TeraWulf Inc. (WULF) Discusses Construction Progress, Liquidity, and Revenue Impact for Wulf Compute Financing Prepared Remarks Transcript

SA Transcripts158.8K FollowersFollow5ShareSaveCommentsQ4: 2026-02-26 Earnings SummaryPlay CallPlay CallTranscriptSlidesPR10-KEPS of -$0.27 misses by $0.11 | Revenue of $35.84M (2.43% Y/Y) misses by $8.27M TeraWulf Inc. (WULF) Discusses Construction Progress, Liquidity, and Revenue Impact for Wulf Compute Financing March 4, 2026 8:00 AM EST Company Participants John Larkin - Senior VP & Director of Investor RelationsPatrick Fleury - Chief Financial OfficerNazar Khan - Co-Founder, CTO & Executive DirectorSean Farrell - Chief Operating Officer Presentation John LarkinSenior VP & Director of Investor Relations Thank you, operator. Good morning, and welcome to TeraWulf Wulf Compute Lender Update Call. Joining me today are CFO, Patrick Fleury; CTO, Nazar Khan; and COO, Sean Farrell. Before we begin, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. Words such as anticipate, expect, believe, intend, estimate, project, could, should, will and similar expressions are intended to identify forward-looking statements. For a discussion of these risks, please refer to our filings with the SEC available at sec.gov and in the Investor Relations section of our website. We will also reference certain non-GAAP financial measures Reconciliations to the most comparable GAAP measures are available in our earnings release and filings. This update is intended to provide transparency on construction progress, liquidity and schedule relative to our Wulf Compute financing. With that, I'll turn the call over to our CFO, Patrick Fleury. Patrick FleuryChief Financial Officer Thank you, John. As of January 31, 2026, Wulf Compute had approximately $3 billion of gross cash or $2.6 billion net of debt service reserve and interest during construction accounts, with $850 million of CapEx spend complete and $2.38 billion remaining. That leaves approximately $200 million of cash cushion, which is incremental to the substantial contingency embedded in the financing structure. Schedule sequencing adjustments have shifted approximately $16 million of projected revenue in years 2025 and 2026 into later periods. Importantly, design optimization