Lake Mariner site NOI ~$315M annual
Company: TeraWulf
The claim, verbatim
~85% NOI margin implies ~$315M 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 (2026-10-13)Live source ↗
Quote: “~85% NOI Margin Implies ~$315MM of Annual Site Net Operating Income”
How we checked this
Checked on October 15, 2026. The cited source supports every part of this claim.
The NOI figure is on the slide about the 200+ MW of Lake Mariner capacity contracted with Fluidstack, and that slide states the ~85% margin and ~$315 million annual NOI.
Confirmed in the source:
- An ~85% NOI margin implies ~$315 million of annual site net operating income
- The figure is presented on the slide for the 200+ MW Lake Mariner contracts (CB-3 and CB-4), which are the ~$3.7 billion, 10-year Fluidstack lease
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_513c80c486e62e4bdb70115ded3782f5/terawulf/db/2396/23302/pdf/WULF_Q2_2025_Investor_Update_%28Aug_2025%29vF.pdf) in full (17,599 characters, retrieved October 13, 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”