TERAWULF INC.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
WULF$11.37+12.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001083301-26-000092
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001083301-26-000166
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 157 previous paragraphs and 162 current paragraphs.
83 unchanged; 57 reworded; 21 added; 17 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
In July 2026, the Company entered into a definitive agreement selling its entire 50.1% equity interest in the Abernathy Joint Venture to a group of purchasers for an aggregate cash consideration of approximately $530.0 million, representing a premium to the Company's invested capital. The consideration is payable in installments in 2026 and 2027. The Company believes this sales transaction realizes the value created through the Company's initial investment and provides capital for redeployment into wholly owned AI infrastructure, where the Company retains direct ownership, customer relationships, and operational control.
Current report
Justified Data Campus
Current report
Muskie Data Campus
Current report
In May 2026, the Company acquired 100% of the membership interests of Industrial Equity Partners LLC, which owned or held contractual rights to purchase approximately 308 acres of land in Grayson, Kentucky (the "Muskie Data Campus"). The Muskie Data Campus is a hyperscale HPC/AI development site.
Current report
Transmission infrastructure and energy service agreements for the Muskie Data Campus were executed concurrently with the Membership Interest Purchase Agreement pursuant to the applicable Industrial General Service tariff structure for large loads, establishing a clear pathway to long-term, large-scale power delivery. The energy services agreement with Kentucky Power Company, an AEP Company, provides for 1,000 MW of contracted electric service. Energy service is expected to commence in the fourth quarter of 2028.
Current report
Kentucky Power Company is also constructing a 345 kV substation connected to the existing 765 kV transmission network, providing redundant, utility-scale power infrastructure designed to support the full 1,000 MW Muskie Data Campus. Along with the Company's 480 MW Justified Data Campus, the Muskie Data Campus represents the Company’s second major digital infrastructure campus in Kentucky. This further expands the Company’s presence in a state that continues to emerge as an attractive market for large-scale AI and HPC development due to its robust energy infrastructure, supportive business environment, and strong engagement from state and local stakeholders.
Current report
On July 6, 2026, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with the Fluidstack Member and certain other purchasers (collectively, the “Purchasers”) selling to the Purchasers all of the Company’s 50.1% membership interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530.0 million. As a result of this transaction, the Company no longer holds an equity interest in the Abernathy Joint Venture.
Current report
LMD Bitcoin Mining Facilities were $0.049 and $0.024 per kilowatt hour during the three and six months ended June 30, 2026, respectively, and $0.053 and $0.065 the three and six months ended June 30, 2025.
Current report
In July 2026, the Company amended certain of the Akela Fluidstack Leases to increase the aggregate contracted critical IT load under two leases from 162 MW to 168 MW. The amendments also provide for commencement on a data hall-by-data hall basis, with the affected leases expected to commence in phases during the second half of 2026 and early 2027. In connection with certain tenant-requested scope changes, the Company will receive additional base rent per kilowatt of tenant critical power beginning on the applicable data hall commencement date, subject to annual escalation.
Current report
In July 2026, the Company entered into a long-term datacenter lease agreement with Anthropic PBC (the “Anthropic HPC Lease”) for specified datacenter infrastructure at the Justified Data Campus to support Anthropic’s HPC operations. Under the Anthropic HPC Lease, the Company will provide approximately 401 MW of critical IT load. The Anthropic HPC Lease has an initial term of 20 years commencing upon delivery of the applicable leased premises and includes two five-year extension options exercisable by Anthropic. Delivery is expected to occur in phases, with initial capacity expected in the second half of 2027 and full delivery expected in early 2028.
Current report
In July 2026, the Company entered into a purchase agreement with the Purchasers selling its entire 50.1% membership interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530.0 million. As a result of this transaction, the Company no longer holds an equity interest in the Abernathy Joint Venture.
Current report
Bitcoin prices averaged $71,704 and $74,424 per bitcoin during the three and six months ended June 30, 2026, respectively, as compared to $98,434 and $95,992 per bitcoin during the three and six months ended June 30, 2025, respectively.
Current report
HPC lease revenue for the three and six month ended June 30, 2026 was $31.9 million and $53.0 million, respectively. As of June 30, 2025, the Company had not commenced any HPC leasing operations.
Current report
Cost of revenue (excluding depreciation) for the three months ended June 30, 2026 and 2025 was $12.4 million and $22.1 million, respectively, representing a decrease of $9.7 million. The decrease was primarily driven by a decrease in gross power costs of $14.5 million related to bitcoin mining operations due to reduced bitcoin mining power consumption as the Company curtailed its mining operations and repurposed two miner buildings to support the expansion of HPC operations at the Lake Mariner Data Campus. This decrease was partially offset by an increase in gross power costs of $4.5 million related to HPC leasing activities and $2.4 million of costs incurred by the Company in connection with its fit-out services under the HPC Leases.
Current report
Operating expenses (including related party) for the three months ended June 30, 2026 and 2025, were $23.4 million and $3.5 million, respectively, an increase of $19.9 million. Operating expenses increased primarily driven by the costs related to expansion of HPC operations and constructions activities at the our HPC sites of $18.5 million as well as $1.5 million of bitcoin mining operations mainly related to miner repair costs.
Current report
Operating expenses (including related party) for the six months ended June 30, 2026 and 2025, were $34.6 million and $6.4 million, respectively, an increase of $28.2 million. Operating expenses increased primarily driven by the costs related to expansion of HPC operations and constructions activities at the our HPC sites of $26.8 million as well as $1.4 million of bitcoin mining operations mainly related to miner repair costs.
Current report
Selling, general and administrative expenses (including related party expenses) for the six months ended June 30, 2026 and 2025 were $254.7 million and $64.4 million, respectively, a net increase of $190.3 million,
Current report
Change in fair value of contingent consideration was $0 during the three and six months ended June 30, 2026, as compared to $1.6 million during the three and six months ended June 30, 2025. The change in the three and six months ended June 30, 2025 related to the fair value remeasurement of contingent consideration liabilities for the acquisition of Beowulf E&D which were fully settled during the year ended December 31, 2025 upon achievement of the related earnout milestones.
Current report
Loss on disposals of property, plant, and equipment was $0.4 million during the three and six months ended June 30, 2026 due to a $0.2 million loss on the disposal of 360 miners for proceeds of $0.1 million and a $0.3 million write-down of 500 miners reclassified as held for sale, partially offset by a $0.2 million gain on the sale of certain transformers at the Justified Data Campus. Loss on disposals of property, plant, and equipment was $3.8 million during the three and six months ended June 30, 2025 due to 2,918 miner sold or otherwise disposed in May and June 2025 for proceeds of $1.9 million.
Current report
Loss on extinguishment of debt was $7.1 million during the three and six months ended June 30, 2026 related to the full prepayment of the outstanding $100.0 million principal amount of the Bridge Credit Facility and the termination of the Bridge Credit Agreement. The early repayment resulted in a loss on extinguishment of debt of $7.1 million, representing the write-off of unamortized debt issuance costs.
Current report
Other income was$0.9 million duringthe three and six months ended June 30, 2026, consisting primarily of proceeds from the sale of scrap metal generated in connection with the Company’s construction activities as well as net unrealized gains on the restricted trust investments.
Removed paragraphs (17)
Previous report
This infrastructure-first approach enables TeraWulf to serve Tier-1 counterparties while maintaining operational control, development flexibility, and disciplined capital allocation.
Previous report
Management believes the Abernathy Joint Venture reflects the extension of the Company’s commercial relationship with Fluidstack, supported by continued credit enhancement from Google, to an additional site.
Previous report
Hawesville Site
Previous report
The Abernathy HPC Campus reflects the extension of our relationship with Fluidstack, also supported by credit enhancement from Google, to an additional site in Texas. The campus is being developed through a joint venture in which we hold a 50.1% ownership interest.
Previous report
The Abernathy HPC Campus is designed for 168 MW critical IT load, representing the full build-out of the site. This capacity is fully pre-leased to Fluidstack USA III under a 25-year data center lease with built-in rent escalators and options for term contraction (the “Abernathy Fluidstack Lease” and, together with the Akela Fluidstack Leases, the “Fluidstack Leases”). Construction is proceeding in phases, with completion and delivery currently targeted for the second half of 2026.
Previous report
Similar to Akela, the Abernathy Fluidstack Lease benefits from credit support from Google, which provides financial support for Fluidstack’s obligations under the sublease, materially strengthening the risk profile of our contracted revenues and facilitating third-party financing.
Previous report
Subsequent to March 31, 2026 and through to May 8, 2026, the Company sold, pursuant to the ATM Program, 10,326,000 shares of Common Stock for gross proceeds of $190.9 million and no amounts remained available for sale under the ATM Program.
Previous report
On April 16, 2026, the Company closed a stock offering of 54,510,000 shares of Common Stock at a public offering price of $19.00 per share, resulting in gross proceeds of approximately $1,035.7 million, before deducting underwriting discounts and commissions and other offering expenses.
Previous report
On April 16, 2026, the Company repaid the outstanding $100.0 million principal amount under the Bridge Credit Agreement, together with $0.4 million of accrued interest and accrued agency fees, and terminated the Bridge Credit Agreement as a result of the Company’s public offering of 54,510,000 shares (see Note 18). In connection with the termination of the Bridge Credit Agreement, the Company will write off the remaining unamortized debt issuance costs and recognize a loss on extinguishment of debt of $7.3 million in the second quarter of 2026.
Previous report
In April 2026, the 2031 Convertible Notes became convertible at the option of the holder based on the achievement of the 2031 Sale Price Conversion Event.
Previous report
On May 7, 2026, the Company entered into a revolving credit agreement (the “Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, which provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) with aggregate commitments of $250.0 million. The Revolving Credit Facility matures on May 7, 2030, subject to a springing maturity date of 91 days prior to the maturity date of the 2030 Convertible Notes if certain conditions exist.
Previous report
From the closing date to the earliest commencement date to occur under the Fluidstack HPC Leases (the “First Commencement Date”), borrowings under the Revolving Credit Facility will bear interest at a rate equal to, at the Company’s option, either (i) a Term SOFR determined by reference to the secured overnight financing rate published by an administrator therefor, plus a margin of 1.75% per annum or (ii) the ABR (as defined) plus a margin of 0.75% per annum. Thereafter, the applicable margin may range from 1.25% to 1.75% for Term SOFR loans and 0.25% to 0.75% for ABR loans based on the Company’s consolidated total debt to market capitalization ratio (as defined). The obligations under the Revolving Credit Facility are secured by substantially all assets of the Company and certain assets of certain of the Company’s subsidiaries, in each case, subject to certain excluded assets (as defined). The Credit Agreement contains customary restrictive covenants, as well as a minimum liquidity covenant.
Previous report
HPC lease revenue for the three month ended March 31, 2026 was $21.0 million. In July 2025, the Company commenced its HPC leasing operations and as of March 31, 2026, had energized 60 critical IT MW of HPC leasing capacity at the Lake Mariner Data Campus.
Previous report
Cost of revenue (excluding depreciation) for the three months ended March 31, 2026 and 2025 was $2.4 million and $24.6 million, respectively, representing a decrease of $22.2 million. Cost of revenues is primarily comprised of power expense which decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. During the three months ended March 31, 2026 and 2025, the Company incurred gross power costs of $14.0 million and $27.4 million, respectively.
Previous report
During the three months ended March 31, 2026, cost of revenue related to HPC leasing was $2.5 million primarily comprised of $1.1 million of power costs and $1.4 million of costs incurred by the Company in connection with its fit-out services under the HPC Leases.
Previous report
Operating expenses for the three months ended March 31, 2026 and 2025, were $9.0 million and $1.1 million, respectively, an increase of $7.9 million. Operating expenses increased primarily due to (i) $1.4 million of miner repair costs, (ii) $1.1 million of security. (iii) $2.2 million of equipment and other rental costs, and (iv) $1.6 million of labor costs (of which $0.8 million was previously recorded in operating expenses — related party prior to the acquisition of Beowulf E&D and the termination of the Services Agreement).
Previous report
Operating expenses — related party for the three months ended March 31, 2026 and 2025, were $2.2 million and $1.7 million, respectively, an increase of $0.5 million. Operating expenses — related party increased primarily due to increases in lease amortization of $0.7 million and $0.5 million of additional rent related to the Cayuga Lease which commenced in August 2025, partially offset by $0.8 million of labor costs which were previously recorded in operating expenses — related party prior to the acquisition of Beowulf E&D and the termination of the Services Agreement.
Reworded paragraphs (57)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with a review of the other Items included in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. All figures presented below represent results from continuing operations, unless otherwise specified. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the consolidated financial statements. Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company,” “TeraWulf,” “we,” “us” or “our” refers to TeraWulf Inc. and its consolidated subsidiaries, unless otherwise indicated. Certain statements contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations may be deemed forward-looking statements. See “Forward-Looking Statements.”
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with a review of the other Items included in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. All figures presented below represent results from continuing operations, unless otherwise specified. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the consolidated financial statements. Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company,” “TeraWulf,” “we,” “us” or “our” refer to TeraWulf Inc. and its consolidated subsidiaries, unless otherwise indicated. Certain statements contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations may be deemed forward-looking statements. See “Forward-Looking Statements.”
Previous wording
During the three months ended March 31, 2026, HPC leasing revenue represented a majority of total revenue for the first time, reflecting the continued ramp of long-term contracted capacity at the Lake Mariner Data Campus.
Current wording
During the three and six months ended June 30, 2026, HPC leasing revenue represented a majority of total revenue, reflecting the continued ramp of long-term contracted capacity at the Lake Mariner Data Campus.
Previous wording
The Company has undergone a deliberate strategic transition toward HPC hosting as its primary business. While TeraWulf historically operated bitcoin mining facilities and leveraged flexible compute loads to support early infrastructure development, the Company has begun to curtail and repurpose portions of this infrastructure to support HPC development, and going forward capital allocation, development activities, and operating focus are centered on HPC data center development, long-term hosting arrangements, and infrastructure supporting AI-driven compute workloads.
Current wording
The Company has undergone a deliberate strategic transition toward HPC leasing as its primary growth driver and operating focus. While TeraWulf historically operated bitcoin mining facilities and used flexible compute loads to support the development of its infrastructure platform, the Company has begun to curtail and repurpose portions of that infrastructure to support HPC development. Going forward, the Company’s capital allocation, development activities and operating focus are centered on HPC data center development, long-term data center leases and infrastructure supporting AI-driven compute workloads. The Company intends to continue bitcoin mining operations where they remain economically attractive and do not conflict with HPC development.
Previous wording
Our strategy is grounded in controlling infrastructure at utility scale and pairing compute-optimized facilities with reliable, long-duration power resources. By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where appropriate, on-site generation, the Company delivers resilient, cost-efficient capacity to hyperscale and enterprise customers under multi-year hosting arrangements. These hosting arrangements are typically structured as long-term data center leases, generally ranging from 10 to 25 years, and in certain cases benefit from investment-grade credit support, enhancing the durability and finance ability of contracted revenues. These arrangements are expected to provide long-term revenue visibility and support project-level financing as the platform scales.
Current wording
Our strategy is grounded in controlling utility-scale infrastructure and pairing compute-optimized facilities with reliable, long-duration power resources. Through ownership or long-term control of land, interconnection rights and electrical and cooling infrastructure - and, where appropriate, on-site generation - the Company seeks to deliver resilient, cost-efficient capacity to hyperscale and enterprise customers under long-term data center leases. These arrangements generally range from 10 to 25 years and, in certain cases, benefit from investment-grade credit support, enhancing the durability and bankability of contracted revenues. The Company expects these arrangements to provide long-term revenue visibility and support project-level financing as the platform scales.
Previous wording
The Company’s platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts.
Current wording
The Company’s platform is differentiated by its control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts.
Previous wording
Management’s execution of the Company’s strategy is focused on converting advantaged infrastructure positions into long-dated, contracted HPC capacity. This includes the phased conversion of existing infrastructure, where appropriate, to support HPC workloads. This execution model emphasizes vertical integration, long-duration customer contracts supported by credit enhancement, and phased development aligned with customer deployment schedules and power availability.
Current wording
Management’s execution of the Company’s strategy is focused on converting advantaged infrastructure positions into long-term, contracted HPC capacity. This includes the phased conversion of existing infrastructure, where appropriate, and the development of new campuses aligned with customer deployment schedules and power availability. This execution model emphasizes vertical integration, long-duration customer contracts supported by credit enhancement and disciplined, phased development.
Previous wording
A core element of this approach is infrastructure control. By retaining control over land use, interconnection rights, electrical and cooling systems, and on-site generation where appropriate, the Company is able to manage development risk, optimize capital deployment, and maintain operational oversight throughout the lifecycle of its facilities. Management believes this approach reduces execution risk relative to third-party development models and supports infrastructure-style returns.
Current wording
A core element of this approach is infrastructure control. By retaining control over land use, interconnection rights and electrical and cooling systems—and on-site generation where appropriate—the Company is able to manage development risk, optimize capital deployment and maintain operational oversight throughout the lifecycle of its facilities. Management believes this approach reduces execution risk relative to development models that rely more extensively on third parties.
Previous wording
The Company’s contracting strategy prioritizes multi-year hosting arrangements with credit-supported counterparties, which reduces exposure to commodity-driven revenue streams, including bitcoin price volatility, as the Company’s revenue mix continues to shift toward contracted HPC leasing. These arrangements provide long-dated revenue visibility, support project-level financing, and reduce cash flow volatility as the platform scales. Credit enhancement associated with certain customer contracts has been a key factor in accelerating development timelines and enabling third-party financing.
Current wording
The Company’s contracting strategy prioritizes long-term data center leases with credit-supported customers. These arrangements reduce the Company’s exposure to commodity-driven revenue streams, including bitcoin price volatility, as its revenue mix continues to shift toward contracted HPC leasing. They also provide long-term revenue visibility, support project-level financing and reduce cash-flow volatility as the platform scales. Credit enhancement associated with certain customer contracts has been an important factor in accelerating development timelines and facilitating third-party financing.
Previous wording
Each campus is designed for modular, multi-phase expansion. Initial phases deliver near-term contracted capacity, while subsequent phases are aligned with customer deployment schedules and infrastructure readiness, including power availability and interconnection timing. Management believes this phased approach allows the Company to scale efficiently while maintaining capital discipline.
Current wording
Each campus is designed for modular, multi-phase expansion. Initial phases are intended to deliver near-term contracted capacity, while subsequent phases are aligned with customer deployment schedules and infrastructure readiness, including power availability and interconnection timing. Management believes this phased approach allows the Company to scale efficiently while maintaining capital discipline.
Previous wording
While the Company currently derives a significant portion of its revenue from bitcoin mining, HPC hosting is now the Company’s primary growth driver and operating focus.
Current wording
While the Company currently derives a significant portion of its revenue from bitcoin mining, HPC leasing is now the Company’s primary growth driver and operating focus.
Previous wording
In February 2026, the Company entered into an Agreement of Purchase and Sale for a former industrial site in Hawesville, Kentucky (the “Hawesville Site”). The Hawesville Site is a strategically located brownfield infrastructure site which includes more than 250 buildable acres with immediate access to power infrastructure, including multiple high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network. We plan on constructing and operating a HPC/AI data center on the Hawesville Site and are in discussions with potential customers for the site. The Hawesville Site has up to 480 MW of gross power availability; construction is expected to commence in 2026, with a phased buildout extending through 2027, subject to site planning and permitting approvals. Hawesville is expected to further diversify the Company’s geographic footprint and support future HPC customer demand.
Current wording
In February 2026, the Company entered into an Agreement of Purchase and Sale for a former industrial site in Hawesville, Kentucky (the “Justified Data Campus”). The Justified Data Campus is a strategically located brownfield infrastructure site which includes more than 250 buildable acres with immediate access to power infrastructure, including multiple high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network. The Company plans on constructing and operating a HPC/AI data center on the Justified Data Campus. The Justified Data Campus has up to 480 MW of gross power availability; construction is expected to commence in 2026, with a phased buildout extending through 2027, subject to site planning and permitting approvals. In July 2026, the Company entered into a long-term datacenter lease agreement with Anthropic for approximately 401 MW of critical IT load at the Justified Data Campus. Initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to the full 401 MW by early 2028. The Justified Data Campus is expected to further diversify the Company’s geographic footprint and support growing customer demand for large-scale HPC infrastructure.
Previous wording
As of March 31, 2026, the Lake Mariner Data Campus operated 145 MW of legacy bitcoin mining capacity and had 60 MW of critical IT HPC capacity. The campus is undergoing phased expansion to support additional HPC contracted deployments with gross capacity of approximately 500 MW in the near term,a and with potential expansion to approximately 750 MW, subject to additional approvals from the NYISO. During the quarter, certain mining facilities were curtailed or repurposed to support HPC development, consistent with the Company’s strategic transition.
Current wording
As of June 30, 2026, the Lake Mariner Data Campus operated 145 MW of legacy bitcoin mining capacity and had 81 MW of critical IT HPC capacity. The campus is undergoing phased expansion to support additional HPC contracted deployments with gross capacity of approximately 500 MW in the near term, and with potential expansion to approximately 750 MW, subject to additional approvals from the NYISO. During the six months ended June 30, 2026, certain mining facilities were curtailed or repurposed to support HPC development, consistent with the Company’s strategic transition. In July 2026, TeraWulf had energized 102 MW of critical IT HPC leasing capacity at the Lake Mariner Data Campus.
Previous wording
TeraWulf operates the Lake Mariner Data Campus through its subsidiaries La Lupa Data LLC (“La Lupa”) and Akela Data LLC (“Akela”). Collectively, La Lupa and Akela represent 438 MW of contracted critical IT HPC capacity at the Lake Mariner Data Campus, with some deliveries having commenced in 2025 and others extending into 2026.
Current wording
TeraWulf operates the Lake Mariner Data Campus through its subsidiaries La Lupa Data LLC (“La Lupa”) and Akela Data LLC (“Akela”). Collectively, La Lupa and Akela represent 438 MW of contracted critical IT HPC capacity at the Lake Mariner Data Campus, with some deliveries having commenced in 2025 and during the six months ended June 30, 2026, and others extending into the second half of 2026 and early 2027.
Previous wording
In August 2025, Akela entered into three data center lease agreements (the “Akela Fluidstack Leases”) with Fluidstack USA I Inc. (together with its affiliates, “Fluidstack”), a leading AI cloud platform. Under the Akela Fluidstack Leases, we will provide 378 MW of critical IT load at the Lake Mariner Data Campus, which represents the majority of the remaining contracted HPC capacity at the Lake Mariner Data Campus. The Akela facilities are being developed in multiple phases, with construction having commenced in 2025 and delivery expected in 2026.
Current wording
In August 2025, Akela entered into three data center lease agreements (the “Akela Fluidstack Leases”) with Fluidstack USA I Inc. (together with its affiliates, “Fluidstack”), a leading AI cloud platform. Under the Akela Fluidstack Leases, we will provide 378 MW of critical IT load at the Lake Mariner Data Campus, which represents the majority of the remaining contracted HPC capacity at the Lake Mariner Data Campus. As of June 30, 2026, one of the Akela Fluidstack Leases had partially commenced and the remaining leases are expected to commence in the second half of 2026 and in early 2027.
Previous wording
In October 2025, we entered into an amended and restated limited liability company agreement (the “Abernathy Joint Venture Agreement”) with Fluidstack CS I Inc. (the “Fluidstack Member”) to govern the terms of operation of FS CS 1 LLC (the “Abernathy Joint Venture”), which will develop, lease and operate the Abernathy HPC Campus.
Current wording
In October 2025, the Company entered into an amended and restated limited liability company agreement (the “Abernathy Joint Venture Agreement”) with Fluidstack CS I Inc. (the “Fluidstack Member”) to govern the terms of operation of FS CS 1 LLC (the “Abernathy Joint Venture”), which will develop, lease and operate the Abernathy HPC Campus.
Previous wording
The development of the Abernathy HPC Campus through the Abernathy Joint Venture and the Hawesville Site provide the Company with meaningful regional diversification. By expanding its HPC platform beyond New York into the Southwest Power Pool and Mid-continent Independent System Operator regions, the Company reduces concentration risk related to power markets, regulatory frameworks, weather events, construction timelines, and operational disruptions.
Current wording
The development of the Justified Data Campus and the Muskie Data Campus provides the Company with meaningful regional diversification. By expanding its HPC platform beyond New York into the regions operated by the Mid-continent Independent System Operator (“MISO”) and PJM Interconnection, L.L.C. (“PJM”), the Company reduces its concentration in any single power market, regulatory framework or geographic area.
Previous wording
Geographic diversification also helps mitigate the potential impact of localized physical security incidents, natural disasters, and certain cyber events by distributing infrastructure across multiple regions and operating environments. Management believes this diversification enhances overall platform resilience, supports customer deployment flexibility, and strengthens the Company’s ability to maintain continuity of operations across its portfolio.
Current wording
Geographic diversification also reduces the Company’s exposure to localized weather events, construction delays and operational disruptions. Management believes this diversification enhances overall platform resilience, supports customer deployment flexibility and strengthens the Company’s ability to maintain continuity of operations across its portfolio.
Previous wording
The Company’s primary sources of liquidity include cash on hand, cash generated from operations, sale proceeds from bitcoin, equity issuances, debt financing, and project-level financing arrangements. As of March 31, 2026, the Company had approximately $3.1 billion of cash, cash equivalents, and restricted cash. Capital requirements are driven primarily by HPC data center development, including significant capital expenditures associated with site development, electrical and mechanical infrastructure, and customer-specific fit-out.
Current wording
The Company’s primary sources of liquidity include cash on hand, cash generated from operations, sale proceeds from bitcoin, equity issuances, debt financing, and project-level financing arrangements. As of June 30, 2026, the Company had approximately $3.0 billion of cash, cash equivalents, and restricted cash. Capital requirements are driven primarily by HPC data center development, including significant capital expenditures associated with site development, electrical and mechanical infrastructure, and customer-specific fit-out.
Previous wording
Management expects future capital deployment to be focused on contracted HPC projects and disciplined expansion of the Company’s development pipeline, and believes its current liquidity position, together with access to capital markets and project-level financing, provides sufficient resources to fund near-term development activities. The Company continues to evaluate financing alternatives to support growth while managing balance sheet risk.
Current wording
Management expects future capital deployment to prioritize contracted HPC projects and disciplined expansion of the Company’s development pipeline. The Company continues to evaluate debt, equity and project-level financing alternatives based on project requirements, customer commitments and prevailing market conditions, while seeking to manage balance-sheet risk.
Previous wording
The Company expects future results to be increasingly influenced by the development and operation of its HPC data center platform. As contracted HPC capacity is delivered and energized under existing hosting arrangements, and legacy mining operations are further reduced or repurposed, management expects the Company’s revenue mix to continue shifting toward HPC leasing and away from legacy bitcoin mining operations.
Current wording
The Company expects future results to be increasingly influenced by the development and operation of its HPC data center platform. As contracted HPC capacity is delivered and energized and legacy bitcoin mining infrastructure is further curtailed or repurposed, the Company expects its revenue mix to continue shifting toward HPC leasing.
Previous wording
The table below presents the lease and nonlease components of HPC lease revenue for the three months ended March 31, 2026 and 2025:
Current wording
The table below presents the lease and nonlease components of HPC lease revenue for the three and six months ended June 30, 2026 and 2025:
Previous wording
(1) All of the Core42 Leases have commenced which comprised 60 critical IT MW HPC lease capacity as of March 31, 2026.
Current wording
(1) All of the Core42 Leases and part of the one of the Akela Fluidstack Leases have commenced which comprised 81 critical IT MW of HPC lease capacity as of June 30, 2026.
Previous wording
As of March 31, 2026, we owned approximately 54,100 miners, with approximately 35,500 operational at our bitcoin mining facilities on the Lake Mariner Data Campus (the “LMD Bitcoin Mining Facilities”) and the remainder undergoing maintenance, awaiting disposal or on standby to replace miners under repair. These miners were comprised as follows:
Current wording
As of June 30, 2026, we owned approximately 53,700 miners, with approximately 28,300 operational at our bitcoin mining facilities on the Lake Mariner Data Campus (the “LMD Bitcoin Mining Facilities”) and the remainder undergoing maintenance, awaiting disposal or on standby to replace miners under repair. These miners were comprised as follows:
Previous wording
As of March 31, 2026, our fleet of miners ranged in age from 0.9 years to 3.8 years with an average age of approximately 1.6 years. We do not have scheduled downtime for our miners and while we periodically perform unscheduled maintenance on our miners, such downtime has not been significant historically. When performing unscheduled maintenance, depending on the length of estimated repair time, we may replace a miner with a substitute miner to limit overall downtime. As of March 31, 2026, our fleet of miners at the LMD Bitcoin Mining Facilities had a range of energy efficiency from 15.0 to 23.0 joules per terahash (“j/th”) and has an average energy efficiency of 17.2 j/th.
Current wording
As of June 30, 2026, our fleet of miners ranged in age from 1.0 year to 4.1 years with an average age of approximately 1.8 years. We do not have scheduled downtime for our miners and while we periodically perform unscheduled maintenance on our miners, such downtime has not been significant historically. When performing unscheduled maintenance, depending on the length of estimated repair time, we may replace a miner with a substitute miner to limit overall downtime. As of June 30, 2026, our fleet of miners at the LMD Bitcoin Mining Facilities had a range of energy efficiency from 15.0 to 23.0 joules per terahash (“j/th”) and has an average energy efficiency of 17.6 j/th.
Previous wording
(3) While nameplate at the LMD Bitcoin Mining Facilities was 10.9 EH/s and 12.2 EH/s as of March 31, 2026 and 2025, respectively, actual operational hashrate depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair.
Current wording
(3) While nameplate at the LMD Bitcoin Mining Facilities was 10.6 EH/s and 12.8 EH/s as of June 30, 2026 and 2025, respectively, actual operational hashrate depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair.
Previous wording
As of March 31, 2026, our operational hashrate represented approximately 0.9% of the total global hashrate, aligning with our share of global blockchain rewards. As of that date, this translated to approximately 1 bitcoin mined per day. To maintain profitably, we focus on optimizing operational efficiency and cost management, ensuring that our mining rewards consistently cover direct operating expenses.
Current wording
As of June 30, 2026, our operational hashrate represented approximately 0.6% of the total global hashrate, aligning with our share of global blockchain rewards. As of that date, this translated to approximately 1 bitcoin mined per day. To maintain profitably, we focus on optimizing operational efficiency and cost management, ensuring that our mining rewards consistently cover direct operating expenses.
Previous wording
The table below presents the average cost of mining each bitcoin, including bitcoin mined at the LMD Bitcoin Mining Facilities for the three months ended March 31, 2026 and 2025 and the total energy cost per kWh utilized within the facilities.
Current wording
The table below presents the average cost of mining each bitcoin, including bitcoin mined at the LMD Bitcoin Mining Facilities for the three and six months ended June 30, 2026 and 2025 and the total energy cost per kWh utilized within the facilities.
Previous wording
(1) “Cost to mine one bitcoin” is a cash cost metric and does not include depreciation. Although the Company recognizes depreciation with respect to its mining assets, it does not consider depreciation in determining whether it is economical to operate its mining equipment. As a result, the Company does not consider the sunk costs or depreciation of past capital investments in its historical or forecasted breakeven analysis. If depreciation of our miner fleet were factored into the above cost of mining analysis, it would add $79,845 and $37,316 for the three months ended March 31, 2026 and 2025 respectively, bringing the total “cost to mine one bitcoin” to $79,464 and $103,472 for the three months ended March 31, 2026 and 2025, respectively.
Current wording
(1) “Cost to mine one bitcoin” is a cash cost metric and does not include depreciation. Although the Company recognizes depreciation with respect to its mining assets, it does not consider depreciation in determining whether it is economical to operate its mining equipment. As a result, the Company does not consider the sunk costs or depreciation of past capital investments in its historical or forecasted breakeven analysis. If depreciation of our miner fleet were factored into the above cost of mining analysis, it would add $52,939 and $68,305 for the three and six months ended June 30, 2026, respectively. bringing the total “cost to mine one bitcoin” to $97,486 and $91,101 for the three and six months ended June 30, 2026, respectively. If depreciation of our miner fleet were factored into the above cost of mining analysis, it would add $33,745 and $35,294 for the three and six months ended June 30, 2025, bringing the total “cost to mine one bitcoin” to $79,353 and $89,788 for the three and six months ended June 30, 2025, respectively.
Previous wording
Power costs are the most significant expense in our bitcoin mining operations. During the three months ended March 31, 2026 and 2025, the Company incurred gross power costs of $14.0 million and $27.4 million, respectively. In addition, during the three months ended March 31, 2026 and 2025, the Company curtailed operations at the LMD Bitcoin Mining Facilities in response to weather events, energy price spikes, and participation in demand response programs. The Company records expected payments to be received for demand response programs as a reduction in cost of revenue, which amounted to $14.1 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, there were significant curtailment periods for the Company’s bitcoin mining operations due to sustained low temperatures throughout the Northeastern United States which led to significantly reduced power consumption and significantly higher demand response proceeds for the Lake Mariner Data facility resulting in a net negative realized cost of power for the period.
Current wording
Power costs are the most significant expense in our bitcoin mining operations. During the three and six months ended June 30, 2026, the Company incurred gross power costs of $11.2 million and $25.2 million, respectively. In addition, during the three and six months ended June 30, 2026 and 2025, the Company curtailed operations at the LMD Bitcoin Mining Facilities in response to weather events, energy price spikes, and participation in demand response programs. The Company records expected payments to be received for demand response programs as a reduction in cost of revenue, which amounted to $2.8 million and $16.9 million for the three and six months ended June 30, 2026, respectively, and $3.1 million and $5.9 million for the three and six months ended June 30, 2025. During the six months ended June 30, 2026, there were significant curtailment periods for the Company’s bitcoin mining operations due to sustained low temperatures throughout the Northeastern United States which led to significantly reduced power consumption and significantly higher demand response proceeds for the Lake Mariner Data facility resulting in a lower than typical cost of power for the period.
Previous wording
Energy prices are highly volatile, influenced by global events that can drive nationwide fluctuations in power costs. At the LMD Bitcoin Mining Facilities, power costs are subject to variable market rates, which can change hourly based on wholesale electricity pricing. While this introduces some unpredictability, it also provides us with the flexibility to actively manage our energy consumption, optimizing for profitability and efficiency. Energy prices are also highly sensitive to weather conditions, such as winter storms and polar vortices, which can increase regional power demand and drive up costs. During such events, we may curtail operations to avoid consuming power at peak rates, or we may be curtailed under demand response programs in which we participate. The average aggregate realized power prices at the LMD Bitcoin Mining Facilities were $(0.001) and $0.081 per kilowatt hour during the three months ended March 31, 2026 and 2025, respectively.
Current wording
Energy prices are highly volatile, influenced by global events that can drive nationwide fluctuations in power costs. At the LMD Bitcoin Mining Facilities, power costs are subject to variable market rates, which can change hourly based on wholesale electricity pricing. While this introduces some unpredictability, it also provides us with the flexibility to actively manage our energy consumption, optimizing for profitability and efficiency. Energy prices are also highly sensitive to weather conditions, such as winter storms and polar vortices, which can increase regional power demand and drive up costs. During such events, we may curtail operations to avoid consuming power at peak rates, or we may be curtailed under demand response programs in which we participate. The average aggregate realized power prices at the
Previous wording
During the three months ended March 31, 2026, the Company recorded accelerated depreciation expense of $11.9 million related to a certain miner building and related miners of which the Company shortened their useful lives based on expected shutdown of operations for purposes of supporting the HPC operations. The Company did not recorded accelerated depreciation expense during the three months ended March 31, 2025. While our standard depreciation period for miners is four years, historically low power costs may allow for a longer actual useful life in certain cases. However, if depreciation were included in the cost of mining analysis, it would add $79,845 and $37,316 per bitcoin mined for the three months ended March 31, 2026 and 2025, respectively.
Current wording
During the three and six months ended June 30, 2026, the Company recorded accelerated depreciation expense of $2.6 million and $14.5 million, respectively, related to a certain miner building and related miners of which the Company shortened their useful lives based on expected shutdown of operations for purposes of supporting the HPC operations. The Company did not recorded accelerated depreciation expense during the three and six months ended June 30, 2025. While our standard depreciation period for miners is four years, historically low power costs may allow for a longer actual useful life in certain cases. However, if depreciation were included in the cost of mining analysis, it would add $52,939 and $68,305 for the three and six months ended June 30, 2026, respectively. and $33,745 and $35,294 for the three and six months ended June 30, 2025, respectively.
Previous wording
Total revenue for the three months ended March 31, 2026 and 2025 was $34.0 million and $34.4 million, respectively, representing a decrease of $0.4 million. These changes were a result of the factors described below.
Current wording
Total revenue for the three months ended June 30, 2026 and 2025 was $44.8 million and $47.6 million, respectively, representing a decrease of $2.8 million. Total revenue for the six months ended June 30, 2026 and 2025 was $78.8 million and $82.0 million, respectively, representing a decrease of $3.2 million. These changes were a result of the factors described below.
Previous wording
Digital asset revenue for the three months ended March 31, 2026 and 2025 was $13.0 million and $34.4 million, respectively, a decrease of $21.4 million. During the three months ended March 31, 2026, two miner buildings were repurposed or placed out of service to support the HPC development at the Lake Mariner Data Campus and the Company significantly curtailed its bitcoin operations resulting in total bitcoin mined of 168 bitcoin during the three months ended March 31, 2026 as compared to 372 bitcoin mined during the same period in the prior year. Additionally, the average price of bitcoin during the three months ended March 31, 2026 decreased to $77,739 as compared to $93,522 during the three months ended March 31, 2025.
Current wording
Digital asset revenue for the three months ended June 30, 2026 and 2025 was $12.8 million and $47.6 million, respectively, a decrease of $34.8 million. Digital asset revenue for the six months ended June 30, 2026 and 2025 was $25.8 million and $82.0 million, respectively, a decrease of $56.2 million. During the six months ended June 30, 2026, two miner buildings were repurposed or placed out of service to support the HPC development at the Lake Mariner Data Campus and the Company significantly curtailed its bitcoin operations resulting in total bitcoin mined of 179 bitcoin during the three months ended June 30, 2026 as compared to 485 bitcoin mined during the same period in the prior year, and 347 bitcoin mined during the six months ended June 30, 2026 as compared to 857 bitcoin mined during the same period in the prior year.
Previous wording
In addition, during the three months ended March 31, 2026, the Company significantly curtailed operations at the LMD Bitcoin Mining Facilities due to sustained low temperatures in upstate New York which led to significantly lower gross power costs and significantly higher demand response proceeds resulting in a net negative realized cost of power for the period. Proceeds from participation in demand response programs are recorded as a reduction in cost of revenue in the period in which the underlying program occurs. These proceeds totaled $14.1 million and $2.8 million during the three months ended March 31, 2026 and 2025, respectively. The Company is actively expanding its enrollment in such available programs in New York State.
Current wording
Cost of revenue (excluding depreciation) for the six months ended ended June 30, 2026 and 2025 was $14.8 million and $46.6 million, respectively, representing a decrease of $31.8 million. The decrease was primarily driven by a decrease in gross power costs of $27.7 million related to bitcoin mining operations due to reduced bitcoin mining power consumption as the Company curtailed its mining operations and repurposed two miner buildings to support the expansion of HPC operations at the Lake Mariner Data Campus. This decrease was partially offset by an increase in gross power costs of $3.1 million related to HPC leasing activities and $3.8 million of costs incurred by the Company in connection with its fit-out services under the HPC Leases. In addition, during the six months ended months ended June 30, 2026, the Company significantly curtailed operations at the LMD Bitcoin Mining Facilities due to sustained low temperatures in upstate New York which led to significantly lower gross power costs and significantly higher demand response proceeds resulting in a net negative realized cost of power for the period. Proceeds from participation in demand response programs are recorded as a reduction in cost of revenue in the period in which the underlying program occurs. These proceeds totaled $16.9 million and $5.9 million during the six months ended months ended June 30, 2026 and 2025, respectively. The Company is actively expanding its enrollment in such available programs in New York State.
Previous wording
Selling, general and administrative expenses (including related party expenses) for the three months ended March 31, 2026 and 2025 were $127.8 million and $50.1 million, respectively, a net increase of $77.7 million.
Current wording
Selling, general and administrative expenses (including related party expenses) for the three months ended June 30, 2026 and 2025 were $126.9 million and $14.3 million, respectively, a net increase of $112.6 million,
Previous wording
Selling, general and administrative expenses – related party decreased $3.4 million primarily due to costs incurred pursuant to the Services Agreement with Beowulf E&D during three months ended March 31, 2025 prior to the acquisition of Beowulf E&D and the termination of the Services Agreement in May 2025.
Current wording
Selling, general and administrative expenses increased by $102.4 million during the three months ended June 30, 2026 as compared to the same period in the prior year primarily due to a $82.6 million increase in stock-based compensation and a $12.8 million increase in employee compensation and benefits associated with increased headcount following the acquisition of Beowulf E&D in May 2025 as well as larger employee base to support the Company’s long term growth strategy. In addition, selling, general and administrative expenses – related party increased $10.2 million during the three months ended June 30, 2026 primarily due to a $14.4 million charitable contribution to The TeraWulf Charitable Foundation in the form of Common Stock, partially offset by costs incurred pursuant to the Services Agreement with Beowulf E&D during three months ended June 30, 2025 prior to the acquisition of Beowulf E&D and the termination of the Services Agreement in May 2025.
Previous wording
Selling, general and administrative expenses increased by $81.0 million during the three months ended March 31, 2026 as compared to the same period in the prior year primarily due to of (i) a $62.7 million increase in stock-based compensation primarily related to PSU grants issued during the current-year period, (ii) an $11.8 million increase in employee compensation and benefits, including an $8.8 million increase in accrued bonuses and higher compensation costs associated with increased headcount following the acquisition of Beowulf E&D in May 2025, (iii) a $1.4 million increase in travel expenses and (iv) a $0.9 million increase in information technology, legal and other professional fees.
Current wording
Selling, general and administrative expenses increased by $183.4 million during the six months ended June 30, 2026 as compared to the same period in the prior year primarily due to (i) a $145.4 million increase in stock-based compensation, (ii) a $24.7 million increase in employee compensation and benefits associated with increased headcount following the acquisition of Beowulf E&D in May 2025 as well as larger employee base to support the Company’s long term growth strategy, and (iii) a $4.3 million increase in information technology, legal and other professional fees. In addition, selling, general and administrative expenses – related party increased $6.8 million during the six months ended June 30, 2026 primarily due to a $14.4 million charitable contribution to The TeraWulf Charitable Foundation in the form of Common Stock, partially offset by costs incurred pursuant to the Services Agreement with Beowulf E&D during six months ended June 30, 2025 prior to the acquisition of Beowulf E&D and the termination of the Services Agreement in May 2025.
Previous wording
Depreciation for the three months ended March 31, 2026 and 2025 was $28.5 million and $15.6 million, respectively, an increase of $12.9 million. The increase was primarily due to mining and HPC infrastructure constructed and placed in service during 2025 at the Lake Mariner Data Campus. Additionally, during the three months ended March 31, 2026 the Company recorded accelerated depreciation expense of $11.9 million related to a certain miner building and related miners of which the Company shortened their useful life based on expected shutdown of operations for purposes of supporting the HPC operations.
Current wording
Depreciation for the three months ended June 30, 2026 and 2025 was $21.2 million and $18.8 million, respectively, an increase of $2.4 million. Depreciation for the six months ended June 30, 2026 and 2025 was $49.7 million and $34.4 million, respectively. The increase was primarily due to mining and HPC infrastructure constructed and placed in service during 2025 at the Lake Mariner Data Campus. Additionally, during the three and six months ended June 30, 2026, the Company recorded accelerated depreciation expense of $2.6 million and $14.5 million related to a certain miner building and related miners of which the Company shortened their useful life based on expected shutdown of operations as well as certain electrical equipment acquired at the Justified Data Campus, each for purposes of supporting the HPC operations.
Previous wording
Loss on fair value of digital assets, net during the three months ended March 31, 2026 and 2025 was $0.7 million and $0.9 million due to the volatility in the price of bitcoin during the three months ended March 31, 2026 as compared to decreases in the price of bitcoin during three months ended March 31, 2025.
Current wording
Loss (gain) on fair value of digital assets, net during the three months ended June 30, 2026 and 2025 was $0.8 million and $(0.9) million, respectively. Loss (gain) on fair value of digital assets, net during the six months ended months ended June 30, 2026 and 2025 was $1.5 million and $(17,000), respectively, due to the volatility and fluctuations in the price of bitcoin during the three and six months ended June 30, 2026 as compared to the same periods in the prior year.
Previous wording
Impairment of property, plant, and equipment during the three months ended March 31, 2026 primarily due to $16.8 million impairment charge related to asset retirement costs assumed in connection with the Hawesville Site acquisition. The Company assumed an asset retirement obligation as part of the acquisition and recorded the related asset retirement cost in property, plant and equipment, net. Because the related acquired assets were not expected to provide future economic benefit, the capitalized asset retirement cost was fully impaired during the period. The increase was also driven by $8.9 million impairment charges related to the shutdown of a mining facility and the cessation of related bitcoin mining operations to support the Company’s transition to HPC operations.
Current wording
Impairment of property, plant, and equipment was $0 and $25.7 million during the three and six months ended June 30, 2026. Impairment of property, plant, and equipment during the six months ended June 30, 2026 was primarily due to $16.8 million impairment charge related to asset retirement costs assumed in connection with the Justified Data Campus acquisition. The Company assumed an asset retirement obligation as part of the acquisition and recorded the related asset retirement cost in property, plant and equipment, net. Because the related acquired assets were not expected to provide future economic benefit, the capitalized asset retirement cost was fully impaired during the period. The increase was also driven by $8.9 million impairment charges related to the shutdown of a mining facility and the cessation of related bitcoin mining operations to support the Company’s transition to HPC operations.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Interest expense during the six months ended June 30, 2026 and 2025 was $123.5 million and $8.1 million, respectively, an increase of $115.4 million. The increase is primarily attributed to increases in stated interest of $93.6 million and increase in amortization of debt issuance costs of $21.8 million related to the 2030 Secured Notes, 2031 Convertible Notes and 2032 Convertible Notes which were issued in 2025.