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Development timeline on track at WULF Compute

Delivers strong execution, advances transition to recurring HPC revenue, and
expands power-advantaged development pipeline

Reaffirms growth strategy targeting 250–500 MW of new contracted capacity annually

Closed $250 million revolving credit facility

EASTON, Md., May 08, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by low-carbon energy, today announced its financial results for the first quarter ended March 31, 2026 and provided an update on its operations, development and strategy.

First Quarter 2026 Highlights

Generated Q1 2026 revenue of $34.0 million, including $21.0 million of HPC lease revenue.Maintained strong liquidity position, with approximately $3.1 billion of cash and restricted cash as of quarter-end.60 MW of operational critical IT HPC capacity for Core42 at Lake Mariner as of March 31, 2026.Nearing completion on CB-3 construction at Lake Mariner, with energization aligned to customer hardware deployment. CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026.Expanded development platform with acquisition of Hawesville, Kentucky, a large-scale site with immediate access to 480 MW of grid-connected power.Closed revolving credit facility providing up to $250 million of committed capacity, supported by a syndicate of leading global financial institutions. Management Commentary

Paul Prager, Chairman and Chief Executive Officer of TeraWulf, commented:

“The first quarter of 2026 was defined by execution. We entered the year with a fully established platform, including sites, contracts, and capital, and are now converting that foundation into operating performance and recurring revenue.

At Lake Mariner, we have 60 megawatts of energized critical IT capacity for Core42 and began generating meaningful lease revenue during the quarter. At the same time, we continue to advance construction in close coordination with our second tenant, Fluidstack, aligning infrastructure delivery with hardware deployment. CB-3 remains on schedule, and execution across the campus continues to progress well.

More broadly, we are building a power-advantaged platform that we believe is increasingly differentiated in a market constrained by access to power. Our strategy is unchanged, and we remain focused on disciplined execution."

Patrick Fleury, Chief Financial Officer of TeraWulf, added:

“The first quarter reflects a more stable, contracted revenue model. HPC lease revenue contributed $21.0 million in the period, representing the initial ramp of long-term customer agreements at Lake Mariner.

We ended the quarter with approximately $3.1 billion of cash and restricted cash, providing substantial liquidity to fund our development pipeline. Our capital structure is designed to align long-term financing with contracted cash flows, supporting disciplined growth while maintaining financial flexibility.

As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining.”

Operational Update

During the first quarter of 2026, TeraWulf continued to advance Lake Mariner, one of North America’s largest HPC campuses:

60 MW of critical IT capacity energized and generating revenue as of March 31, 2026.Continued progress across HPC development buildings, including delivery of CB-3 capacity in May 2026.Ongoing coordination with Fluidstack and Google to align infrastructure delivery with technology deployment. The Company continues to repurpose portions of its legacy bitcoin mining footprint to support higher-value HPC workloads, reflecting its transition toward contracted, long-duration compute infrastructure.

With regard to the Abernathy joint venture, which is designed to support 168 critical IT MW under a 25-year lease with annual escalators, construction is progressing with delivery targeted for the fourth quarter of 2026.

Development Pipeline and Expansion

TeraWulf continues to expand its national footprint with a focus on power-advantaged sites:

Justified Data (Hawesville, Kentucky):

Large-scale HPC campus with approximately 480 MW of immediate grid-connected power availabilityOver 250 buildable acres with significant expansion potentialLocated within 300 miles of several major Midwest metropolitan areas Lake Hawkeye (Lansing, New York)

Redevelopment of a 183-acre leased area on a legacy industrial sitePhase I includes approximately 150 MW of power availability, expanding to 300 MW in Phase IICurrently in site plan review Chesapeake Data (Morgantown, Maryland):

Approximately 210 MW grid-connected generation capacitySubstantial electrical infrastructure and property, with ability to expand to up to 1 GWAcquisition remains subject to customary regulatory approvals, including FERC Strategic Positioning

TeraWulf continues to position its platform to capture opportunities across multiple pathways to power, including:

Near-term grid-connected capacityOn-site generationPotential utility partnerships as interconnection dynamics evolve As demand for large-scale compute infrastructure accelerates, access to power has become the primary constraint across the industry. In this environment, utilities are increasingly focused on advancing projects that can be delivered by experienced, well-capitalized, and creditworthy counterparties.

TeraWulf believes this dynamic creates a growing opportunity to partner directly with utilities to develop new power-backed infrastructure. As interconnection queues are rationalized and prioritized, the Company is well positioned to participate in this next phase of market evolution given its experience in power development, operational track record, and access to long-term capital.

Investor Conference Call and Webcast

The Company will host its earnings conference call and webcast for the first quarter ended March 31, 2026, today, May 8, 2026, at 8:00 a.m. Eastern Time. The call will be available for replay 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) 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 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.

Investors:
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CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(In thousands, except number of shares and par value; unaudited)
 March 31,
2026 December
31, 2025ASSETS   CURRENT ASSETS:   Cash and cash equivalents$2,629,995  $3,266,389 Restricted cash 196,282   189,933 Accounts receivable 5,604   1,212 Digital assets 1,237   270 Prepaid expenses 20,573   6,272 Other current assets 13,737   14,197 Total current assets 2,867,428   3,478,273 Property, plant and equipment, net 2,582,169   1,507,699 Equity in net assets of investee 434,793   446,008 Goodwill 55,457   55,457 Operating lease right-of-use asset 102,866   103,975 Finance lease right-of-use asset 118,576   119,338 Restricted cash 266,466   266,453 Deferred charges 572,774   572,888 Other assets 8,257   8,091 TOTAL ASSETS$7,008,786  $6,558,182     LIABILITIES AND (DEFICIT) EQUITY   CURRENT LIABILITIES:   Accounts payable$227,598  $65,139 Accrued construction liabilities 201,779   102,582 Accrued interest 114,825   52,775 Other current liabilities 87,944   74,170 Other amounts due to related parties 459   200 Current portion of deferred rent liability 56,683   58,184 Current portion of operating lease liability 2,065   2,015 Current portion of finance lease liability 2   2 Warrant liabilities 1,061,024   844,698 Short-term debt 98,573   — Current portion of long-term debt 43,564   46,316 Short-term convertible notes 490,354   489,767 Total current liabilities 2,384,870   1,735,848 Deferred rent liability, net of current portion 14,035   23,285 Operating lease liability, net of current portion 21,760   22,309 Finance lease liability, net of current portion 289   289 Long-term debt 3,060,194   3,052,240 Convertible notes 1,597,266   1,582,788 Deferred tax liabilities 104   76 Other liabilities 7,888   902 TOTAL LIABILITIES 7,086,406   6,417,737     Commitments and Contingencies (See Note 12)       (DEFICIT) EQUITY:   Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2026 and December 31, 2025; none issued and outstanding at March 31, 2026 and December 31, 2025; aggregate liquidation preference of $0 at March 31, 2026 and December 31, 2025 —   — Common stock, $0.001 par value, 950,000,000 authorized at March 31, 2026 and December 31, 2025; 449,519,078 and 444,534,694 issued at March 31, 2026 and December 31, 2025, respectively; 425,050,328 and 420,065,944 outstanding at March 31, 2026 and December 31, 2025, respectively 450   444 Additional paid-in capital 1,493,611   1,285,202 Treasury stock at cost, 24,468,750 at March 31, 2026 and December 31, 2025 (151,509)  (151,509)Accumulated deficit (1,421,326)  (993,692)Total TeraWulf Inc. stockholders' (deficit) equity (78,774)  140,445 Noncontrolling interests 1,154   — Total (deficit) equity (77,620)  140,445 TOTAL LIABILITIES AND (DEFICIT) EQUITY$7,008,786  $6,558,182  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(In thousands, except number of shares and loss per common share)
 Three Months Ended March
31,  2026   2025     Revenue:   Digital asset revenue$12,990  $34,405 HPC lease revenue 21,022   — Total revenue 34,012   34,405     Costs and expenses:   Cost of revenue (exclusive of depreciation shown below) 2,361   24,553 Operating expenses 9,016   1,144 Operating expenses – related party 2,186   1,748 Selling, general and administrative expenses 127,605   46,573 Selling, general and administrative expenses – related party 159   3,571 Depreciation 28,477   15,574 Loss on fair value of digital assets, net 653   870 Impairment of property, plant, and equipment 25,697   — Total costs and expenses 196,154   94,033     Operating loss (162,142)  (59,628)Interest expense (67,071)  (4,049)Change in fair value of warrants (216,325)  — Interest income 29,411   2,259 Loss before income tax and equity in net loss of investee (416,127)  (61,418)Income tax provision (28)  — Equity in net loss of investee, net of tax (11,548)  — Net loss (427,703)  (61,418)Less: net loss attributable to noncontrolling interests (69)  — Net loss attributable to TeraWulf Inc$(427,634) $(61,418)    Loss per common share:   Basic and diluted$(1.01) $(0.16)    Weighted average common shares outstanding:   Basic and diluted 422,999,671   383,149,511  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(In thousands; unaudited)
 Three Months Ended March 31,  2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:   Net loss$(427,703) $(61,418)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 13,224   607 Stock-based compensation expense 101,418   38,674 Depreciation 28,477   15,574 Accretion of asset retirement obligations 168   — Amortization of right-of-use asset 1,871   685 Revenue recognized from digital assets mined and hosting services (12,990)  (34,417)Loss on fair value of digital assets, net 653   870 Impairment of property, plant, and equipment 25,697   — Change in fair value of warrants 216,325   — Deferred income tax provision 28   — Equity in net loss of investee, net of tax 11,548   — Changes in operating assets and liabilities:   Increase in accounts receivable (4,503)  — Increase in prepaid expenses (14,301)  (2,306)Increase in other current assets (9,134)  (1,289)Decrease in deferred charges 114   — Increase in other assets 5,807   (7,700)Increase in accounts payable 4,315   13,844 Increase in accrued interest and other current liabilities 52,548   4,359 Increase (decrease) in other amounts due to related parties 259   (990)(Decrease) increase in deferred rent liability (10,751)  90,000 Decrease in operating lease liability (499)  (6)Decrease in other liabilities (162)  — Net cash (used in) provided by operating activities (17,591)  56,487     CASH FLOWS FROM INVESTING ACTIVITIES:   Purchase of and deposits on plant and equipment (522,954)  (93,687)Cash paid for asset acquisition (201,350)  — Proceeds from sale of digital assets 11,481   32,623 Net cash used in investing activities (712,823)  (61,064)    CASH FLOWS FROM FINANCING ACTIVITIES:   Proceeds from issuance of short-term debt, net of issuance costs paid of $7,250 and $0 92,750   — Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0 8,956   — Proceeds from exercise of warrants 3,983   — Purchase of treasury stock —   (33,292)Payments of tax withholding related to net share settlements of stock-based compensation awards (5,307)  (18,034)Net cash provided by (used in) financing activities 100,382   (51,326)    Net change in cash and cash equivalents (630,032)  (55,903)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$3,092,743  $218,162     Cash paid during the period for:   Interest$5,310  $5 Income taxes$—  $—  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 accretion of asset retirement obligations, 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 for which management believes is not reflective of the Company’s ongoing operating activities; (v) change in fair value of warrant liabilities, and impairment of property, plant and equipment, net, 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 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 condensed 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,  2026   2025 Net loss attributable to TeraWulf, Inc$        (427,634) $        (61,418)Net loss attributable to non-controlling interest         (69)          —         Net loss         (427,703)          (61,418)Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:   Equity in net loss of investee, net of tax         11,548           — Income tax provision         28           — Interest income         (29,411)          (2,259)Change in fair value of warrants         216,325           — Interest expense         67,071           4,049 Impairment of property, plant, and equipment         25,697           — Depreciation         28,477           15,574 Accretion of asset retirement obligations         168           — Amortization of right-of-use asset         1,871           685 Stock-based compensation expense         101,418           38,674 Acquisition-related transaction costs         438           — Non-GAAP Adjusted EBITDA$        (4,073) $        (4,695)

TeraWulf Inc. (WULF - Free Report) came out with a quarterly loss of $0.44 per share versus the Zacks Consensus Estimate of a loss of $0.16. This compares to a loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -169.44%. A quarter ago, it was expected that this company would post a loss of $0.13 per share when it actually produced a loss of $0.28, delivering a surprise of -115.38%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

TeraWulf, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $34.01 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.07%. This compares to year-ago revenues of $34.4 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

TeraWulf shares have added about 109.1% since the beginning of the year versus the S&P 500's gain of 7.2%.

What's Next for TeraWulf?While TeraWulf has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for TeraWulf was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.19 on $48.21 million in revenues for the coming quarter and -$0.55 on $336.92 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, BitFuFu Inc. (FUFU - Free Report) , has yet to report results for the quarter ended March 2026.

This company is expected to post break-even quarterly earnings per share in its upcoming report, which represents a year-over-year change of +100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

BitFuFu Inc.'s revenues are expected to be $90.97 million, up 16.6% from the year-ago quarter.

Is 2026 The Year to Load Up on Crypto Miners?TeraWulf NASDAQ: WULF said its first-quarter 2026 results reflected a business shifting from Bitcoin mining toward contracted high-performance computing, or HPC, leasing revenue, as management highlighted progress at its Lake Mariner campus and continued demand for power-backed AI infrastructure.

Chairman and CEO Paul Prager said the quarter was “about execution,” with the company beginning to convert its platform of sites, contracts, capital and strategy into operating performance and recurring revenue. He said TeraWulf had 60 megawatts of critical IT capacity energized and generating revenue at Lake Mariner as of March 31, with HPC leasing contributing $21 million of revenue during the quarter.

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2 Stocks to Avoid as Crypto Momentum Wanes“This is the first period where HPC leasing is meaningfully reflected in our financials,” Prager said. He added that TeraWulf is deliberately transitioning portions of its legacy mining footprint to support higher-value HPC workloads. “Mining served its purpose,” he said, citing its role in helping the company build infrastructure, monetize power and develop operating expertise.

HPC Revenue Ramps as Mining Declines Chief Financial Officer Patrick Fleury said first-quarter revenue totaled $34 million, down from $35.8 million in the fourth quarter of 2025, primarily due to lower Bitcoin production. HPC lease revenue increased 117% sequentially to $21 million from $9.7 million in the prior quarter.

Market Momentum: 3 Stocks Poised for Major BreakoutsFleury said CB2 at Lake Mariner achieved “ready for service” status in March, commencing the lease with Core42 and bringing all 60 critical megawatts of capacity for that customer into service. He said the company expects its revenue mix to continue shifting toward stable contracted HPC revenue as additional buildings come online in the second, third and fourth quarters of 2026.

Cost of revenue, excluding depreciation, fell to $2.4 million from $18.9 million in the fourth quarter. Fleury attributed part of the decline to demand response proceeds, which are recorded as a reduction in cost of revenue and increased to $14.1 million in the first quarter from $4.4 million in the fourth quarter.

The company reported a GAAP net loss of $427.6 million, compared with a net loss of $126.6 million in the fourth quarter. Fleury said the wider loss was primarily driven by non-cash fair value adjustments tied to Google warrants and non-cash stock-based compensation. Adjusted EBITDA was negative $4.1 million, improving from negative $50.9 million in the fourth quarter.

As of March 31, TeraWulf had $3.1 billion of cash and restricted cash, $7 billion of total assets and $7.1 billion of total liabilities. Fleury said the parent entity had approximately $300 million of available unrestricted cash at quarter-end, increasing to approximately $1.5 billion after incorporating equity raised in April.

Lake Mariner Construction Continues Chief Technology Officer Nazar Khan said execution at Lake Mariner continued to progress. The second data hall in CB2 came online during the quarter, completing the Core42 capacity. For the Fluidstack deployment, which includes CB3, CB4 and CB5, Khan said all major project timelines remained unchanged from the prior update.

CB3 remains on track for TeraWulf to complete its defined scope by the end of May, with the company coordinating with Fluidstack and Google on final energization and lease commencement. CB4 and CB5 remain on track for delivery in the third and fourth quarters of 2026, respectively.

Prager said customer-driven design refinements at Lake Mariner were not disruptions, but part of building infrastructure for sophisticated counterparties. “We are building to evolving hardware and tenant requirements, not in anticipation of them,” he said.

Kentucky, Maryland and Power Strategy Prager said the company continues to expand its platform, including the Hawesville, Kentucky site, which he described as a large-scale campus with immediate power availability and significant expansion potential. He said TeraWulf remains in late-stage negotiations for a customer at the site and reiterated confidence that a customer would be in place in the second quarter.

Fleury said demand for near-term power remains strong and that TeraWulf is targeting 480 megawatts online in Kentucky in the second half of 2027. Subsequent to the quarter, the company repaid a $100 million draw on its bridge credit facility and terminated the facility. Fleury said a portion of the approximately $1.2 billion of equity raised year to date is expected to fund TeraWulf’s equity contribution to the Kentucky project.

In Maryland, Prager said the company is progressing the Morgantown acquisition, which remains subject to regulatory approval. He said TeraWulf expects a Federal Energy Regulatory Commission decision in the mid-summer timeframe. The site is attractive because of its location in a power-constrained region, he said, and the company intends to build a larger gas facility there while ensuring compliance with grid obligations.

Khan said the existing approximately 210 megawatts of operating capacity at Morgantown would continue bidding into the PJM market as peaker capacity. He said planned battery storage, gas generation and load would be incremental to the existing capacity.

Management Sees Power as Key Constraint Prager said the broader AI build-out is increasingly constrained by power, including interconnection delays, transmission limits and the need for new generation. “The constraint is not GPUs, it is power,” he said. He described TeraWulf as “fundamentally a power company that builds digital infrastructure, not the other way around.”

Management said the company’s development strategy is focused on three paths to power: immediate access, as in Hawesville; “bring your own generation,” as pursued in Morgantown; and utility partnerships as interconnection queues are rationalized and prioritized.

During the question-and-answer session, Khan said utilities may have former generation sites or other locations where they want load but may also need new generation to accompany it. He said TeraWulf is having discussions across the country about helping bring both supply and load into utility territories.

Prager said demand remains strong from hyperscalers and AI compute platforms. He added that TeraWulf’s approach remains disciplined: “We do not build on speculation. We contract first, deploy capital second.”

Mining Footprint to Wind Down Over Time Fleury said the company’s Bitcoin mining business continues to support the transition to HPC, including through demand response participation. He estimated TeraWulf is currently operating between five and six exahash and said the company does not plan to put significant additional capital into the business.

As buildings or power feeds are repositioned for HPC leasing, mining capacity is expected to decline gradually. Fleury said the company would likely be out of Bitcoin mining “certainly by the next halving,” while noting that mining still provides grid services and cash flow during the transition.

Looking ahead, Prager said the company is focused on delivering capacity, energizing megawatts and converting contracts into durable recurring cash flow. “That is what will define 2026,” he said.

About TeraWulf NASDAQ: WULFTeraWulf, Inc NASDAQ: WULF is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.

Featured StoriesFive stocks we like better than TeraWulfThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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TeraWulf Inc (NASDAQ:WULF) shares rose in early trading on Monday, after the company reported upbeat first-quarter results on Friday.

Here are the key analyst insights:

Check out other analyst stock ratings.

Needham: TeraWulf reported revenue of $34 million, with HPC (high-performance computing) lease revenue growing 117% sequentially to $21 million, being partially offset by a 50% decline in mining revenue, Todaro said in a note. At $2.4 million, the company's COGS (cost of goods sold) was significantly below Needham's estimate of $16 million, he added.

TeraWulf posted an adjusted EBITDA loss of $4.1 million, substantially below Needham's estimate of $2.5 million and management’s pre-announced range of breakeven to $3 million, the analyst stated. Management cited the "reclassification of certain costs" as the reason for the shortfall, he further wrote.

The company's Kentucky site is among the next in the sector to be signed, and management expects to have a lease by the end of the second quarter of this year, Todaro said.

Rosenblatt Securities: TeraWulf's results reflected "encouraging" trends, with HPC revenues exceeding Bitcoin mining revenues, Brendler said. While the company had already identified HPC as the driver of its revenues in the quarter, the gap was much wider than expected, he added.

TeraWulf took advantage of harsh weather conditions that significantly boosted power rates and helped take demand response revenues to a record $14.1 million, up 404% year-on-year, the analyst stated. He further noted the following developments that boost the future of HPC:

Lake Mariner development is on track and interconnection approval for the next 250 MW is expected by the middle of this year, "with availability shortly thereafter." The Hawesville, Kentucky, site is already in the late stage, and the next contract is likely to use this site. "WULF also announced a new $250M corporate revolver supported by a syndicate of eight global banks, which we view as another important validation of both the underlying HPC model and WULF's execution," Brendler further wrote.

WULF Price Action: Shares of TeraWulf had risen by 3.01% to $24.10 at the time of publication on Monday.

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TeraWulf proves their AI beneficiary status by bringing power and load demand together, allowing them to tap into the multi-year cloud supercycle. This is why their successful pivot to high-growth HPC operations has been well rewarded, as observed in the premium EV/Sales of 41.36x compared to the sector median at 3x. WULF's high-growth cadence also comes at a price—deteriorating balance sheet at net debt of $2.65B, elevated SBC to revenue ratio, and shareholder dilution risks.

Speaking recently to Bloomberg Tech about the state of AI infrastructure, Roberts said a company looking to build a 1-gigawatt AI factory today likely would not get its first compute online until 2030.

The Next AI BottleneckThe comment highlights a growing challenge facing the AI industry as hyperscalers, model developers and data-center operators race to expand capacity.

While much of Wall Street’s attention remains focused on Nvidia’s GPUs, securing the chips is increasingly becoming just one piece of the puzzle.

Bringing a large-scale AI campus online requires access to power, transmission infrastructure, substations, permits and years of development work. As demand for AI compute continues to surge, the industry’s biggest constraint may no longer fit inside a server rack.

Why Power Stocks Are Entering The AI ConversationRoberts’ comments help explain why investors have increasingly turned their attention to companies sitting at the intersection of power and AI infrastructure.

Names such as Bloom Energy Corp. (NYSE:BE), which provides on-site power solutions, are emerging as AI-adjacent plays as data centers seek reliable electricity sources.

The AI Arms Race Is ChangingThe first phase of the AI boom was about securing GPUs.

The next phase may be about securing megawatts.

That shift could reshape how investors think about AI winners. While Nvidia remains at the center of the AI ecosystem, companies controlling power generation, grid access and energy infrastructure are becoming increasingly important as developers pursue larger training clusters and inference workloads.

In a market obsessed with chips, Roberts’ 2030 timeline serves as a reminder that building AI infrastructure involves much more than buying hardware.

Sometimes the hardest part is simply getting enough electricity to turn it on.

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TeraWulf shares are powering higher. What’s fueling WULF momentum? TeraWulf Expands Kentucky AI Infrastructure FootprintTeraWulf said the newly acquired Muskie Data Campus is expected to support more than 1 gigawatt of data center capacity over time. The company said delivery of the initial 500 megawatts is expected to ramp beginning in the second half of 2028, with an additional 500 megawatts targeted for delivery in the second half of 2030. 

The site, acquired from Industrial Equity Partners, is located within the 1,000-acre EastPark Industrial Park and includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure, with optional adjacent acreage available for future expansion. 

TeraWulf said Kentucky Power, an AEP company, is constructing a 345 kV substation connected to the existing 765 kV transmission network to support the campus. The company also said transmission infrastructure and energy service agreements were executed concurrently with the acquisition. 

According to the company, the site is already zoned for its intended use, permitting activities are underway and only limited site work is required to support data center construction. TeraWulf said the campus provides a clear pathway to near-term construction commencement and accelerated time-to-power. 

"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 CEO Paul Prager. 

Prager added that the Muskie Data Campus combines scalable power, transmission infrastructure and development readiness designed to support hyperscale AI workloads. 

TeraWulf said the Muskie Data Campus represents its second major digital infrastructure campus in Kentucky alongside its 480 MW Justified Data campus in Hancock County.

TeraWulf Shares ClimbWULF Price Action: At the time of publication, TeraWulf shares are trading 13.06% higher at $25.80, according to data from Benzinga Pro.

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Key Takeaways Strategy remains the largest corporate Bitcoin holder with more than 843,000 BTC on its balance sheet.MSTR reported a $12.8B net loss in Q1 2026 due to a Bitcoin fair-value decline.TeraWulf's Q1 2026 HPC lease revenues exceeded Bitcoin mining revenues, highlighting diversification. Strategy (MSTR - Free Report) and TeraWulf (WULF - Free Report) are both bitcoin-focused stocks, but they offer investors exposure to the digital asset market through fundamentally different mechanisms.

Strategy operates primarily as a Bitcoin treasury company, aggressively accumulating BTC while maintaining its legacy enterprise analytics software business. Its stock magnifies Bitcoin price volatility, making it a preferred equity for direct BTC exposure. In contrast, TeraWulf is a pure-play Bitcoin miner focused on low-cost, sustainable mining operations in the United States while expanding into high-performance computing (HPC) and AI infrastructure to diversify future growth.

As demand for the digital asset grows, investors are increasingly evaluating Bitcoin-related stocks. Comparing Strategy's Bitcoin accumulation strategy with TeraWulf's mining-driven approach can help investors determine which stocks are likely to deliver stronger returns over time.

The Case for MSTR StockStrategy's transformation into a Bitcoin treasury company has created substantial shareholder value, but it has also significantly increased the stock's risk profile. The company’s financial performance is now largely tied to Bitcoin price movements rather than its legacy enterprise analytics software business.

In first-quarter 2026, Strategy reported a massive operating loss of $14.5 billion and a net loss of $12.8 billion, largely due to a $14.5 billion unrealized fair-value loss on its Bitcoin holdings following a decline in Bitcoin prices. While software revenues grew 11.9% year over year to $124.3 million, the business remains small relative to the scale of its Bitcoin exposure, highlighting the view that MSTR increasingly trades as a leveraged Bitcoin proxy rather than a software stock.

Valuation remains another concern. Strategy's enterprise value stood at roughly $82 billion compared with a Bitcoin reserve worth about $64 billion, implying an mNAV of 1.27x. Investors are therefore paying a premium above the value of the underlying Bitcoin holdings. The company also depends heavily on recurring capital raises to fund additional Bitcoin purchases, while a 23% decline in Bitcoin prices reduced digital asset values from $58.9 billion to $51.6 billion during the first quarter.

Despite these concerns, Strategy remains the largest corporate Bitcoin holder globally, owning more than 843,000 BTC. Strong investor demand has enabled it to raise $11.7 billion in capital year to date, while low net leverage and solid liquidity provide financial flexibility. If Bitcoin adoption and prices continue to accelerate, Strategy’s unmatched Bitcoin reserve could create significant long-term upside for shareholders.

The Zacks Consensus Estimate for MSTR’s 2026 earnings is pegged at $116.7 per share, down 14.4% over the past 30 days, raising growth concerns.

Image Source: Zacks Investment Research

The Case for WULF StockTeraWulf is rapidly evolving from a pure-play Bitcoin miner into a digital infrastructure company focused on high-performance computing (HPC) and AI data centers. This transition is already gaining traction, as first-quarter 2026 HPC lease revenues of $21 million surpassed Bitcoin mining revenues of roughly $13 million, demonstrating the growing importance of its recurring infrastructure business.

The company controls a 2.3 GW HPC development pipeline across five sites, with 522 MW already leased under long-term agreements. Backed by customers such as Core42, Google and Fluidstack, TeraWulf has secured more than $13 billion in contracted revenues. Its ability to control power-rich sites is a major competitive advantage at a time when electricity availability is emerging as the key bottleneck for AI infrastructure expansion.

Financially, TeraWulf generated $34 million in first-quarter revenues and ended the period with $3.1 billion in cash and restricted cash, providing ample resources to fund growth initiatives. Management is targeting 250-500 MW of new contracted HPC capacity annually while expanding facilities at Lake Mariner and advancing the Abernathy joint venture.

The company's February 2026 acquisitions further strengthen its growth outlook. Hawesville, KY, adds 480 MW of immediately available power, while the Morgantown asset offers 210 MW of generation capacity with expansion potential approaching 1 GW.

Investors should still monitor risks, including Bitcoin price volatility, execution challenges related to data-center construction, customer deployments, financing requirements and regulatory approvals. Morgantown's pending regulatory review also creates uncertainty.

The Zacks Consensus Estimate for WULF’s 2026 loss is currently pegged at 64 cents per share, down over the past 30 days. However, this represents a sharp year-over-year improvement from a loss of $1.66 per share.

Image Source: Zacks Investment Research

Stock Performance & Valuation: MSTR vs. WULFWith a year-to-date surge of 119.1%, TeraWulf has significantly outperformed Strategy's 5.2% return, reflecting growing investor confidence in its evolution beyond Bitcoin mining. The company's expanding AI and HPC infrastructure platform, securing long-term contracted revenues and expanding power infrastructure footprint have strengthened its long-term growth prospects.

MSTR vs. WULF Stock Performance Chart
Image Source: Zacks Investment Research

On the valuation front, TeraWulf appears considerably less expensive than Strategy, trading at a forward 12-month price-to-sales (P/S) ratio of 20.56 compared with Strategy's lofty 111.75. The valuation gap indicates that TeraWulf offers investors exposure to multiple growth drivers at a more reasonable premium.

Image Source: Zacks Investment Research

Conclusion: TeraWulf Takes the LeadWhile both stocks offer exposure to Bitcoin, TeraWulf appears to be in an advantageous position. Its expanding AI and HPC infrastructure business, growing contracted revenue base, stronger stock performance and significantly lower valuation create multiple avenues for growth beyond Bitcoin. Compared with Strategy's Bitcoin-centric model, WULF seems like a better investment option.

While WULF carries a Zacks Rank #3 (Hold) at present, MSTR has a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Paul Prager, Terawulf CEO, joins 'Power Lunch' to discuss the insatiable demand for electricity around data centers, energy infrastructure and much more.

The steel frame of data centers under construction during a tour of the OpenAI data center in Abilene, Texas, U.S., September 23, 2025. A total of eight data center buildings are planned to... Purchase Licensing Rights, opens new tab Read more

SummarySeveral large data centers, crypto sites failed grid reliability tests ahead of summer peakERCOT reviewing failures, developing mitigation plans as abrupt disconnections risk outagesRegulators tightening rules to ensure facilities withstand voltage disturbances without disconnectingJune 5 (Reuters) - Several ​large data centers and crypto facilities planning to connect to the Texas power grid ahead of ‌peak summer demand have failed key reliability tests, raising the risk of power outages just as electricity use hits its seasonal high, according to the state grid operator.

The rapid expansion of data centers processing vast amounts of data for artificial intelligence and crypto mining is ​straining power grids across the United States.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Unlike traditional industrial customers, which tend to draw electricity steadily and ​predictably, data centers are engineered to cut their connection to the grid at the first sign ⁠of trouble to protect their equipment and keep services running. That makes them an unpredictable and potentially destabilizing force ​on grids already under pressure from rising demand.

Four groups of unnamed large electricity users, including data centers, abruptly disconnected ​from the Texas grid during a test of how they would handle routine voltage disturbances, the Electric Reliability Council of Texas (ERCOT) said in a report dated May 21.

When large customers abruptly cut their power use, it can knock the grid off balance and trigger wider ​outages.

ERCOT, which manages electricity for most of Texas, said it reviewed about 20 gigawatts of large customers seeking to connect ​to the system, including eight projects totaling roughly 3.9 gigawatts aiming to start up before July 1. It said it identified ‌four groups ⁠of large power users that could each trigger more than 5,000 megawatts of demand tripping under certain fault conditions, based on simulations of transmission system disturbances.

Those abrupt drops in demand were equivalent to the electricity consumption of a large city such as Boston.

ERCOT said it is reviewing the test failures and drawing up plans to protect the grid from ​disruptions. So-called voltage ride-through failures ​have become a top ⁠priority for ERCOT’s board as the risk grows with more data centers and crypto miners connecting to the grid.

Since 2023, ERCOT has identified at least 26 events in which ​data centers or crypto mining facilities have abruptly disconnected from the grid because they ​could not handle ⁠disturbances in the flow of electricity.

In December 2022, a failed transformer at a substation in west Texas caused nearly 400 crypto miners, data centers and oil and gas production facilities to unplug without warning. The mass disconnection produced a surplus of nearly ⁠1,700 ​megawatts of electricity, about 5% of the grid's total demand, and forced ​112 megawatts of power generation to shut down, according to ERCOT.

ERCOT and regulators have been tightening interconnection and performance requirements, including new rules aimed ​at ensuring such facilities can ride through voltage and frequency disturbances without disconnecting.

Tim McLaughlin in Boston; Editing by Sanjeev Miglani

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CHANTILLY, Va.--(BUSINESS WIRE)---- $AMTM #AdvancedEnergy--Great British Energy – Nuclear (GBE-N) has awarded a $406 million (£300 million) contract to a joint venture between Amentum (NYSE: AMTM) and Cavendish Nuclear to serve as the owner's engineer for the UK's groundbreaking small modular reactor (SMR) program. This long-term agreement, with a maximum duration of 14 years, will support the deployment of Rolls-Royce SMR's innovative reactor technology at the Wylfa site in North Wales. The contract represents a signif.

BERKELEY, Calif., April 07, 2026 (GLOBE NEWSWIRE) -- Deep Isolation Nuclear, Inc. (“Deep Isolation” or the “Company”), a leading innovator in nuclear waste disposal technology, today announced it was selected for the U.S. Department of Energy’s ARPA-E SCALEUP Ready program, supporting the commercial deployment of its Universal Canister System (UCS) for integrated nuclear waste management. SCALEUP Ready is ARPA-E’s latest initiative to accelerate technologies toward market adoption and committed up to $40 million to support two projects, including the Deep Isolation project. Read more: ARPA-E Announcement.

The SCALEUP program bridges the gap between pilot-scale demonstration and full commercial deployment, providing funding and support to validate first-of-a-kind energy technologies. For Deep Isolation, the award would enable full-scale field testing of the UCS, including regulatory validation and demonstration of deep borehole disposal using a nonradioactive Commercial Pilot in Cameron, Texas.

The project brings together a world-class project team, including Westinghouse, NAC International, Halliburton (NYSE: HAL), Occlusion Nuclear Solutions, Amentum (NYSE: AMTM), and the Deep Borehole Demonstration Center (“the DBDC”), to demonstrate a fully integrated and permanent solution for advanced reactor and nuclear recycling waste. Westinghouse will serve as the launch customer, working with Deep Isolation and its supply chain partners to secure certification from the Nuclear Regulatory Commission to enable the UCS to store and transport spent fuel from its eVinci™ microreactor. Halliburton will lead borehole construction, Occlusion will manage subsurface operations, NAC will lead UCS fabrication, surface operations, and licensing, and Amentum will oversee operational safety and quality assurance, ensuring the system is ready for commercial deployment.

“Being selected for this award is the single biggest milestone in Deep Isolation’s history,” said Rod Baltzer, President and CEO at Deep Isolation. “It validates years of pioneering work on the Universal Canister System and positions us to deliver the world’s first full-scale, end-to-end, commercial-ready deep borehole disposal solution. We are creating a deployable, regulatory-approved system that will transform how the world manages nuclear waste safely, efficiently, and permanently.”

“The integration of UCS with our eVinci™ microreactor technology provides a comprehensive solution for managing spent nuclear fuel through its entire lifecycle,” said Dr. Lou Martinez Sancho, Westinghouse Chief Technology Officer. “This partnership showcases the impact of innovation, where we are merging our next-generation nuclear technology with a reliable, economical and adaptable method for handling nuclear waste. The Commercial Pilot will generate valuable insights which will set the stage for wider adoption and global confidence in advanced nuclear solutions.”

“Deep boreholes have long been considered a promising solution for spent nuclear fuel and high-level nuclear waste disposal. Amentum is excited to work with Deep Isolation and its collaborators to move this concept toward commercialization and turn it into a practical reality.” said Mark Whitney, President Energy & Environment at Amentum.

The UCS SCALEUP project advances critical national priorities, supporting Executive Order 14302, which directs the Department of Energy to strengthen U.S. nuclear energy leadership and develop permanent solutions for spent nuclear fuel and high-level waste. The project directly aligns with ARPA-E’s mission to improve radioactive waste management and maintain U.S. technological leadership in advanced energy technologies.

About Deep Isolation
Deep Isolation is the first company to undertake development of technologies for nuclear waste disposal in deep boreholes. When commercialized, Deep Isolation’s solution will offer a uniquely tailored approach to help countries identify, plan for, and complete the necessary steps to dispose of their nuclear waste inventories. With 99 patents issued to date, the technology leverages proven drilling practices to safely isolate waste deep underground in horizontal, vertical, or slanted borehole repositories. Deep Isolation’s Universal Canister System was developed through a three-year project funded by the U.S. Department of Energy’s Advanced Research Projects Agency–Energy and is engineered to support integrated management of spent fuel and high-level radioactive waste from legacy and advanced reactors across storage, transportation, and eventual disposal.

Media Contact:
Sophie McCallum
[email protected]

Investor Contact:
Caldwell Bailey
[email protected]

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our plans, objectives and expectations for our business, the future growth of our business and the nuclear energy and nuclear waste disposal industries as a whole, and future benefits expected to arise from our strategic partnerships. In certain cases, forward-looking statements can be identified by the use of words and phrases or variations of words and phrases or statements such as “may,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “will,” “could,” “project,” “target,” “potential,” “continue” and similar expressions. Forward-looking statements are based on management’s belief and assumptions, including current expectations and projections about future events and trends, and on information currently available to management. 

Forward-looking statements in this or any other news release are subject to a number of risks, uncertainties, and assumptions that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties, and assumptions are subject to a number of factors, including, among others: the failure of a market to develop for our deep borehole disposal solutions as quickly as we expect or at all; a failure of demand for our solution to develop sufficiently; regulatory and legal developments, including issues relating to obtaining regulatory approvals or permissions on the timelines we expect or at all; our lack of profitability; delays or failure in our initiative to complete a full-scale, at-depth demonstration of our Universal Canister System and our deep borehole solution; our failure to enter into contracts with customers or, once we do enter into contracts, to continue such contractual relationships or to receive new contract awards; our dependency on governmental contracts and awards; our failure to manage our growth effectively or to execute our business plan; a failure to sustain and expand relationships with governmental entities and strategic partners; failure in the assumptions or analyses we have used in supporting forecasts or plans; our inability to commercialize our products at scale; the development or deployment of other technologies or solutions supplanting or competing with our technologies; challenges to our intellectual property; failures to protect, maintain, enforce, and enhance our intellectual property, and claims by others of intellectual property infringement; political and public perceptions of nuclear energy, including perceptions as to accidents or other high-profile events involving nuclear power facilities or radioactive materials; our liquidity and ability to raise capital; any inability to control operating and project costs and project delays or other project-related problems; security (including cybersecurity) breaches or disruptions; geopolitical, macroeconomic, domestic events or crises, including supply chain disruptions and other risks and uncertainties outside of our control; weather and effects of climate change; and litigation or legal proceedings that may be brought against us. 

The foregoing is not an exhaustive list of all the factors that may cause any forward-looking statements to prove inaccurate or our actual results to differ materially from our expectations and forecasts. Moreover, we operate in a highly regulated environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements, and we cannot guarantee future results, performance, or achievements. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update any forward-looking statements for any reason after the date of this release or to conform these statements to actual results or revised expectations, except as required by law. 

Additional information concerning the factors above and other factors will be found in the Company’s public filings with the Securities and Exchange Commission (the “SEC”), including the sections titled “Forward-Looking Statements” and “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC on November 14, 2025, our Form S-1, originally filed August 18, 2025 and subsequently amended, and in filings with the SEC that will be made in the future. The Company’s SEC filings are available free of charge at www.sec.gov or upon written request to Deep Isolation Nuclear at [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/04dd1611-4a3e-4cdf-8d00-69905359dc64

CHANTILLY, Va.--(BUSINESS WIRE)---- $AMTM #Amentum--Amentum (NYSE: AMTM) provided critical ground systems operations to NASA on the Artemis II mission, the first crewed flight in the Artemis program. The mission marked a new era in human space exploration, advancing NASA's objective of a sustainable lunar presence and setting the stage for future deep-space exploration and habitation. “Artemis II is a giant leap not just for NASA, but for humanity's reawakening to human space exploration,” said Mark Walter, presi.

CHANTILLY, Va.--(BUSINESS WIRE)--Amentum (NYSE: AMTM), a global leader in advanced engineering and innovative technology solutions, will host a conference call on May 12, 2026, at 8:30 AM EDT to discuss financial results for the second quarter fiscal year 2026 ending April 3, 2026. A news release containing the results will be issued prior to the call.

Amentum will host a conference call on May 12, 2026, at 8:30 AM EDT to discuss financial results for the second quarter fiscal year 2026.

Share The conference call will be webcast to the public through a link on Amentum’s Investor Relations Website. A replay of the conference call, along with the earnings press release, presentation slides and supplemental financial disclosures, will be available via the same link.

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in approximately 80 countries across all 7 continents.

Visit us at amentum.com to learn how we advance the future together.

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CHANTILLY, Va.--(BUSINESS WIRE)--Amentum Holdings, Inc. (“Amentum” or the “Company”) (NYSE: AMTM), a leading advanced engineering and technology company, today announced results for the second quarter ended April 3, 2026, and reaffirmed guidance for its fiscal year 2026.

“Amentum delivered another quarter of solid performance across all key financial and business development metrics."

Share “Amentum delivered another quarter of solid performance across all key financial and business development metrics," said Amentum Chief Executive Officer John Heller. “We see significant and growing opportunities across national security, nuclear energy, space, and critical digital infrastructure markets with most of these in the early stages of a substantial investment cycle. We believe that our strategic alignment with these markets and our focus on execution, innovation, and delivery excellence will translate into long-term value for our shareholders.”

Summary Operating Results

Three Months Ended

(in millions, except per share data)

April 3, 2026

March 28, 2025

% Change

GAAP Measures:

Revenues

$3,478

$3,491

—%

Operating income

$151

$110

37%

Net income

$54

$4

1250%

Diluted earnings per share

$0.22

$0.02

1000%

Non-GAAP Measures1:

Adjusted EBITDA1

$275

$268

3%

Adjusted EBITDA Margin1

7.9%

7.7%

+20 bps

Adjusted Diluted Earnings Per Share (EPS)1

$0.60

$0.53

13%

Free Cash Flow1

$220

$53

315%

GAAP Results

Revenues of $3,478 million were consistent year-over-year driven by the ramp-up of new contract awards in high demand areas including critical digital infrastructure and space systems and technologies; partially offset by an approximately 3% impact due to contract transitions from consolidated to unconsolidated joint ventures and divestitures. Operating income increased as a result of strong operational performance and decreased intangible amortization expense. Net income and diluted earnings per share improved year-over-year, supported by higher operating income and lower interest expense due to debt repayments.

Non-GAAP Results

Adjusted EBITDA of $275 million reflects Adjusted EBITDA Margins of 7.9%, up from 7.7% in the prior year quarter, driven by continued progress on our margin expansion initiatives and strong operational performance. Adjusted Net Income and Adjusted Diluted Earnings Per Share increased primarily as a result of the strong operational performance and lower interest expense.

Non-GAAP Segment Results

Three Months Ended

(in millions)

April 3, 2026

March 28, 2025

% Change

Revenues

Digital Solutions

$1,468

$1,340

10%

Global Engineering Solutions

2,010

2,151

(7%)

Total Revenues

$3,478

$3,491

—%

Adjusted EBITDA1

Digital Solutions

$105

$107

(2)%

Global Engineering Solutions

170

161

6%

Total Adjusted EBITDA

$275

$268

3%

Digital Solutions revenues increased 10% year-over-year driven by the ramp-up of new contract awards in our critical digital infrastructure and space systems and technologies accelerating growth markets, partially offset by the fiscal year 2025 divestiture of Rapid Solutions. Adjusted EBITDA decreased 2% year-over-year due to the divestiture and higher net program write-ups in the prior year quarter, partially offset by the increased revenue volume.

Global Engineering Solutions revenues decreased 7% year-over-year due to contract transitions from consolidated to unconsolidated joint ventures, a fiscal year 2025 divestiture, and the expected ramp-down of other historical programs; partially offset by the ramp up of new contract awards. Adjusted EBITDA increased 6% year-over-year as a result of continued progress on our margin expansion initiatives.

Cash Flow Summary

In the second quarter, Amentum generated $225 million of net cash from operating activities and used $18 million and $24 million in investing and financing activities, respectively. Net cash provided by operating activities was driven by strong cash earnings, disciplined working capital management, and benefited from one less pay cycle compared to the prior year quarter. Net cash used in investing activities included $3 million in net contributions to equity method investments, $5 million in capital expenditures, and $8 million in working capital settlements for prior year divestitures. Net cash used in financing activities consisted primarily of $10 million in principal payments on our Term Loan and $12 million of distributions to non-controlling interests. As of April 3, 2026, Amentum had $428 million in cash and cash equivalents and $4 billion of gross debt.

On April 24, 2026, we completed an amendment to our credit agreement enhancing our capital structure. The transaction included a new $1.4 billion Term Loan A, with proceeds used to reduce outstanding borrowings and refinance our existing Term Loan B. In addition, we increased our revolving credit facility to $1.0 billion. The amendment also repriced our debt, lowering our weighted average cost of debt and annual interest expense. Collectively, these actions strengthen our liquidity, improve financial flexibility, and support the path to our target leverage profile.

Backlog and Contract Awards

As of April 3, 2026, the Company had total backlog of $47.8 billion, compared with $44.8 billion as of March 28, 2025, an annual increase of 7% driven by $17.2 billion in net bookings and 1.2x book-to-bill. Funded backlog as of April 3, 2026 was $6.9 billion.

Notable Q2 Fiscal Year 2026 Highlights

Great British Energy - Nuclear (GBE-N) Small Modular Reactor Engineering – GBE-N awarded a $406 million, 14-year contract to an Amentum-led joint venture, to serve as the owner’s engineer for the United Kingdom’s Small Modular Reactor (SMR) program. Under the contract, Amentum will deliver engineering and design support, as well as oversight, governance, and construction management solutions in support of SMR deployments in Wales, UK. European Commission Joint Research Centre (JRC) – JRC awarded a $112 million, two-year contract to an Amentum-led joint venture to serve as lead contractor for decommissioning and waste management across nuclear research sites in four European countries. The work leverages Amentum’s deep expertise in complex nuclear remediation and reinforces its position as a trusted partner in Europe’s nuclear cleanup efforts. California Department of Forestry and Fire Protection (CALFIRE) – CALFIRE awarded Amentum a $425 million, 5-year contract to deploy predictive analytics and data-driven tools to optimize fleet sustainment, reduce downtime, and streamline supply chain and repair cycles. The partnership underscores Amentum’s commitment to supporting California in its battle against wildfires. Multiple Intelligence Awards – Amentum was awarded over $300 million in intelligence contracts, delivering a variety of mission-focused solutions intelligence support capabilities to advance national security priorities. These awards illustrate the strong demand for Amentum’s expertise and innovative intelligence solutions. Multiple Critical Digital Infrastructure (CDI) Awards – Amentum was awarded over $600 million in Critical Digital Infrastructure awards, supporting telecom, hyperscaler, enterprise and national security customers. Under these agreements, Amentum will deploy advanced wireless networks, expand secure connectivity solutions, and retrofit data centers to support AI-driven workloads, while providing mission-critical cybersecurity through advanced risk management, continuous monitoring and compliance. These wins build on Amentum’s core strengths in delivering integrated, large-scale digital infrastructure across both commercial and government markets. Fiscal Year 2026 Guidance

Amentum reaffirms its fiscal year 2026 guidance as follows:

(in millions, except per share data)

Fiscal Year 2026 Guidance

Implied Underlying Growth2

Revenues

$13,950

-

$14,300

~3%

Adjusted EBITDA1

$1,100

-

$1,140

~5%

Adjusted Diluted EPS1

$2.25

-

$2.45

~12%

Free Cash Flow1

$525

-

$575

~12%

Webcast Information

Amentum will host a conference call beginning at 8:30 a.m. Eastern time on Tuesday, May 12, 2026 to discuss the results for the second quarter ended April 3, 2026. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of the Amentum website at amentum.com. After the call concludes, a replay of the webcast can be accessed on the Investor Relations website.

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in over 70 countries across all 7 continents.

Visit us at amentum.com to learn how we advance the future together.

Cautionary Note Regarding Forward Looking Statements

This release contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; any statements regarding industry and market trends; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future.

Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities and tariffs and the ongoing conflicts in Europe and the Middle East; our ability to comply with the various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in the annual report on Form 10-K (the “Annual Report”), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP Measures

This release includes the presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Free Cash Flow, and Net Leverage, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these non-GAAP measures, when read in conjunction with the Company’s financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company’s financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company’s ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.

Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided elsewhere in this release.

In addition to the above non-GAAP financial measures, the Company has included backlog, net bookings, and book-to-bill in this release. Backlog is an operational measure representing the estimated amount of future revenues to be recognized under negotiated contracts, and net bookings represent the change in backlog between reporting periods plus reported revenues for the period. Book-to-bill represents net bookings divided by reported revenues for the same period. We believe these metrics are useful for investors because they are an important measure of business development performance and are used by management to conduct and evaluate its business during its regular review of operating results.

AMENTUM HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

  Three Months Ended

Six Months Ended

April 3, 2026

March 28, 2025

April 3, 2026

March 28, 2025

Revenues

$

3,478

$

3,491

$

6,715

$

6,907

Cost of revenues

(3,133

)

(3,124

)

(6,044

)

(6,179

)

Selling, general, and administrative expenses

(124

)

(145

)

(239

)

(275

)

Amortization of intangibles

(94

)

(120

)

(188

)

(240

)

Equity earnings of non-consolidated subsidiaries

24

8

45

29

Operating income

151

110

289

242

Interest expense and other, net

(73

)

(86

)

(147

)

(173

)

Income before income taxes

78

24

142

69

Provision for income taxes

(24

)

(22

)

(44

)

(46

)

Net income including non-controlling interests

54

2

98

23

Less: net income attributable to non-controlling interests

—

2

—

(7

)

Net income attributable to common shareholders

$

54

$

4

$

98

$

16

Basic and diluted earnings per share attributable to common shareholders

$

0.22

$

0.02

$

0.40

$

0.07

Basic weighted average shares outstanding

244

243

244

243

Diluted weighted average shares outstanding

245

243

245

243

AMENTUM HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

  April 3, 2026

October 3, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

428

$

437

Accounts receivable, net

2,496

2,479

Prepaid expenses and other current assets

173

197

Total current assets

3,097

3,113

Property and equipment, net

105

114

Equity method investments

216

196

Goodwill

5,698

5,703

Intangible assets, net

1,769

1,955

Other long-term assets

285

379

Total assets

$

11,170

$

11,460

LIABILITIES

Current liabilities:

Current portion of long-term debt

$

40

$

42

Accounts payable

832

892

Accrued compensation and benefits

618

705

Contract liabilities

180

227

Other current liabilities

421

488

Total current liabilities

2,091

2,354

Long-term debt, net of current portion

3,887

3,901

Deferred tax liabilities

259

260

Other long-term liabilities

230

325

Total liabilities

6,467

6,840

SHAREHOLDERS' EQUITY

Common stock, $0.01 par value, 1,000,000,000 shares authorized; 244,090,344 shares issued and outstanding at April 3, 2026 and 243,464,776 shares issued and outstanding at October 3, 2025.

2

2

Additional paid-in capital

4,935

4,924

Retained deficit

(363

)

(461

)

Accumulated other comprehensive income

35

40

Total Amentum shareholders' equity

4,609

4,505

Non-controlling interests

94

115

Total shareholders' equity

4,703

4,620

Total liabilities and shareholders' equity

$

11,170

$

11,460

AMENTUM HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

  Three Months Ended

Six Months Ended

April 3, 2026

March 28, 2025

April 3, 2026

March 28, 2025

Cash flows from operating activities

Net income including non-controlling interests

$

54

$

2

$

98

$

23

Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:

Depreciation

6

9

18

18

Amortization of intangibles

94

120

188

240

Equity earnings of non-consolidated subsidiaries

(24

)

(8

)

(45

)

(29

)

Distributions from equity method investments

29

14

54

35

Deferred income taxes

1

4

(2

)

(11

)

Stock-based compensation

8

5

15

8

Other

4

5

6

10

Changes in assets and liabilities, net of effects of business acquisition:

Accounts receivable, net

95

(100

)

47

(127

)

Prepaid expenses and other assets

10

36

51

71

Accounts payable, contract liabilities, and other current liabilities

(151

)

20

(250

)

(11

)

Accrued compensation and benefits

90

(40

)

(88

)

(46

)

Other long-term liabilities

9

(10

)

(3

)

(14

)

Net cash provided by operating activities

225

57

89

167

Cash flows from investing activities

Divestitures, net of cash conveyed

(8

)

—

(8

)

—

Payments for property and equipment

(5

)

(4

)

(11

)

(12

)

Contributions to equity method investments

(10

)

(27

)

(52

)

(28

)

Returns of capital from equity method investments

7

1

22

1

Other

(2

)

(1

)

(2

)

—

Net cash used in investing activities

(18

)

(31

)

(51

)

(39

)

Cash flows from financing activities

Borrowings on revolving credit facilities

866

303

1,986

513

Payments on revolving credit facilities

(866

)

(303

)

(1,986

)

(513

)

Repayments of borrowings under the credit agreement

(10

)

—

(19

)

—

Distributions to non-controlling interests

(12

)

(9

)

(21

)

(22

)

Other

(2

)

(3

)

(4

)

(6

)

Net cash used in financing activities

(24

)

(12

)

(44

)

(28

)

Effect of exchange rate changes on cash

(2

)

10

(3

)

(6

)

Net change in cash and cash equivalents

181

24

(9

)

94

Cash and cash equivalents, beginning of period

247

522

437

452

Cash and cash equivalents, end of period

$

428

$

546

$

428

$

546

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES

The presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.

Adjusted EBITDA is defined as GAAP net income attributable to common shareholders adjusted for interest expense and other, net, provision for income taxes, depreciation and amortization, and excludes the following discrete items:

Acquisition, transaction, and integration costs – Represents acquisition, transaction and integration costs, including severance, retention, and other adjustments related to acquisition and integration activities. Amortization of intangibles – Represents the amortization of intangible assets. Divestitures – Represents divestiture gains and losses. Utilization of certain fair market value adjustments assigned in purchase accounting – Represents the periodic utilization of the fair market value adjustments assigned to certain equity method investments and non-controlling interests based on the remaining period of performance for the related contract. Stock-based compensation – Represents non-cash compensation expenses recognized for stock-based arrangements. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues.

Adjusted Net Income is defined as GAAP net income attributable to common shareholders excluding the discrete items listed under Adjusted EBITDA and the related tax impacts.

Adjusted Diluted EPS is defined as Adjusted Net Income divided by diluted weighted average number of common shares outstanding.

Free Cash Flow is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. For the second quarter of fiscal year 2026, Free Cash Flow was $220 million, consisting of $225 million of GAAP cash flow provided by operating activities less $5 million of purchases of property and equipment.

Net Leverage is defined as GAAP total debt (excluding unamortized original issue discount and deferred financing costs) less cash and cash equivalents, divided by last twelve months Adjusted EBITDA, which is a non-GAAP measure. For the second quarter of fiscal year 2026, Net Leverage was 3.2x, consisting of $3,988 million of total debt less $428 million of cash and cash equivalents, divided by the last twelve months Adjusted EBITDA of $1,112 million.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended April 3, 2026:

For the Three Months Ended April 3, 2026

As
reported

Acquisition,
transaction
and
integration costs

Amortization
of
intangibles

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

3,478

$

—

$

—

$

—

$

—

$

3,478

Operating income

$

151

$

16

$

94

$

4

$

8

$

273

Non-operating expenses, net

(73

)

—

—

—

—

(73

)

Income before income taxes

78

16

94

4

8

200

Provision for income taxes 1

(24

)

(3

)

(18

)

(1

)

(2

)

(48

)

Net income including non-controlling interests

54

13

76

3

6

152

Less: net income attributable to non-controlling interests

—

—

—

(4

)

—

(4

)

Net income (loss) attributable to common shareholders

$

54

$

13

$

76

$

(1

)

$

6

$

148

Basic income per share attributable to common shareholders

$

0.22

$

0.05

$

0.31

$

—

$

0.03

$

0.61

Basic weighted average shares outstanding

244

244

244

244

244

244

Diluted income per share attributable to common shareholders

$

0.22

$

0.05

$

0.31

$

—

$

0.02

$

0.60

Diluted weighted average shares outstanding

245

245

245

245

245

245

Net income (loss) attributable to common shareholders

$

54

$

13

$

76

$

(1

)

$

6

$

148

Net income margin 2

1.6

%

4.3

%

Depreciation

6

—

—

—

—

6

Amortization of intangibles

94

—

(94

)

—

—

—

Interest expense and other, net

73

—

—

—

—

73

Provision for income taxes

24

3

18

1

2

48

EBITDA (non-GAAP)

$

251

$

16

$

—

$

—

$

8

$

275

EBITDA margin

7.2

%

7.9

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the six months ended April 3, 2026:

For the Six Months Ended April 3, 2026

As
reported

Acquisition,
transaction
and
integration costs

Amortization
of
intangibles

Divestitures

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

6,715

$

—

$

—

$

—

$

—

$

—

$

6,715

Operating income

$

289

$

27

$

188

$

—

$

10

$

15

$

529

Non-operating expenses, net

(147

)

—

—

(3

)

—

—

(150

)

Income (loss) before income taxes

142

27

188

(3

)

10

15

379

(Provision) benefit for income taxes 1

(44

)

(6

)

(37

)

1

(2

)

(3

)

(91

)

Net income (loss) including non-controlling interests

98

21

151

(2

)

8

12

288

Less: net income (loss) attributable to non-controlling interests

—

—

—

—

(9

)

—

(9

)

Net income (loss) attributable to common shareholders

$

98

$

21

$

151

$

(2

)

$

(1

)

$

12

$

279

Basic and diluted income per share attributable to common shareholders

$

0.40

$

0.08

$

0.62

$

—

$

—

$

0.04

$

1.14

Basic weighted average shares outstanding

244

244

244

244

244

244

244

Diluted weighted average shares outstanding

245

245

245

245

245

245

245

Net income (loss) attributable to common shareholders

$

98

$

21

$

151

$

(2

)

$

(1

)

$

12

$

279

Net income margin 2

1.5

%

4.2

%

Depreciation

18

—

—

—

—

—

18

Amortization of intangibles

188

—

(188

)

—

—

—

—

Interest expense and other, net

147

—

—

3

—

—

150

Provision (benefit) for income taxes

44

6

37

(1

)

2

3

91

EBITDA (non-GAAP)

$

495

$

27

$

—

$

—

$

1

$

15

$

538

EBITDA margin

7.4

%

8.0

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the three months ended March 28, 2025:

For the Three Months Ended March 28, 2025

As
reported

Acquisition,
transaction
and
integration
costs

Amortization
of
intangibles

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

3,491

$

—

$

—

$

—

$

—

$

3,491

Operating income

$

110

$

21

$

120

$

11

$

5

$

267

Non-operating expenses, net

(86

)

—

—

—

—

(86

)

Income before income taxes

24

21

120

11

5

181

Provision for income taxes 1

(22

)

(5

)

(13

)

(2

)

(1

)

(43

)

Net income including non-controlling interests

2

16

107

9

4

138

Less: net income (loss) attributable to non-controlling interests

2

—

—

(10

)

—

(8

)

Net income (loss) attributable to common shareholders

$

4

$

16

$

107

$

(1

)

$

4

$

130

Basic and diluted income per share attributable to common shareholders

$

0.02

$

0.07

$

0.43

$

—

$

0.01

$

0.53

Basic and diluted weighted average shares outstanding

243

243

243

243

243

243

Net income (loss) attributable to common shareholders

$

4

$

16

$

107

$

(1

)

$

4

$

130

Net income margin 2

0.1

%

3.7

%

Depreciation

9

—

—

—

—

9

Amortization of intangibles

120

—

(120

)

—

—

—

Interest expense and other, net

86

—

—

—

—

86

Provision for income taxes

22

5

13

2

1

43

EBITDA (non-GAAP)

$

241

$

21

$

—

$

1

$

5

$

268

EBITDA margin

6.9

%

7.7

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

AMENTUM HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES
(in millions, except per share data and margin percentages)

The following table presents the reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted EPS to the most directly comparable GAAP measures for the six months ended March 28, 2025:

For the Six Months Ended March 28, 2025

As
reported

Acquisition,
transaction
and
integration
costs

Amortization
of
intangibles

Utilization of
fair market
value
adjustments

Stock-based
compensation

Non-GAAP
results

Revenues

$

6,907

$

—

$

—

$

—

$

—

$

6,907

Operating income

$

242

$

30

$

240

$

11

$

8

$

531

Non-operating expenses, net

(173

)

—

—

—

—

(173

)

Income before income taxes

69

30

240

11

8

358

Provision for income taxes 1

(46

)

(7

)

(30

)

(2

)

(1

)

(86

)

Net income including non-controlling interests

23

23

210

9

7

272

Less: net income attributable to non-controlling interests

(7

)

—

—

(12

)

—

(19

)

Net income (loss) attributable to common shareholders

$

16

$

23

$

210

$

(3

)

$

7

$

253

Basic and diluted income (loss) per share attributable to common shareholders

$

0.07

$

0.09

$

0.86

$

(0.01

)

$

0.03

$

1.04

Basic and diluted weighted average shares outstanding

243

243

243

243

243

243

Net income (loss) attributable to common shareholders

$

16

$

23

$

210

$

(3

)

$

7

$

253

Net income margin 2

0.2

%

3.7

%

Depreciation

18

—

—

—

—

18

Amortization of intangibles

240

—

(240

)

—

—

—

Interest expense and other, net

173

—

—

—

—

173

Provision for income taxes

46

7

30

2

1

86

EBITDA (non-GAAP)

$

493

$

30

$

—

$

(1

)

$

8

$

530

EBITDA margin

7.1

%

7.7

%

1 - Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts.

2 - Calculated as net income attributable to common shareholders divided by revenues.

More News From Amentum Holdings, Inc.

Amentum Holdings (AMTM - Free Report) reported $3.48 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 0.4%. EPS of $0.60 for the same period compares to $0.53 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $3.48 billion, representing a surprise of +0.02%. The company delivered an EPS surprise of +3.9%, with the consensus EPS estimate being $0.58.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Amentum performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Global Engineering Solutions (GES): $2.01 billion compared to the $2.11 billion average estimate based on three analysts.Revenues- Digital Solutions (DS): $1.47 billion versus the three-analyst average estimate of $1.36 billion.Adjusted EBITDA- Global Engineering Solutions (GES): $170 million versus the two-analyst average estimate of $169.57 million.Adjusted EBITDA- Digital Solutions (DS): $105 million versus $106.65 million estimated by two analysts on average.View all Key Company Metrics for Amentum here>>>

Shares of Amentum have returned -6.7% over the past month versus the Zacks S&P 500 composite's +9.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Bargain Alert on 3 Stocks Investors Have OversoldAmentum NYSE: AMTM reported what executives described as solid second-quarter fiscal 2026 results, supported by growth in key markets, strong bookings and a rebound in free cash flow.

CEO John Heller said the company delivered revenue of $3.5 billion in the quarter, reflecting normalized growth of 3%. Adjusted EBITDA was $275 million, with an adjusted EBITDA margin of 7.9%, while adjusted diluted earnings per share rose 13% year over year to $0.60. Free cash flow totaled $220 million.

Get Amentum alerts:

2 Essential Data Center Solutions Providers Riding the AI Boom Heller opened the call by recognizing Amentum employees supporting customers globally, including teams in the Middle East. He also congratulated NASA, Amentum employees and industry partners on the successful Artemis II mission, calling it an example of the company’s long-running relationship with NASA.

Bookings and backlog reach new highs Amentum reported $4 billion in net bookings during the quarter, producing a quarterly and last-12-months book-to-bill ratio of 1.2 times. Heller said ending backlog reached nearly $48 billion, up 7% from the prior-year quarter and an all-time high for the company. Funded backlog was $6.9 billion, up 20% year over year.

The company also reported more than $20 billion in first-half submits, putting it on track to exceed its fiscal 2026 target of $35 billion. Amentum ended the quarter with $26 billion in proposals awaiting award, about 65% of which represented new business to the company.

Heller highlighted several second-quarter awards, including:

A 14-year, $406 million contract from Great British Nuclear to an Amentum-led joint venture supporting small modular reactors in the United Kingdom. A two-year, $112 million European Commission Joint Research Centre contract for decommissioning and waste management solutions. A five-year, $425 million contract from CAL FIRE for aviation fleet sustainment using predictive analytics and data-driven tools. Multiple intelligence contracts totaling more than $300 million. More than $600 million in critical digital infrastructure awards tied to telecom, hyperscaler and national security customers. In response to a question from Morgan Stanley’s Greg Parrish, Heller said the company believes its book-to-bill can remain consistent with recent levels, supported by more than $35 billion in expected bids this year. He said bidding activity in fiscal 2026 is also important for positioning Amentum for fiscal 2027.

Digital infrastructure identified as growth driver Amentum used part of the call to outline its opportunity in critical digital infrastructure, which Heller said is being driven by demand for artificial intelligence, data and mission-critical applications across commercial and government markets.

Heller said Amentum’s work in the area focuses on smart commercial infrastructure and data centers, next-generation digital connectivity, and cyber and network defense. He said the company supports hyperscalers in retrofitting legacy data centers for AI workloads and also works on large-scale wireless and fiber network deployments.

Chief Operating Officer Steve Arnette said Amentum is not a new entrant in telecom-related infrastructure, describing it as a business the company has built for more than a decade. He said the company supports major telecom providers with capacity planning, engineering and deployment across population centers.

Heller said Amentum’s capabilities in data transmission, data center support and cybersecurity are being applied to commercial markets as AI-related demand grows.

Segment performance and margins CFO Travis Johnson said Digital Solutions revenue was $1.5 billion, up 10%, driven by new contract awards in critical digital infrastructure and space systems and technologies. Adjusted EBITDA for the segment was $105 million, with margins of 7.2%. Johnson said adjusted EBITDA was slightly lower year over year due to a fiscal 2025 divestiture, timing factors related to new program starts and higher net write-ups in the prior-year quarter.

Global Engineering Solutions revenue was $2 billion, reflecting impacts from joint venture transitions, a divestiture and expected ramp-downs on certain historical programs, partly offset by new awards. Adjusted EBITDA was $170 million, and adjusted EBITDA margin improved 100 basis points year over year to 8.5%.

Johnson told Parrish that margin improvement in Global Engineering Solutions was driven by a focus on higher-margin work, a higher mix of fixed-price work, disciplined program execution, stronger joint venture performance and cost synergy initiatives. He said most of the drivers appear sustainable, although timing of program write-ups can vary from quarter to quarter.

Capital structure and fiscal 2026 outlook Johnson said free cash flow of $220 million in the second quarter benefited from recovered collections, consistent with the company’s prior commentary. First-half free cash flow was $78 million, which he said was in line with expectations.

After quarter end, Amentum issued a new $1.4 billion Term Loan A facility and used the proceeds to pay down and reprice its Term Loan B. The company also increased revolving credit capacity to $1 billion. Johnson said those actions, along with a Moody’s rating upgrade in December, reduced the company’s weighted average cost of debt by about 50 basis points.

Amentum reaffirmed its fiscal 2026 guidance, including revenue of $13.95 billion to $14.3 billion, adjusted EBITDA of $1.1 billion to $1.14 billion, adjusted diluted EPS of $2.25 to $2.45 and free cash flow of $525 million to $575 million.

Johnson said the company remains on track to achieve net leverage below three times by the end of the fiscal year. In response to Truist’s Tobey Sommer, he said future capital deployment could include organic investments, accretive mergers and acquisitions, further debt reduction or capital returns to shareholders, depending on the circumstances.

NASA, nuclear and portfolio outlook Arnette said Amentum remains enthusiastic about NASA’s Artemis program and is already working on hardware processing for Artemis III. He said a NASA workforce directive to incrementally insource some expertise is expected to have an immaterial effect on fiscal 2026 results and an estimated roughly 1% revenue impact in fiscal 2027, with a smaller impact on EBITDA.

On nuclear opportunities, Heller said Amentum is in discussions on multiple U.S. projects, including those involving small modular reactor technologies. He said he expects a number of nuclear projects to move from design and theoretical stages toward practical construction in the second half of the year and into 2027.

Asked by RBC Capital Markets analyst Kevin Liu about further divestitures, Heller said the company has been pleased with its overall portfolio but will continue to assess its businesses through its normal strategic planning process, including whether portfolio changes could support growth or margin expansion.

About Amentum NYSE: AMTMAmentum is a government services provider specializing in mission-critical solutions for defense, federal civilian and commercial customers around the globe. The company delivers integrated services that span the full lifecycle of complex programs and facilities, including engineering, program and project management, logistics, operations, maintenance and environmental remediation.

Core offerings include infrastructure support, energy and facilities management, environmental solutions and nuclear services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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CHANTILLY, Va.--(BUSINESS WIRE)---- $AMTM #AI--Amentum (NYSE: AMTM), a global leader in advanced engineering and technology solutions, has named Dr. Sam Nazari the company's Chief AI Architect. In this role, Dr. Nazari will drive Amentum-wide AI integration to accelerate innovation and work closely with programs to optimize mission impact for customers across the defense, intelligence, energy, space, and commercial sectors. "Advancements in artificial intelligence are revolutionizing how mission objectives a.

CHANTILLY, Va.--(BUSINESS WIRE)--Amentum (NYSE: AMTM), a global advanced engineering and technology company, has been named to the Fortune 500 list at the #313 position. The Fortune 500, published annually by Fortune magazine, ranks the largest U.S. corporations based on total revenue for the previous fiscal year.

“Amentum’s inclusion on the Fortune 500 is a testament to the dedication of our 50,000 employees in more than 70 nations, as well as the enduring and trusted relationships forged with our customers and partners."

Share “Amentum’s inclusion on the Fortune 500 is a testament to the dedication of our 50,000 employees in more than 70 nations, as well as the enduring and trusted relationships forged with our customers and partners," said John Heller, Amentum chief executive officer. “By delivering innovative, technologically advanced solutions in national security, energy, space, intelligence, and infrastructure, we are addressing today’s challenges and leading these critical industries into the future.”

"This milestone in Amentum’s history is about more than financial performance. It demonstrates our commitment to innovation, operational excellence, and problem-solving on a global scale,” said Travis Johnson, Amentum chief financial officer. "As we grow, we remain steadfast in our commitment to delivering innovative advanced engineering and technology solutions to solve the most significant and complex challenges in science, security and sustainability.”

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, collaboration and well-being are integral to success. Headquartered in Chantilly, Virginia, we have approximately 50,000 employees in more than 70 countries across all 7 continents.

Visit us at amentum.com to learn how we advance the future together.
Follow @Amentum_corp on X
Follow Amentum on LinkedIn

Forward-Looking Statements

This press release contains or incorporates by reference statements by Amentum Holdings, Inc. (the “Company”) that relate to future events and expectations and, as such, constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the anticipated work and revenue under the awarded contract, and the Company’s objectives, expectations and intentions, applicable legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward-looking statements.

A number of important factors could cause actual results to differ materially from those contained in or implied by these forward-looking statements, including those factors discussed in our filings with the Securities and Exchange Commission (SEC), including, among others: the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules; and other factors set forth under Item 1A, Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024, which can be found at the SEC’s website at www.sec.gov or the Investor Relations portion of our website at www.amentum.com. Any forward-looking statement speaks only as of the date on which it is made, and the Company assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Amentum Holdings rated Strong Buy, driven by transformation into an advanced engineering monopsony controlling key nuclear, defense, and AI infrastructure bottlenecks. AMTM's forward catalysts include Deep Isolation's borehole nuclear waste disposal, integration of CG-SEA software into missile defense, and bridging DoD-grade cybersecurity for hyperscalers. Reaffirmed FY2026 guidance (revenue $13.95–$14.3B, adj. EBITDA $1.1–$1.14B, FCF $525–$575M) and sub-3x net leverage by FY2026 may enable aggressive capital returns.

, /PRNewswire/ -- 

Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

So What: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online rokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions.  Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

     Laurence Rosen, Esq.
     Phillip Kim, Esq.
     The Rosen Law Firm, P.A.
     275 Madison Avenue, 40th Floor
     New York, NY 10016
     Tel: (212) 686-1060
     Toll Free: (866) 767-3653
     Fax: (212) 202-3827
     [email protected]
     www.rosenlegal.com

SOURCE THE ROSEN LAW FIRM, P. A.

NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Futu Holdings Limited (NASDAQ: FUTU) resulting from allegations that Futu may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Futu securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On May 22, 2026, Reuters published an article entitled "China to crack down on 'illegal' cross-border securities" The article stated that China "announced a major crackdown on cross-border investment on Friday and said it would punish ​brokers it accused of illegally moving money to foreign markets, sending their shares plunging." Further, "online brokers Tiger, Futu and Longbridge would be penalised for soliciting ‌business in China without an onshore licence, the securities regulator said."

On this news, Futu American Depositary Shares ("ADSs") fell 27.5% on May 22, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

JERSEY CITY, N.J., June 04, 2026 (GLOBE NEWSWIRE) -- Moomoo Financial Inc. (“moomoo”), a leading global investment and trading platform that empowers self-directed investors with advanced market data and professional-grade tools, today announced its partnership with Kalshi, the world’s largest prediction market, to launch regulated event contracts, expanding access for eligible users to trade on the outcomes of major economic, political, and cultural events through a CFTC-regulated exchange.1

The new offering enables eligible users to buy and sell event contracts tied to real-world outcomes, including Federal Reserve decisions, inflation data releases, elections, and major global sporting events such as the 2026 World Cup. Event contracts are exchange-listed derivatives that allow participants to take positions on the outcome of specific events. Contract prices, ranging from $0.01 to $1.00, reflect the market-implied probability of the event occurring.

The contracts are fully collateralized and integrated directly into moomoo’s trading platform alongside equities, options, ETFs, and other investment products2, enabling users to access event-driven markets within a familiar brokerage experience.

“Our users are increasingly engaging with markets around major macroeconomic and news-driven events,” said Nate Palmer, President of moomoo U.S. “Event contracts through Kalshi provide a more direct and transparent way for eligible users to express views on those developments within a regulated market structure.”

"Prediction markets are built from the wisdom of the crowd," said Valeria Vouterakou, Counsel at Kalshi. "Integrating with moomoo to expand investor access will make the crowd even bigger, and help Kalshi continue dominating in our effort to become the global liquidity layer for prediction markets."

A Growing Market for Event-Driven Investing

Interest in event-driven markets has grown in recent years as investors seek additional ways to participate around key economic releases, monetary policy decisions, elections, and other significant developments that influence financial markets. By integrating event contracts into its platform, moomoo continues to expand access to emerging market products.

“Over the last decade, retail investing has become significantly more accessible through advances in technology and market access,” Palmer added. “The addition of event contracts to moomoo represents another step in the evolution of modern retail trading by giving investors new ways to participate in markets tied to real-world events.”

Key Features of moomoo's Event Contracts Offering:

Fully collateralized with defined risk characteristicsTransparent pricing designed for accessibility and retail participationSeamless integration within moomoo's existing trading platform and tools
Expanding the Product Ecosystem

The launch further strengthens moomoo's evolving product ecosystem and reflects the company's broader vision of delivering modern, market access across emerging financial products and asset classes. The company just introduced a new Direct Crypto Deposit and Withdraw functionality to its platform, enabling users to transfer cryptocurrencies directly between their external Web3 wallets and moomoo accounts3, and recently rolled out Moomoo API Skills, a feature that makes agentic investing possible for users.4 As its product ecosystem expands, moomoo continues to prioritize tools that simplify investing and make professional-grade tools more accessible to everyday investors.

Restrictions apply. Event swap trading is not appropriate for everyone. Prediction markets are offered by Moomoo Financial Inc., an FCM registered with the NFA. Certain contracts are unavailable in select U.S. states.Securities offered through Moomoo Financial Inc., Member FINRA/SIPCCrypto services are offered by Moomoo Crypto Inc. ("MCI") (NMLS ID 2287314), a money services business registered with FinCEN (MSB Registration Number: 31000288349013). MCI is not a broker-dealer. Cryptocurrency services are not available in all states, see our full licensing disclosures at www.moomoo.com/us/support/topic4_600.Moomoo does not sponsor any AI agents or LLM. Any output from your AI agent connected to moomoo API Skills should not be considered investment advice or a recommendation to buy or sell or hold a security and should not be used as the basis of any investment decision. The moomoo app is offered by Moomoo Technologies Inc. ("MTI"). MTI and its affiliates make no representations or warranties with respect to the accuracy, completeness, quality, or timeliness of the output. About Moomoo

Moomoo is a leading global investment and trading platform dedicated to empowering investors with user-friendly tools, data, and insights. Our platform is designed to provide essential information and technology, enabling users to make well-informed investment decisions. With advanced charting tools, pro-level analytical features, moomoo evolves alongside our users, fostering a dynamic community where investors can share, learn, and grow together.

Founded in the US, moomoo has expanded its global presence to serve investors across multiple markets, including Singapore, Australia, Japan, Canada, Malaysia, and New Zealand. As a subsidiary of a Nasdaq-listed company, moomoo is trusted by more than 30 million investors worldwide and has earned recognition from leading financial institutions and publications for its innovation and reliability, including being recognized as the #1 Broker for Stocks in North America in 2024 and 2025 by TradingView.

For more information, please visit moomoo's official website at www.moomoo.com

Accolades are not indicative of future performance. Moomoo Financial Inc. is not affiliated with TradingView. For more information, please visit:

https://www.tradingview.com/blog/en/revealing-broker-awards-winners-2024-50143/

https://www.tradingview.com/blog/en/broker-awards-2025-winners-56493/

Media Contact:
Carlee Snyder
[email protected]

About Kalshi
Founded in 2018, Kalshi is the largest prediction market in the world, offering financial markets on the outcome of real world events such as award shows and more. Kalshi is the industry leader and pioneer, widely credited with legalizing prediction markets and building a safe, legal, regulated platform for millions of traders in America. To learn more, visit www.kalshi.com.

Contact
Elisabeth Diana
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/569a94bf-8e42-46e5-b264-687ca53fc518