Terawulf Inc. · NASDAQ:WULF
Terawulf — Q2 2026 Earnings Presentation
27 slides from Terawulf's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Business Update
Q2 2026 BUSINESS UPDATE AUGUST 5, 2026 THE POWER OF INFRASTRUCTURE Q2
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 har bor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward -looking statements include statements
Slide 3: WULF Investment Case
WULF OVERVIEW WULF INVESTMENT CASE Power is the constraint. We control it. 01 Power is the primary constraint in AI infrastructure growth 02 WULF controls scalable, power - advantaged sites across key markets 03 Positioned to partner with utilities as interconnection dynamics evolve 04 Long - term,
Slide 4: WULF Platform Snapshot
WULF OVERVIEW WULF PLATFORM SNAPSHOT Scaled, disciplined platform positioned for multi - year growth 01 02 03 04 05 POWER GROWTH CUSTOMERS CASH FLOW EXPANSION 839 MW 2.1 GW ~$27 B+ ~$1.5 B 250 -500 MW Leased Controlled pipeline Contracted Average Annual capacity capacity across 5 sites revenue annua
Slide 5: WULF Playbook
WULF OVERVIEW 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 ownersh
Slide 6: Strategic Campus Locations
OPERATIONS STRATEGIC CAMPUS LOCATIONS Portfolio of powered digital infrastructure (critical IT load). WULF is a leader in monetizable critical IT scale . Pipeline Sites Total Planned Critical IT Capacity: ~2,082 MW z Contracted Sites Total Contracted Critical IT Capacity: ~ 839 MW Lake Total Critica
Slide 7: Execution Defines 2026
OPERATIONS EXECUTION DEFINES 2026 Deliver Capacity | Secure Leases | Advance Pipeline 102 MW Energized and Generating Lease Revenue as of July 2026 438 MW of Contracted Capacity Targeted for Energization by 1H27 CB - 3 Operational (Lake Mariner Data) CB - 4 and CB - 5 Progressing Toward Phased Deliv
Slide 8: Serial Delivery Model
Q2 2026 INVESTOR UPDATE OPERATIONS SERIAL DELIVERY MODEL Proven ability to deliver critical IT capacity sequentially at scale DELIVERED UNDER CONSTRUCTION CONTROLLED PIPELINE 102 MW 737 MW 2,082 MW ➢ Lake Mariner (162 MW) ➢ WULF Den (2 MW) ➢ CB - 4 (168 MW, 2H26) ➢ Lake Hawkeye (320 MW) ➢ CB - 1 (16
Slide 9: Power Is the Constraint – And We Control It
OPERATIONS POWER IS THE CONSTRAINT – AND WE CONTROL IT Strategic utility partnerships and power - secured campuses provide a differentiated path to large - scale AI infrastructure development OUR ADVANTAGE ➢ Brownfield Redevelopment • Repurpose legacy industrial sites • Proven redevelopment and inte
Slide 10: Multi-Year Development Runway
OPERATIONS MULTI-YEAR DEVELOPMENT RUNWAY Platform capacity to support 250 –500 MW of annual critical IT signings 1.8 – 2.8 GW ~2.9 GW ✓ Multi - year visibility into contracted capacity growth Muskie Data ✓ Multiple pathways to scalable growth 1.6 – 2.3 GW 800 MW 1,000 1.4 – 1.8 GW 750 Chesapeake Dat
Slide 11: Q2 2026 Snapshot – Financial Transition
FINANCIALS Q2 2026 SNAPSHOT – FINANCIAL TRANSITION Transition to recurring, contracted revenue ➢ HPC now >70% of revenue Financial Metric Q2 2026 Commentary ➢ Intentional transition toward ➢ 52% increase in HPC revenue QoQ with contracted HPC revenue Revenue $44.8M digital asset revenue roughly flat
Slide 12: Why TeraWulf
WHY TERAWULF ➢ Power - controlled platform with regional Lake Mariner diversity Lake Hawkeye ➢ Contract - first development model ➢ Proven execution at Chesapeake Data & Energy (1) Muskie Data scale Justified Data ➢ Long - duration contracted cash flows ➢ Positioned for next phase of AI infrastructu
Slide 13: Execution Demonstrates a Repeatable Platform
OPERATIONS EXECUTION DEMONSTRATES A REPEATABLE PLATFORM Continued execution on key commercial milestones RECYCLE CAPITAL REINVEST EXECUTE VALIDATE Muskie Abernathy Anthropic Lake Mariner ➢ Delivered 102 MW of ➢ Secures 20+ year high - ➢ Entered into an ➢ Deploys capital into next revenue - generatin
Slide 14: Lake Mariner Lease Amendments Result in +$500M in Revenue Over Term
FINANCIALS LAKE MARINER LEASE AMENDMENTS RESULT IN +$500M IN REVENUE OVER TERM Executed on July 5th, 2026: WULF Contributing ~$150 Million to Fund Tenant Fit - Out Costs Incurred Through June 30, 2026 (1) Date Shift Rent Shift • Customer - approved schedule shifts for tenant design & fit - out • Ren
Slide 15: Appendix
APPENDIX 15
Slide 16: Sourcing and Evaluation of Potential Sites
APPENDIX SOURCING AND EVALUATION OF POTENTIAL SITES 30+ years of experience driving disciplined site acquisition <1% advance to development Feasibility & Broad Universe of Infrastructure & Active Pursuit & Broad Universe of Commercial Broad Universe of Broad Broad Universe Potential Sites of Regulat
Slide 17: Justified Data: Leased
APPENDIX JUSTIFIED DATA: LEASED Hawesville, KY | 480 MW Campus in MISO OVERVIEW ➢ 401 MW of critical IT capacity leased to Anthropic July 2026 401 MW ➢ Generates long - term contracted cash flows ~$19B over 20 - LEASED CRITICAL IT CAPACITY year lease term ➢ Lease includes 2 5 - year extensions ➢ Ene
Slide 18: Muskie Data: Next Phase of Platform Growth
APPENDIX MUSKIE DATA: NEXT PHASE OF PLATFORM GROWTH Grayson, KY | 1,000 MW Campus in PJM 1 GW+ 345 / 765 kV Q4 2028 UTILITY POWER TRANSMISSION BACKBONE INITIAL RAMP TARGET SITE OVERVIEW ➢ 1+ GW Eastern Kentucky AI / HPC development campus ➢ Within EastPark Industrial Park with ~300 owned / controlle
Slide 19: Chesapeake Data: The Power + Load Differentiator
APPENDIX CHESAPEAKE DATA: THE POWER + LOAD DIFFERENTIATOR Morgantown, MD | Net Generator Campus in PJM 1 GW 1 GW 500 MW ON- SITE GENERATION DATA CENTER LOAD BATTERY STORAGE GENERATION + STORAGE + LOAD INTEGRATION ➢ Former coal - generation campus in NoVA corridor ➢ 210 MW of current generation capac
Slide 20: Capital Structure
APPENDIX CAPITAL STRUCTURE Funded platform with substantial liquidity ($ in billions) Cash (1) $1.2 Convertible Notes $2.5 50.1% Ownership WULF Compute Flash Compute Justified Data $1,479Data Chesapeake Lake$1,479 Hawkeye (NY / NYISO) (TX / SPP) (KY / MISO) (MD / PJM) (NY / NYISO) (100) (100) Cash $
Slide 21: WULF Compute Construction Capex Summary
APPENDIX WULF COMPUTE CONSTRUCTION CAPEX SUMMARY ~90% of WULF Compute construction capex secured 4% 3% WULF Compute 1 CB - 3 10% 6% 93% CB - 4 CB - 5 11% 12% 6% 7% 84% 83% 81% COMMITTED CAPEX TOP 5 REMAINING CAPEX 2 REMAINING CAPEX ADJUSTED COMMITTED CAPEX (1) Includes La Lupa (CB-2) and Akela (CB-3
Slide 22: WULF Quarterly Performance
APPENDIX WULF QUARTERLY PERFORMANCE Unaudited Non-GAAP Segment Margin ($M) (1) Non-GAAP Adjusted EBITDA ($M) (2) $5.0 $18.1 ($51.1) $15.2 ($4.1) ($18.3) $23.7 $21.4 $0.8 $10.2 $5.9 ($0.1) (3) (4) (5) 3Q25 4Q25 1Q26 2Q26 3Q25 4Q25 1Q26 2Q26 Mining Margin HPC Margin (1) Calculated as Revenue less Cost
Slide 23: Statement of Operations
APPENDIX STATEMENT OF OPERATIONS Unaudited Three Months Ended June 30, 2026 2025 Revenue Digital asset revenue 12,835 47,636 HPC lease revenue 31,932 — Total revenue 44,767 47,636 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 12,400 22,094 Operating expenses 21,705 2,03
Slide 24: Balance Sheet
APPENDIX BALANCE SHEET Unaudited LIABILITIES AND EQUITY June 30, 2026 December 31, 2025 CURRENT LIABILITIES: Accounts payable $ 197,812 $ 65,139 Accrued construction liabilities 287,461 102,582 June 30, 2026 December 31, 2025 Accrued interest 57,292 52,775 ASSETS Other current liabilities 159,472 74
Slide 25: Adjusted EBITDA
APPENDIX ADJUSTED EBITDA Unaudited RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Net loss attributable to TeraWulf, Inc. $ (939,917) (18,370) Net loss attributable to non-controlling interest (910) — Net loss $ (940,827) $ (1
Slide 26: TeraWulf Capitalization Table
APPENDIX TERAWULF CAPITALIZATION TABLE As of August 4, 2026 Estimated Diluted Shares at Various Share Prices (Based on the Treasury Method) Outstanding $ 16.00 $ 18.00 $ 20.00 $ 22.00 $ 24.00 $ 26.00 $ 28.00 $ 30.00 Common Stock 498,969 498,969 498,969 498,969 498,969 498,969 498,969 498,969 498,969
Slide 27: Closing quote on AI infrastructure platform transition
“We said we would transition this company into a scaled power -backed AI infrastructure platform, and we did." 27