Newmont for digital gold: TeraWulf operates like a gold mining company, but extracts Bitcoin instead of physical gold.

An Intel factory for Bitcoin: Imagine a high-tech manufacturing facility, but its 'product' is newly minted Bitcoin.

Equinix for Bitcoin mining: A specialized data center operator, exclusively dedicated to powering Bitcoin mining.

• Bitcoin Mining: TeraWulf operates specialized facilities to mine new bitcoins, generating digital assets.

TeraWulf Inc. (WULF) operates as a bitcoin mining company. Its business model does not involve selling products or services to traditional customers, either businesses or individuals. Instead, TeraWulf generates revenue by developing, owning, and operating bitcoin mining facilities. Through these operations, the company earns new bitcoins (block rewards) and transaction fees for contributing to the security and operation of the Bitcoin network. These earned bitcoins are then typically held or sold on cryptocurrency exchanges to generate revenue.

Therefore, TeraWulf does not have "major customers" in the conventional sense.

The major suppliers for TeraWulf (WULF) are:

• Bitmain Technologies Ltd.
• MicroBT Technology Co., Ltd.
• Talen Energy Corporation (TLNE)

Paul Prager, Co-Founder, Chairman & Chief Executive Officer

Paul Prager has served as the Co-Founder, Chairman of the Board of Directors, and Chief Executive Officer of TeraWulf Inc. since February 2021. Since 1990, Mr. Prager founded and has been the CEO of Beowulf Electricity & Data Inc., a private energy and digital infrastructure company, and its predecessor companies. He also founded Brooklyn Marine & Oil LLC, a shipowner and operator, and was previously the Chief Executive Officer of Direct Gas.

Patrick Fleury, Chief Financial Officer

Patrick Fleury is the Chief Financial Officer of TeraWulf Inc. He brings 24 years of finance experience, encompassing capital markets, principal investing, and advisory roles. Most recently, Mr. Fleury was a founding member of the credit team at Platinum Equity, where he managed public and private credit investments. Prior to that, he was a Managing Director at Blackstone's global credit platform, GSO Capital Partners.

Nazar Khan, Co-Founder & Chief Technology Officer

Nazar Khan is the Co-Founder, Chief Technology Officer, and a Board Member of TeraWulf Inc. He previously served as Executive Vice President of Beowulf Energy LLC for nearly 20 years, where he oversaw acquisition and development efforts. Before his tenure at Beowulf, Mr. Khan worked at Evercore Partners Inc. in both investment banking and private equity. He is also the founder of NovaWulf Digital Management LP.

Kerri Langlais, Chief Strategy Officer

Kerri Langlais serves as the Chief Strategy Officer for TeraWulf Inc., where she is responsible for developing and implementing the company's overall corporate strategy, business development, and strategic partnerships. Her background includes extensive experience in energy and infrastructure, notably a decade-long period at Goldman Sachs.

Sean Farrell, Chief Operating Officer

Sean Farrell was promoted to Chief Operating Officer of TeraWulf Inc. in November 2024. He has over 13 years of experience in the energy sector, with expertise in renewables, grid optimization, and storage solutions. Mr. Farrell previously held the position of Senior Vice President of Operations at TeraWulf and was the North American Head of Onshore Sales and Marketing at Siemens Gamesa Renewable Energy Inc. before joining the company.

The key risks for TeraWulf (WULF) are primarily tied to the volatile nature of the cryptocurrency market, the company's significant debt burden and need for further capital, and the execution challenges associated with its strategic growth initiatives.

1. Volatility of Bitcoin Price and Cryptocurrency Market: TeraWulf's financial performance and profitability are highly dependent on the fluctuating price of Bitcoin and the broader stability of the cryptocurrency ecosystem. Instability, including regulatory scrutiny, market disruptions, and fraud, can adversely affect Bitcoin prices and, consequently, the company's operations. A prolonged downturn in cryptocurrency values could significantly strain TeraWulf's revenue streams and its ability to meet financial obligations.

2. High Debt Levels and Need for Additional Capital/Dilution: The company faces substantial financial risk due to its significant debt burden, with a reported debt-to-equity ratio of 37 and a low Altman Z-Score, which indicates financial distress. TeraWulf has largely financed its strategic growth through the issuance of new common stock, which has a dilutive effect on existing shareholders. The company may require additional capital for future growth initiatives, and there is no guarantee that such financing will be available on favorable terms, or at all, further risking dilution or impaired growth.

3. Execution Risks of Strategic Growth Initiatives and Operational Challenges: TeraWulf is undergoing a strategic shift towards high-performance computing (HPC) hosting, which involves considerable capital investments and carries inherent execution risks. These risks include potential delays, cost overruns, or technical difficulties in completing data center campuses and other strategic growth initiatives. Furthermore, operational challenges such as ensuring power supply reliability, managing supply chain disruptions, and securing specialized expertise could adversely affect the company's business operations and financial results.

The addressable markets for TeraWulf's main products or services are related to the Bitcoin and broader cryptocurrency mining industry.

The global Bitcoin miner market, which includes hardware and systems used for cryptocurrency mining, is estimated to be approximately USD 9.25 billion in 2026. This market is projected to grow to USD 119.34 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 26.7% from 2026 to 2035.

In terms of the United States, the overall cryptocurrency market size, which includes both mining and transactions, was estimated at USD 1,345.8 million in 2024. This market is expected to reach USD 5,065.5 million by 2035, growing at a CAGR of approximately 12.81% from 2025 to 2035. Within the U.S. cryptocurrency market, the mining segment held the highest revenue share in 2024.

Here are 3-5 expected drivers of future revenue growth for TeraWulf (WULF) over the next 2-3 years:

1. Expansion of High-Performance Computing (HPC) and AI Infrastructure and Services: TeraWulf is strategically pivoting and expanding its High-Performance Computing (HPC) and AI infrastructure and services. The company has secured long-term data center lease agreements for 522 critical IT megawatts (MW), providing substantial multi-year revenue visibility. TeraWulf aims for an annual target of 250-500 MW of new HPC lease signings, capitalizing on the increasing demand for AI-powered data centers. Key projects include a 168 MW liquid-cooled AI data center joint venture in Abernathy, Texas (with potential for up to 240 MW), and hosting AI workloads for partners like Fluidstack at its New York facility, supported by Google credit enhancement. This shift is expected to yield stable revenue and position the company for future growth.
2. Increased Digital Asset Mining Capacity and Efficiency: While diversifying into HPC, TeraWulf continues to scale its digital asset mining operations. The company is actively working to increase its operational self-mining capacity, targeting approximately 9.7 EH/s (Exahash per second). This growth is supported by miner refresh programs, replacing older models with more efficient ones like the S21 Pro miners, which enhances overall profitability and bitcoin production.
3. Acquisition and Development of New Digital Infrastructure Sites: TeraWulf has expanded its digital infrastructure portfolio through the acquisition of two brownfield sites in Kentucky and Maryland, adding approximately 1.5 gigawatts (GW) of potential capacity. These sites, including the Morgantown Generating Station in Maryland and a former industrial site in Hawesville, Kentucky, are strategically located to support future compute-intensive uses and are expected to enable the development of 250 to 500 MW of new contracted capacity annually, contributing to long-term revenue growth.
4. Strategic Partnerships and Long-Term Contracted Revenue: The company has secured significant long-term, credit-enhanced customer contracts totaling over $12.8 billion in revenue, which offers predictable and durable cash flow. Partnerships with key players such as Fluidstack and Google underscore investor confidence and provide a strong foundation for scaling its platform. This robust backlog and growing customer base for its energy-advantaged, low-carbon computing capacity are critical drivers for sustained revenue over the next few years.

Share Repurchases

• On October 23, 2024, TeraWulf's Board of Directors authorized a share repurchase program of up to $200 million of its common stock through December 31, 2025.
• Concurrently with a convertible notes offering on October 24, 2024, the company repurchased approximately 17.97 million shares of common stock for an aggregate price of approximately $115 million.

Share Issuance

• TeraWulf has significantly increased its shares outstanding, rising from 0.111 billion in 2022 to 0.351 billion in 2024.
• As of December 31, 2025, 444,534,694 shares of common stock were issued, with 420,065,944 shares outstanding.
• On December 9, 2025, TeraWulf mandatorily converted all outstanding Series A Convertible Preferred Stock into approximately 1.215 million shares of common stock.

Inbound Investments

• During 2025, TeraWulf completed a capital-formation strategy securing over $6.5 billion in committed capital to support its multi-regional development roadmap.
• In October and November 2025, the company completed several convertible notes offerings, including $425 million of 2.75% Convertible Senior Notes due 2030, $1.025 billion of 0.00% Convertible Senior Notes due 2032, and $1.0 billion of 1.00% Convertible Notes due 2031.
• TeraWulf also closed a $3.2 billion private offering of 7.75% Senior Secured Notes due 2030 to finance the Lake Mariner HPC buildout and secured long-term HPC lease agreements, including $6.7 billion with Fluidstack (backed by Google) and $1.1 billion with Core42.

Outbound Investments

• In February 2026, TeraWulf acquired two brownfield infrastructure sites in Kentucky and Maryland, which are expected to add approximately 1.5 gigawatts (GW) of capacity to its digital infrastructure portfolio.
• In October 2025, TeraWulf entered a joint-venture agreement with Fluidstack to develop the Abernathy HPC Campus in Texas.

Capital Expenditures

• TeraWulf invested $615.0 million in capital expenditures during the fourth quarter of 2025, primarily focused on supporting organic growth in HPC/AI and potential site acquisitions.
• Proceeds from a $1.025 billion convertible notes offering in October 2025 are primarily dedicated to financing the construction of a data center campus in Abernathy, Texas.
• For 2026, the company plans to expand its infrastructure through acquisitions in Kentucky and Maryland, aiming to add 1.5 GW to its platform and target 250-500 MW of new contracted capacity annually.