TeraWulf Inc.

Greetings and welcome to the TerraWulf Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. A question and answer session will follow the prepared remarks. Please note that this call is being recorded. I will now turn the call over to John Larkin, Senior Vice President and Director of Investor Relations with TerraWulf. Please go ahead.

Good morning and welcome to TerraWulf's second quarter 2026 earnings call. Joining me today are Chairman and CEO Paul Prager, our CTO Nazar Khan, and our CFO Patrick Fleury. 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 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 gap measures are available in our earnings release and filings. With that, I will turn the call over to our Chairman and CEO, Paul Prager.

Thanks, John, and good morning, everyone. The second quarter was defined by execution and expansion. At Lake Mariner, we converted additional contracted capacity into operating infrastructure and recurring lease revenue. At the same time, we expanded the platform through the acquisition of Muskie. Following quarter end, we executed a 401 megawatt lease with Anthropic at the Justified Data Campus and entered into an agreement to monetize our interest in the Abernathy joint venture. Taken together, these developments demonstrate the model we've been building, which is to secure power-advantaged infrastructure, contract with high-quality customers, deliver capacity in phases, and selectively recycle capital into the next generation of growth. Our number one priority remains execution. You see that most clearly at Lake Mariner. CB3 was fully delivered and generating lease revenue in early July, bringing total revenue generating critical IT capacity at the campus to 102 megawatts. That delivery also satisfied the applicable conditions for $600 million of Google's credit support for fluid stacks obligations to become effective. CB3, therefore, represents more than just a construction milestone. It is another building delivered, another contracted revenue stream online, and a significant portion of the credit support behind the project now effective. Following quarter end, we also amended certain fluid stack leases. Those amendments increased contracted capacity, added rent associated with tenant requested scope changes, and established updated delivery schedules on a data hall by data hall basis. Nazar will cover construction and commissioning in greater detail, but the key milestones are straightforward. At CB4, we remain on track to begin energizing the first data hall in late September. At CB5, we expect to begin energizing the first data hall in very early January. The first data hall at CB4 is already in commissioning, and we continue to work closely with Fluidstack, Google, and the broader project team to align infrastructure readiness with hardware deployment. The important point here is that CB3 is online and generating revenue. CB4 is in commissioning, and CB5 is advancing against the updated customer-aligned schedule.