TeraWulf (WULF) investor relations material

Financial and liquidity update

• As of January 31, 2026, gross cash was $3 billion, with $2.6 billion net of reserves and interest accounts.

• $850 million of CapEx has been spent, with $2.38 billion remaining and a $200 million cash cushion.

• Schedule adjustments shifted $16 million of projected revenue from 2025–2026 to later periods.

• Design optimization increased critical capacity from 162 MW to 168 MW, adding $200 million in incremental revenue.

• Projected cash flows improved, reducing expected debt at senior secured note maturity by $45 million.

Construction and operational progress

• Wolf Den and CB-1 delivered in Q3, generating revenue in Q4; CB-2A operational, CB-2B online in March.

• All Core42 capacity will be energized and revenue-producing by end of Q1.

• Fit-out refinements for Core42 and FluidStack buildings incorporated without penalties or changes to lease economics.

• CB-3 expected delivery in May, with revenue timing updated in financial model.

Design standardization and risk reduction

• CB-4 and CB-5 designed collaboratively with tenant, reflecting standardized, repeatable design.

• Structural improvements include optimized electrical redundancy, refined trade sequencing, and repeatable installation models.

• Execution risk reduced as design matures; both buildings remain on schedule for Q3 and Q4 lease commencements.

• Increased IT capacity by 12 MW across campus, generating $200 million additional lease revenue.