WULF

Cluster: Capital Markets: Convertible Notes and Hedging

Commitment: August 22, 2025: Completed a $1.0 billion offering of 1.00% Convertible Senior Notes due 2031, including the full $150 million greenshoe, via a Rule 144A private placement, which supersedes the August 18, 2025 launch terms.

✅ On Track | Certainty: 98%

Analysis: The greenshoe was fully exercised and closed on 2025-08-22, taking the offering to $1.0 billion. This completion explicitly supersedes the 2025-08-18 pricing/launch terms and closes the capital markets objective.

Progress:

• A recent update from 2025-08-22 confirms full greenshoe exercise and closing at $1.0 billion, superseding the 2025-08-18 launch terms (Document 1).
• Earlier evidence from 2025-08-18 detailed pricing at $850 million with a 13‑day option for $150 million; later closing supersedes this (Document 2).

Commitment: August 22, 2025: Entered additional capped call transactions tied to the greenshoe with a cap price of $18.76 (100% premium) to mitigate dilution.

✅ On Track | Certainty: 96%

Analysis: Additional capped calls tied to the greenshoe were executed at a $18.76 cap, aligning with dilution mitigation strategy.

Progress:

• A recent update from 2025-08-22 confirms additional capped calls at $18.76 cap price associated with the greenshoe (Document 1).
• Earlier evidence from 2025-08-18 noted initial capped calls at the same cap level; the 2025-08-22 update extends coverage (Document 2).

Commitment: August 22, 2025: Committed to use approximately $975.2 million of net proceeds, including $100.6 million for capped call costs and about $874.6 million for data center expansion and general corporate purposes, updating the August 18, 2025 proceeds plan.

✅ On Track | Certainty: 96%

Analysis: Net proceeds and allocations were finalized at closing, with ~$100.6 million for capped calls and the balance for expansion and corporate purposes, superseding preliminary 2025-08-18 estimates.

Progress:

• A recent update from 2025-08-22 specifies net proceeds of ~$975.2 million and ~$100.6 million for capped calls; remainder for expansion/GP (Document 1).
• Earlier evidence from 2025-08-18 showed estimated proceeds and intended use; final allocations on 2025-08-22 supersede estimates (Document 2).

Commitment: August 18, 2025: Launched an $850 million 1.00% Convertible Senior Notes offering due 2031 with a 13-day option for an additional $150 million in a Rule 144A private placement (superseded by the August 22, 2025 completion).

✅ On Track | Certainty: 94%

Analysis: Launch and pricing occurred as announced; the subsequent 2025-08-22 closing (including greenshoe) superseded the launch terms.

Progress:

• Earlier evidence from 2025-08-18 confirms pricing at $850 million with a 13‑day $150 million option (Document 2).
• A recent update from 2025-08-22 confirms full upsizing to $1.0 billion and completion, superseding the launch (Document 1).

Commitment: August 18, 2025: Set note terms including 1.00% semi-annual interest starting March 1, 2026, an initial conversion rate of 80.4602 shares per $1,000, issuer redemption from September 6, 2028 subject to price tests, and a holder put upon fundamental change, which remain in effect post-closing.

✅ On Track | Certainty: 92%

Analysis: Terms (1.00% coupon, conversion mechanics, redemption/put) were established at pricing and carry through to closing; no contrary updates.

Progress:

• Earlier evidence from 2025-08-18 details the 1.00% notes terms and conversion rate (Document 2).
• A recent update from 2025-08-22 confirms closing; no changes to the stated terms were indicated (Document 1).

Commitment: August 18, 2025: Noted that capped call counterparties (or affiliates) are expected to conduct share and derivatives hedging around pricing and over time.

✅ On Track | Certainty: 78%

Analysis: The expectation of hedging activity by capped call counterparties was disclosed; while hedging is typical, specific executions aren’t itemized. No evidence contradicts this expectation.

Progress:

• Earlier evidence from 2025-08-18 notes expected hedging related to capped calls (Document 2).
• Earlier evidence from 2025-08-18 on the initial proposed offering reiterates planned capped calls and associated hedging dynamics (Document 3).

Commitment: October 25, 2024: Closed $500 million of 2.75% Convertible Senior Notes due 2030 and allocated approximately $487.1 million of net proceeds to capped calls, share repurchases, and general corporate purposes.

✅ On Track | Certainty: 96%

Analysis: The 2030 notes closed with specified net proceeds and allocations, achieving the financing and capital allocation aims.

Progress:

• Evidence from 2024-10-25 confirms $500 million closing, ~$487.1 million net proceeds, and allocations (Document 24).

Commitment: October 24, 2024: Priced and upsized $425 million 2030 notes with a 32.5% conversion premium and planned about $51 million for capped calls and a concurrent $115 million share repurchase.

✅ On Track | Certainty: 94%

Analysis: Pricing/upsizing and planned allocations were executed, with the offering closing the next day and the concurrent repurchase completed.

Progress:

• Evidence from 2024-10-24 details pricing/upsizing, 32.5% premium, and planned capped calls and repurchase (Document 25).
• A recent update from 2024-10-25 confirms closing and execution of the $115 million repurchase (Document 24).

Commitment: October 23, 2024: Announced a proposed $350 million 2030 convertible notes offering with intent to enter capped calls and repurchase shares at pricing (superseded by the October 24–25, 2024 upsizing and close).

✅ On Track | Certainty: 92%

Analysis: The initial proposal was superseded by the upsized pricing and closing on 2024-10-24/25, fulfilling the objective at improved terms/size.

Progress:

• Earlier evidence from 2024-10-23 announced the proposed $350 million offering (Document 27).
• A recent update from 2024-10-24–25 shows upsized pricing and closing, superseding the initial proposal (Documents 25, 24).

Cluster: AI/HPC Customer Contracts and Financing Backstops (Fluidstack, Core42, Google)

Commitment: August 18, 2025: Fluidstack exercised its option to lease CB-5 at Lake Mariner, adding 160 MW of critical IT load with operations expected in H2 2026.

✅ On Track | Certainty: 95%

Analysis: The CB-5 lease was executed, adding 160 MW with H2 2026 operations timeline.

Progress:

• Evidence from 2025-08-18 confirms CB-5 lease, +160 MW, H2 2026 operations (Document 4).

Commitment: August 18, 2025: With CB-5, total contracted critical IT load with Fluidstack at Lake Mariner increases to approximately 360 MW.

✅ On Track | Certainty: 95%

Analysis: The CB-5 addition brings Fluidstack’s contracted IT load to ~360 MW as disclosed.

Progress:

• Evidence from 2025-08-18 states total contracted critical IT load ≈360 MW (Document 4).

Commitment: August 18, 2025: Google increased its project-related debt backstop by $1.4 billion to about $3.2 billion and received warrants for 32.5 million shares, raising pro forma ownership to roughly 14%, updating and superseding the August 14, 2025 backstop terms.

✅ On Track | Certainty: 95%

Analysis: Google’s backstop increase and warrant package were disclosed, superseding the 2025-08-14 terms.

Progress:

• A recent update from 2025-08-18 confirms the ~$3.2 billion backstop and 32.5 million warrants, raising pro forma ownership to ~14% (Document 4).
• Earlier evidence from 2025-08-14 reflected a $1.8 billion backstop and ~8% stake; the 2025-08-18 update supersedes this (Document 5).

Commitment: August 18, 2025: TeraWulf and Fluidstack are engaged in ongoing discussions for further capacity expansions beyond CB-5.

✅ On Track | Certainty: 80%

Analysis: Management disclosed active discussions for additional capacity; forward-looking but consistent with scale-up trajectory.

Progress:

• Evidence from 2025-08-18 notes ongoing discussions for expansions beyond CB-5 (Document 4).

Commitment: August 14, 2025: Signed two 10-year colocation agreements with Fluidstack to deliver over 200 MW beginning in H1 2026 and completing by year-end 2026, supporting approximately $3.7 billion in contracted revenue (up to $8.7 billion with extensions).

✅ On Track | Certainty: 92%

Analysis: Agreements were executed; later 2025-08-18 update expanded scope to 360 MW and higher contracted revenue, superseding initial figures.

Progress:

• Evidence from 2025-08-14 confirms two 10‑year agreements >200 MW with ~$3.7 billion contracted revenue (Document 5).
• A recent update from 2025-08-18 expands contracted load to ~360 MW and raises total contracted revenue disclosures, superseding the initial scale (Document 4).

Commitment: August 14, 2025: Google agreed to provide a $1.8 billion backstop for Fluidstack’s lease obligations and obtained an equity stake of about 8% (~41 million shares), which was superseded by the August 18, 2025 update.

✅ On Track | Certainty: 95%

Analysis: The initial backstop and equity terms were announced on 2025-08-14, then superseded by expanded 2025-08-18 terms.

Progress:

• Evidence from 2025-08-14 confirms $1.8 billion backstop and ~8% equity stake (~41 million shares) (Document 5).
• A recent update from 2025-08-18 supersedes with ~$3.2 billion backstop and 14% pro forma ownership via warrants (Document 4).

Commitment: December 23, 2024: Executed long-term data center lease agreements with Core42 to deliver over 70 MW in phases from Q1 to Q3 2025 with two five-year renewal options and GPU-optimized hall customization.

✅ On Track | Certainty: 92%

Analysis: Core42 leases were executed with phased delivery in 2025; later updates reaffirm delivery of 72.5 MW in 2025.

Progress:

• Evidence from 2024-12-23 details >70 MW phased Q1–Q3 2025 with renewals and GPU-optimized halls (Document 17).
• A recent update from 2025-08-08 reiterates 72.5 MW delivery in 2025 on schedule (Document 8).

Commitment: December 23, 2024: Included provisions to expand Core42’s near-term hosting capacity by an additional 135 MW gross (approximately 108 MW critical IT load).

✅ On Track | Certainty: 85%

Analysis: Expansion provisions/options were included; subsequent updates continue to reference significant scale-up capacity.

Progress:

• Evidence from 2024-12-23 confirms expansion provisions of 135 MW gross (~108 MW critical IT load) (Document 17).
• Earlier evidence from 2025-01-03 reiterates Core42’s time-limited option for 135 MW additional capacity (Document 16).

Cluster: HPC/Data Center Buildout and Delivery Timeline

Commitment: August 14, 2025: On track to deliver 72.5 MW of HPC colocation capacity under Core42 leases with revenue recognition in the second half of 2025.

✅ On Track | Certainty: 90%

Analysis: Management reaffirmed delivery in 2025; finance updates indicate revenue recognition beginning Q3 2025.

Progress:

• Evidence from 2025-08-08 indicates HPC hosting revenue to begin in Q3 2025 and confirms 72.5 MW delivery on schedule (Document 8).
• Evidence from 2025-08-14 MD&A references 72.5 MW of HPC colocation capacity in 2025 (Document 7).

Commitment: August 08, 2025: Targeting 200–250 MW of operational HPC capacity by year-end 2026.

✅ On Track | Certainty: 85%

Analysis: Consistent targets reiterated across Q1 and Q2 disclosures; no contrary evidence to date.

Progress:

• Evidence from 2025-08-08 sets target for 200–250 MW by YE 2026 (Document 8).
• Earlier evidence from 2025-05-09 reiterated the same 200–250 MW target (Document 11).

Commitment: August 14, 2025: Planning near-term expansion of Lake Mariner to 500 MW, with potential to reach 750 MW subject to targeted transmission upgrades.

✅ On Track | Certainty: 88%

Analysis: Multiple disclosures describe the 500 MW near-term plan and 750 MW potential; interconnection and site control support feasibility.

Progress:

• Evidence from 2025-08-14 MD&A and prior filings confirm 500 MW plan with 750 MW potential (Documents 7, 13).
• Evidence from 2025-08-08 notes interconnection approval for 500 MW with plans to reach 750 MW (Document 8).

Commitment: May 09, 2025: Initiated financing for the initial HPC data center buildout to support growth.

✅ On Track | Certainty: 92%

Analysis: Management stated the financing process had commenced; follow-on capital markets actions in August 2025 further support funding.

Progress:

• Evidence from 2025-05-09 indicates financing process initiation (Document 11).
• A recent update from 2025-08-22 shows ~$975.2 million net proceeds from 2031 notes to fund expansion (Document 1).

Commitment: December 03, 2024: Confirmed CB-1 (20 MW) is on track for Q1 2025 and 72.5 MW of HPC capacity by the end of Q2 2025.

🟡 Partially Met | Certainty: 86%

Analysis: Later updates shifted revenue recognition to H2 2025 (Q3), implying a modest schedule slip from end-Q2 to H2 for full 72.5 MW; newer guidance supersedes earlier timing.

Progress:

• Earlier evidence from 2024-12-03 indicated CB-1 Q1 2025 and 72.5 MW by end-Q2 (Document 18).
• A recent update from 2025-08-08 moved revenue recognition to Q3 2025, superseding the earlier end-Q2 timeline (Document 8).

Commitment: October 04, 2024: Scheduled CB-1 for completion in Q1 2025 and secured long-lead items for CB-2 (50 MW) for delivery by early Q2 2025.

🟡 Partially Met | Certainty: 80%

Analysis: CB-1/CB-2 schedules were ambitious; later guidance indicates H2 revenue recognition for the 72.5 MW tranche, suggesting delays relative to “early Q2 2025” for CB-2. Newer updates supersede the schedule.

Progress:

• Earlier evidence from 2024-10-04 set CB-1 Q1 2025 and CB-2 early Q2 2025 (Document 30).
• A recent update from 2025-08-08 implies H2 2025 revenue start, indicating slippage vs. the early Q2 target (Document 8).

Commitment: September 04, 2024: Originally targeted CB-1 completion by year-end 2024 (superseded by later Q1 2025 timeline updates).

❌ Not Met | Certainty: 92%

Analysis: The YE 2024 target was not met and was formally pushed to Q1 2025 in later updates.

Progress:

• Earlier evidence from 2024-09-04 targeted YE 2024 (Document 32).
• Later updates from 2024-10-04 and 2024-12-03 moved completion to Q1 2025, superseding the original target (Documents 30, 18).

Cluster: Sites, Power, and Interconnection Capacity

Commitment: August 14, 2025: Secured a long-term ground lease with an 80-year term supporting up to 400 MW of digital infrastructure, with 138 MW of predominantly zero-carbon power expected ready for service in 2026.

✅ On Track | Certainty: 94%

Analysis: The 80-year Cayuga ground lease and associated power readiness plans were announced, supporting scale-up.

Progress:

• Evidence from 2025-08-14 confirms the 80-year lease, up to 400 MW capacity, and 138 MW power expected in 2026 (Document 6).

Commitment: August 08, 2025: Secured interconnection approval to draw 500 MW from the grid with plans to increase to 750 MW.

✅ On Track | Certainty: 92%

Analysis: Interconnection approval for 500 MW with pathway to 750 MW was disclosed.

Progress:

• Evidence from 2025-08-08 confirms 500 MW interconnection approval and plans to 750 MW (Document 8).

Commitment: February 28, 2025: Prioritized development of the Cayuga site to add 150 MW of capacity by 2026, scalable to 400 MW by 2028.

✅ On Track | Certainty: 86%

Analysis: While the specific 150 MW by 2026 is not restated verbatim, the 2025-08-14 Cayuga disclosure aligns with 138 MW ready in 2026 and scalability to 400 MW, consistent with the plan.

Progress:

• Earlier evidence from 2025-02-28 emphasized AI/HPC buildout; subsequent Cayuga details align on 138 MW by 2026 and up to 400 MW (Documents 14, 6).

Commitment: October 10, 2024: Entered a new 35-year (extendable by 45 years) ground lease at Lake Mariner, expanding acreage and providing exclusive access to up to 750 MW of infrastructure capacity.

✅ On Track | Certainty: 94%

Analysis: The Lake Mariner long-term ground lease expansion and 750 MW capacity access were executed.

Progress:

• Evidence from 2024-10-10 confirms the new lease and up to 750 MW capacity access (Document 29).

Cluster: Sustainability and Energy Optimization

Commitment: August 14, 2025: Advanced plans to develop an approximately 67 MW solar installation and 800 MWh battery energy storage system adjacent to the leased site.

✅ On Track | Certainty: 90%

Analysis: The Cayuga disclosure includes plans for 67 MW solar and 800 MWh BESS, supporting sustainability and cost optimization.

Progress:

• Evidence from 2025-08-14 states plans for 67 MW solar and 800 MWh BESS (Document 6).

Commitment: August 14, 2025: Reaffirmed commitment to operate facilities predominantly with zero-carbon energy sources.

✅ On Track | Certainty: 90%

Analysis: Multiple disclosures emphasize predominantly zero‑carbon operations, consistent with site strategy.

Progress:

• Evidence from 2025-08-14 underscores predominantly zero‑carbon energy sourcing (Document 6).
• Earlier evidence from 2025-05-05 reiterates reliance on low‑cost, predominantly zero‑carbon Zone A grid (Document 10).

Commitment: August 14, 2025: Reported expanded participation in New York demand response programs with proceeds of $3.1 million for Q2 2025 and $5.9 million for the first half of 2025.

🟡 Partially Met | Certainty: 68%

Analysis: While the company consistently reports active demand response participation, the specific proceeds figures are not explicitly cited in the provided summaries. Participation and curtailments are corroborated, but monetary proceeds lack direct confirmation here.

Progress:

• Earlier evidence from 2024-09-04 notes >1,200 MWh curtailment and cost reduction benefits (Document 32).
• Broader 2025 disclosures continue to emphasize demand response participation, but specific Q2/H1 2025 proceeds are not directly documented in the summaries provided.

Commitment: May 05, 2025: Continued operating on low-cost, predominantly zero-carbon energy from the Zone A grid as a core sustainability pillar.

✅ On Track | Certainty: 90%

Analysis: Filings reiterate the Zone A, predominantly zero‑carbon power advantage as central to the model.

Progress:

• Evidence from 2025-05-05 MD&A confirms low-cost, predominantly zero‑carbon operations (Document 10).

Commitment: September 04, 2024: Conducted demand response curtailment of over 1,200 MWh, expected to reduce power costs by about $0.007/kWh.

✅ On Track | Certainty: 90%

Analysis: Operations updates confirm substantial August demand response curtailments and cost impact estimates.

Progress:

• Evidence from 2024-09-04 confirms >1,200 MWh curtailment and ~$0.007/kWh cost reduction expectation (Document 32).

Cluster: Capital Allocation and Shareholder Returns

Commitment: May 09, 2025: Repurchased $33 million of common stock in 2025 under the $200 million share repurchase authorization.

✅ On Track | Certainty: 94%

Analysis: Management reported $33 million of repurchases YTD 2025 under the authorized program.

Progress:

• Evidence from 2025-05-09 confirms $33 million repurchased YTD (Document 11).

Commitment: February 28, 2025: Repurchased over $150 million of shares in late 2024 and early 2025, progressing toward the $200 million repurchase program target.

✅ On Track | Certainty: 94%

Analysis: Year-end disclosures confirm >$150 million executed toward the $200 million program.

Progress:

• Evidence from 2025-02-28 indicates >$150 million repurchases executed (Document 14).

Commitment: October 25, 2024: Allocated a portion of the $500 million 2030 convertible notes net proceeds to share repurchases alongside capped calls and general corporate purposes.

✅ On Track | Certainty: 94%

Analysis: Transaction closing documents specify proceeds applied to capped calls and a concurrent share repurchase, with remaining for corporate uses.

Progress:

• Evidence from 2024-10-25 confirms allocations including share repurchases (Document 24).

Commitment: October 24, 2024: Executed a concurrent $115 million share repurchase at $6.40 per share with the pricing of the 2030 notes.

✅ On Track | Certainty: 95%

Analysis: The repurchase was executed alongside the notes pricing and confirmed upon closing.

Progress:

• Evidence from 2024-10-24 details the $115 million repurchase at $6.40 (Document 25).
• A recent update from 2024-10-25 confirms execution in connection with closing (Document 24).

Commitment: November 12, 2024: Communicated no effective dilution until the stock price exceeds $18.00 per share.

🟡 Partially Met | Certainty: 65%

Analysis: While capped calls for the 2030 notes (cap ~$12.80) and 2031 notes ($18.76) are designed to mitigate dilution, the specific communication of “no effective dilution until $18” is not directly evidenced in the provided summaries. The 2031 capped call cap aligns with $18.76.

Progress:

• Evidence from 2024-10-25 cites 2030 capped calls at $12.80 cap (Document 24).
• Evidence from 2025-08-22 cites 2031 capped calls at $18.76 cap (Document 1).
• The precise 2024-11-12 statement is not present in the summaries set.

Commitment: October 23, 2024: Authorized a share repurchase program of up to $200 million through December 31, 2025.

✅ On Track | Certainty: 95%

Analysis: Board authorization was announced, and subsequent repurchases confirm utilization of the program.

Progress:

• Evidence from 2024-10-23 confirms program authorization (Document 26).
• Later evidence from 2025-02-28 and 2025-05-09 confirms execution under the authorization (Documents 14, 11).

Cluster: Corporate Development and Integration

Commitment: August 14, 2025: Confirmed acquisition of 100% of Beowulf Electricity & Data LLC on May 21, 2025, with contingent payments up to $19.0 million in cash and up to $13.0 million in additional common stock.

✅ On Track | Certainty: 94%

Analysis: MD&A confirms completion and contingent consideration terms, aligning with the announced transaction.

Progress:

• Evidence from 2025-08-14 confirms acquisition completion and contingent terms (Document 7).
• Evidence from 2025-05-27 outlines transaction structure (Document 9).

Commitment: May 27, 2025: Announced the acquisition of Beowulf Electricity & Data LLC for approximately $52.4 million total consideration to streamline the corporate structure and enhance energy expertise.

✅ On Track | Certainty: 95%

Analysis: The acquisition was announced with details and later confirmed as completed.

Progress:

• Evidence from 2025-05-27 confirms the ~$52.4 million acquisition and rationale (Document 9).

Commitment: May 27, 2025: Maintained 2025 cost guidance of SG&A expenses of $40–$45 million and operating expenses of $20–$25 million following the acquisition.

✅ On Track | Certainty: 92%

Analysis: Guidance was reiterated concurrent with the acquisition announcement.

Progress:

• Evidence from 2025-05-27 states no change to 2025 cost guidance post-acquisition (Document 9).

Commitment: May 09, 2025: Committed to pursue full integration of Beowulf to simplify structure and align incentives (superseded by the August 14, 2025 completion confirmation).

✅ On Track | Certainty: 94%

Analysis: The integration commitment was fulfilled by acquisition completion; August confirmation supersedes.

Progress:

• Evidence from 2025-05-09 notes the integration plan (Document 11).
• A recent update from 2025-08-14 confirms completion, superseding the intent (Document 7).

Cluster: Bitcoin Mining Operations and Efficiency

Commitment: May 09, 2025: Completed energization of Miner Building 5, increasing total capacity to 245 MW and self-mining hashrate to 12.2 EH/s.

✅ On Track | Certainty: 95%

Analysis: Energization of MB-5 increased capacity and hashrate as disclosed.

Progress:

• Evidence from 2025-05-09 confirms MB-5 energized, 245 MW total capacity, 12.2 EH/s hashrate (Document 11).
• Evidence from 2025-05-09 call reiterates 245 MW operational capacity (Document 12).

Commitment: January 03, 2025: Continued construction of Miner Building 5 (50 MW) targeting mid-Q1 2025 completion (superseded by the May 9, 2025 completion).

✅ On Track | Certainty: 93%

Analysis: The construction target was subsequently achieved; May completion supersedes the earlier construction status.

Progress:

• Earlier evidence from 2025-01-03 indicated mid‑Q1 2025 completion target (Document 16).
• A recent update from 2025-05-09 confirms completion, superseding the target (Document 11).

Commitment: December 03, 2024: Planned restoration of 1.3 EH/s of mining equipment under warranty by year-end 2024.

🟡 Partially Met | Certainty: 75%

Analysis: November updates indicated the team was on track to restore 1.3 EH/s by year-end, but a definitive completion confirmation is not present in the summaries.

Progress:

• Earlier evidence from 2024-12-03/11-18 notes on-track restoration plan of 1.3 EH/s by YE (Document 18).
• No later summary explicitly confirms completion; subsequent hashrate in May 2025 was 12.2 EH/s (Document 11).

Commitment: November 04, 2024: Accelerated miner refresh program to replace approximately 12,200 S19 XP miners as part of an efficiency recovery plan targeted for year-end 2024.

🟡 Partially Met | Certainty: 80%

Analysis: By December, updates referenced replacement of ~7,400 S21 Pro miners, indicating execution of a refresh but with different hardware than first outlined. Newer information suggests a change in model mix; objective of improving efficiency is progressing.

Progress:

• Earlier evidence from 2024-11-04 announced a plan to replace ~12,200 S19 XP miners (Document 22).
• A recent update from 2024-12-03 cites replacement of ~7,400 S21 Pro miners and ~19 J/TH weighted average efficiency, superseding the specific model plan (Document 18).

Commitment: October 03, 2024: Targeted achieving over 13 EH/s and approximately 18.2 J/TH efficiency by Q1 2025 (subsequently updated by realized performance in 2025).

❌ Not Met | Certainty: 90%

Analysis: By May 2025, hashrate was 12.2 EH/s (below 13 EH/s), while efficiency improvements approached the target. The hashrate target was not achieved on time.

Progress:

• Evidence from 2025-05-09 shows 12.2 EH/s and MB-5 energized (Document 11).
• Earlier evidence from 2024-12-03 indicates efficiency near ~19 J/TH; still shy of the targeted 18.2 J/TH by Q1 (Document 18).

Cluster: Investor Communications and Governance

Commitment: November 21, 2024: Promoted a new Chief Operating Officer to drive operational excellence and support HPC and AI data center capability expansion.

✅ On Track | Certainty: 94%

Analysis: The COO promotion was executed to bolster operational leadership.

Progress:

• Evidence from 2024-11-21 confirms promotion of Sean Farrell to COO (Document 19).

Commitment: October 29, 2024: Scheduled an earnings conference call for November 12, 2024 to provide transparent financial updates to stakeholders.

✅ On Track | Certainty: 92%

Analysis: The earnings call was scheduled as disclosed; subsequent filings/reports followed.

Progress:

• Evidence from 2024-10-29 announces the Nov 12, 2024 earnings call (Document 23).

Commitment: October 16, 2024: Appointed a Director of Investor Relations to enhance communication with institutional investors and articulate strategic milestones.

✅ On Track | Certainty: 94%

Analysis: The IR leader appointment was completed to strengthen investor engagement.

Progress:

• Evidence from 2024-10-16 confirms appointment of John Larkin as Director of IR (Document 28).