TeraWulf Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Company: TeraWulf Inc.
Period: Second Quarter 2026 (ended June 30, 2026)
Executives on Call: Paul Prager (Chairman & CEO), Nazar Khan (CTO), Patrick Fleury (CFO), John Larkin (SVP & Director of IR)

Key Highlights

  • Delivered CB-3 at Lake Mariner, bringing total operating critical IT capacity to 102 MW and generating lease revenue starting late June/early July 2026.
  • Executed 20-year lease with Anthropic for ~401 MW at Justified Data campus (Hawesville, KY), representing ~$19 billion in contracted revenue over the initial term.
  • Acquired Muskie Data campus in Eastern Kentucky (1 GW electric service agreement, potential expansion to 2 GW); utility-supported development with Kentucky Power (AEP).
  • Agreed to sell 50.1% interest in Abernathy JV for ~$530 million (20% IRR on initial investment).
  • Received FERC approval for Morgantown site acquisition (Chesapeake, MD); ~210 MW existing generation with potential for up to 1 GW data center capacity.
  • Reaffirmed annual contracting target of 250-500 MW of critical IT capacity.

Financial Performance (Q2 2026 vs Q1 2026)

  • Total Revenue: $44.8 million (up from $34.0 million), driven by additional HPC capacity online.
  • HPC Lease Revenue: $31.9 million (up 52% from $21.0 million), representing 71% of total revenue.

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Operator: Greetings, and welcome to the TeraWulf Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this call is being recorded. I will now turn the call over to John Larkin, Senior Vice President and Director of Investor Relations with TeraWulf. Please go ahead. John Larkin: Good morning, and welcome to TeraWulf's Second Quarter 2026 Earnings Call. Joining me today are Chairman and CEO, Paul Prager; our CTO, Nazar Khan; and our CFO, Patrick Fleury. Before we begin, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. Words such as anticipate, expect, believe, intend, estimate, project, could, should, will and similar expressions are intended to identify forward-looking statements. For a discussion of these risks, please refer to our filings with the SEC available at sec.gov and in the Investor Relations section of our website. We will also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are available in our earnings release and filings. With that, I will turn the call over to our Chairman and CEO, Paul Prager. Paul Prager: Thanks, John, and good morning, everyone. The second quarter was defined by execution and expansion. At Lake Mariner, we converted additional contracted capacity into operating infrastructure and recurring lease revenue. At the same time, we expanded

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