TeraWulf Inc. - Common Stock

Management successfully achieved the CB-1 and CB-3 earnout milestones and the Project Financing Closing milestone during the third quarter of 2025. (2 met across 2 tracked commitments)

The notes are outstanding with a principal balance of $500.0 million and an effective interest rate of 0.5% after accounting for issuance costs. (3 met across 3 tracked commitments)

The company has repurchased $33.3 million (5.9 million shares) during the nine months ended September 30, 2025, leaving $200.0 million in remaining capacity following a board authorization increase in May 2025. (1 in progress across 1 tracked commitment)

The company confirms the site is built for 500 MW and potentially 750 MW with targeted transmission upgrades, with 245 MW currently energized for mining and 22.5 MW for HPC. (1 in progress across 1 tracked commitment)

The company has energized the first 22.5 MW of the 72.5 MW Core42 commitment as of September 30, 2025, with the remainder expected in 2026. (1 in progress, 1 revised across 2 tracked commitments)

Contract quality and switching costs were significantly strengthened by a new 'Google Backstop' agreement, where Google guarantees the rent for the Fluidstack lease, providing investment-grade credit support for the project. (3 expanding)

The company vertically integrated its workforce by acquiring Beowulf E&D, bringing 94 employees with power generation expertise in-house to support long-term HPC growth. (3 expanding)

The HPC segment is in a pre-revenue development phase as of Q2 2025, with revenue recognition expected in the second half of 2025. The company secured a $90 million prepayment from Core42, which is currently held as a liability on the balance sheet. (1 new across 1 engine)

The HPC Leasing segment officially launched in July 2025 and generated its first $16.9 million in revenue, representing 10% of the full-year total. The company has contracted 522 MW of critical IT load, signaling a massive future expansion as these facilities are built out. (1 new)

Revenue from mining grew 33.9% year-over-year for the quarter due to higher Bitcoin prices, despite a significant drop in the number of Bitcoins mined following the April 2024 halving event. (2 expanding, 1 contracting across 1 engine)

Capacity expansion is accelerating as the company moves from proof-of-concept to large-scale construction. The Lake Mariner site is currently operating 195 MW for mining but is actively building 50 MW for mining and 20 MW for HPC (CB-1) due in Q1 2025, with a 50 MW (CB-2) following in Q2 2025. (4 accelerating, 1 steady across 5 signals, 1 leading indicator)

The company has accelerated its expansion at the Nautilus facility by exercising an option to increase its energy requirement by 50 MW, bringing its total attributable capacity at that site to 100 MW. (1 accelerating, 1 new trend across 2 signals, 1 leading indicator)

HPC leasing has rapidly become the dominant revenue source, growing from 0% in Q1 2025 to 62% of total revenue in Q1 2026, signaling a successful business model pivot. (1 accelerating, 4 new trend across 5 signals)

The company has secured a massive 25-year lease for its Abernathy site, which is 100% pre-leased to a single high-credit customer, providing a stable, long-term revenue floor. (1 steady, 2 new trend across 3 signals)

The company has secured the necessary land and power access for long-term growth through a new 35-year ground lease at Lake Mariner, which expanded the acreage for HPC operations. This provides a steady long-term pipeline for the 500-750 MW target. (1 steady, 2 new trend across 3 signals, 1 leading indicator)

The company's expansion depends on getting approvals to use massive amounts of electricity from the power grid, which is not guaranteed. [EXECUTION]

Capital expenditures remain high as the company builds out the Lake Mariner facility for HPC. Investing cash outflow increased to $132.1 million for the first half of 2025 compared to $93.6 million in 2024. (3 intensifying, 1 high-severity)

Revenue actually increased year-over-year ($47.6M vs $35.6M) due to higher Bitcoin prices, but the 'halving' event in April 2024 has made mining twice as difficult, leading to a 30% drop in the number of bitcoins mined compared to the same quarter last year. (3 intensifying, 1 stable, 1 high-severity)

The risk has eased significantly as the company fully repaid its high-interest Term Loans in July 2024. The current debt consists of $500 million in 2.75% convertible notes due 2030, which carry a much lower interest rate than the previous 11.5% loans. (2 easing, 2 intensifying, 1 high-severity)

Concentration remains high but is being de-risked through significant customer prepayments. The company received $90 million in 'Prepaid Rent' from its primary HPC customer, Core42, which provides a cash buffer for the build-out. (3 stable, 1 intensifying, 1 high-severity)