TeraWulf Reports Fourth Quarter and Full Year 2025 Results

Contracted 522 critical IT MW totaling over $12.8 billion

of revenue

Secured full funding for contracted capacity with construction advancing in alignment with tenant deployment timelines

Multi-year development pipeline enables targeted annual delivery of 250 - 500 critical IT MW through the end of the decade

EASTON, Md., Feb. 26, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), an owner, developer, and operator of energy-advantaged digital infrastructure purpose-built for high-performance computing (“HPC”) and artificial intelligence (“AI”), today announced its financial and operational results for the fourth quarter and full year ended December 31, 2025.

Fiscal year 2025 marked a fundamental inflection point for TeraWulf as the Company executed long-term data center lease agreements totaling 522 critical IT MW, providing multi-year revenue visibility, stable cash-flow characteristics, and scalable development capacity extending through the end of the decade.

TeraWulf delivered a transformational fourth quarter, achieving major commercial, operational, and financial milestones that position the Company as a leader in sustainable HPC infrastructure. During the year ended December 31, 2025, the Company commenced recurring HPC lease revenue, signed more than $12.8 billion

in long-term, credit-enhanced customer contracts, and completed $6.5 billion in long-term financings to support its rapidly expanding platform.

Strategic and Operational Highlights

Contracted, Multi-Regional HPC Platform

During 2025, TeraWulf solidified HPC hosting as its primary growth engine while continuing to operate legacy mining infrastructure opportunistically.

The Company’s contracted HPC platform includes the flagship Lake Mariner Data Campus in New York (NYISO) and the Abernathy HPC Campus in Texas (SPP), a majority owned joint venture with Fluidstack. Together, these campuses represent 522 critical IT MW under long-term data center lease agreements with credit enhancement.

TeraWulf also controls the Cayuga site in New York (NYISO), capable of supporting up to 320 critical IT MW upon permitting and development, extending the Company’s visible growth runway.

HPC Leasing Momentum at Lake Mariner

Lake Mariner secured long-term lease commitments for:

• 60 critical IT MW with Core42, commenced in 2025 and commencing in 2026; and
• 380 critical IT MW with a second tenant, Fluidstack with credit enhancement from Google, commencing in 2026.
  
  

These agreements materially enhance revenue durability, counterparty credit quality, and financing visibility, establishing Lake Mariner as a hyperscale-ready AI infrastructure campus with long-dated contracted revenue.

Geographic Diversification Through the Abernathy Joint Venture

In October 2025, TeraWulf entered into a joint-venture agreement with Fluidstack to develop the Abernathy HPC Campus in Texas, designed to support 168 critical IT MW under a 25-year lease with annual escalators.