TERAWULF INC.

TeraWulf Inc. (Nasdaq: WULF) is a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing workloads including artificial intelligence, machine learning, and advanced cloud applications. The company's website is www.terawulf.com.

TeraWulf operates through a differentiated infrastructure-first business model that emphasizes long-term control of utility-scale assets, including land through ownership or long-term ground leases, interconnection rights, electrical and cooling infrastructure, and on-site generation where applicable. The company pairs compute-optimized facilities with reliable, long-duration power resources to deliver resilient, cost-efficient capacity to hyperscale and enterprise customers through long-term hosting arrangements.

The company's contracted HPC platform consists of two primary campuses. The Lake Mariner Data Campus, located in Barker, New York, operates 245 megawatts of legacy bitcoin mining capacity and 18 megawatts of critical IT HPC capacity, with potential expansion to approximately 750 megawatts. The Abernathy HPC Campus in Texas is being developed through a joint venture with 50.1% ownership by TeraWulf and is designed for 168 megawatts of critical IT load. Together, these campuses have contracted 522 megawatts of critical IT load with long-dated revenue visibility. The company also holds a long-term ground lease in Lansing, New York, the Cayuga Site, which could support up to 400 megawatts of gross capacity.

While TeraWulf currently derives the majority of its revenue from bitcoin mining operations, HPC hosting is now the company's primary growth driver and operating focus. The company targets contracting approximately 250 to 500 megawatts of new critical IT HPC capacity annually. TeraWulf maintains a workforce of 141 full-time employees, primarily located in New York and Maryland, with no unionized labor. The company's senior management team brings decades of experience in energy infrastructure development and operations, supported by its wholly owned subsidiary Beowulf Electricity & Data LLC, which provides construction, technical, engineering, and operational expertise.