Track market-moving stories before they get noisy

Key Takeaways MOD expects $4B Airedale cooling sales from a strategic data center customer in 2027-2029.MOD got a $165M upfront payment to fund manufacturing investments, easing expansion and cash flow risk.Modine's data center cooling revenues rose 158% to $400M in Q4 FY2026. Full-year sales topped $1.1B. The artificial intelligence (AI) boom is creating massive demand for data centers. But powerful AI servers generate enormous amounts of heat, making advanced cooling systems just as important as the chips inside them. That trend is creating a major opportunity for Modine Manufacturing (MOD - Free Report) .

The company’s recent long-term capacity agreement with one of its strategic data center customers is expected to generate more than $4 billion in sales between 2027 and 2029. The agreement covers Modine’s Airedale cooling solutions, which are designed to handle the demanding thermal requirements of modern AI infrastructure.

A Strong Vote of Confidence for MODThe agreement is notable not just for its size but also for its structure.

The AI data center industry is expanding so quickly that many suppliers are struggling to keep up with demand. Instead of waiting for new capacity to come online, hyperscale customers are increasingly helping critical suppliers fund their expansion plans. That is exactly what happened here.

As part of the agreement, Modine received a $165 million upfront payment to support manufacturing investments needed to fulfill future orders. It suggests that the buyer views Modine's cooling technology as important enough to help finance its growth.

Modine can expand production without taking on the full financial burden itself. That reduces execution risk, improves cash flow visibility, and allows management to invest aggressively while preserving balance sheet flexibility.

This agreement is more than a one-time sales win. It serves as validation of Modine's growing importance in the AI ecosystem. For investors, the deal strengthens the case that Modine is evolving beyond its traditional industrial roots. The company is increasingly becoming an infrastructure play on AI data center growth. If demand for AI computing continues to expand as expected, this agreement could mark the beginning of Modine's next phase of growth rather than the peak of its success.

Modine’s AI Cooling Business AcceleratingIn the fourth quarter of fiscal 2026, data center cooling revenues surged 158% year over year to more than $400 million. For the full year, data center sales climbed 73% and exceeded $1.1 billion, making it the company's primary growth engine.

Management expects data center revenues to grow another 60% to 80% in fiscal 2027 and believes growth can remain between 50% and 70% beyond that. To support this demand, Modine is expanding its U.S. manufacturing footprint and expects chiller production capacity to double by the end of fiscal 2027.

The company's latest quarterly results were encouraging. Revenues increased 47% year over year to $954.4 million, while adjusted earnings per share jumped 53% to $1.71, both ahead of expectations.

Peer Check: How are JCI & TT Benefitting From AI PushJohnson Controls (JCI - Free Report) is a major beneficiary of data center cooling and building solutions. Rising demand from AI-driven data center projects helped fuel a 30% organic increase in orders in the last reported quarter and lifted the company's backlog to a record $20 billion. As AI facilities become larger and more power-dense, customers are increasingly demanding advanced thermal management systems, creating opportunities across Johnson Controls’ portfolio of chillers, air handling units, cooling distribution systems and controls. Johnson Controls is also strengthening its competitive position through the acquisition of Alloy Enterprises and its collaboration with NVIDIA, which supports next-generation AI-focused data center infrastructure.

Trane Technologies (TT - Free Report) is also emerging as a key player in the AI data center cooling market. Demand for large-scale cooling systems has fueled exceptional growth in its commercial HVAC business, with applied systems orders rising more than 100% year over year and helping lift backlog to a record $10.7 billion. The acquisition of Stellar Energy Americas further strengthens Trane Technologies’ ability to deliver prefabricated cooling solutions, enabling faster deployment of data center projects. Trane Technologies is also expanding its liquid cooling portfolio and collaborating with NVIDIA on thermal management designs for next-generation AI factories, positioning it to benefit from growing AI infrastructure spending.

Modine’s Price Performance, Valuation & EstimatesShares of Modine have rallied 107% year to date, handily outperforming the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, Modine trades at a forward price-to-earnings ratio of 33.23, above the industry. 

Image Source: Zacks Investment Research

See how the Zacks Consensus Estimate for MOD’s earnings has been revised over the past 60 days.

Image Source: Zacks Investment Research

MOD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

ProPetro (PUMP) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

A month has gone by since the last earnings report for ProPetro Holding (PUMP - Free Report) . Shares have added about 27.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ProPetro due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for ProPetro Holding Corp. before we dive into how investors and analysts have reacted as of late.

ProPetro Q4 Earnings & Revenues Top EstimatesProPetro Holding reported a fourth-quarter 2025 adjusted profit per share of 1 cent, which beat the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also improved from the year-ago loss of 1 cent per share, backed by a 16.3% year-over-year decline in costs and expenses.

Revenues of $290 million beat the consensus mark of $280 million. This improvement can be attributed to better-than-expected service revenues in the Wireline and Hydraulic Fracturing segments. Revenues in the Wireline segment reached $55.4 million, surpassing the consensus estimate by 7.4%. Revenues in the Hydraulic Fracturing segment reached $203.9 million, surpassing the consensus estimate by 1.4%. However, the top line decreased 9.6% from the year-ago quarter’s level of $321 million. This was due to a year-over-year decline in service revenues from the Hydraulic Fracturing and Cementing segments.

Adjusted EBITDA amounted to $51 million, up 46% from $35 million reported in the previous quarter. The figure also topped our model estimate of $46.4 million.

For the quarter under review, the Midland, TX-based oil and gas equipment and services company posted a net income of $1 million, a sequential rise from the previous quarter’s reported net loss of $2 million.

PUMP’s Business Reporting SegmentsProPetro conducts its business through four operating segments: Hydraulic Fracturing, Wireline, Cementing and Power Generation.

The hydraulic fracturing operations account for approximately 73.2% of the company’s total revenues and operations. During the fourth quarter, Service revenues from this unit decreased 3% to $203.9 million from the previous quarter’s level. However, the figure beat our estimate of $201.1 million.

Costs & Financial Position of PUMP in Q4Total costs and expenses were $283.6 million for the fourth quarter, which was down 16.3% from the prior-year quarter’s level. The cost of services (exclusive of depreciation and amortization) was $214.6 million compared with $243.5 million in the prior-year quarter.

On the other hand, depreciation and amortization were reduced 14.8% to $41.2 million from the prior-year quarter's level.

In the fourth quarter of 2025, the company paid $64 million in capital expenditures and incurred a total of $71 million. Of the amount incurred, roughly $12 million was primarily allocated toward maintenance activities within the completions business, while approximately $59 million was directed to support PROPWR equipment orders. Net cash used in investing activities, as reported on the statement of cash flows for the quarter, totaled $39 million.

As of Dec. 31, 2025, PUMP had $91.3 million in cash and cash equivalents and $45 million in borrowings under its ABL Credit Facility.

Total liquidity was $205 million, including $114 million in available credit at December-end. Long-term debt amounted to $105.6 million. The total debt-to-total capital was 12.6%.

Net cash provided by operating activities totaled $81 million in this quarter, which was up from $37.9 million in the year-ago quarter. Free cash flow from the completions business improved to approximately $98.1 million compared with $25.2 million in the previous quarter.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -36.67% due to these changes.

VGM ScoresCurrently, ProPetro has a great Growth Score of A, a score with the same score on the momentum front. However, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, ProPetro has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Bank of America has initiated coverage on ProPetro (NYSE:PUMP) with a 'Buy' rating and a price objective of $18, citing a combination of cyclical recovery in oilfield services and longer-term growth in power infrastructure.

Shares of ProPetro traded up almost 3% at $15 on Monday afternoon.  

The bank’s analysts believe ProPetro is well placed for a recovery in hydraulic fracturing, or “Completions,” activity after a weak period expected to bottom in 2026.

At the same time, Bank of America expects a turning point described as an “inflection,” in the company’s PROPWR business beginning in the second half of 2026. This segment focuses on providing power generation and related infrastructure, including for oil and gas operations and data centers.

The analysts expect this combination to reshape the company’s earnings profile over time. While ProPetro currently generates all of its earnings from Completions, Bank of America forecasts that by 2030 roughly 39% of adjusted EBITDA could come from the power segment, reducing reliance on the more volatile oilfield services cycle.

Overall, the firm projects revenue and adjusted EBITDA to grow at compound annual rates of 15% and 35%, respectively, from 2026 through 2030. Its adjusted EBITDA estimates for 2027 and 2028, $365 million and $520 million, are significantly above consensus, reflecting a stronger expected recovery in completions activity.

Cash flow from the legacy business is expected to fund much of the expansion. The analysts estimate free cash flow from Completions will increase from $94 million in 2026 to $170 million in 2027 and $270 million in 2028, which they say should allow ProPetro to scale its power operations without taking on substantial additional debt.

Bank of America also pointed to execution in the power segment, noting the company has assembled an experienced team and has already secured contracts, including a long-term agreement tied to a 60-megawatt data center. The firm expects the division to generate adjusted EBITDA of about $9 million in 2026, rising to $94 million in 2027 and $158 million in 2028 as more capacity is deployed.

Despite a roughly 54% rise in the stock so far this year, the bank’s analysts believe its valuation remains relatively low compared with peers, trading at a discount on forward EBITDA multiples.

They see the overall setup as offering an “attractive risk/reward,” while highlighting risks including prolonged weakness in oil prices, execution challenges in scaling the power business, and the company’s concentration in US shale regions.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. ("ProPetro" or the “Company") (NYSE: PUMP) today announced that it will issue its first quarter of 2026 earnings release on Wednesday, April 29, 2026, before the opening of trading. ProPetro will also host a conference call on Wednesday, April 29, 2026, at 8:00 AM Central Time to discuss its first quarter results.

To access the conference call, U.S. callers may dial toll free 800-715-9871 and international callers may dial +1-646-307-1963. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. The call will also be webcast on ProPetro’s website, www.propetroservices.com.

A replay of the conference call will be available for one week following the call and may be accessed toll free by dialing +1-800-770-2030 for U.S. and Canada callers, as well as +1-609-800-9909 for international callers. The access code for the replay is 9101849.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas based provider of premium completion services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. Through its PROPWR division, ProPetro also delivers reliable, adaptable power services through a modern, standardized fleet of gas-to-power solutions, serving data center, oil and gas, and industrial customers in the United States. ProPetro helps bring reliable energy to the world, enabling operational excellence and energy reliability for their customers. For more information, visit www.propetroservices.com.

More News From ProPetro Holding Corp.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Announces Change to the Date of the First Quarter 2026 Earnings Call.

Key Takeaways ProPetro is set to report Q1 loss of 12 cents per share on $270.3M in revenues on April 30.PUMP expects weaker revenues from hydraulic fracturing and cautious customer spending.Cost inflation, lower utilization and fleet cuts may hurt margins despite late recovery signs. ProPetro Holding Corp. (PUMP - Free Report) is set to release first-quarter 2026 results on April 30. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a loss of 12 cents per share on revenues of $270.3 million.

Let us delve into the factors that are likely to have influenced the oilfield service provider’s performance in the to-be-reported quarter. But first, it is worth taking a look at PUMP’s performance in the last reported quarter.

Highlights of PUMP’s Q4 Earnings & Surprise HistoryIn the last reported quarter, the Midland, TX-based oil and gas equipment and services company reported an adjusted profit per share of 1 cent, which beat the Zacks Consensus Estimate of a loss of 13 cents, backed by a 16.3% year-over-year decline in costs and expenses. Revenues of $290 million also topped the consensus mark of $280 million in the quarter.

PUMPS’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one, delivering an average negative surprise of 23.5%. This is depicted in the graph below:

ProPetro Holding Corp. Price and EPS SurpriseTrend in PUMP’s Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2026 earnings has witnessed one upward and two downward movements in the past 30 days. The estimated figure indicates a 233.3% year-over-year decrease. The Zacks Consensus Estimate for revenues indicates a 24.8% decline from the year-ago period.

Factors to Consider Ahead of PUMP’s Q1 ReleasePUMP's total revenues are expected to have suffered in the quarter to be reported. The company offers a wide spectrum of specialized, complementary services and equipment for the exploration and production of oil and natural gas.

The Zacks Consensus Estimate predicts first-quarter revenues to decrease from the year-ago quarter’s $359.4 million. Our model predicts that revenues from the hydraulic fracturing services will generate revenues of $198.4 million, down from $269.4 million in the year-ago period. PUMP also flagged softer activity levels early in the quarter, with customer spending remaining cautious amid macro uncertainty and commodity price volatility. Margin compression is likely due to persistent cost inflation, particularly in labor and maintenance, alongside under-absorption of fixed costs from lower utilization. The company also anticipates a reduction in its fleet count in the first quarter that may impact its profitability.

On a positive note, management highlighted improving activity trends toward the latter part of the quarter, with reactivations driving sequential growth. Strong customer relationships and exposure to resilient basins may sustain utilization better than feared. Cost discipline initiatives and operational efficiencies are expected to partially offset inflationary pressures, supporting margins. Moreover, PUMP is bullish about its PROPWR orders.

What Does Our Model Predict for PUMP?The proven Zacks model does not conclusively predict an earnings beat for PUMP this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.

PUMP’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -3.45%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

PUMP’s Zacks Rank: PUMP currently carries a Zacks Rank #3.

Stocks With the Favorable CombinationHere are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

The Williams Companies, Inc. (WMB - Free Report) has an Earnings ESP of +1.56% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

WMB is scheduled to release earnings on May 04. Notably, the Zacks Consensus Estimate for 2026 earnings indicates 14.8% year-over-year growth. Valued at around $88.2 billion, WMB’s shares have gained 20% in a year.

Viper Energy, Inc. (VNOM - Free Report) has an Earnings ESP of +1.24% and a Zacks Rank #2 at present. It is slated to release earnings on May 04.

The Zacks Consensus Estimate for VNOM’s 2026 earnings indicates 65.3% year-over-year growth. Valued at around $17 billion, VNOM’s shares have gained 13.5% in a year.

Diamondback Energy, Inc. (FANG - Free Report) has an Earnings ESP of +0.64% and a Zacks Rank #2 at present. It is slated to release earnings on May 04.

The Zacks Consensus Estimate for FANG’s 2026 earnings indicates 24.5% year-over-year growth. Valued at around $54.8 billion, FANG’s shares have rallied 42.5% in a year.

Agreement Enables Acquisition of Up to 2.1 Gigawatts of Incremental Power Generation Capacity by 2031

, /PRNewswire/ -- ProPetro Holding Corp. (NYSE: PUMP) ("ProPetro") today announced that its PROPWR business unit has entered into a strategic framework agreement with Caterpillar Inc. (NYSE: CAT) to purchase up to 2.1 gigawatts of power generation assets to support the growing energy demands of data center, oil and gas and industrial customers with efficient, reliable solutions.

PROPWR and Caterpillar to deliver scalable power to customers. (Courtesy: PROPWR) "We are pleased to build upon the strong momentum PROPWR has established since its inception. This agreement marks a major milestone in the expansion of our strategic collaboration with Caterpillar, reinforcing our position as a leader in high-efficiency power-as-a-service solutions," said Travis Simmering, president of PROPWR. 

"By leveraging the global reputation of the Caterpillar brand and the proven success of our historical collaboration, we are poised to enhance reliability, drive operational excellence, and deliver exceptional value to our customers," said Sam Sledge, ProPetro's chief executive officer. "This collaboration will be a key enabler in achieving PROPWR's long-term objectives and sustaining our rapid growth trajectory." 

Under this agreement, PROPWR agrees to purchase at least 1.5 GW of incremental power generation assets, with the option to bring the total to approximately 2.1 GW of additional power generation capacity over the next five years. When combined with the approximately 550 megawatts previously ordered, PROPWR is positioned to have approximately 2.6 GW of power generation capacity delivered by year-end 2031 and fully deployed in 2032. 

"This agreement reflects the strength of our long-standing collaboration with ProPetro and a shared focus on helping customers meet growing power needs with reliable, scalable solutions," said Tara Rossman, senior vice president of Caterpillar Oil & Gas and Marine. "As demand from data centers and other energy intensive applications continue to accelerate, Caterpillar is committed to supporting PROPWR with proven power generation technologies and the global scale needed to execute over the long term."

Caterpillar Media Contact: Tiffany Heikkila, [email protected], 832-573-0958

About ProPetro
ProPetro Holding Corp. is a Midland, Texas based provider of premium completion services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. Through its PROPWR division, ProPetro also delivers reliable, adaptable power services through a modern, standardized fleet of gas-to-power solutions, serving data center, oil and gas, and industrial customers in the United States. ProPetro helps bring reliable energy to the world, enabling operational excellence and energy reliability for their customers. For more information, visit www.propetroservices.com.

About Caterpillar
For more than a century, Caterpillar has built a better, more sustainable world. With 2025 sales and revenues of $67.6 billion, Caterpillar Inc. is shaping the future as the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company's primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers' toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Learn more at www.caterpillar.com.

SOURCE Caterpillar Inc.

ProPetro Holding (PUMP - Free Report) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +74.14%. A quarter ago, it was expected that this oilfield services company would post a loss of $0.13 per share when it actually produced earnings of $0.01, delivering a surprise of +107.69%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

ProPetro, which belongs to the Zacks Oil and Gas - Field Services industry, posted revenues of $270.69 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.14%. This compares to year-ago revenues of $359.42 million. The company has topped consensus revenue estimates three 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.

ProPetro shares have added about 91.4% since the beginning of the year versus the S&P 500's gain of 4.2%.

What's Next for ProPetro?While ProPetro 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 ProPetro 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 -$0.05 on $297.72 million in revenues for the coming quarter and -$0.13 on $1.19 billion 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, Oil and Gas - Field Services is currently in the top 25% 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.

One other stock from the same industry, Kinetik Holdings Inc. (KNTK - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +20%. The consensus EPS estimate for the quarter has been revised 20.4% higher over the last 30 days to the current level.

Kinetik Holdings Inc.'s revenues are expected to be $413.07 million, down 6.8% from the year-ago quarter.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. Announces Proposed Convertible Senior Notes Offering to Optimize Capital Structure.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. Prices Upsized $600 Million Convertible Senior Notes Offering.

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.

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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:

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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.

Photo: Piotr Swat via Shutterstock

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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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