Overview

• U.S. digital infrastructure operator's Q1 revenue fell short of analyst expectations

• Company generated $21 mln in HPC lease revenue as it shifts to recurring contracts

• TeraWulf closed $250 mln revolving credit facility, ending Q1 with $3.1 bln in liquidity

Outlook

• Company reaffirms growth strategy targeting 250–500 MW of new contracted capacity annually

• Company expects business to be increasingly driven by recurring, contracted revenue

• TeraWulf continues to expand development pipeline with focus on power-advantaged sites

Result Drivers

• HPC LEASE REVENUE RAMP - Company said Q1 results reflect the initial ramp of long-term HPC lease agreements at Lake Mariner, generating $21 mln in recurring revenue

• CAPACITY EXPANSION - 60 MW of critical IT capacity was energized and generating revenue as of March 31, 2026, with additional construction progressing on schedule

• STRATEGIC SHIFT - Company continued to repurpose legacy bitcoin mining assets to support higher-value HPC workloads, reflecting its transition toward contracted compute infrastructure

Company press release: ID:nGNX6Yj4WQ

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$34.01 mln	$38.75 mln (12 Analysts)
Q1 EPS		-$1.01
Q1 Net Income		-$427.70 mln
Q1 Operating Income		-$162.14 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Terawulf Inc is $26.00, about 8.2% above its May 7 closing price of $24.02

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