Pro forma fleet efficiency
Company: TeraWulf
What the later record shows
Delivered on time · happened March 31, 2025
The May 2025 presentation states the fleet reached 18 J/TH efficiency in Q1 2025, which is at or better than the 18.2 J/TH target.
“Efficient Mining Fleet Achieved an 18 J/TH fleet efficiency in Q1 2025”
2025-05-08 · Investor Presentation View cached copy (2026-09-01)Live source ↗Archive.org ↗
“Fleet Efficiency (2) 25.4 J/TH 18.0 J/TH 1Q 24 Current As of March 31, 2025”
2025-05-08 · Investor Presentation View cached copy (2026-09-01)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Fleet to be upgraded to 18.2 J/TH efficiency pro forma including MB-5.
Source (primary)
Nautilus Sale Announcement (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “while upgrading fleet to 18.2 J/TH and optimizing opex costs”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The deck says the fleet is being upgraded to 18.2 J/TH. Its fleet efficiency table shows 18.2 J/TH specifically for the pro forma fleet plus MB-5, compared with 19.4 J/TH pro forma alone.
Confirmed in the source:
- TeraWulf's fleet is to be upgraded to 18.2 J/TH efficiency
- The 18.2 J/TH figure is the pro forma efficiency including MB-5 (PF + MB5)
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23300/pdf/WULF_Nautilus_Sale_Announcement_Deck_%2810-03-24%29vF.pdf) in full (14,394 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Nautilus Sale Announcement
Quote: “while upgrading fleet to 18.2 J/TH and optimizing opex costs”
confirms Investor Presentation
Quote: “Efficient Mining Fleet Achieved an 18 J/TH fleet efficiency in Q1 2025”