TeraWulf Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Company: TeraWulf (Energy Infrastructure / Data Center Developer)

Period: Third Quarter ended September 30, 2026 (compared primarily to Q2 2026)

Key Highlights & Milestones

  • Secured Google's credit support for financing of $19 billion, 20-year lease with Anthropic at Justified Data Campus in Hawesville, KY.
  • Entered definitive EPC agreement with Fluor for full engineering, procurement, construction, testing, and commissioning of all 3 data center buildings at Justified.
  • Construction at Justified underway (pilings started); phased ready-for-service deliveries targeted late 2027 through Q2 2028.
  • Lake Mariner campus (Wolfe Compute): CB-3 fully online and generating revenue; CB-4 first two data halls nearing commercial operation; CB-5 commissioning starting soon for Q1 2026 phased delivery.
  • By end of Q1 2027, expect ~half of contracted critical IT capacity operating with ~$700 million annualized run-rate leasing revenue.

Project Updates

  • Justified (Hawesville, KY): $19B contracted revenue with Anthropic; Google investment-grade credit backstop; expected costs $10-12M per critical IT MW. Equity already contributed (~$550M); path to project-level debt financing.
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Operator: Greetings, and welcome to the Taro Third Quarter 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Paul Larkin, senior vice president and director of investor relations with TeraWulf. John Paul Larkin: Thank you. Operator: You may begin. John Paul Larkin: Thank you, operator. Good morning, and welcome to TeraWulf Third Quarter 26 Earnings Call. Joining me today are our 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. On Wednesday, we announced 2 i
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