WULFTeraWulf

Year Ended December 31, 2025 2024 2023 2022 Supplemental disclosure of noncash activities: Cumulative-effect adjustment due to the adoption of Accounting Standard Update 2023-08 $ — $ 37 $ — $— Operating right-of-use asset obtained in exchange for lease obligation $ 77,056 $ — $11,223 Finance right-of-use asset obtained in exchange for lease obligation $ 6,557 $ — $— Contribution of plant and equipment or deposits on plant and equipment to joint venture $ — $ 35,792 $11,267 Deferred financing costs in accounts payable or other accrued liabilities $ — $ — $249 Common stock issuance costs in accounts payable $ — $ — $131 Preferred stock issuance costs in other accrued liabilities or accounts payable $ — $ — $293 Purchases of and deposits on plant and equipment in accounts payable, accrued construction liabilities, other accrued liabilities and long-term debt $ 167,356 $ 27,661 $ 5,182 $8,451 Purchases of and deposits on plant and equipment with digital currency assets $ — $ 316 $ 437 $— Increase in plant and equipment for miners assigned in connection with sale of equity interest in investee $ — $ 15,715 $ — Investment in joint venture in other accrued liabilities, other amounts due to related parties and long-term debt $ — $ 452 $5,203 Convertible promissory notes converted to common stock $ — $ 4,666 $— Convertible promissory notes deferred issuance costs in accounts payable 452 Contribution of plant and equipment or deposits on plant and equipment to joint venture $ — $ — $104 Common stock issued for share based liabilities $ 35,792 Decrease to investment in joint venture due to related party $ 2,500 $ 15,000 $— Common stock issued to related party pursuant to operating lease $ 63,368 $ — $11,489 Common stock issued to related party pursuant to finance lease $ 5,392 $ — $— Common stock issued for payment on convertible promissory notes bitcoin received as distribution from investee $ — $ — $168 Common stock warrants issued for long-term debt commitment fee 22,776 $ — $ — $1,967 Common stock warrants issued for discount on long-term debt $ — $ 16,036 $6,348 21,949 Decrease to investment in joint venture and increase in plant and equipment for distribution or transfer of nonmonetary assets $ — $ — $ 6,868 $51,978 Decrease Operating right-of-use asset obtained in exchange for lease obligation $ 13,192 $ 77,056 $ — Finance right-of-use asset obtained in exchange for lease obligation $ — $ 6,577 $ — Debt issuance costs in other accrued liabilities $ 38,312 $ — $ — Common stock issued to investment in joint venture related party pursuant to operating lease $ — $ 63,368 $ — Common stock issued to related party pursuant to finance lease $ 110,293 $ 5,392 $ — Common stock issued for share based liabilities due to bitcoin received as distribution from investee related party $ 22,776 2,375 $ 21,949 $— Increase in plant and equipment 2,500 $ 15,000 Common stock issued for miners assigned in connection with sale of equity interest in investee business acquisition $ 15,715 39,347 $ — $— $ — Consideration related to transition services agreement for business acquisition $ 1,300 $ — $ — Settlement of preexisting relationships in business acquisition $ 2,315 $ — $ — Convertible promissory notes converted to common stock $ — $ — $ 4,666 Convertible preferred stock converted to common stock $ 9,265 $ — $ — Common stock warrants issued for deferred charges $ 515,481 $ — $ — Common stock warrants issued for discount on long-term debt $ — $ — $ 16,036 Common stock reacquired in exchange for warrants $ — $ 12,491 $— Change in fair value of embedded conversion feature of convertible promissory note in additional paid-in capital $ — $ — $1,591 12,491

Cash (used in) provided by used in operating activities for continuing operations was $(24.4) $123.2 million and $4.2 $24.4 million for the years ended December 31, 2024 2025 and 2023, 2024, respectively, reflecting a decrease an increase of $28.6 $98.8 million. During the year ended December 31, 2024, 2025, the Company completed significant expansion of its bitcoin mining began HPC operations resulting in an increase in mining capacity at the Lake Mariner Facility to approximately 195 MW as of December 31, 2024 as compared to 110 MW as of December 31, 2023 which resulted in stable segment profit of $7.1 million. While the Company continued to profitably mine bitcoin earned during the period despite the impacts of the halving in April 2024. In addition, the average price of bitcoin increased during the year ended December 31, 2024 to $65,824 as compared to $28,788 during 2025, the same period in the prior year, resulting in an increase in revenue of $70.9 million. Power prices increased during the year ended December 31, 2024 as compared to prior year and cost of revenue (exclusive of depreciation) increased approximately $35.3 Company reported $10.9 million for the year ended December 31, 2024 lower digital asset segment profit as compared to the prior year primarily due to the increase in mining capacity and the halving in April 2024. Additionally, prior to the repayment of the Term Loans in July 2024, the Company converted its bitcoin holdings nearly immediately to cash 2024 and the increase in network hashrate as compared to prior year. The Company also received inflows from (i) prepaid rent from customers net of commissions paid of $51.6 million and (ii) interest income proceeds net of interest paid of $28.1 million, partially offset by outflows resulting from (i) increased selling, general and administrative expenses (including related proceeds from sales party, but exclusive of digital currency were included within noncash stock based compensation) of $57.2 million and (ii) cash flows from operating activities in the consolidated statements paid for unearned HPC tenant fit-out of cash flows. Subsequently, proceeds from sales of digital currency of $67.4 million are included within cash flows from investing activities in the consolidated statements of cash flows for $11.0 million, during the year ended December 31, 2024 2025 as compared to the Company no longer converts bitcoin into cash on a nearly immediate basis. prior year.

We are, and may in the future may be, the subject of unfavorable allegations made by short sellers. For example, in August and October of this year, short sellers published reports that contained certain allegations against us that we believe to be misleading. Any such allegations may be followed by periods of instability in the market price of our shares of common stock and negative publicity. We may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable federal or state law or issues of commercial confidentiality. In addition, any related inquiry or formal investigation from a governmental organization or other regulatory body, including any inquiry from the SEC or the U.S. Department of Justice, could result in a material diversion of our management’s time and could have a material adverse effect on our business and results of operations. Such a situation could be costly and time consuming and could distract our management from operating our business. SEC investigations are generally fact-finding inquiries and do not necessarily mean that the SEC has concluded that we have violated the federal securities laws or that the SEC has a negative view of the Company. Even if such allegations are ultimately proven to be groundless, allegations against us could adversely impact our business, and cause downward pressure and increased volatility in the price of our shares of common stock. In October 2024, we received an inquiry from the SEC relating to the allegations in the recent short seller reports relating to the sources of electricity used in our operations and the proportion of energy attributable to zero-carbon energy sources. We believe these allegations to be