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

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) issued a press release (“Press Release”) announcing the Company’s results for the second quarter ended June 30, 2026. The Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference.

The information contained in 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.

TeraWulf Reports Second Quarter 2026 Results

102 MW of revenue-generating critical IT capacity online at Lake Mariner, with an additional 336 MW under construction and delivery expected within cost and schedule guidance

Expands power-backed platform in Kentucky through ~$19 billion Anthropic lease at Justified and acquisition of the gigawatt-scale Muskie Data Campus

Agrees to monetize Abernathy Joint Venture interest for ~$530 million and reaffirms target of contracting 250–500 MW of incremental critical IT capacity annually

EASTON, Md. – August 5, 2026 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced its financial results for the second quarter ended June 30, 2026 and provided an update on its operations, development activities and strategic execution.

Second Quarter 2026 Financial Highlights

• Generated second-quarter revenue of $44.8 million, including $31.9 million of HPC lease revenue, representing approximately 71% of total revenue.

• Ended the quarter with approximately $3.0 billion of cash and restricted cash, maintaining substantial liquidity to fund contracted development and future growth.

Q2 2026 Operational and Development Highlights

• Operated 81 MW of revenue-generating critical IT capacity at Lake Mariner as of June 30, 2026 and completed delivery of CB-3 in early July, increasing revenue-generating capacity to 102 MW and satisfying the applicable conditions for $600 million of Google’s credit support for Fluidstack’s lease obligations to become effective.

• Continued construction of an additional 336 MW across CB-4 and CB-5. The first CB-4 data hall has entered commissioning, with phased delivery and rent commencement expected during the second half of 2026, while CB-5 remains targeted to begin phased delivery in early 2027. WULF Compute continues to progress within the Company’s previously disclosed cost guidance of $8-10 million per critical IT MW.

• Acquired the Muskie Data Campus in Eastern Kentucky and entered into electric service and related infrastructure agreements with Kentucky Power Company providing for up to 1 GW of contracted electric service.

Subsequent Events

• Entered into a 20-year data center lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus. The lease represents approximately $19 billion of contracted revenue over the initial term and up to approximately $33 billion if Anthropic exercises both five-year extension options.

• Entered into an agreement to sell the Company’s entire 50.1% interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530 million.

• Received FERC authorization for the proposed acquisition of the Morgantown generating station, clearing a significant regulatory condition toward closing and development of the up to 1 GW Chesapeake Data Campus.

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

“The second quarter demonstrates that TeraWulf is moving from platform formation to scaled execution. At Lake Mariner, we delivered additional contracted capacity and converted it into recurring lease revenue. In Kentucky, we established the next phase of growth through the Anthropic lease at Justified and the acquisition of the gigawatt-scale Muskie Data Campus.

These are not isolated developments. They reflect a repeatable model built around controlling power-advantaged infrastructure, securing long-duration customer contracts and delivering capacity in phases. As access to power becomes the defining constraint on AI infrastructure development, we believe our ability to combine energy expertise, infrastructure control and execution at scale will become increasingly valuable.

Our agreement to monetize Abernathy reflects the same discipline. We are prepared to realize value where appropriate and redeploy capital toward larger-scale opportunities where we have greater control over the infrastructure, customer relationship and long-term economics. Our objective is not simply to accumulate megawatts—it is to build a durable, capital-efficient platform that compounds value for shareholders." Patrick Fleury, Chief Financial Officer of TeraWulf, added:

“The second quarter marked another meaningful step in the transformation of our financial profile, with HPC leasing representing approximately 71% of total revenue.

The delivery of CB-3 also unlocked $600 million of Google’s credit support for Fluidstack’s lease obligations. This is an important credit milestone that further strengthens the contracted revenue profile of the Lake Mariner buildout.

With substantial liquidity and access to project-level financing, we have the flexibility to complete our contracted developments and fund the next phase of growth. We remain focused on matching capital deployment to contracted demand and selectively recycling capital when doing so improves control, scale and long-term shareholder returns.”

Infrastructure Platform Expansion

TeraWulf continues to expand its national platform beyond its flagship Lake Mariner Data Campus, focusing on power-advantaged sites capable of supporting large-scale, phased HPC development.

Justified Data Campus - Hawesville, Kentucky

Justified is a large-scale HPC campus with access to up to approximately 480 MW of gross power capacity, an energized on-site substation, existing high-voltage transmission infrastructure and more than 250 buildable acres. Subsequent to quarter-end, TeraWulf entered into a 20-year lease with Anthropic for approximately 401 MW of critical IT capacity, with initial delivery expected in the second half of 2027 and full delivery expected in early 2028.

Muskie Data Campus - Grayson, Kentucky

Acquired in May 2026, Muskie comprises approximately 308 acres in Eastern Kentucky. Electric service and related infrastructure agreements with Kentucky Power Company provide for up to 1 GW of contracted electric service, with initial service expected in the fourth quarter of 2028 and phased development thereafter.

Chesapeake Data Campus - Morgantown, Maryland

Chesapeake is an existing grid-connected generation site with approximately 210 MW of operational capacity, substantial electrical infrastructure and significant long-term expansion potential. On July 29, 2026, FERC authorized the pending acquisition of the Morgantown generating station. Subject to the remaining closing conditions and required approvals, the site could support an integrated generation, energy-storage and data center campus capable of scaling to up to 1 GW, with initial data center operations currently contemplated for 2030.

New York Platform - Lake Mariner and Lake Hawkeye

In New York, TeraWulf continues to expand its flagship Lake Mariner Data Campus while advancing Lake Hawkeye as a longer-term redevelopment opportunity. In addition to the 102 MW of revenue-generating critical IT capacity and 336 MW currently under construction at Lake Mariner, the Company is pursuing 250 MW of incremental power capacity, subject to applicable interconnection approval. Lake Hawkeye encompasses approximately 183 leased acres at a former industrial site with existing electrical infrastructure and, subject to permitting and site development, has the potential to support approximately 400 MW of gross capacity, or approximately 320 MW of critical IT load, with operations not currently contemplated until approximately 2029.

Strategic Positioning

TeraWulf’s development model is focused on controlling power-advantaged infrastructure, securing long-duration, credit-supported customer contracts, aligning capital deployment with contracted demand and financing and delivering capacity in sequential phases. The Muskie acquisition, Anthropic lease and agreement to monetize the Company’s interest in the Abernathy Joint Venture demonstrate the repeatability of this model across site acquisition, customer contracting, project execution and capital recycling.