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TeraWulf announced that its indirect subsidiary Akela Data LLC entered into two data center lease agreements with Fluidstack to occupy more than 200 MW of critical IT load at the Lake Mariner campus for high-performance computing operations. Akela will deliver the Premises in two phases during 2026, and Fluidstack鈥檚 rent obligations begin on each phase鈥檚 completion date and continue for a 10-year term.

To support the leases, Akela, Fluidstack and Google LLC executed recognition agreements under which Google will backstop certain Fluidstack lease obligations; on tenant payment default or insolvency, Google may pay the termination fee or assume the lease. In exchange, TeraWulf issued Google warrants to purchase 41,011,803 common shares at <$0.01> per share, pledged to lenders until the Google backstop is effective. Akela will pay a $30 million initial commission to CBRE and an additional ~<$20 million> if further capacity is leased by March 31, 2026.

TeraWulf reported increased revenue but larger losses in the first half of 2025. Revenue was $47.6 million for the quarter and $82.0 million for the six months, up from $35.6 million and $78.0 million a year earlier, respectively. Despite higher sales, the company recorded a net loss of $(18.4) million for the quarter and $(79.8) million for the six months, widening the accumulated deficit to $(412.1) million.

The balance sheet shows total assets of $869.4 million and total liabilities of $695.1 million. Cash and cash equivalents fell to $89.993 million from $274.065 million at year-end 2024 after $213.6 million of purchases of plant and equipment and other investing activity. Property, plant and equipment, net rose to $604.8 million. TeraWulf completed the Beowulf E&D acquisition for $54.6 million, recording $55.5 million of goodwill and $30.0 million of contingent consideration. The company holds $500.0 million principal in 2030 convertible notes (net carrying $488.7 million) and received $90.0 million of prepaid rent for future HPC leases, recorded as deferred rent.

TeraWulf Inc. (WULF) Form 4: On 08/01/2025, CEO & Director Paul B. Prager was granted 2,500,000 Restricted Stock Units (RSUs) at a cost of $0.00. Each RSU converts into one share of common stock.

Vesting schedule: 1/3 of the award vests on each of the first three anniversaries of 1 Aug 2025, contingent on continued service, so the award is fully vested by 01 Aug 2028. Following the grant, Prager now directly holds 2,500,000 derivative securities (RSUs). No non-derivative share transactions were reported.

The filing represents an equity-based incentive designed to align management with shareholders. While the grant introduces potential future dilution, it signals the board鈥檚 confidence in long-term performance and retains key leadership.

TeraWulf Inc. (WULF) Form 4 highlights: Chief Strategy Officer & Director Kerri M. Langlais was granted 1,500,000 Restricted Stock Units (RSUs) on 01-Aug-2025. Each RSU converts into one common share upon vesting. The award vests in three equal tranches on the first, second and third anniversaries of the grant date, contingent on continued service. No shares were sold or otherwise disposed of, and the filing shows direct beneficial ownership of 1,500,000 derivative securities following the transaction. The RSUs were issued at a price of $0, reflecting non-cash equity compensation, and could expand the company鈥檚 share count when they settle.

The transaction is routine executive compensation intended to align management incentives with shareholder value. While it introduces modest potential dilution over the next three years, insider retention of equity and the absence of any share sales may be viewed as a vote of confidence in the company鈥檚 longer-term prospects.

TeraWulf Inc. (WULF) Form 4: Chief Technology Officer and Director Nazar M. Khan reported the grant of 2,000,000 Restricted Stock Units (RSUs) on 01-Aug-2025. Each RSU represents the right to receive one share of WULF common stock at no cost.

Vesting: One-third of the award vests on each of the first three anniversaries of 01-Aug-2025, contingent on Mr. Khan鈥檚 continued employment or service. No non-derivative share transactions or sales were disclosed. Following the grant, the insider holds 2,000,000 derivative securities directly.

The filing signals a retention-oriented equity award for a key executive. While the grant aligns management incentives with shareholders, it also introduces potential dilution when the RSUs convert to common shares upon vesting.

Form 4 shows TeraWulf (WULF) Chief Financial Officer Patrick Fleury received 1,500,000 Restricted Stock Units (RSUs) on 08/01/2025, reported with transaction code 鈥淎鈥� (acquisition). No common shares were sold and no cash was exchanged; the grant price is recorded as $0, indicating an equity-based compensation award.

The RSUs will vest one-third on each of the first three anniversaries of 1 Aug 2025, contingent on Mr. Fleury鈥檚 continued employment. Following the grant, Fleury beneficially owns 1.5 million derivative securities, all held directly. The filing does not disclose any changes in outright common-share ownership or additional derivative transactions.