TeraWulf (WULF) Q2 FY26 earnings call

TeraWulf delivered a strong quarter marked by significant execution at Lake Mariner, bringing CB-3 online and securing $600 million in credit support. The company expanded its Kentucky platform with a $19 billion Anthropic lease and the Muskie acquisition, while strategically divesting the Abernathy JV to focus on larger, directly controlled opportunities. Despite non-cash losses and pre-revenue costs impacting profitability, the firm's focus on power-advantaged infrastructure and long-duration contracts positions it for continued growth and value creation.