) ($51.1) $15.0 $6.0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $23.7 $22.0 $10.0 $5.0 $7.0 $5.9 $- Q1 2025 Q2 2025 3Q 2025 4Q25 (2) Mining Margin HPC margin (1) Calcula
Slide 18: WULF Compute Construction Progress
WULF Compute Construction Progress Building & Data Hall Estimated Lease Start Date Engineering Late Delivery Prior Current Credits Sitework & Foundation Cooler Yard CB-2 11/30/25 Q1 None Building & Data Hall None / Engineering CB-3 3/15/26 May Immaterial Sitework & Foundation None Building & Data Ha
Slide 19: WULF Compute Capex Summary
WULF Compute Capex Summary ~80% of WULF Compute capex secured through committed spend and advanced procurement WULF Compute1 CB-3 85% 88% 54% 10% 2% CB-4 CB-5 23% 51% 43% 23% 22% 28% 27% 29% Committed CapEx Top 5 Remaining CapEx2 Remaining CapEx Adjusted Committed CapEx (1) Includes La Lupa (CB-2) a
Slide 20: 2026 Fixed Operating Cost Guidance
2026 Fixed Operating Cost Guidance Fixed cost base positioned for operating leverage as contracted capacity scales SG&A Fixed Costs 2026 Guidance SG&A $75 - 100 million Convertible Interest $24 million Total Fixed Costs $100 – 125 million Compensation & Benefits Legal, Audit, Insurance All Other (T&
Slide 21: HPC Pipeline Filtering
HPC Pipeline Filtering 25+ years of experience driving disciplined site acquisition <1% advance to development Broad Universe of Infrastructure & Feasibility & Active Pursuit & Broad Universe Potential Sitesof Broad Universe Regulatory of Screening Broad Universe Commercial of Assessment Broad Final
Slide 22: Statement of Operations
Statement of Operations Year Ended December 31, 2025 2024 2023 Revenue Digital asset revenue 151,556 140,051 69,229 HPC lease revenue 16,899 — — Total revenue 168,455 140,051 69,229 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 82,663 62,608 27,315 Operating expenses 12
Slide 23: Balance Sheet
Balance Sheet LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Dec 31, 2025 Dec 31, 2024 Accounts payable 65,139 24,382 Accrued construction liabilities 102,582 16,520 Accrued compensation 1,717 4,552 Accrued interest 52,775 2,559 December 31, 2025 December 31, 2024 Accrued lessor costs 27,
Slide 24: Adjusted EBITDA
Adjusted EBITDA RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA Year Ended Dec 31, 2025 Year Ended Dec 31, 2024 Net loss $ (661,416) $ (72,418) Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: Loss from discontinued operations, net of tax — — Gain on sale of equity interest in i
Slide 25: TeraWulf Capitalization Table
TeraWulf Capitalization Table As of February 26, 2026 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