TeraWulf (WULF) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Mon, June 1, 2026 astatine 11:55 AM CDT 42 min read

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DATE

May 8, 2026, 8 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Paul Prager

• Chief Operating Officer — Nazar Khan

• Chief Financial Officer — Patrick Fleury

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Full Conference Call Transcript

Paul Prager: Thanks, John, and bully morning, everyone. The archetypal 4th of 2026 was astir execution. We exited 2025 with an established platform, including sites, contracts, superior and strategy. And what you are seeing successful Q1 is the aboriginal conversion of that instauration into operating show and recurring revenue. That strategy continues to usher everything we do, controlling vigor vantage sites, engineering infrastructure astir powerfulness and contracting semipermanent credit-backed AI capacity. At this point, we are moving from enactment to delivery. You tin spot that astir intelligibly successful our operations. During this quarter, we continued scaling our HPC level astatine Lake Mariner with 60 megawatts of captious IT capableness energized and generating gross arsenic of March 31.

Importantly, this is the archetypal period, wherever HPC leasing is meaningfully reflected successful our financials, contributing $21 cardinal of lease gross during the quarter. At the aforesaid time, we are transitioning portions of our bequest mining footprint to enactment higher-value HPC workloads. That modulation is deliberate. Mining served its purpose. It enabled america to physique infrastructure, monetize powerfulness and make operational expertise. But the aboriginal of this level is contracted long-duration compute infrastructure. That aforesaid absorption connected execution carries done to development. We continued advancing operation for Fluidstack and Google astatine Lake Mariner, portion incorporating customer-driven plan refinements. These are not disruptions. They bespeak the world of gathering infrastructure for blase counterparties.

We are gathering to evolving hardware and tenant requirements, not successful anticipation of them, and that subject reduces execution hazard and improves semipermanent outcomes. CB-3 astatine Lake Mariner remains connected schedule, and we are moving intimately with Fluidstack and Google to coordinate energization with hardware deployment. Execution astatine this standard requires choky alignment betwixt infrastructure readiness and lawsuit deployment, and that coordination continues to advancement well. At the aforesaid time, we are expanding our platform. Since year-end, we person added meaningful caller power-backed capacity, including the Hawesville, Kentucky site, a large-scale field with contiguous powerfulness availability and important enlargement potential. In parallel, we're progressing the Morgantown acquisition successful Maryland, which remains taxable to regulatory approval.