Lake Mariner HPC site NOI ~$315M/yr
Company: TeraWulf
The claim, verbatim
~85% NOI margin implies ~$315 million of annual site net operating income from the Fluidstack contracts.
Source (primary)
Q2 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “~85% NOI Margin Implies ~$315MM of Annual Site Net Operating Income”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The Lake Mariner Fluidstack contract slide states that an ~85% NOI margin implies ~$315MM of annual site net operating income.
Confirmed in the source:
- An ~85% NOI margin is cited for the contracted Lake Mariner capacity
- The margin implies ~$315 million of annual site net operating income
- The figure appears in the context of the Fluidstack-contracted Lake Mariner capacity (CB-3 & CB-4)
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23302/pdf/WULF_Q2_2025_Investor_Update_%28Aug_2025%29vF.pdf) in full (17,599 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Q2 Earnings Update Presentation
Quote: “~85% NOI Margin Implies ~$315MM of Annual Site Net Operating Income”