TERAWULF INC. files 8-K: results of operations, Regulation FD disclosure

Item 2.02. Results of Operations and Financial Condition.

On May 8, 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) issued a press release (“Press Release”) announcing the Company’s results for the first quarter ended March 31, 2026. The Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Items 2.02 and 7.01 of this Report (as well as in Exhibits 99.1 and 99.2 attached hereto) is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended or the Exchange Act.

Delivers strong execution, advances transition to recurring HPC revenue, and expands power-advantaged development pipeline

Reaffirms growth strategy targeting 250–500 MW of new contracted capacity annually

Closed $250 million revolving credit facility

EASTON, Md. – May 8, 2026 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by low-carbon energy, today announced its financial results for the first quarter ended March 31, 2026 and provided an update on its operations, development and strategy.

First Quarter 2026 Highlights

• Generated Q1 2026 revenue of $34.0 million, including $21.0 million of HPC lease revenue.

• Maintained strong liquidity position, with approximately $3.1 billion of cash and restricted cash as of quarter-end.

• 60 MW of operational critical IT HPC capacity for Core42 at Lake Mariner as of March 31, 2026.

• Nearing completion on CB-3 construction at Lake Mariner, with energization aligned to customer hardware deployment. CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026.

• Expanded development platform with acquisition of Hawesville, Kentucky, a large-scale site with immediate access to 480 MW of grid-connected power.

• Closed revolving credit facility providing up to $250 million of committed capacity, supported by a syndicate of leading global financial institutions.

Management Commentary Paul Prager, Chairman and Chief Executive Officer of TeraWulf, commented:

“The first quarter of 2026 was defined by execution. We entered the year with a fully established platform, including sites, contracts, and capital, and are now converting that foundation into operating performance and recurring revenue.

At Lake Mariner, we have 60 megawatts of energized critical IT capacity for Core42 and began generating meaningful lease revenue during the quarter. At the same time, we continue to advance construction in close coordination with our second tenant, Fluidstack, aligning infrastructure delivery with hardware deployment. CB-3 remains on schedule, and execution across the campus continues to progress well.

More broadly, we are building a power-advantaged platform that we believe is increasingly differentiated in a market constrained by access to power. Our strategy is unchanged, and we remain focused on disciplined execution." Patrick Fleury, Chief Financial Officer of TeraWulf, added:

“The first quarter reflects a more stable, contracted revenue model. HPC lease revenue contributed $21.0 million in the period, representing the initial ramp of long-term customer agreements at Lake Mariner.

We ended the quarter with approximately $3.1 billion of cash and restricted cash, providing substantial liquidity to fund our development pipeline. Our capital structure is designed to align long-term financing with contracted cash flows, supporting disciplined growth while maintaining financial flexibility.

As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining.”

Operational Update

During the first quarter of 2026, TeraWulf continued to advance Lake Mariner, one of North America’s largest HPC campuses:

• 60 MW of critical IT capacity energized and generating revenue as of March 31, 2026.

• Continued progress across HPC development buildings, including delivery of CB-3 capacity in May 2026.

• Ongoing coordination with Fluidstack and Google to align infrastructure delivery with technology deployment.

The Company continues to repurpose portions of its legacy bitcoin mining footprint to support higher-value HPC workloads, reflecting its transition toward contracted, long-duration compute infrastructure.

With regard to the Abernathy joint venture, which is designed to support 168 critical IT MW under a 25-year lease with annual escalators, construction is progressing with delivery targeted for the fourth quarter of 2026.

Development Pipeline and Expansion

TeraWulf continues to expand its national footprint with a focus on power-advantaged sites:

Justified Data (Hawesville, Kentucky):

• Large-scale HPC campus with approximately 480 MW of immediate grid-connected power availability

• Over 250 buildable acres with significant expansion potential

• Located within 300 miles of several major Midwest metropolitan areas

Lake Hawkeye (Lansing, New York)

• Redevelopment of a 183-acre leased area on a legacy industrial site

• Phase I includes approximately 150 MW of power availability, expanding to 300 MW in Phase II

• Currently in site plan review

Chesapeake Data (Morgantown, Maryland):

• Approximately 210 MW grid-connected generation capacity

• Substantial electrical infrastructure and property, with ability to expand to up to 1 GW

• Acquisition remains subject to customary regulatory approvals, including FERC

Strategic Positioning

TeraWulf continues to position its platform to capture opportunities across multiple pathways to power, including:

• Near-term grid-connected capacity

• On-site generation

• Potential utility partnerships as interconnection dynamics evolve

As demand for large-scale compute infrastructure accelerates, access to power has become the primary constraint across the industry. In this environment, utilities are increasingly focused on advancing projects that can be delivered by experienced, well-capitalized, and creditworthy counterparties.

TeraWulf believes this dynamic creates a growing opportunity to partner directly with utilities to develop new power-backed infrastructure. As interconnection queues are rationalized and prioritized, the Company is well positioned to participate in this next phase of market evolution given its experience in power development, operational track record, and access to long-term capital.

Investor Conference Call and Webcast

The Company will host its earnings conference call and webcast for the first quarter ended March 31, 2026, today, May 8, 2026, at 8:00 a.m. Eastern Time. The call will be available for replay in the “Events & Presentations” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.