Significant IT Load Agreement
TeraWulf signed approximately 360 megawatts of critical IT load with Fluidstack backed by Google at the Lake Mariner campus, expected to generate average annual revenue of $670 million and net operating income of $565 million.
Major Financing Achievement
Closed $3.2 billion in senior secured financing backed by Google to fully fund the Lake Mariner high-power compute build-out.
Revenue Growth
GAAP revenues increased 6% quarter-over-quarter to $50.6 million from $47.6 million in the previous quarter.
HPC Leasing Segment Performance
Recognized $7.2 million of HPC lease revenue with a margin of 82%, following lease commencement at WULF Den and CB-1.
Strong Financial Liquidity
Pro forma liquidity totals over $1 billion, providing cash for strategic initiatives and a strong balance sheet.
Joint Venture Expansion
Expanded partnership with Fluidstack and Google to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new capacity with potential expansion up to 600 megawatts.