WULF · TeraWulf Inc.

TeraWulf Inc. reported preliminary financial results for the first quarter ended March 31, 2026, indicating an expected revenue range of $30 million to $35 million and an adjusted EBITDA range of $0 million to $3 million. The company's CFO, Patrick Fleury, noted that more than 50% of the quarter's revenue was derived from HPC hosting, reflecting a transition to long-term, credit-enhanced revenues. He expects the revenue mix to continue shifting toward stable, contracted HPC hosting revenues backed by investment-grade counterparties, with additional compute capacity expected to come online in the second quarter and throughout the remainder of the year. Concurrently, TeraWulf announced a significant capital raise through a public offering of $800 million of its common stock, with an underwriter option for an additional $120 million. The net proceeds are intended to finance the construction of a data center in Hawesville, Kentucky, repay bridge credit facility amounts, support future site acquisitions, and fund general corporate purposes. Furthermore, the company disclosed it has received allocations for a $250 million senior secured revolving credit facility, expected to mature in April 2030 and be secured by substantially all assets of TeraWulf and certain subsidiaries. This facility, with Morgan Stanley Senior Funding, Inc. as Administrative Agent, is aimed at enhancing liquidity and supporting working capital. The company believes this enhanced liquidity position will provide sufficient capital to fund the equity component of its Kentucky data center development and support near-term capital requirements. As of March 31, 2026, TeraWulf reported a strong liquidity position with $3.1 billion in cash, cash equivalents, and restricted cash, against total debt of $5.8 billion, comprised of convertible notes, senior secured notes, and delayed-draw bridge loans. The company cautions that these preliminary results are unaudited, subject to completion, and may change, with full results expected in May 2026.