Slide 1: Where Power Unlocks Compute
Where Power Unlocks Compute Q1 2026 Business Update May 8, 2026 2.3 GW HPC Portfolio | 522 MW Leased 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 Investment Case
WULF Investment Case Power is the constraint. We control it. Power is the primary constraint in AI infrastructure growth WULF controls scalable, power-advantaged sites across key markets Positioned to partner with utilities as interconnection dynamics evolve Long-term, credit-backed contracts drive
Slide 4: WULF Platform Snapshot
WULF Platform Snapshot Scaled, disciplined platform positioned for multi-year growth LEASED 522 MW CAPACITY ➢ Targeting 250–500 MW of annual HPC critical IT capacity signings ➢ Sourcing from a disciplined pipeline of evaluated sites CONTROLLED 2.3 GW PIPELINE ➢ Deploying capital exclusively into pow
Slide 5: WULF Playbook
WULF Playbook Repeatable, scalable infrastructure engine CONTROL POWER + CONTRACT CAPACITY 10–25-year HPC leases 250–500 MW annually FINANCE CAPACITY Ownership Alignment REINVEST IN GROWTH Senior secured amortizing ~25% insider ownership Capital recycled for next debt during construction contracted
Slide 6: Critical IT MWs Are What Matters
Critical IT MWs Are What Matters Gross MW = Scale. Critical IT MW = Monetizable Capacity. Total Platform (Gross) 2,870 MW Total Platform (Critical IT) 2,272 MW “Headline” Monetized MWs MWs Site Market Gross Critical IT Contracted Open Lake Mariner NYISO 750 600 438 162 Abernathy JV SPP 240 168 84 84
Slide 7: Execution Defines 2026
Execution Defines 2026 Deliver Capacity | Secure Leases | Advance Pipeline ➢ 60 MW energized and generating revenue ➢ CB-3 on track for completion ➢ CB-4 / CB-5 progressing to delivery in 2026 ➢ Kentucky tenant expected in Q2 2026 ➢ Advancing next phase of pipeline expansion 7
Slide 8: Serial Delivery Model
Serial Delivery Model Proven ability to deliver critical IT capacity sequentially at scale DELIVERED TO DATE(1) UNDER CONSTRUCTION CONTROLLED PIPELINE ➢ WULF Den (2 MW) ➢ CB-3 (42 MW, May) ➢ Lake Mariner (162 MW) ➢ CB-1 (16 MW) ➢ CB-4 (168 MW, Q3) ➢ Lake Hawkeye (320 MW) ➢ CB-2A (21 MW) ➢ CB-5 (168
Slide 9: Power Is The Constraint – And We Control It
Power Is The Constraint – And We Control It The next phase of AI infrastructure requires a vertically integrated power strategy Our Advantage ➢ Brownfield Redevelopment • Repurpose legacy industrial sites • Proven redevelopment track record ➢ Power Market Expertise • 30+ years in power development •
Slide 10: Multi-Year Development Runway
Multi -Year Development Runway Platform capacity to support 250–500 MW of annual critical IT signings 1.8 – 3.0 GW ✓ Multi-year visibility into contracted capacity growth 1.5 – 2.5 GW ✓ Multiple pathways to scalable growth 2.3 GW 1,250 Abernathy JV Option 84 MW 1.3 – 2.0 GW 1,000 Chesapeake Data 800
Slide 11: Q1 2026 Snapshot – Financial Transition
Q1 2026 Snapshot – Financial Transition Transition to recurring, contracted revenue Financial Metric Q1 2026 Commentary ➢ HPC now >60% of revenue ➢ Intentional transition toward ➢ 117% increase in HPC revenue QoQ partially Revenue $34.0M contracted HPC revenue offset by 50% decrease in mining revenu
Slide 12: Why TeraWulf
Why TeraWulf ✓ Power-controlled platform with regional diversity Lake Mariner ✓ Contract-first development model Lake Hawkeye ✓ Proven execution at scale Chesapeake Data ✓ Long-duration contracted cash flows Justified Data ✓ Positioned for next phase of AI infrastructure growth Abernathy JV Multi-re
Slide 13: Appendix
APPENDIX
Slide 14: Sourcing and Evaluation of Potential Sites
Sourcing and Evaluation of Potential Sites 25+ years of experience driving disciplined site acquisition <1% advance to development Broad Universe of Infrastructure & Feasibility & Active Pursuit & Broad Universe Potential Sitesof Broad Universe Regulatory of Screening Broad Universe Commercial of As
Slide 15: Justified Data: The Immediate Power Campus
Justified Data: The Immediate Power Campus Hawesville, KY | 480 MW Campus in MISO CUSTOMER DEMAND 480 MW ➢ Active potential customer engagement IMMEDIATE POWER ➢ Data room open; diligence process underway ACTIVE HYPERSCALER DEMAND ➢ Targeting 2H 2027 delivery LOCAL ALIGNMENT ➢ Strong state and commu
Slide 16: Chesapeake Data: The Power + Load Differentiator
Chesapeake Data: The Power + Load Differentiator Morgantown, MD | Net Generator Campus in PJM 1 GW 1 GW 500 MW ON-SITE GENERATION DATA CENTER LOAD BATTERY STORAGE GENERATION + STORAGE + LOAD INTEGRATION ➢ Former coal-generation campus in NoVA corridor ➢ Designed to be a net contributor to Maryland g
Slide 17: Capital Structure
Capital Structure Funded platform with substantial liquidity ($ in billions) Cash $0.3 Convertible Notes $2.5 50.1% Ownership WULF Compute Flash Compute Justified Data $1,479Data Chesapeake $1,479 Lake Hawkeye (NY / NYISO) (TX / SPP) (KY / MISO) (MD / PJM) (NY / NYISO) (100) (100) Cash $2.8 Cash $1.
Slide 18: WULF Compute Construction Capex Summary
WULF Compute Construction Capex Summary ~82% of WULF Compute construction capex secured WULF Compute1 CB-3 85% 86% 11% 72% 3% CB-4 CB-5 54% 18% 86% 8% 6% 29% 17% 10% Committed CapEx Top 5 Remaining CapEx2 Remaining CapEx Adjusted Committed CapEx (1) Includes La Lupa (CB-2) and Akela (CB-3 + CB-4 + C
Slide 19: WULF Quarterly Performance
WULF Quarterly Performance HPC segment margin expands 152% QoQ Non-GAAP Segment Margin ($M) 1 Non-GAAP Adjusted EBITDA ($M) $35.0 $30.0 $5.0 $25.0 $18.1 $14.5 $20.0 $15.2 ($51.1) ($4.1) $15.0 2Q25 3Q25 4Q25 1Q26 $23.7 $22.0 $10.0 $6.0 $5.0 $10.2 $5.9 $- 2Q25 3Q25 4Q25 (2) 1Q26 (3) Mining Margin HPC
Slide 20: Statement of Operations
Statement of Operations Three Months Ended March 31, 2026 2025 Revenue: Digital asset revenue $ 12,990 $ 34,405 HPC lease revenue 21,022 — Total revenue 34,012 34,405 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 2,361 24,553 Operating expenses 8,848 1,144 Operating exp
Slide 21: Balance Sheet
Balance Sheet LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: March 31, 2026 Dec 31, 2025 Accounts payable $ 227,598 $ 65,139 Accrued construction liabilities 201,779 102,582 Accrued interest 114,825 52,775 Other accrued liabilities 87,458 74,170 Other amounts due to related parties 459 20
Slide 22: Adjusted EBITDA
Adjusted EBITDA RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Net loss attributable to TeraWulf, Inc. (427,634) (61,418) Net loss attributable to non-controlling interest (69) — Net loss $ (427,703) $ (61,418) Adjustments t
Slide 23: TeraWulf Capitalization Table
TeraWulf Capitalization Table As of March 31, 2026 Estimated Diluted Shares at Various Share Prices (Based on the Treasury Method) Outstanding $ 20.00 $ 21.50 $ 23.00 $ 24.50 $ 26.00 $ 27.50 $ 29.00 $ 30.50 Common Stock 425,050 425,050 425,050 425,050 425,050 425,050 425,050 425,050 425,050 2030 Con