Terawulf Inc

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paragraph:5: Document TeraWulf Reports Second Quarter 2026 Results 102 MW of revenue-generating critical IT capacity online at Lake Mariner, with an additional 336 MW under construction and delivery expected within cost and schedule guidance Expands power-backed platform in Kentucky through ~$19 billion Anthropic lease at Justified and acquisition of the gigawatt-scale Muskie Data Campus Agrees to monetize Abernathy Joint Venture interest for ~$530 million and reaffirms target of contracting 250–500 MW of incremental critical IT capacity annually EASTON, Md. – August 5, 2026 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced its financial results for the second quarter ended June 30, 2026 and provided an update on its operations, development activities and strategic execution. Second Quarter 2026 Financial Highlights • Generated second-quarter revenue of $44.8 million, including $31.9 million of HPC lease revenue, representing approximately 71% of total revenue. • Ended the quarter with approximately $3.0 billion of cash and restricted cash, maintaining substantial liquidity to fund contracted development and future growth. Q2 2026 Operational and Development Highlights • Operated 81 MW of revenue-generating critical IT capacity at Lake Mariner as of June 30, 2026 and completed delivery of CB-3 in early July, increasing revenue-generating capacity to 102 MW and satisfying the applicable conditions for $600 million of Google’s credit support for Fluidstack’s lease obligations to become effective. • Continued construction of an additional 336 MW across CB-4 and CB-5. The first CB-4 data hall has entered commissioning, with phased delivery and rent commencement expected during the second half of 2026, while CB-5 remains targeted to begin phased delivery in early 2027. WULF Compute continues to progress within the Company’s previously disclosed cost guidance of $8-10 million per critical IT MW. • Acquired the Muskie Data Campus in Eastern Kentucky and entered into electric service and related infrastructure agreements with Kentucky Power Company providing for up to 1 GW of contracted electric service. Subsequent Events • Entered into a 20-year data center lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus. The lease represents approximately $19 billion of contracted revenue over the initial term and up to approximately $33 billion if Anthropic exercises both five-year extension options. • Entered into an agreement to sell the Company’s entire 50.1% interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530 million.

paragraph:6: • Received FERC authorization for the proposed acquisition of the Morgantown generating station, clearing a significant regulatory condition toward closing and development of the up to 1 GW Chesapeake Data Campus. Management Commentary Paul Prager, Chairman and Chief Executive Officer of TeraWulf, commented: “The second quarter demonstrates that TeraWulf is moving from platform formation to scaled execution. At Lake Mariner, we delivered additional contracted capacity and converted it into recurring lease revenue. In Kentucky, we established the next phase of growth through the Anthropic lease at Justified and the acquisition of the gigawatt-scale Muskie Data Campus. These are not isolated developments. They reflect a repeatable model built around controlling power-advantaged infrastructure, securing long-duration customer contracts and delivering capacity in phases. As access to power becomes the defining constraint on AI infrastructure development, we believe our ability to combine energy expertise, infrastructure control and execution at scale will become increasingly valuable. Our agreement to monetize Abernathy reflects the same discipline. We are prepared to realize value where appropriate and redeploy capital toward larger-scale opportunities where we have greater control over the infrastructure, customer relationship and long-term economics. Our objective is not simply to accumulate megawatts—it is to build a durable, capital-efficient platform that compounds value for shareholders." Patrick Fleury, Chief Financial Officer of TeraWulf, added: “The second quarter marked another meaningful step in the transformation of our financial profile, with HPC leasing representing approximately 71% of total revenue. The delivery of CB-3 also unlocked $600 million of Google’s credit support for Fluidstack’s lease obligations. This is an important credit milestone that further strengthens the contracted revenue profile of the Lake Mariner buildout. With substantial liquidity and access to project-level financing, we have the flexibility to complete our contracted developments and fund the next phase of growth. We remain focused on matching capital deployment to contracted demand and selectively recycling capital when doing so improves control, scale and long-term shareholder returns.” Infrastructure Platform Expansion TeraWulf continues to expand its national platform beyond its flagship Lake Mariner Data Campus, focusing on power-advantaged sites capable of supporting large-scale, phased HPC development. Justified Data Campus - Hawesville, Kentucky Justified is a large-scale HPC campus with access to up to approximately 480 MW of gross power capacity, an energized on-site substation, existing high-voltage transmission infrastructure and more than 250 buildable acres. Subsequent to quarter-end, TeraWulf entered into a 20-year lease with Anthropic for approximately 401 MW of critical IT capacity, with initial delivery expected in the second half of 2027 and full delivery expected in early 2028.

paragraph:7: Muskie Data Campus - Grayson, Kentucky Acquired in May 2026, Muskie comprises approximately 308 acres in Eastern Kentucky. Electric service and related infrastructure agreements with Kentucky Power Company provide for up to 1 GW of contracted electric service, with initial service expected in the fourth quarter of 2028 and phased development thereafter. Chesapeake Data Campus - Morgantown, Maryland Chesapeake is an existing grid-connected generation site with approximately 210 MW of operational capacity, substantial electrical infrastructure and significant long-term expansion potential. On July 29, 2026, FERC authorized the pending acquisition of the Morgantown generating station. Subject to the remaining closing conditions and required approvals, the site could support an integrated generation, energy-storage and data center campus capable of scaling to up to 1 GW, with initial data center operations currently contemplated for 2030. New York Platform - Lake Mariner and Lake Hawkeye

paragraph:8: In New York, TeraWulf continues to expand its flagship Lake Mariner Data Campus while advancing Lake Hawkeye as a longer-term redevelopment opportunity. In addition to the 102 MW of revenue-generating critical IT capacity and 336 MW currently under construction at Lake Mariner, the Company is pursuing 250 MW of incremental power capacity, subject to applicable interconnection approval. Lake Hawkeye encompasses approximately 183 leased acres at a former industrial site with existing electrical infrastructure and, subject to permitting and site development, has the potential to support approximately 400 MW of gross capacity, or approximately 320 MW of critical IT load, with operations not currently contemplated until approximately 2029. Strategic Positioning TeraWulf’s development model is focused on controlling power-advantaged infrastructure, securing long-duration, credit-supported customer contracts, aligning capital deployment with contracted demand and financing and delivering capacity in sequential phases. The Muskie acquisition, Anthropic lease and agreement to monetize the Company’s interest in the Abernathy Joint Venture demonstrate the repeatability of this model across site acquisition, customer contracting, project execution and capital recycling. Against this backdrop, TeraWulf reaffirms its target of contracting 250 MW to 500 MW of incremental critical IT capacity annually. The Company intends to pursue that growth selectively, prioritizing opportunities with secured power, clear customer demand, scalable infrastructure and attractive risk-adjusted returns. Investor Conference Call and Webcast The Company will host its earnings conference call and webcast for the second quarter ended June 30, 2026, today, August 5, 2026, at 8:00 a.m. Eastern Time. The call will be available for replay in the “News & Events” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

paragraph:9: About TeraWulf TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

paragraph:10: Investors : Investors@terawulf.com Media : media@terawulf.com CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2026 AND DECEMBER 31, 2025 (In thousands, except number of shares and par value; unaudited) June 30, 2026 December 31, 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,619,191 $ 3,266,389 Restricted cash 142,938 189,933 Accounts receivable 13,202 1,212 Digital assets 133 270 Prepaid expenses 18,314 6,272 Other current assets 12,726 14,197 Total current assets 2,806,504 3,478,273 Property, plant and equipment, net 3,600,191 1,507,699 Equity in net assets of investee 424,062 446,008 Goodwill 55,457 55,457 Operating lease right-of-use asset 101,754 103,975 Finance lease right-of-use asset 117,814 119,338 Restricted cash 266,479 266,453 Deferred charges 572,599 572,888 Restricted trust investments 20,607 — Other assets 82,928 8,091 TOTAL ASSETS $ 8,048,395 $ 6,558,182 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 197,812 $ 65,139 Accrued construction liabilities 287,461 102,582 Accrued interest 57,292 52,775 Other current liabilities 159,472 74,170 Other amounts due to related parties 664 200 Current portion of deferred rent liability 49,682 58,184 Current portion of operating lease liability 2,102 2,015 Current portion of finance lease liability 2 2

paragraph:11: Warrant liabilities 1,816,690 844,698 Current portion of long-term debt 90,718 46,316 Short-term convertible notes 1,101,976 489,767 Total current liabilities 3,763,871 1,735,848 Deferred rent liability, net of current portion 944 23,285 Operating lease liability, net of current portion 21,220 22,309 Finance lease liability, net of current portion 288 289 Long-term debt 3,019,335 3,052,240 Convertible notes 1,001,083 1,582,788 Deferred tax liabilities 132 76 Other liabilities 93,994 902 TOTAL LIABILITIES 7,900,867 6,417,737 Commitments and Contingencies (See Note 12) EQUITY: Preferred stock, $0.001 par value, 100,000,000 authorized at June 30, 2026 and December 31, 2025; none issued and outstanding at June 30, 2026 and December 31, 2025; aggregate liquidation preference of $0 at June 30, 2026 and December 31, 2025 — — Common stock, $0.001 par value, 950,000,000 authorized at June 30, 2026 and December 31, 2025; 522,901,181 and 444,534,694 issued at June 30, 2026 and December 31, 2025, respectively; 498,932,431 and 420,065,944 outstanding at June 30, 2026 and December 31, 2025, respectively 523 444 Additional paid-in capital 2,656,313 1,285,202 Treasury stock at cost, 23,968,750 and 24,468,750 at June 30, 2026 and December 31, 2025, respectively (148,309) (151,509) Accumulated deficit (2,361,243) (993,692) Total TeraWulf Inc. stockholders' equity 147,284 140,445 Noncontrolling interests 244 — Total equity 147,528 140,445 TOTAL LIABILITIES AND

paragraph:12: EQUITY $ 8,048,395 $ 6,558,182 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands, except number of shares and loss per common share) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue:

paragraph:13: Digital asset revenue $ 12,835 $ 47,636 $ 25,825 $ 82,041 HPC lease revenue 31,932 — 52,954 — Total revenue 44,767 47,636 78,779 82,041 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 12,400 22,094 14,761 46,647 Operating expenses 21,705 2,039 30,721 3,183 Operating expenses – related party 1,733 1,475 3,919 3,223 Selling, general and administrative expenses 112,411 9,996 240,016 56,569 Selling, general and administrative expenses – related party 14,529 4,292 14,688 7,863 Depreciation 21,241 18,786 49,718 34,360 Loss (gain) on fair value of digital assets, net 799 (887) 1,452 (17) Change in fair value of contingent consideration — 1,600 — 1,600 Impairment of property, plant, and equipment — 25,697 — Loss on disposals of property, plant, and equipment 399 3,831 399 3,831 Total costs and expenses 185,217 63,226 381,371 157,259 Operating loss (140,450) (15,590) (302,592) (75,218) Interest expense (56,389) (4,012) (123,460) (8,061) Change in fair value of warrants (755,667) — (971,992) — Loss on extinguishment of debt (7,116) — (7,116) — Interest income 28,956 1,232 58,367 3,491 Other income 930 — 930 — Loss before income tax and equity in net loss of investee (929,736) (18,370) (1,345,863) (79,788) Income tax provision (28) — (56) — Equity in net loss of investee, net of tax (11,063) — (22,611) — Net loss (940,827) (18,370) (1,368,530) (79,788) Less: net loss attributable to noncontrolling interests (910) — (979) — Net loss attributable to TeraWulf Inc $ (939,917) $ (18,370) $ (1,367,551) $ (79,788) Loss per common share: Basic and diluted $ (1.94) $ (0.05) $ (3.01) $ (0.21)

paragraph:14: Weighted average common shares outstanding: Basic and diluted 485,734,901 386,895,095 454,540,588 385,032,650 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (In thousands; unaudited) Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (1,368,530) $ (79,788) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Amortization of debt issuance costs, commitment fees and accretion of debt discount 23,000 1,215 Related party expense settled with respect to common stock — 2,375 Stock-based compensation expense 185,357 39,978 Stock-based charitable contribution 14,390 — Depreciation 49,718 34,360 Accretion of asset retirement obligations 435 — Change in asset retirement obligations estimate 15 — Amortization of right-of-use asset 3,745 1,435 Revenue recognized from digital assets mined and hosting services (25,825) (82,041) Loss (gain) on fair value of digital assets, net 1,452 (17) Change in fair value of contingent consideration — 1,600 Impairment of property, plant, and equipment 25,697 — Loss on disposals of property, plant, and equipment 399 3,831 Change in fair value of warrants 971,992 — Loss on extinguishment of debt 7,116 — Deferred income tax provision 56 — Other income (43) — Equity in net loss of investee, net of tax 22,611 — Changes in operating assets and liabilities: Increase in accounts receivable (12,123) (544) Increase in prepaid expenses (12,042) (3,259) Increase in other current assets (7,416) (1,027) Decrease in deferred charges 289 — Decrease (increase) in other assets 5,348 (7,700) Increase in accounts payable 5,584 355 (Decrease) increase in accrued interest and other current liabilities (12,394) 1,770 Increase (decrease) in other amounts due to related parties 464 (750)

paragraph:15: (Decrease) increase in deferred rent liability (30,843) 90,000 Decrease in operating lease liability (1,003) (43) Decrease in other liabilities (1,749) (73) Net cash (used in) provided by operating activities (154,300) 1,677 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of and deposits on plant and equipment (1,378,514) (213,629) Proceeds from sales of property, plant and equipment 68 1,882 Cash paid for asset acquisition (231,350) — Acquisition of a business, net of cash acquired — (2,731) Purchase of securities (20,563) — Proceeds from sale of digital assets 24,643 82,382 Net cash used in investing activities (1,605,716) (132,096) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of short-term debt, net of issuance costs paid of $7,250 and $0 92,750 — Repayment of short-term debt (100,075) — Payment of debt issuance costs for revolving credit facility (2,145) — Proceeds from issuance of common stock, net of issuance costs paid of $35,864 and $0 1,199,820 — Proceeds from exercise of warrants 7,038 — Purchase of treasury stock — (33,292) Payments of tax withholding related to net share settlements of stock-based compensation awards (131,539) (18,936) Net cash provided by (used in) financing activities 1,065,849 (52,228) Net change in cash and cash equivalents (694,167) (182,647) Cash, cash equivalents and restricted cash at beginning of period 3,722,775 274,065 Cash, cash equivalents and restricted cash at end of period $ 3,028,608 $ 91,418 Cash paid during the period for: Interest $ 131,072 $ 7,114 Income taxes $ — $ — Non-GAAP Measure The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset, accretion of asset retirement obligations, related party expenses settled with respect to Common Stock and stock-

paragraph:16: based charitable contribution to The TeraWulf Charitable Foundation which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net loss of investee, net of tax, related to the Abernathy Joint Venture; (iv) interest income and other income for which management believes are not reflective of the Company’s ongoing operating activities; (v) change in fair value of warrant liabilities, changes in fair value of contingent consideration, loss on extinguishment of debt, loss on disposals of property, plant and equipment and impairment of property, plant and equipment which are not reflective of the Company’s general business performance; and (vi) acquisition-related transaction costs which management believes are not reflective of the Company’s ongoing operating activities. Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that Adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

paragraph:17: The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss attributable to TeraWulf, Inc $ (939,917) $ (18,370) $ (1,367,551) $ (79,788) Net loss attributable to non-controlling interest (910) — (979) — Net loss (940,827) (18,370) (1,368,530) (79,788) Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: Equity in net loss of investee, net of tax 11,063 — 22,611 — Income tax provision 28 — 56 — Other income (930) — (930) — Interest income (28,956) (1,232) (58,367) (3,491) Loss on extinguishment of debt 7,116 — 7,116 — Change in fair value of warrants 755,667 — 971,992 — Interest expense 56,389 4,012 123,460 8,061 Loss on disposals of property, plant, and equipment 399 3,831 399 3,831 Impairment of property, plant, and equipment — — 25,697 — Change in fair value of contingent consideration — 1,600 — 1,600 Depreciation 21,241 18,786 49,718 34,360 Accretion of asset retirement obligations 267 — 435 — Amortization of right-of-use asset 1,874 750 3,745 1,435 Stock-based compensation expense 83,939 1,304 185,357 39,978 Stock-based charitable contribution 14,390 — 14,390 — Related party expense settled with respect to common stock — 2,375 — 2,375 Acquisition-related transaction costs — 1,475 438 1,475 Non-GAAP Adjusted EBITDA $ (18,340) $ 14,531 $ (22,413) $ 9,836

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paragraph:5: Document TeraWulf Expands Infrastructure Platform with Acquisition of 1+ GW Eastern Kentucky HPC Campus New “Muskie Data Campus” establishes one of the largest scalable AI and HPC development sites in Kentucky EASTON, Md. – May 26, 2026 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure, today announced the acquisition of a hyperscale high-performance computing (“HPC”) development site strategically located in Eastern Kentucky (the “Muskie Data Campus”). The acquisition meaningfully expands TeraWulf’s portfolio of large-scale, energy-advantaged digital infrastructure campuses and advances the Company’s strategy of developing shovel-ready AI and HPC sites with long-term power availability, robust transmission infrastructure, and strong community alignment. The Muskie Data Campus, acquired from Industrial Equity Partners (“IEP”), is expected to support more than 1 gigawatt (“GW”) of data center capacity over time. Delivery of the initial 500 megawatts (“MW”) is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for delivery in the second half of 2030. Jake Bronstein and Michael MacDougall, speaking on behalf of IEP, said, “We have long believed the Muskie Data Campus represented a compelling opportunity for large-scale digital infrastructure development in Eastern Kentucky. We believe TeraWulf brings the infrastructure expertise, power strategy, and execution capabilities needed to realize the project’s full potential.” Located within the 1,000-acre EastPark Industrial Park, the site includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure, with optional adjacent acreage to support future expansion. Regional economic development leaders have identified the project as one of the most significant economic development opportunities in northeastern Kentucky in decades. Kentucky Power, an AEP Company, is 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+ GW campus. Transmission infrastructure and energy service agreements were executed concurrently with the acquisition pursuant to the applicable Industrial General Service tariff structure for large loads, establishing a clear pathway to long-term, large-scale power delivery. The site is already zoned for its intended use, with permitting activities underway and limited site work required to support data center construction. The Company believes the Muskie Data Campus provides a clear line of sight to near-term construction commencement and accelerated time-to-power relative to many competing development opportunities. TeraWulf intends to work collaboratively with regional educational and workforce development institutions to support workforce training and long-term economic development initiatives associated with the Muskie Data Campus. Management Commentary “This acquisition further reinforces the strategy we discussed on our first quarter earnings call: securing and developing large-scale, power-advantaged sites capable of supporting the next generation of HPC workloads,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. “As we said then, the defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty. The Muskie Data Campus directly aligns with that thesis.” Prager continued, “Muskie combines scalable power, robust transmission infrastructure, development readiness, and strategic regional positioning in a way that is increasingly difficult to replicate. The campus will be purpose-built around utility-scale infrastructure, including dedicated transmission investments and long-term power delivery planning designed specifically to support hyperscale AI workloads.” “TeraWulf is fundamentally a power infrastructure company that builds digital infrastructure, not the other way around,” added Prager. “Our ability to identify, secure, and develop sites like Muskie reflects the advantages of our integrated approach and deep experience operating complex energy infrastructure assets. Muskie further expands our multi-campus development pipeline and strengthens our ability to serve large-scale AI and HPC customers across multiple regions and power markets.” Prager concluded, “This project also reflects an important core strategy at TeraWulf: disciplined growth. We continue to focus on sites with durable power control, scalable expansion potential, strong utility relationships, and clear pathways to commercialization. Muskie is an excellent example of that strategy in action.” TeraWulf expects the Muskie Data Campus to serve as a transformational economic development initiative for the region, with support from the Governor’s office, local county leadership, and regional economic development authorities. The project is expected to generate substantial construction activity, long-term skilled employment opportunities, workforce development initiatives, infrastructure investment, and incremental tax revenue over time. Along with the Company's 480 MW Justified Data campus in Hancock County, the Muskie Data Campus represents TeraWulf’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. About TeraWulf TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to innovation and operational excellence, with a mission to lead the market in large-scale digital infrastructure by serving both its own compute requirements and those of top-tier HPC clients as a trusted hosting partner. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete our data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with our data centers and our ability perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov. Investors : Investors@terawulf.com Media : media@terawulf.com

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paragraph:5: Document TeraWulf Reports Second Quarter 2025 Results On schedule and on budget to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025. Advanced process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026. BTC mining capacity increased 45.5% year-over-year to 12.8 EH/s. EASTON, Md. – August 8, 2025 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the second quarter ended June 30, 2025. Second Quarter 2025 GAAP Operational & Financial Highlights • Revenue was $47.6 million, compared to $35.6 million in Q2 2024. • Cost of revenue (excluding depreciation) was $22.1 million, compared to $13.9 million in Q2 2024. • BTC mining capacity grew 45.5% year-over-year to 12.8 EH/s. Key GAAP Metrics ($ in thousands) Three Months Ended Q2 2025 Three Months Ended Q2 2024 Revenue $ 47,636 $ 35,574 Cost of revenue (exclusive of depreciation) $ 22,094 $ 13,918 Cost of revenue as % of revenue 46.4 % 39.1 % Second Quarter 2025 Non-GAAP Operational and Financial Highlights • Self-mined 485 bitcoin at the Lake Mariner Facility, compared to 699 bitcoin in Q2 2024. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024. • Total value of self-mined bitcoin 1 was $47.6 million, compared to $46.1 million in Q2 2024. • Power cost per bitcoin was $45,555, compared to $22,954 in Q2 2024, reflecting the halving, rising network difficulty, and short-term power price volatility. • Adjusted EBITDA was $14.5 million, compared to $19.5 million in Q2 2024. 1 Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf's net share of bitcoin produced at the Nautilus Cryptomine Facility in Q2 2024.

paragraph:6: Key Non-GAAP Metrics 2 Three Months Ended Q2 2025 Three Months Ended Q2 2024 Bitcoin Self-Mined 3 485 699 Value per Bitcoin Self-Mined 4 $ 98,219 $ 65,984 Power Cost per Bitcoin Self-Mined $ 45,555 $ 22,954 TeraWulf operational hashrate (EH/s) 5 12.2 8.0 Management Commentary “TeraWulf continues to execute on its strategy to develop scalable, sustainable digital infrastructure to support both high-performance computing (HPC) hosting and proprietary Bitcoin mining,” said Paul Prager, Chief Executive Officer of TeraWulf. “During the second quarter, we made remarkable progress toward delivering Core42’s contracted 72.5 MW of HPC capacity. The Company commenced earning revenues in July with its delivery of WULF Den and expects delivery of and revenue generation for CB-1 this month and CB-2 in the fourth quarter, as previously guided. At the same time, we are in advanced discussions to expand HPC hosting deployments at Lake Mariner and are actively pursuing additional sites to support our long-term growth pipeline.” Prager continued, “We continue to see strong demand from enterprise and hyperscale customers for low-cost, zero-carbon compute infrastructure. At Lake Mariner, we have secured interconnection approval to draw 500 MW from the grid, with additional approvals pending to reach up to 750 MW. Our ability to scale quickly provides a meaningful advantage in today’s race to secure power and compute capacity. We remain laser-focused on expanding our platform to meet customer demand and building a high-value business with long-term, durable cash flow.” Patrick Fleury, Chief Financial Officer, added, “We will begin recognizing revenue from HPC hosting in the third quarter of 2025, marking a key inflection point in our financial profile. With our previously announced financing strategies underway and a disciplined approach to capital allocation, we are confident in our ability to scale responsibly while driving meaningful value for shareholders.” Second Quarter 2025 GAAP Financial Results Revenue for the second quarter increased 34% year-over-year to $47.6 million, reflecting a higher average bitcoin price and expanded mining capacity partially offset by anticipated headwinds from the April 2024 halving and increased network difficulty. Cost of revenue, exclusive of depreciation, increased 59% year-over-year to $22.1 million, driven by greater infrastructure utilization and slightly higher power costs in Upstate New York. 2 The Company's share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q2 2024 is reflected within "Equity in net income (loss) of investee, net of tax" in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf's condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates. 3 Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company. 4 Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned. 5 While nameplate at the Lake Mariner Facility was 12.8 EH/s as of June 30, 2025 and was 8.8 EH/s for TeraWulf’s two facilities as of June 30, 2024, 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.

paragraph:7: Liquidity and Capital Resources As of June 30, 2025, the Company held $90.0 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company's 2.75% convertible senior notes due 2030. As of August 6, 2025, TeraWulf had 391,926,373 shares of common stock outstanding. Investor Conference Call and Webcast TeraWulf expects to file its quarterly report on Form 10-Q for the second quarter ended June 30, 2025 after market close on Friday, August 8, 2025. The Company is rescheduling its previously announced earnings conference call, originally set for 8:00 a.m. Eastern Time on August 8, to early next week. The rescheduled date and time will be announced via a subsequent press release and posted in the “Events & Presentations” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/. About TeraWulf TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to innovation and operational excellence, with a mission to lead the market in large-scale digital infrastructure by serving both its own compute requirements and those of top-tier HPC clients as a trusted hosting partner. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a

paragraph:8: result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov. Non-GAAP Measures We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures. Investors : Investors@terawulf.com Media : media@terawulf.com CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 (In thousands, except number of shares, per share amounts and par value) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 89,993 $ 274,065 Accounts receivable 1,172 475 Digital currency — 476 Prepaid expenses 2,939 2,493 Other receivables 4,524 3,799 Other current assets 487 123 Total current assets 99,115 281,431 Property, plant and equipment, net 604,760 411,869

paragraph:9: Goodwill 55,457 — Operating lease right-of-use asset 92,735 85,898 Finance lease right-of-use asset 7,114 7,285 Restricted cash 1,425 — Other assets 8,802 1,028 TOTAL ASSETS 869,408 787,511 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable 38,834 24,382 Accrued construction liabilities 20,929 16,520 Accrued compensation 4,078 4,552 Accrued interest 2,292 2,559 Other accrued liabilities 6,135 2,414 Other amounts due to related parties 15 1,391 Deferred revenue 687 — Contingent consideration liabilities 30,000 — Current portion of deferred rent liability 47,716 — Current portion of operating lease liability 616 25 Current portion of finance lease liability 2 2 Total current liabilities 151,304 51,845 Deferred rent liability, net of current portion 42,284 — Operating lease liability, net of current portion 11,255 3,427 Finance lease liability, net of current portion 290 292 Convertible notes 488,716 487,502 Other liabilities 1,227 — TOTAL LIABILITIES 695,076 543,066 Commitments and Contingencies (See Note 12) STOCKHOLDERS’ EQUITY: Preferred stock, $0.001 par value, 100,000,000 authorized at June 30, 2025 and December 31, 2024; 9,566 issued and outstanding at June 30, 2025 and December 31, 2024; aggregate liquidation preference of $13,248 and $12,609 at June 30, 2025 and December 31, 2024, respectively 9,273 9,273 Common stock, $0.001 par value, 600,000,000 authorized at June 30, 2025 and December 31, 2024; 414,599,543 and 404,223,028 issued and outstanding at June 30, 2025 and December 31, 2024, respectively 415 404 Additional paid-in capital 728,217 685,261 Treasury stock at cost, 24,468,750 and 18,568,750 at June 30, 2025 and December 31, 2024, respectively (151,509) (118,217)

paragraph:10: Accumulated deficit (412,064) (332,276) Total stockholders' equity 174,332 244,445 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 869,408 $ 787,511 CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025, AND 2024 (In thousands, except number of shares and loss per common share) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 47,636 $ 35,574 $ 82,041 $ 78,007 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 22,094 13,918 46,647 28,326 Operating expenses 2,039 797 3,183 1,582 Operating expenses – related party 1,475 875 3,223 1,763 Selling, general and administrative expenses 9,996 9,113 56,569 21,402 Selling, general and administrative expenses – related party 4,292 2,803 7,863 5,423 Depreciation 18,786 14,133 34,360 29,221 (Gain) loss on fair value of digital currency, net (887) 700 (17) (629) Change in fair value of contingent consideration 1,600 — 1,600 — Loss on disposals of property, plant, and equipment 3,831 — 3,831 — Total costs and expenses 63,226 42,339 157,259 87,088 Operating loss (15,590) (6,765) (75,218) (9,081) Interest expense (4,012) (5,325) (8,061) (16,370) Loss on extinguishment of debt — — — (2,027) Interest income 1,232 447 3,491 947 Loss before income tax and equity in net income of investee (18,370) (11,643) (79,788) (26,531) Income tax benefit — — — — Equity in net income of investee, net of tax — 767 — 6,042 Net loss $ (18,370) $ (10,876) $ (79,788) $ (20,489) Loss per common share: Basic and diluted $ (0.05) $ (0.03) $ (0.21) $ (0.07)

paragraph:11: Weighted average common shares outstanding: Basic and diluted 386,895,095 340,662,826 385,032,650 315,714,178 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025, AND 2024 (In thousands) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (79,788) $ (20,489) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of debt issuance costs, commitment fees and accretion of debt discount 1,215 10,691 Related party expense settled with respect to common stock 2,375 — Stock-based compensation expense 39,978 11,773 Depreciation 34,360 29,221 Amortization of right-of-use asset 1,435 503 Revenue recognized from digital currency mined and hosting services (82,041) (77,477) Gain on fair value of digital currency, net (17) (629) Proceeds from sale of digital currency — 97,559 Digital currency paid as consideration for services — 210 Change in fair value of contingent consideration 1,600 — Loss on disposals of property, plant, and equipment 3,831 — Loss on extinguishment of debt — 2,027 Equity in net income of investee, net of tax — (6,042) Changes in operating assets and liabilities: Increase in accounts receivable (544) — (Increase) decrease in prepaid expenses (3,259) 1,690 Increase in other receivables (670) (1,553) (Increase) decrease in other current assets (357) 301 (Increase) decrease in other assets (7,700) 22 Increase (decrease) in accounts payable 355 (6,267) Increase (decrease) in accrued compensation, accrued interest and other accrued liabilities 1,083 (1,946) Decrease in other amounts due to related parties (750) (344) Increase in deferred revenue 687 — Increase in deferred rent liability 90,000 — Decrease in operating lease liability (43) (23) Decrease in other liabilities (73) — Net cash provided by operating activities 1,677 39,227

paragraph:12: CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of and deposits on plant and equipment (213,629) (93,579) Proceeds from sales of property, plant and equipment 1,882 — Acquisition of a business, net of cash acquired (2,731) — Proceeds from sale of digital currency 82,382 — Net cash used in investing activities (132,096) (93,579) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt — (63,568) Payments of prepayment fees associated with early extinguishment of long-term debt — (314) Principal payments on insurance premium and property, plant and equipment financing — (1,570) Proceeds from issuance of common stock, net of issuance costs paid of $0 and $615 — 173,237 Proceeds from exercise of warrants — 1,901 Purchase of treasury stock (33,292) — Payments of tax withholding related to net share settlements of stock-based compensation awards $ (18,936) $ (5,664) Net cash (used in) provided by financing activities $ (52,228) $ 104,022 Net change in cash and cash equivalents (182,647) 49,670 Cash, cash equivalents and restricted cash at beginning of period 274,065 54,439 Cash, cash equivalents and restricted cash at end of period 91,418 104,109 Cash paid during the period for: Interest 7,114 6,214 Income taxes $ — $ — Non-GAAP Measure The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset, related party expense settled with respect to Common Stock, which are non-cash items that the Company believes are not reflective of its general business performance and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; (v) acquisition-related transaction costs which management believes is not reflective of the Company’s ongoing operating activities; and (vi) loss on extinguishment of debt and loss on disposals of property, plant and equipment, which are not reflective of the Company’s general business performance. The

paragraph:13: Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus. Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue. The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

paragraph:14: The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (18,370) $ (10,876) $ (79,788) $ (20,489) Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: Equity in net income of investee, net of tax — (767) — (6,042) Distributions from investee, related to Nautilus — 7,065 — 19,087 Income tax benefit — — — — Interest income (1,232) (447) (3,491) (947) Loss on disposals of property, plant, and equipment 3,831 — 3,831 — Loss on extinguishment of debt — — — 2,027 Change in fair value of contingent consideration 1,600 — 1,600 — Interest expense 4,012 5,325 8,061 16,370 Depreciation 18,786 14,133 34,360 29,221 Amortization of right-of-use asset 750 251 1,435 503 Stock-based compensation expense 1,304 4,842 39,978 11,773 Related party expense settled with respect to common stock 2,375 — 2,375 — Acquisition-related transaction costs 1,475 — 1,475 — Non-GAAP Adjusted EBITDA $ 14,531 $ 19,526 $ 9,836 $ 51,503

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paragraph:6: TeraWulf Reports First Quarter 2025 Results Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025. Initiated process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026. Energized Miner Building 5, bringing total capacity to 245 MW and increasing hashrate to 12.2 EH/s, up 52.5% year-over-year. Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s. Held $219.6 million in cash and bitcoin holdings as of March 31, 2025. Repurchased $33 million of Common Stock to date in 2025. EASTON, Md. – May 9, 2025 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the first quarter ended March 31, 2025. First Quarter 2025 GAAP Operational & Financial Highlights • Revenue was $34.4 million, compared to $42.4 million in Q1 2024. • Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024. • Self-mining capacity grew 52.5% year-over-year to 12.2 EH/s. Key GAAP Metrics ($ in thousands) Three Months Ended Q1 2025 Three Months Ended Q1 2024 Revenue $ 34,405 $ 42,433 Cost of revenue (exclusive of depreciation) $ 24,553 $ 14,408 Cost of revenue as % of revenue 71.4 % 34.0 % First Quarter 2025 Non-GAAP Operational and Financial Highlights • Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024. • Total value of self-mined bitcoin1 was $34.4 million, compared to $56.5 million in Q1 2024. • Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex. • Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024. 1 Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf's net share of bitcoin produced at the Nautilus Cryptomine Facility in Q1 2024.

paragraph:7: Key Non-GAAP Metrics2 Three Months Ended Q1 2025 Three Months Ended Q1 2024 Bitcoin Self-Mined3 372 1,051 Value per Bitcoin Self-Mined4 $ 92,600 $ 53,750 Power Cost per Bitcoin Self-Mined $ 66,084 $ 15,501 Avg. Operating Hash Rate (EH/s)5 7.3 8.0 Management Commentary “TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both Bitcoin mining and high-performance computing. As outlined during our fourth quarter 2024 earnings call, our key priorities for 2025 include energizing Miner Building 5 and deploying our upgraded mining fleet, delivering Core42’s contracted 72.5 MW of HPC capacity on schedule, securing financing for our initial HPC data center buildout, and signing additional customers to reach between 200 and 250 megawatts of contracted HPC capacity by the end of 2026,” said Paul Prager, Chief Executive Officer of TeraWulf. “We’ve made meaningful progress on each of these fronts. In late Q1 and early Q2, we energized Miner Building 5, bringing total capacity at Lake Mariner to 245 MW. We remain on track to deliver the Core42 deployment this year and have initiated the financing process to support our next phase of HPC growth.” Prager added, “We continue to see robust medium- and long-term demand for high-density, energy- efficient digital infrastructure. In this environment, TeraWulf’s vertically integrated energy platform provides a distinct competitive advantage. We are focused on building a high-value, durable business that is designed to scale with demand and deliver long-term returns.” Patrick Fleury, Chief Financial Officer, commented, “With $219.6 million in cash and bitcoin holdings at quarter-end, we are well-capitalized to fund our near-term growth. HPC hosting revenue is expected to begin in the second quarter of 2025 as our data halls come online. We also returned $33 million to shareholders during the quarter through share repurchases, reflecting our continued commitment to disciplined capital allocation.” First Quarter 2025 GAAP Financial Results Revenue for the first quarter decreased 19% year-over-year to $34.4 million, reflecting anticipated headwinds from the April 2024 halving, increased network difficulty, and elevated power prices, partially offset by a higher average bitcoin price and expanded mining capacity. 2 The Company's share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q1 2024 is reflected within "Equity in net income (loss) of investee, net of tax" in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf's condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates. 3 Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company. 4 Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned. 5 While nameplate inventory for the Lake Mariner Facility was 12.2 EH/s and 8.0 EH/s as of Q1 2025 and Q1 2024, respectively, actual monthly hash rate performance 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. Note the 8.0 EH/s in the table in Q1 2024 is nameplate capacity and average operating hashrate was 6.8 EH/s.

paragraph:8: Cost of revenue, exclusive of depreciation, increased 70% year-over-year to $24.6 million, driven by greater infrastructure utilization and temporary increases in power costs due to extreme winter weather in Upstate New York. Liquidity and Capital Resources As of March 31, 2025, the Company held $219.6 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company's 2.75% convertible senior notes due 2030. As of May 7, 2025, TeraWulf had 384,584,010 shares of common stock outstanding. As part of the Company's regular review of its capital management activities, our Board of Directors recently approved: • A new $200 million At-the-Market (ATM) common equity offering program, to replace the existing ATM facility. • A refreshed authorization for a $200 million common stock repurchase program, providing continued flexibility to return capital to shareholders when appropriate. These programs are intended to preserve flexibility in managing the Company's capital structure and liquidity position. Investor Conference Call and Webcast As previously announced, TeraWulf will host its Q1 2025 earnings conference call today, Friday, May 9, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). The call will include prepared remarks followed by a live Q&A with management. The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and- presentations/. About TeraWulf TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry- leading economics in mining and data center operations at an industrial scale. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,”

paragraph:9: “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward- looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov. Non-GAAP Measures We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures. Investors: Investors@terawulf.com Media: media@terawulf.com

paragraph:10: CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND DECEMBER 31, 2024 (In thousands, except number of shares, per share amounts and par value) March 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 218,162 $ 274,065 Digital currency 1,400 476 Prepaid expenses 4,799 2,493 Other receivables 5,101 3,799 Other current assets 585 598 Total current assets 230,047 281,431 Property, plant and equipment, net 509,888 411,869 Operating lease right-of-use asset 85,299 85,898 Finance lease right-of-use asset 7,200 7,285 Other assets 8,728 1,028 TOTAL ASSETS 841,162 787,511 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable 54,901 24,382 Accrued construction liabilities 19,526 16,520 Accrued compensation 1,512 4,552 Accrued interest 5,997 2,559 Other accrued liabilities 6,432 2,414 Other amounts due to related parties 571 1,391 Current portion of deferred rent liability 31,960 — Current portion of operating lease liability 26 25 Current portion of finance lease liability 2 2 Total current liabilities 120,927 51,845 Deferred rent liability, net of current portion 58,040 — Operating lease liability, net of current portion 3,420 3,427 Finance lease liability, net of current portion 291 292 Convertible notes 488,109 487,502 TOTAL LIABILITIES 670,787 543,066 Commitments and Contingencies (See Note 10) STOCKHOLDERS’ EQUITY:

paragraph:11: Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2025 and December 31, 2024; 9,566 issued and outstanding at March 31, 2025 and December 31, 2024; aggregate liquidation preference of $12,924 and $12,609 at March 31, 2025 and December 31, 2024, respectively 9,273 9,273 Common stock, $0.001 par value, 600,000,000 authorized at March 31, 2025 and December 31, 2024, respectively; 408,198,263 and 404,223,028 issued and outstanding at March 31, 2025 and December 31, 2024, respectively 408 404 Additional paid-in capital 705,897 685,261 Treasury stock at cost, 24,468,750 and 18,568,750 at March 31, 2025 and December 31, 2024, respectively (151,509) (118,217) Accumulated deficit (393,694) (332,276) Total stockholders' equity 170,375 244,445 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 841,162 $ 787,511 CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024 (In thousands, except number of shares and loss per common share) Three Months Ended March 31, 2025 2024 Revenue $ 34,405 $ 42,433 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 24,553 14,408 Operating expenses 1,144 785 Operating expenses – related party 1,748 888 Selling, general and administrative expenses 46,573 12,289 Selling, general and administrative expenses – related party 3,571 2,620 Depreciation 15,574 15,088 Loss (gain) on fair value of digital currency, net 870 (1,329) Total costs and expenses 94,033 44,749 Operating loss (59,628) (2,316) Interest expense (4,049) (11,045) Loss on extinguishment of debt — (2,027) Interest income 2,259 500 Loss before income tax and equity in net income of investee (61,418) (14,888) Income tax benefit — — Equity in net income of investee, net of tax — 5,275 Net loss $ (61,418) $ (9,613)

paragraph:12: Loss per common share: Basic and diluted $ (0.16) $ (0.03) Weighted average common shares outstanding: Basic and diluted 383,149,511 290,602,725 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024 (In thousands) Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (61,418) $ (9,613) Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of debt issuance costs, commitment fees and accretion of debt discount 607 7,593 Stock-based compensation expense 38,674 6,931 Depreciation 15,574 15,088 Amortization of right-of-use asset 685 252 Revenue recognized from digital currency mined and hosting services (34,417) (41,537) Loss (gain) on fair value of digital currency, net 870 (1,329) Proceeds from sale of digital currency — 54,391 Loss on extinguishment of debt — 2,027 Equity in net income of investee, net of tax — (5,275) Changes in operating assets and liabilities: (Increase) decrease in prepaid expenses (2,306) 567 Increase in other receivables (1,302) (667) Decrease (increase) in other current assets 13 (67) (Increase) decrease in other assets (7,700) 22 Increase (decrease) in accounts payable 13,844 (1,686) Increase (decrease) in other accrued liabilities 4,359 (3,906) (Decrease) increase in other amounts due to related parties (990) 67 Increase in deferred rent liability 90,000 — Decrease in operating lease liability (6) (12) Net cash provided by operating activities 56,487 22,846 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of and deposits on plant and equipment (93,687) (46,979) Proceeds from sale of digital currency 32,623 —

paragraph:13: Net cash used in investing activities (61,064) (46,979) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt — (33,412) Payments of prepayment fees associated with early extinguishment of long-term debt — (314) Principal payments on insurance premium and property, plant and equipment financing — (827) Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0 — 50,722 Purchase of treasury stock (33,292) — Payments of tax withholding related to net share settlements of stock- based compensation awards (18,034) (651) Net cash (used in) provided by financing activities (51,326) 15,518 Net change in cash and cash equivalents (55,903) (8,615) Cash and cash equivalents at beginning of period 274,065 54,439 Cash and cash equivalents at end of period $ 218,162 $ 45,824 Cash paid during the period for: Interest $ 5 $ 3,726 Income taxes $ — $ — Non-GAAP Measure The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non- GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense and amortization of right-of-use asset, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; and (v) loss on extinguishment of debt, which is not reflective of the Company's general business performance. The Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus. Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting

paragraph:14: periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue. The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands): Three Months Ended March 31, 2025 2024 Net loss $ (61,418) $ (9,613) Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: Equity in net (income) loss of investee, net of tax — (5,275) Distributions from investee, related to Nautilus — 12,022 Income tax benefit — — Interest income (2,259) (500) Loss on extinguishment of debt — 2,027 Interest expense 4,049 11,045 Depreciation 15,574 15,088 Amortization of right-of-use asset 685 252 Stock-based compensation expense 38,674 6,931 Non-GAAP Adjusted EBITDA $ (4,695) $ 31,977

paragraph:1: EX-99.1

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paragraph:3: a_wulfformearningsrelease2.htm

paragraph:4: EX-99.1

paragraph:5: Document TeraWulf Reports Fourth Quarter and Full Year 2024 Results Announced strategic expansion into AI-driven HPC hosting with long-term data center leases expected to generate $1 billion in cumulative revenue over initial 10-year contract terms Annual revenue and non-GAAP adjusted EBITDA increase 102% and 89% year-over-year, respectively Expanded self-mining operating capacity by 94% year-over-year to 9.7 EH/s as compared to 5.0 EH/s in 2023 Strengthened the Balance Sheet with cash and bitcoin holdings of $275 million as of December 31, 2024 Proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth with new 2.75% convertible notes issuance due 2030 Authorized $200 million share repurchase program and executed over $150 million of repurchases equivalent to over 24 million shares of Common Stock to date EASTON, Md. – February 28, 2025 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2024. Management Commentary “In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure,” said Paul Prager, Chief Executive Officer of TeraWulf. “We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. As the scarcity of digital infrastructure intensifies, we believe we are exceptionally well-positioned to scale our high-performance compute (HPC) hosting and colocation services by 100-150 MW annually.” Patrick Fleury, Chief Financial Officer, added, “Our disciplined financial management was reflected in our $500 million oversubscribed convertible debt offering, which strengthened our liquidity and funded our initial expansion into HPC hosting. The $85 million sale of our 25% equity interest in Nautilus allowed us to monetize an asset with a declining value at peak pricing and reinvest in Lake Mariner’s HPC hosting capabilities. Demonstrating confidence in our long-term growth, we also strategically repurchased over $150 million in shares in late 2024 and early 2025 while maintaining a strong liquidity position.” Paul Prager concluded, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.” Full Year 2024 Operational and Financial Highlights Key financial and operational highlights for the fiscal year ended December 31, 2024 include:

paragraph:6: • Revenue increased 102% to $140.1 million in 2024, as compared to $69.2 million in fiscal 2023, driven by increased bitcoin production and higher average realized bitcoin prices during the period. • Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million in 2024, as compared to $27.3 million in fiscal 2023, driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, a near doubling of network difficulty and the impacts of the bitcoin halving in April 2024, and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023. • Non-GAAP adjusted EBITDA increased by $28.5 million to $60.4 million in 2024, as compared to $31.9 million in fiscal 2023. • Reported cash and cash equivalents of $274.1 million as of December 31, 2024, as compared to $54.4 million at fiscal year-end 2023. • The Company's legacy term loan debt was eliminated in 2024, as compared to $139.4 million at fiscal year-end 2023, significantly improving strategic and financial flexibility. Expansion into HPC Hosting In 2024, TeraWulf expanded into the rapidly growing digital infrastructure market with a focus on AI and HPC hosting, backed by long-term customer agreements. A pivotal milestone in this expansion was achieved on December 23, 2024, when TeraWulf signed long-term data center lease agreements with Core42, securing 72.5 MW of hosting capacity at Lake Mariner for GPU cloud compute workloads. These lease agreements are expected to commence at various dates in 2025 and include an option to expand by an additional 135 MW. To support this diversification of its business, the Company has upgraded its digital infrastructure at Lake Mariner, incorporating advanced liquid cooling systems and Tier 3 redundancy to optimize high-density compute workloads. This cutting-edge infrastructure further strengthens TeraWulf’s ability to attract hyperscale and enterprise customers. Fiscal Year 2024 Financial Results Revenue for the year ended December 31, 2024 increased 102% to $140.1 million compared to $69.2 million in fiscal 2023. The increase in revenue is primarily attributable to a 129% increase in the average price of bitcoin year-over-year. The Company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, as compared to 110 MW as of December 31, 2023. Despite industry-wide headwinds from the April 2024 halving and network hashrate increases, TeraWulf maintained strong mining margins, leveraging its low-cost, predominantly zero-carbon infrastructure. Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million compared to $27.3 million in fiscal 2023. These increases were driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, the impacts of the bitcoin halving in April 2024 and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023. Non-GAAP adjusted EBITDA for the year ended December 31, 2024 was $60.4 million, as compared to $31.9 million for the year ended December 31, 2023.

paragraph:7: Liquidity and Capital Resources As of December 31, 2024, the Company held $274.5 million in cash and cash equivalents and bitcoin on its balance sheet. As of the same period, the Company had outstanding indebtedness of approximately $500 million related to the 2.75% convertible senior notes due 2030. As of February 26, 2025, TeraWulf had 383,137,722 common shares outstanding. Investor Conference Call and Webcast As previously announced, TeraWulf will host its fourth quarter and full year 2024 earnings call and business update for investors today, Friday, February 28, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Prepared remarks will be followed by a question-and-answer session with management. The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/. About TeraWulf TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or

paragraph:8: existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov. Non-GAAP Measures We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures. Investors : Investors@terawulf.com Media : media@terawulf.com CONSOLIDATED BALANCE SHEETS AS OF December 31, 2024 AND 2023 (In thousands, except number of shares, per share amounts and par value) December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 274,065 $ 54,439 Digital currency 476 1,801 Prepaid expenses 2,493 4,540 Other receivables 3,799 1,001

paragraph:9: Other current assets 598 806 Total current assets 281,431 62,587 Equity in net assets of investee — 98,613 Property, plant and equipment, net 411,869 205,284 Operating lease right-of-use asset 85,898 10,943 Finance lease right-of-use asset 7,285 — Other assets 1,028 679 TOTAL ASSETS 787,511 378,106 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable 24,382 15,169 Accrued construction liabilities 16,520 1,526 Accrued compensation 4,552 4,413 Other accrued liabilities 4,973 4,766 Share based liabilities due to related party — 2,500 Other amounts due to related parties 1,391 972 Current portion of operating lease liability 25 48 Current portion of finance lease liability 2 — Insurance premium financing payable — 1,803 Current portion of long-term debt — 123,465 Total current liabilities 51,845 154,662 Operating lease liability, net of current portion 3,427 899 Finance lease liability, net of current portion 292 — Long-term debt — 56 Convertible notes 487,502 — TOTAL LIABILITIES 543,066 155,617 Commitments and Contingencies (See Note 12) STOCKHOLDERS' EQUITY: Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2024 and 2023; 9,566 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $12,609 and $11,423 at December 31, 2024 and 2023, respectively. 9,273 9,273 Common stock, $0.001 par value, 600,000,000 and 400,000,000 authorized at December 31, 2024 and 2023, respectively; 404,223,028 and 276,733,329 issued and outstanding at December 31, 2024 and 2023, respectively. 404 277 Additional paid-in capital 685,261 472,834 Treasury Stock at cost, 18,568,750 and 0 at December 31, 2024 and 2023, respectively (118,217) — Accumulated deficit (332,276) (259,895) Total stockholders' equity 244,445 222,489 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 787,511 $ 378,106

paragraph:10: CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022 (In thousands, except number of shares and loss per common share) Year Ended December 31, 2024 2023 2022 Revenue $ 140,051 $ 69,229 $ 15,033 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 62,608 27,315 11,083 Operating expenses 3,387 2,116 2,038 Operating expenses — related party 4,262 2,773 1,248 Selling, general and administrative expenses 57,883 23,693 22,770 Selling, general and administrative expenses — related party 12,695 13,325 13,280 Depreciation 59,808 28,350 6,667 Gain on fair value of digital currency, net (2,200) — — Realized gain on sale of digital currency — (3,174) (569) Impairment of digital currency — 3,043 1,457 Loss on disposals of property, plant, and equipment, net 17,824 1,209 — Loss on nonmonetary miner exchange — — 804 Total costs and expenses 216,267 98,650 58,778 Operating loss (76,216) (29,421) (43,745) Interest expense (19,794) (34,812) (24,679) Loss on extinguishment of debt (6,300) — (2,054) Other income 3,927 231 — Loss before income tax and equity in net income (loss) of investee (98,383) (64,002) (70,478) Income tax benefit — — 256 Equity in net income (loss) of investee, net of tax 3,363 (9,290) (15,712) Gain on sale of equity interest in investee 22,602 — — Loss from continuing operations (72,418) (73,292) (85,934) Loss from discontinued operations, net of tax — (129) (4,857) Net loss $ (72,418) $ (73,421) $ (90,791) Loss per common share: Continuing operations $ (0.21) $ (0.35) $ (0.78) Discontinued operations — — (0.04) Basic and diluted $ (0.21) $ (0.35) $ (0.82) Weighted average common shares outstanding: Basic and diluted 351,315,476 209,956,392 110,638,792

paragraph:11: CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022 (In thousands) Year Ended December 31, 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (72,418) $ (73,421) $ (90,791) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Amortization of debt issuance costs, commitment fees and accretion of debt discount 11,382 19,515 11,676 Related party expense to be settled with respect to common stock — 2,917 2,083 Common stock issued for interest expense — 26 82 Stock-based compensation expense 30,927 5,859 1,568 Depreciation 59,808 28,350 6,667 Amortization of right-of-use asset 1,373 1,001 303 Revenue recognized from digital currency mining and hosting services (139,278) (63,877) (10,810) Gain on fair value of digital currency, net (2,200) — — Realized gain on sale of digital currency — (3,174) (569) Impairment of digital currency — 3,043 1,457 Proceeds from sale of digital currency 97,559 83,902 9,739 Digital currency paid as consideration for services 370 — — Loss on disposals of property, plant, and equipment, net 17,824 1,209 — Loss on nonmonetary miner exchange — — 804 Loss on extinguishment of debt 6,300 — 2,054 Deferred income tax benefit — — (256) Equity in net loss of investee, net of tax (3,363) 9,290 15,712 Gain on sale of equity interest in investee (22,602) — — Loss from discontinued operations, net of tax — 129 4,857 Changes in operating assets and liabilities: Decrease (increase) in prepaid expenses 2,047 555 (3,601) Decrease in amounts due from related parties — — 815 Increase in other receivables (2,774) (1,001) — Decrease (increase) in other current assets 288 (215) (46) (Increase) decrease in other assets (466) 310 (994) Increase (decrease) increase in accounts payable 740 (7,272) 10,197 Increase (decrease) in accrued compensation and other accrued liabilities 694 (931) 5,916 Increase (decrease) increase in other amounts due to related parties 480 (2,013) 700 (Decrease) increase in operating lease liability (11,113) (42) 175 Net cash (used in) provided by operating activities from continuing operations (24,422) 4,160 (32,262)

paragraph:12: Net cash (used in) provided by operating activities from discontinued operations — 103 (1,804) Net cash (used in) provided by operating activities (24,422) 4,263 (34,066) CASH FLOWS FROM INVESTING ACTIVITIES: Investments in joint venture, including direct payments made on behalf of joint venture — (2,845) (46,172) Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner — — (11,741) Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner — — 11,716 Proceeds from sale of equity interest in investee 86,086 — — Purchase of and deposits on plant and equipment (267,940) (75,168) (61,116) Proceeds from sales of property, plant and equipment 23,324 — — Proceeds from sale of net assets held for sale — — 13,266 Proceeds from sale of digital currency 67,371 — — Net cash used in investing activities (91,159) (78,013) (94,047) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38 — — 22,462 Principal payments on long-term debt (139,401) (6,599) — Payments of prepayment fees associated with early extinguishment of long-term debt (1,261) — — Principal payments on finance lease (941) — — Proceeds from insurance premium and property, plant and equipment financing 211 2,513 7,041 Principal payments on insurance premium and property, plant and equipment financing (2,103) (2,738) (4,924) Proceeds from issuance of promissory notes to stockholders — — 3,416 Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142 188,715 135,917 47,326 Proceeds from exercise of warrants 4,808 2,500 5,700 Purchase of capped call (60,000) — — Purchase of treasury stock (118,217) — — Payments of tax withholding related to net share settlements of stock-based compensation awards (23,654) (2,013) — Proceeds from issuance of preferred stock — — 9,566 Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0 487,050 — — Proceeds from issuance of convertible promissory note — 1,250 14,700 Principal payments on convertible promissory note — — (15,306) Payment of contingent value rights liability related to proceeds from sale of net assets held for sale — (10,964) — Net cash provided by financing activities 335,207 119,866 89,981

paragraph:13: Net change in cash, cash equivalents and restricted cash 219,626 46,116 (38,132) Cash, cash equivalents and restricted cash at beginning of year 54,439 8,323 46,455 Cash, cash equivalents and restricted cash at end of year $ 274,065 $ 54,439 $ 8,323 Cash paid during the year for: Interest $ 6,957 $ 19,572 $ 13,989 Income taxes $ — $ — $ — Non-GAAP Measure The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and related party expense to be settled with respect to common stock, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) one-time, non-recurring transaction-based compensation expense related to the 2030 Convertible Notes (iv) equity in net income (loss) of investee, net of tax, related to Nautilus and the gain on sale of interest in Nautilus; (v) other income which is related to interest income or income for which management believes is not reflective of the Company’s ongoing operating activities; (vi) loss on extinguishment of debt and net losses on disposals of property, plant and equipment, net, which are not reflective of the Company's general business performance and (vii) losses from discontinued operations, net of tax, which is not be applicable to the Company’s future business activities. The Company’s Adjusted EBITDA also includes the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income (loss) of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus. Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

paragraph:14: The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to operating loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands): Year Ended December 31, 2024 2023 Net loss $ (72,418) $ (73,421) Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: Loss from discontinued operations, net of tax — 129 Gain on sale of equity interest in investee (22,602) — Equity in net (income) loss of investee, net of tax, related to Nautilus (3,363) 9,290 Distributions from investee, related to Nautilus 22,776 21,949 Income tax benefit — — Other income (3,927) (231) Loss on extinguishment of debt 6,300 — Interest expense 19,794 34,812 Loss on disposals of property, plant, and equipment, net 17,824 1,209 Depreciation 59,808 28,350 Amortization of right-of-use asset 1,373 1,001 Stock-based compensation expense 30,927 5,859 Transaction-based compensation expense 3,885 — Related party expense to be settled with respect to common stock — 2,917 Non-GAAP adjusted EBITDA $ 60,377 $ 31,864

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paragraph:6: TeraWulf Announces October 2024 Production and Operations Update Accelerating delivery of 72.5 MW high-performance computing (HPC) hosting capacity by end of Q2 2025 8.1 EH/s of operational self-mining capacity, up 62% year-over-year EASTON, Md. – November 4, 2024 – TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today provided its unaudited monthly production and operations update for October 2024. October 2024 Production and Operations Highlights • Self-Mined Bitcoin: TeraWulf mined 150 bitcoin, with an average daily production rate of approximately 4.8 bitcoin. • Operating Capacity: The Company maintained 8.1 EH/s of operational self-mining capacity, reflecting a 62.0% increase year-over-year. • Power Cost: Achieved an average power cost of $36,789 per bitcoin mined, equivalent to approximately $0.048/kWh, excluding proceeds from demand response and ancillary services. • Miner Refresh Program: The miner refresh at Lake Mariner progressed with the replacement of older S19 Pro/J-Pro and M30s+ models with approximately 12,200 S19 XP miners received in connection with sale of the Company’s interest in the Nautilus Cryptomine facility. Key Metrics1 October 2024 September 2024 Bitcoin Self-Mined Lake Mariner 150 140 Bitcoin Self-Mined Nautilus2 — 36 Value per Bitcoin Self-Mined3 $ 65,427 $ 60,168 Power Cost per Bitcoin Self-Mined $ 36,789 $ 35,109 Avg. Operating Hash Rate (EH/s)4 6.8 8.2 Nameplate Miner Efficiency (J/TH)5 22.0 24.6 1 The Company’s share of the earnings or losses from operations at the Nautilus Cryptomine facility is reflected within “Equity in net income (loss) of investee, net of tax” in the consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf’s consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates and remain subject to standard month-end adjustments. 2 The Company sold its 25% equity interest in the Nautilus Cryptomine facility effective October 2, 2024. 3 Computed as the weighted-average opening price of bitcoin on each respective day the Bitcoin Self-Mined is earned. 4 While nameplate mining inventory as of October 31, 2024 for Lake Mariner is estimated at 8.1 EH/s, actual monthly hash rate performance 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. Performance in October is especially impacted by miner fleet upgrade work. 5 Nameplate miner efficiency excludes auxiliary load.

paragraph:7: Management Commentary “October marked another productive month, with TeraWulf mining 150 bitcoin and sustaining an average daily production of around 5 bitcoin,” said Sean Farrell, Senior Vice President of Operations at TeraWulf. “In line with our previously outlined plans, we are accelerating the transition to more efficient mining hardware by replacing older miners at Lake Mariner with S19 XP models. We are also working closely with Bitmain’s warranty department on a recovery plan to repair and replace 1.5 EH of mining equipment with a target completion by the end of the year. Furthermore, we have established a dedicated Business Development and Performance Optimization team, focused on integrating advanced IT and software solutions to improve our operational hash rate and overall efficiency. Building 5, which has been designed to handle higher heat exhaust of the latest generation miners, remains on track to be operational in Q1 2025.” Farrell added, “The proceeds from our recent sale of equity interest in Nautilus and successful convertible notes financing have positioned us to fast-track the expansion of our HPC and AI initiatives at Lake Mariner. We are targeting the delivery of 72.5 MW of HPC hosting capacity by the end of Q2 2025, which will allow us to meet the growing demand for high-performance computing solutions.” Production and Operations Update As of October 31, 2024, TeraWulf's operational bitcoin mining capacity included 195 MW at the Lake Mariner facility. With the reinstallation of XP miners from Nautilus underway, the Company expects its total self-mining hash rate to increase to approximately 8.7 EH/s. In October, the Company’s miners operated at an average hash rate of 6.8 EH/s, with adjustments made for demand response events and performance optimization strategies to maximize profitability. On the WULF Compute front, TeraWulf continues its rapid progress in large-scale HPC hosting infrastructure at Lake Mariner. Notable progress includes the recent completion of a 2.5 MW HPC/AI proof-of-concept project designed to accommodate current and next-gen GPU technology. Additionally, construction of CB-1, a 20 MW HPC hosting facility with Tier 3-grade redundancy features, is on schedule for completion in Q1 2025. Preparations for CB-2, a 50 MW HPC hosting facility, are also progressing as key components have already been secured, ensuring timely delivery by the end of Q2 2025. About TeraWulf TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero- carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

paragraph:8: Forward-Looking Statements This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money- laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov. Investors: Investors@terawulf.com Media: media@terawulf.com