WULF

Cluster: Convertible Notes (0.00% due 2032)

Commitment: October 31, 2025: Closed issuance of $1.025 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032 (including $125 million from the option), establishing the related noteholder obligations.

✅ On Track | Certainty: 98%

Analysis: The offering closed as stated, at $1.025 billion, including full exercise of the $125 million option. This final closing superseded earlier October 29 indications. No contradictions.

Progress:

• A recent update from 2025-10-31 confirmed the $1.025 billion closing and option exercise, finalizing terms and proceeds.
• Earlier evidence from 2025-10-29 announced a $900 million pricing and expected closing; the 2025-10-31 closing supersedes this with higher proceeds.

Commitment: October 31, 2025: Intends to use approximately $999.7 million in net proceeds to fund a portion of the Abernathy, Texas data center campus and for general corporate purposes.

🟡 Partially Met | Certainty: 85%

Analysis: Net proceeds and intended uses are clearly stated; actual deployment to Abernathy is not yet evidenced. Intent remains credible and aligned with contemporaneous JV and project announcements.

Progress:

• A recent update from 2025-10-31 specified net proceeds of ~$999.7 million and stated intended use for Abernathy and general corporate purposes.
• Earlier evidence from 2025-10-29 indicated similar intended uses; the 2025-10-31 closing confirms availability of funds but not deployment.

Commitment: October 29, 2025: Announced an upsized $900 million 0.00% Convertible Senior Notes due 2032 offering expected to close October 31, 2025, which was superseded by the October 31 closing at $1.025 billion.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The offering not only closed but closed at a meaningfully larger size ($1.025 billion). The closing supersedes the prior $900 million announcement.

Progress:

• A recent update from 2025-10-31 confirmed the $1.025 billion closing, exceeding the prior $900 million expectation.
• Earlier evidence from 2025-10-29 announced the $900 million pricing and expected closing; the newer 2025-10-31 update supersedes it.

Commitment: October 29, 2025: Granted initial purchasers a 13‑day option to purchase up to an additional $125 million of notes, which was exercised in full at closing.

✅ On Track | Certainty: 95%

Analysis: The full exercise is evidenced by the final $1.025 billion issuance (base plus $125 million). No conflicting reports.

Progress:

• A recent update from 2025-10-31 stated $125 million of notes were issued pursuant to the option, confirming full exercise.
• Earlier evidence from 2025-10-29 detailed the 13-day $125 million option; the 2025-10-31 closing confirms execution.

Commitment: October 29, 2025: Set initial conversion terms at 50.1567 shares per $1,000 principal (approximately $19.9375 conversion price), with limited convertibility prior to February 1, 2032 and at‑will thereafter until two trading days before maturity.

✅ On Track | Certainty: 95%

Analysis: Pricing announcement specified conversion terms. Final closing did not contradict or revise them.

Progress:

• Earlier evidence from 2025-10-29 disclosed the 50.1567 shares per $1,000 principal conversion rate and conversion mechanics.
• A recent update from 2025-10-31 closed the offering without indicating any change to the conversion terms, implicitly confirming them.

Commitment: October 29, 2025: Established a company redemption right on or after May 6, 2029 if the stock trades at least 130% of the conversion price for at least 20 of 30 consecutive trading days.

✅ On Track | Certainty: 90%

Analysis: Redemption feature was part of the priced terms; no later updates negate it.

Progress:

• Earlier evidence from 2025-10-29 described the issuer redemption right and trigger conditions.
• A recent update from 2025-10-31 closed the notes without amendments to this feature.

Commitment: October 29, 2025: Committed to repurchase notes at 100% of principal plus accrued special interest upon a fundamental change as defined in the indenture.

✅ On Track | Certainty: 90%

Analysis: Standard fundamental change repurchase right was included at pricing; closing indicates these terms became effective.

Progress:

• Earlier evidence from 2025-10-29 outlined the fundamental change repurchase terms.
• A recent update from 2025-10-31 closed the notes, implying these provisions are now in force.

Cluster: Senior Secured Notes ($3.2B due 2030) for Lake Mariner Expansion

Commitment: October 16, 2025: Priced $3.2 billion senior secured notes due 2030 to finance a portion of the Lake Mariner data center expansion, with closing expected on October 23, 2025.

🟡 Partially Met | Certainty: 85%

Analysis: Pricing and terms were finalized; however, a closing confirmation is not present in the provided updates. No evidence contradicts the expectation to close.

Progress:

• A recent update from 2025-10-16 confirmed pricing of $3.2 billion notes with an October 23 expected closing.
• Earlier evidence from 2025-10-14 announced the intent to offer; the 2025-10-16 pricing supersedes the proposal.

Commitment: October 16, 2025: Confirmed full and unconditional guarantees of the notes by La Lupa Data LLC, Akela Data Holdings LLC, and Akela Data LLC.

✅ On Track | Certainty: 90%

Analysis: Guarantee structure was clearly disclosed at pricing and is consistent with the earlier proposed terms.

Progress:

• A recent update from 2025-10-16 specified full and unconditional guarantees by the named entities.
• Earlier evidence from 2025-10-14 proposed the same guarantee framework; the 2025-10-16 pricing confirms it.

Commitment: October 16, 2025: Secured the notes and guarantees with first‑priority liens on substantially all assets of WULF Compute and the guarantors, equity interests of WULF Compute, a designated lockbox account of Fluidstack USA I Inc., and a Google warrant pledge prior to completion of the expansion.

✅ On Track | Certainty: 90%

Analysis: The collateral package and Google warrant pledge were detailed at pricing and align with the earlier proposed collateral structure.

Progress:

• A recent update from 2025-10-16 specified first‑priority liens, equity pledges, lockbox, and Google warrant pledge.
• Earlier evidence from 2025-10-14 outlined the same collateral package; the 2025-10-16 pricing confirms it.

Commitment: October 16, 2025: TeraWulf committed to provide customary completion guarantees and fund WULF Compute as necessary to ensure timely completion of the expansion buildings.

✅ On Track | Certainty: 85%

Analysis: Completion guarantees were part of the priced terms. No contrary updates.

Progress:

• A recent update from 2025-10-16 confirmed TeraWulf’s completion guarantee obligations.
• Earlier evidence from 2025-10-14 indicated the same commitment; later pricing confirms.

Commitment: October 14, 2025: Announced an intent to offer $3.2 billion senior secured notes due 2030, which was superseded by the October 16 pricing.

✅ On Track | Certainty: 90%

Analysis: The initial intent progressed to a priced deal on October 16, superseding the proposal.

Progress:

• Earlier evidence from 2025-10-14 announced the proposed offering.
• A recent update from 2025-10-16 priced the notes, superseding the proposal and confirming details.

Cluster: Convertible Notes (1.00% due 2031) and Capped Calls

Commitment: August 22, 2025: Completed sale of $1.0 billion aggregate principal amount of 1.00% Convertible Senior Notes due 2031, including full exercise of the $150 million option.

✅ On Track | Certainty: 98%

Analysis: Completion with full greenshoe exercise is confirmed. No conflicting information.

Progress:

• A recent update from 2025-08-22 confirmed full exercise of the option and total issuance of $1.0 billion.
• Earlier evidence from 2025-08-18 priced an $850 million base deal with a $150 million option; the 2025-08-22 update supersedes with completion.

Commitment: August 22, 2025: Entered into additional capped call transactions related to the additional notes with a cap price of $18.76 per share to mitigate potential dilution.

✅ On Track | Certainty: 95%

Analysis: Additional capped calls at $18.76 were executed concurrent with the option exercise.

Progress:

• A recent update from 2025-08-22 confirmed additional capped calls with a cap price of $18.76.
• Earlier evidence from 2025-08-18 described initial capped call arrangements; the 2025-08-22 update extends them.

Commitment: August 22, 2025: Allocated approximately $100.6 million of net proceeds to capped call costs and earmarked the remaining approximately $874.6 million for data center expansion and general corporate purposes.

✅ On Track | Certainty: 95%

Analysis: Net proceeds uses and capped call spend are explicitly disclosed post-closing. No contradictory updates.

Progress:

• A recent update from 2025-08-22 stated ~$100.6 million spent on capped calls and remaining proceeds for expansion and corporate purposes.
• Earlier evidence from 2025-08-18 anticipated ~$85.5 million capped call cost at pricing; the 2025-08-22 figures supersede with final amounts.

Commitment: August 18, 2025: Announced an upsized $850 million 1.00% Convertible Senior Notes offering with a 13‑day option for $150 million, which was superseded by the August 22 completion at $1.0 billion.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The final outcome exceeded the upsized pricing by reaching full $1.0 billion through greenshoe exercise.

Progress:

• A recent update from 2025-08-22 confirmed $1.0 billion total issuance.
• Earlier evidence from 2025-08-18 announced the $850 million pricing plus option; the newer completion supersedes it.

Commitment: August 18, 2025: Committed to pay interest at 1.00% per annum semi‑annually on March 1 and September 1 beginning March 1, 2026 until maturity on September 1, 2031.

✅ On Track | Certainty: 90%

Analysis: Interest payment obligations are established in the indenture. First payment date is future; no conflicting data.

Progress:

• Earlier evidence from 2025-08-18 detailed the 1.00% coupon and payment schedule.
• A recent update from 2025-08-22 confirmed completion of the notes, putting the schedule into effect.

Commitment: August 18, 2025: Set initial conversion terms at 80.4602 shares per $1,000 principal (approximately $12.43 per share) with settlement in cash and/or stock subject to stockholder approval for share issuance.

✅ On Track | Certainty: 95%

Analysis: Conversion rate and mechanics were established at pricing and stand following completion.

Progress:

• Earlier evidence from 2025-08-18 set the initial conversion rate and settlement mechanics.
• A recent update from 2025-08-22 completed the issuance without changing these terms.

Commitment: August 18, 2025: Established a company redemption right on or after September 6, 2028 subject to a 130% stock price trigger and standard notice provisions.

✅ On Track | Certainty: 90%

Analysis: Redemption terms were part of the priced deal; completion implies they are in force.

Progress:

• Earlier evidence from 2025-08-18 described the redemption right and trigger.
• A recent update from 2025-08-22 completed the issuance with no changes noted.

Commitment: August 18, 2025: Granted holders the right to require repurchase at 100% of principal plus accrued interest upon a fundamental change.

✅ On Track | Certainty: 90%

Analysis: Standard fundamental change provisions included at pricing and effective after completion.

Progress:

• Earlier evidence from 2025-08-18 outlined the fundamental change repurchase right.
• A recent update from 2025-08-22 confirmed the notes’ completion, activating these terms.

Commitment: August 18, 2025: Noted expected hedging and market activities by capped call counterparties and their affiliates in connection with establishing and maintaining hedge positions.

✅ On Track | Certainty: 90%

Analysis: The company disclosed expected hedging impacts; this is informational and consistent with capped call execution.

Progress:

• Earlier evidence from 2025-08-18 described anticipated hedging dynamics tied to capped calls.
• A recent update from 2025-08-22 confirmed additional capped calls, supporting the ongoing hedging context.

Commitment: August 18, 2025: Announced a proposed $400 million convertible offering with a $60 million option, which was superseded the same day by the upsized $850 million offering and later by the $1.0 billion completion.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: The final issuance far exceeded the initial $400 million proposal. Later updates explicitly supersede the initial intent.

Progress:

• A recent update from 2025-08-22 confirmed $1.0 billion total issuance.
• Earlier evidence from 2025-08-18 first announced a $400 million proposal, then the same day upsized to $850 million; subsequent completion supersedes both.

Cluster: Fluidstack Strategic Partnerships and Google Backstops

Commitment: October 28, 2025: Committed through a joint venture with Fluidstack to develop and deliver 168 MW of AI compute at the Abernathy, Texas campus with facility delivery expected in the second half of 2026.

✅ On Track | Certainty: 90%

Analysis: JV execution and delivery timeline are explicitly stated. No contrary evidence; project financing support aligns with recent capital raises.

Progress:

• A recent update from 2025-10-28 announced the 168 MW JV and H2 2026 delivery timeline.
• A recent update from 2025-10-31 confirmed convertible note proceeds intended to fund Abernathy, supporting execution.

Commitment: October 28, 2025: Entered a 25‑year hosting and lease commitment representing approximately $9.5 billion in contracted revenue for the Abernathy joint venture.

✅ On Track | Certainty: 90%

Analysis: Contracted revenue terms are disclosed; no conflicting updates.

Progress:

• A recent update from 2025-10-28 specified the ~$9.5 billion, 25-year hosting commitment for the JV.

Commitment: October 28, 2025: Secured a $1.3 billion Google backstop of Fluidstack’s long‑term lease obligations to support project‑related debt financing for Abernathy.

✅ On Track | Certainty: 90%

Analysis: Google backstop is directly cited and consistent with prior Google support at Lake Mariner.

Progress:

• A recent update from 2025-10-28 confirmed the ~$1.3 billion Google backstop for Abernathy.

Commitment: October 28, 2025: Obtained an exclusive right to partner with Fluidstack for up to 51% of the next roughly 168 MW data center project on substantially similar terms.

✅ On Track | Certainty: 85%

Analysis: The exclusivity right is documented; execution will be validated with future project selection.

Progress:

• A recent update from 2025-10-28 detailed the exclusive right for the next ~168 MW project.

Commitment: October 28, 2025: Reserved rights for the joint venture to develop subsequent phases at the Abernathy campus beyond the initial 168 MW.

✅ On Track | Certainty: 85%

Analysis: JV expansion rights are stated; future phases remain contingent on progress.

Progress:

• A recent update from 2025-10-28 described JV rights to subsequent phases at Abernathy.

Commitment: October 28, 2025: Confirmed TeraWulf’s 51% majority ownership in the joint venture with staged equity contributions to preserve balance sheet flexibility and governance.

✅ On Track | Certainty: 90%

Analysis: Ownership and funding mechanics are clearly set; aligns with recent financing plans.

Progress:

• A recent update from 2025-10-28 confirmed 51% ownership and staged equity contributions.

Commitment: October 28, 2025: Committed to project financing with estimated total project cost of $8–$10 million per MW and a modified gross lease structure with annual escalators.

✅ On Track | Certainty: 80%

Analysis: Cost framework and lease structure are outlined; financing momentum supported by recent notes issuances and secured notes pricing.

Progress:

• A recent update from 2025-10-28 disclosed $8–$10 million/MW cost and lease structure.
• A recent update from 2025-10-16 priced $3.2 billion senior secured notes for Lake Mariner, indicating capability to secure large-scale project financing.

Commitment: August 18, 2025: Expanded the Fluidstack relationship with a CB‑5 lease at Lake Mariner to add 160 MW of critical IT load with operations expected to commence in the second half of 2026.

✅ On Track | Certainty: 90%

Analysis: The CB‑5 lease is executed with a clear H2 2026 operations timeline; no conflicting updates.

Progress:

• Earlier evidence from 2025-08-18 announced the 160 MW CB‑5 lease with H2 2026 start.

Commitment: August 18, 2025: Increased total contracted critical IT load with Fluidstack at Lake Mariner to approximately 360 MW following the CB‑5 commitment.

✅ On Track | Certainty: 95%

Analysis: Contracted load increase is documented; later updates cite >510 MW contracted platform across programs, consistent with growth.

Progress:

• Earlier evidence from 2025-08-18 stated ~360 MW contracted at Lake Mariner post CB‑5.
• A recent update from 2025-10-28 cited more than 510 MW of contracted IT load across the platform, consistent with continued expansion.

Commitment: August 18, 2025: Secured an incremental $1.4 billion Google backstop and 32.5 million warrants, increasing Google’s total backstop to roughly $3.2 billion and pro forma equity ownership to about 14%.

✅ On Track | Certainty: 90%

Analysis: Additional Google credit support and warrants are reported; consistent with later Google support at Abernathy.

Progress:

• Earlier evidence from 2025-08-18 confirmed the incremental $1.4 billion backstop and warrant issuance to Google.

Commitment: August 18, 2025: Continued discussions with Fluidstack regarding further capacity expansions beyond CB‑5 at Lake Mariner.

🟡 Partially Met | Certainty: 80%

Analysis: Ongoing discussions are noted; subsequent JV at Abernathy shows broader partnership momentum, but specific additional Lake Mariner capacity beyond CB‑5 is not yet announced.

Progress:

• Earlier evidence from 2025-08-18 indicated continuing expansion discussions.
• A recent update from 2025-10-28 announced a separate 168 MW JV at Abernathy, showing expansion of the relationship (though at a different site).

Commitment: August 14, 2025: Signed two 10‑year colocation agreements with Fluidstack to deliver over 200 MW of critical IT load beginning in 2026, representing approximately $3.7 billion in contracted revenue with extensions up to approximately $8.7 billion.

✅ On Track | Certainty: 95%

Analysis: Agreements executed; later CB‑5 and Abernathy JV build upon these, indicating continued execution.

Progress:

• Earlier evidence from 2025-08-14 confirmed >200 MW agreements and contracted revenue values.
• A recent update from 2025-08-18 and 2025-10-28 showed subsequent expansions (CB‑5 and Abernathy JV), reinforcing momentum.

Commitment: August 14, 2025: Planned to access capital markets to fund a portion of the projects tied to the Fluidstack agreements at an estimated cost of $8–$10 million per MW.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: Multiple capital markets transactions followed (2031 converts completed; 2032 zero-coupon converts closed; $3.2B secured notes priced), exceeding the initial plan by scale and breadth.

Progress:

• A recent update from 2025-10-31 closed $1.025 billion of 0.00% converts intended in part to fund Abernathy.
• Earlier evidence from 2025-08-22 completed $1.0 billion of 1.00% converts; a recent update from 2025-10-16 priced $3.2 billion secured notes for Lake Mariner.

Commitment: August 14, 2025: Reported expected site NOI margins of about 85% from the Fluidstack program, implying roughly $315 million annually.

🟡 Partially Met | Certainty: 75%

Analysis: Margin expectations are projections; no realized NOI reported yet to validate the 85% figure.

Progress:

• Earlier evidence from 2025-08-14 provided the projected margins and implied NOI.
• A recent update from 2025-10-28 highlighted contracted revenue growth, but not realized NOI margins; projections remain untested.

Cluster: Capacity Growth Targets and Site Development

Commitment: October 28, 2025: Raised the annual contracting target to 250–500 MW of critical IT load per year as part of an upwardly revised growth strategy, superseding earlier 100–150 MW and 200–250 MW growth targets.

✅ On Track | Certainty: 90%

Analysis: New targets are formalized and backed by >510 MW contracted to date, indicating execution capacity; supersedes prior pacing.

Progress:

• A recent update from 2025-10-28 set the 250–500 MW annual contracting target and cited >510 MW contracted platform.
• Earlier evidence from 2025-02-28 and 2025-02-28 earnings call referenced prior 100–150 MW per year ambitions; the 2025-10-28 target supersedes them.

Commitment: October 28, 2025: Committed to convert advantaged infrastructure positions into long‑duration contracted HPC capacity backed by investment‑grade counterparties.

✅ On Track | Certainty: 90%

Analysis: Execution evidenced by multiple long-duration agreements (Fluidstack, Core42) and Google-backed structures.

Progress:

• A recent update from 2025-10-28 reiterated the strategy and noted >510 MW contracted.
• Earlier evidence from 2025-12-23 and 2025-03-03 (Core42 leases) supports progress in long-duration contracting.

Commitment: August 14, 2025: Outlined near‑term plans to expand the Lake Mariner facility to 500 MW and potentially 750 MW with targeted transmission upgrades.

✅ On Track | Certainty: 90%

Analysis: Interconnection approvals and expansion planning support the 500 MW path with potential to 750 MW.

Progress:

• Earlier evidence from 2025-08-08 confirmed interconnection approval to draw 500 MW and plans to reach up to 750 MW.
• A recent update from 2025-10-28 emphasized repositioning Lake Mariner for HPC and ongoing expansions.

Commitment: August 14, 2025: Secured a long‑term ground lease enabling development of up to 400 MW of digital infrastructure capacity with 138 MW expected ready for service in 2026.

✅ On Track | Certainty: 90%

Analysis: Ground lease executed; 2026 RFS milestone is forward-looking but consistent with parallel project timelines.

Progress:

• Earlier evidence from 2025-08-14 (Cayuga lease) confirmed up to 400 MW capacity with 138 MW RFS in 2026.

Commitment: August 08, 2025: Targeted operational HPC capacity of 200–250 MW by year‑end 2026, which has been superseded by the October 28 annual contracting target.

🟡 Partially Met | Certainty: 80%

Analysis: The specific operational target is superseded by a more aggressive contracting cadence; subsequent contracts suggest the company is outpacing prior targets in contracted megawatts, though “operational” timing remains to be proven.

Progress:

• A recent update from 2025-10-28 established a higher 250–500 MW contracting target, superseding earlier targets.
• Earlier evidence from 2025-08-08 set the 200–250 MW operational target by YE 2026; the newer strategy revises the metric from operations to contracting cadence.

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: 90%

Analysis: Subsequent ground lease (80-year) and RFS plan for 2026 substantiate progress.

Progress:

• Earlier evidence from 2025-08-14 confirmed the long-term Cayuga ground lease enabling up to 400 MW and 138 MW RFS in 2026.
• Earlier evidence from 2025-02-28 prioritized Cayuga’s 150 MW by 2026; later leasing actions are consistent with this plan.

Commitment: January 03, 2025: Engaged in active discussions with additional tenants to utilize approximately 178 MW of near‑term HPC capacity, including a time‑limited option for an additional 135 MW.

🌟 Exceeded Expectations | Certainty: 95%

Analysis: Subsequent Fluidstack deals (200+ MW, then CB‑5 +160 MW) and the Abernathy 168 MW JV indicate tenant commitments far exceeding the initial discussion scope.

Progress:

• Earlier evidence from 2025-01-03 cited 178 MW discussions and a 135 MW option.
• Later updates from 2025-08-14, 2025-08-18, and 2025-10-28 show contracted capacity well above these early targets.

Commitment: November 14, 2024: Planned to add approximately 178 MW of additional HPC data center capacity by the end of the second quarter of 2025 to reach around 500 MW deployed at Lake Mariner.

❌ Not Met | Certainty: 80%

Analysis: Subsequent disclosures shifted timelines: Core42 deployments extended into H2 2025 and beyond. Later strategy supersedes the Q2 2025 timeline.

Progress:

• Earlier evidence from 2024-12-03 projected 72.5 MW by end of Q2 2025 (smaller than 178 MW plan), indicating emerging slippage.
• A recent update from 2025-10-14 reaffirmed 72.5 MW delivery with H2 2025 revenue recognition, explicitly later than the Q2 2025 plan; newer guidance supersedes the earlier timeline.

Cluster: Core42 Delivery and 2025 HPC Buildout

Commitment: October 14, 2025: Reaffirmed delivery of 72.5 MW of HPC colocation capacity under data center leases with Core42 with revenue recognition expected in the second half of 2025.

🟡 Partially Met | Certainty: 85%

Analysis: Delivery and revenue recognition are targeted for H2 2025. Prior guidance indicated earlier phasing; the October 14 update sets the most recent expectation and supersedes earlier Q2 targets.

Progress:

• A recent update from 2025-10-14 reaffirmed 72.5 MW delivery and H2 2025 revenue recognition.
• Earlier evidence from 2024-12-23 planned Q1–Q3 2025 phased delivery; the 2025-10-14 timing narrows to H2.

Commitment: August 08, 2025: Committed to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 during 2025 as part of the company’s scalable digital infrastructure program.

🟡 Partially Met | Certainty: 80%

Analysis: As of October updates, delivery is still described as occurring in 2025 with revenue recognition in H2; full completion status not yet confirmed.

Progress:

• Earlier evidence from 2025-08-08 stated on-schedule and on-budget delivery of 72.5 MW in 2025.
• A recent update from 2025-10-14 reiterated delivery in 2025 with H2 revenue recognition, suggesting schedule tightening versus earlier H1 expectations.

Commitment: March 03, 2025: Confirmed long‑term data center lease agreements with Core42 for 72.5 MW of HPC hosting capacity with an initial 10‑year term and two five‑year renewal options.

✅ On Track | Certainty: 95%

Analysis: Lease agreements are in place; subsequent updates focus on execution timing.

Progress:

• Earlier evidence from 2025-03-03 confirmed the 72.5 MW Core42 lease structure.
• Recent updates in 2025-10-14 and 2025-08-08 discuss delivery and revenue timing, consistent with the lease.

Commitment: December 23, 2024: Scheduled phased delivery of over 70 MW of Core42 infrastructure between Q1 and Q3 2025, including customization of data halls to support GPU clusters.

🟡 Partially Met | Certainty: 80%

Analysis: Phasing shifted later, with H2 2025 revenue recognition. Customization and builds progressed but later than initial Q1–Q3 window.

Progress:

• Earlier evidence from 2024-12-23 set Q1–Q3 2025 phasing.
• A recent update from 2025-10-14 indicates delivery/revenue in H2 2025, superseding the earlier Q1–Q3 schedule.

Commitment: December 03, 2024: Reported that the 20 MW CB‑1 colocation building was on track for Q1 2025 with total 72.5 MW of HPC hosting capacity by the end of Q2 2025.

❌ Not Met | Certainty: 80%

Analysis: Subsequent guidance shows H2 2025 revenue and delivery, indicating the Q1/Q2 2025 milestones slipped. The October 14 update supersedes the earlier schedule.

Progress:

• Earlier evidence from 2024-12-03 targeted CB‑1 in Q1 2025 and 72.5 MW by end of Q2 2025.
• A recent update from 2025-10-14 moved revenue recognition to H2 2025, indicating slippage; the newer guidance supersedes the older deadlines.

Cluster: Sustainability and Energy Management

Commitment: August 14, 2025: Committed to operating facilities predominantly with zero‑carbon energy sources to promote sustainability in digital infrastructure operations.

✅ On Track | Certainty: 90%

Analysis: Multiple disclosures emphasize reliance on predominantly zero‑carbon power (NY Zone A) and program participation consistent with this commitment.

Progress:

• Earlier evidence from 2025-05-05 reiterated reliance on predominantly zero‑carbon NY Zone A power.
• Earlier evidence from 2024-11-14 and 2025-02-28 emphasized sustainable operations and strategy.

Commitment: August 14, 2025: Planned development of an approximately 67 MW solar installation and an 800 MWh battery energy storage system adjacent to the leased area to reinforce low‑cost, resilient operations.

🟡 Partially Met | Certainty: 70%

Analysis: The plan is disclosed (via Cayuga site materials); no evidence of construction start or completion yet.

Progress:

• Earlier evidence from 2025-08-14 (Cayuga lease) included plans for a 67 MW solar array and 800 MWh BESS; no later updates confirm execution.

Commitment: August 14, 2025: Expanded participation in demand response programs across New York State, noting proceeds of $3.1 million and $5.9 million for the three and six months ended June 30, 2025.

✅ On Track | Certainty: 90%

Analysis: While specific proceeds figures are cited in company communications, broader participation is corroborated by MD&A emphasizing ongoing demand response activity.

Progress:

• Earlier evidence from 2025-05-05 cited ongoing participation in NY demand response programs, aligning with the August commitment.
• Earlier evidence from 2025-08-08 and other operational updates emphasize energy cost optimization measures consistent with DR participation.

Commitment: May 05, 2025: Reiterated reliance on predominantly zero‑carbon power from New York Zone A and ongoing participation in demand response to optimize energy costs.

✅ On Track | Certainty: 90%

Analysis: Consistent with sustainability posture and DR participation across updates.

Progress:

• Earlier evidence from 2025-05-05 MD&A highlighted Zone A power mix and DR participation.
• Additional updates through 2025 continue to emphasize sustainable energy sourcing.

Commitment: November 14, 2024: Continued the company’s commitment to sustainable bitcoin mining powered by predominantly zero‑carbon energy sources.

✅ On Track | Certainty: 85%

Analysis: Ongoing messaging and later MD&A reinforce this commitment; no conflicting data.

Progress:

• Earlier evidence from 2024-11-14 and subsequent filings maintain the sustainability focus.
• Later evidence from 2025-05-05 reiterated zero‑carbon power reliance and DR efforts, confirming continuity.

Cluster: Capital Allocation and Reporting

Commitment: October 28, 2025: Committed to release full third quarter 2025 financial statements in November 2025.

🟡 Partially Met | Certainty: 80%

Analysis: As of late October, only preliminary results were released; final issuance in November was committed but not yet confirmed in the provided updates.

Progress:

• A recent update from 2025-10-28 stated preliminary Q3 results and committed to full Q3 release in November 2025.

Commitment: October 28, 2025: Committed to prepare and publish reconciliations of non‑GAAP measures to GAAP upon period completion in the quarterly earnings materials.

🟡 Partially Met | Certainty: 80%

Analysis: The commitment is stated; specific reconciliations will be evidenced upon the Q3 release. No contradictory information.

Progress:

• A recent update from 2025-10-28 committed to standard quarterly disclosures (including reconciliations) with the full Q3 release; confirmation pending.

Commitment: May 27, 2025: Completed the acquisition of Beowulf Electricity & Data LLC for approximately $52.4 million to streamline the corporate structure and enhance operational efficiency.

✅ On Track | Certainty: 98%

Analysis: Acquisition closed; subsequent materials reference integration and unchanged guidance.

Progress:

• Earlier evidence from 2025-05-27 announced closing and strategic rationale.
• Earlier evidence from 2025-08-14 MD&A reflected the acquisition and structural simplification benefits.

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

✅ On Track | Certainty: 90%

Analysis: Guidance reaffirmed post-acquisition; no later contradiction in provided summaries.

Progress:

• Earlier evidence from 2025-05-27 confirmed guidance maintenance post-close.

Commitment: May 09, 2025: Continued executing the $200 million stock repurchase program with $33 million repurchased year‑to‑date to return capital to shareholders.

✅ On Track | Certainty: 95%

Analysis: Execution evidenced by Q1 update; authorization remains in place.

Progress:

• Earlier evidence from 2025-05-09 reported $33 million YTD repurchases within the $200 million program.
• Earlier evidence from 2025-02-28 noted significant repurchases executed to date and the standing authorization.

Commitment: March 03, 2025: Affirmed authorization to repurchase up to $200 million of common stock through December 31, 2025 as part of the board‑approved share repurchase program.

✅ On Track | Certainty: 95%

Analysis: Authorization affirmed and utilized; no rescission noted.

Progress:

• Earlier evidence from 2025-02-28 and 2024-11-12 detailed the $200 million authorization.
• Earlier evidence from 2025-05-09 confirmed ongoing execution under the authorization.

Commitment: February 28, 2025: Highlighted elimination of legacy term loan debt in 2024, enhancing strategic and financial flexibility.

✅ On Track | Certainty: 95%

Analysis: Reported elimination of legacy term loan debt is consistent with the improved flexibility used to execute 2025 financings.

Progress:

• Earlier evidence from 2025-02-28 stated the proactive repayment of legacy term loan debt.
• Subsequent successful capital markets activity in 2025 aligns with improved balance sheet flexibility.