TeraWulf Reports First Quarter 2026 Results
Rhea-AI Summary
TeraWulf (NASDAQ: WULF) reported Q1 2026 results and operational updates on May 8, 2026. Q1 revenue was $34.0 million, including $21.0 million of HPC lease revenue. The company held approximately $3.1 billion of cash and restricted cash at quarter-end and energized 60 MW at Lake Mariner.
Development progressed on CB-3 (delivery May 2026) with CB-4/CB-5 on schedule; acquired a 480 MW Hawesville site; closed a $250 million revolving credit facility; Abernathy JV targets 168 MW under a 25-year lease for Q4 2026 delivery.
AI-generated analysis. Not financial advice.
Positive
- Q1 revenue of $34.0 million
- HPC lease revenue of $21.0 million
- Approximately $3.1 billion cash and restricted cash
- 60 MW energized at Lake Mariner
- Closed $250 million revolving credit facility
- Acquired Hawesville site with ~480 MW grid power
Negative
- Chesapeake acquisition subject to customary regulatory approvals
- Abernathy delivery targeted for Q4 2026 (timing uncertainty)
Key Figures
Market Reality Check
Peers on Argus
WULF fell 6.68% while highly correlated peers showed mixed moves (e.g., CIFR -4.63%, RIOT +2.95%, HUT -3.73%, BGC +5.8%, MARA -0.24%). This divergence points to a stock-specific reaction rather than a uniform sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 14 | Prelim Q1 2026 | Positive | -6.1% | Preliminary Q1 2026 revenue and EBITDA outlook plus new $250M revolver. |
| Feb 26 | Q4 & FY 2025 | Negative | -9.3% | Full-year 2025 results with negative adjusted EBITDA despite growth and financings. |
| Nov 10 | Q3 2025 results | Positive | -13.5% | Transformational Q3 2025 with strong revenue growth and major HPC expansion. |
| Oct 28 | Prelim Q3 2025 | Positive | +16.9% | Preliminary Q3 2025 results showing strong revenue growth and higher EBITDA. |
| Aug 08 | Q2 2025 results | Positive | +1.8% | Q2 2025 revenue growth and increasing BTC mining and HPC capacity metrics. |
Earnings-related news for WULF has often been fundamentally positive but produced mixed reactions, with several past earnings updates triggering notably negative moves despite growth and contracting progress.
Across the last five earnings-tagged events from Aug 2025 to Apr 2026, TeraWulf reported rapid growth in HPC-focused revenues, large long-term contract wins, and substantial financings. However, market reactions were frequently negative, including moves of -9.28% and -13.5% on seemingly constructive updates. Earlier preliminary Q1 2026 results, indicating $30–$35M revenue and a new $250M revolver, also saw a -6.11% reaction, underscoring a pattern of volatility around earnings releases.
Historical Comparison
In the past five earnings-related releases, WULF’s average move was -2.04%, with several sharp selloffs despite growth-focused updates, highlighting recurring volatility around results.
Earnings updates show a steady pivot from bitcoin mining toward long-term HPC and AI data center contracts, with growing contracted MW, rising revenues, and increasingly complex financing arrangements.
Regulatory & Risk Context
An effective Form S-3ASR shelf filed on Apr 14, 2026 allows TeraWulf to offer various securities, including common and preferred stock, debt, and warrants, in one or more future transactions. The company is authorized to issue up to 950,000,000 common and 100,000,000 preferred shares, with 435,381,960 common shares outstanding as of Apr 10, 2026. Recent 424B5 usages on Apr 14 and Apr 16, 2026 indicate the shelf has already been tapped for capital raises.
Market Pulse Summary
This announcement underscores TeraWulf’s transition toward contracted HPC infrastructure, with Q1 2026 revenue of $34.0 million, including $21.0 million from HPC leases, and liquidity of about $3.1 billion. The company is building out hundreds of MW across multiple sites while using a $250 million revolver and an effective shelf registration. Key metrics to watch include lease ramp, development milestones at each campus, and capital deployment pace.
Key Terms
revolving credit facility financial
grid-connected technical
ferc regulatory
AI-generated analysis. Not financial advice.
Development timeline on track at WULF Compute
Delivers strong execution, advances transition to recurring HPC revenue, and
expands power-advantaged development pipeline
Reaffirms growth strategy targeting 250–500 MW of new contracted capacity annually
Closed
EASTON, Md., May 08, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by low-carbon energy, today announced its financial results for the first quarter ended March 31, 2026 and provided an update on its operations, development and strategy.
First Quarter 2026 Highlights
- Generated Q1 2026 revenue of
$34.0 million , including$21.0 million of HPC lease revenue. - Maintained strong liquidity position, with approximately
$3.1 billion of cash and restricted cash as of quarter-end. - 60 MW of operational critical IT HPC capacity for Core42 at Lake Mariner as of March 31, 2026.
- Nearing completion on CB-3 construction at Lake Mariner, with energization aligned to customer hardware deployment. CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026.
- Expanded development platform with acquisition of Hawesville, Kentucky, a large-scale site with immediate access to 480 MW of grid-connected power.
- Closed revolving credit facility providing up to
$250 million of committed capacity, supported by a syndicate of leading global financial institutions.
Management Commentary
Paul Prager, Chairman and Chief Executive Officer of TeraWulf, commented:
“The first quarter of 2026 was defined by execution. We entered the year with a fully established platform, including sites, contracts, and capital, and are now converting that foundation into operating performance and recurring revenue.
At Lake Mariner, we have 60 megawatts of energized critical IT capacity for Core42 and began generating meaningful lease revenue during the quarter. At the same time, we continue to advance construction in close coordination with our second tenant, Fluidstack, aligning infrastructure delivery with hardware deployment. CB-3 remains on schedule, and execution across the campus continues to progress well.
More broadly, we are building a power-advantaged platform that we believe is increasingly differentiated in a market constrained by access to power. Our strategy is unchanged, and we remain focused on disciplined execution."
Patrick Fleury, Chief Financial Officer of TeraWulf, added:
“The first quarter reflects a more stable, contracted revenue model. HPC lease revenue contributed
We ended the quarter with approximately
As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining.”
Operational Update
During the first quarter of 2026, TeraWulf continued to advance Lake Mariner, one of North America’s largest HPC campuses:
- 60 MW of critical IT capacity energized and generating revenue as of March 31, 2026.
- Continued progress across HPC development buildings, including delivery of CB-3 capacity in May 2026.
- Ongoing coordination with Fluidstack and Google to align infrastructure delivery with technology deployment.
The Company continues to repurpose portions of its legacy bitcoin mining footprint to support higher-value HPC workloads, reflecting its transition toward contracted, long-duration compute infrastructure.
With regard to the Abernathy joint venture, which is designed to support 168 critical IT MW under a 25-year lease with annual escalators, construction is progressing with delivery targeted for the fourth quarter of 2026.
Development Pipeline and Expansion
TeraWulf continues to expand its national footprint with a focus on power-advantaged sites:
Justified Data (Hawesville, Kentucky):
- Large-scale HPC campus with approximately 480 MW of immediate grid-connected power availability
- Over 250 buildable acres with significant expansion potential
- Located within 300 miles of several major Midwest metropolitan areas
Lake Hawkeye (Lansing, New York)
- Redevelopment of a 183-acre leased area on a legacy industrial site
- Phase I includes approximately 150 MW of power availability, expanding to 300 MW in Phase II
- Currently in site plan review
Chesapeake Data (Morgantown, Maryland):
- Approximately 210 MW grid-connected generation capacity
- Substantial electrical infrastructure and property, with ability to expand to up to 1 GW
- Acquisition remains subject to customary regulatory approvals, including FERC
Strategic Positioning
TeraWulf continues to position its platform to capture opportunities across multiple pathways to power, including:
- Near-term grid-connected capacity
- On-site generation
- Potential utility partnerships as interconnection dynamics evolve
As demand for large-scale compute infrastructure accelerates, access to power has become the primary constraint across the industry. In this environment, utilities are increasingly focused on advancing projects that can be delivered by experienced, well-capitalized, and creditworthy counterparties.
TeraWulf believes this dynamic creates a growing opportunity to partner directly with utilities to develop new power-backed infrastructure. As interconnection queues are rationalized and prioritized, the Company is well positioned to participate in this next phase of market evolution given its experience in power development, operational track record, and access to long-term capital.
Investor Conference Call and Webcast
The Company will host its earnings conference call and webcast for the first quarter ended March 31, 2026, today, May 8, 2026, at 8:00 a.m. Eastern Time. The call will be available for replay in the “Events & Presentations” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to innovation and operational excellence, with a mission to lead the market in large-scale digital infrastructure by serving both its own compute requirements and those of top-tier HPC clients as a trusted hosting partner.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete our data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with our data centers and our ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Investors:
Investors@terawulf.com
Media:
media@terawulf.com
| CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 AND DECEMBER 31, 2025 (In thousands, except number of shares and par value; unaudited) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 2,629,995 | $ | 3,266,389 | |||
| Restricted cash | 196,282 | 189,933 | |||||
| Accounts receivable | 5,604 | 1,212 | |||||
| Digital assets | 1,237 | 270 | |||||
| Prepaid expenses | 20,573 | 6,272 | |||||
| Other current assets | 13,737 | 14,197 | |||||
| Total current assets | 2,867,428 | 3,478,273 | |||||
| Property, plant and equipment, net | 2,582,169 | 1,507,699 | |||||
| Equity in net assets of investee | 434,793 | 446,008 | |||||
| Goodwill | 55,457 | 55,457 | |||||
| Operating lease right-of-use asset | 102,866 | 103,975 | |||||
| Finance lease right-of-use asset | 118,576 | 119,338 | |||||
| Restricted cash | 266,466 | 266,453 | |||||
| Deferred charges | 572,774 | 572,888 | |||||
| Other assets | 8,257 | 8,091 | |||||
| TOTAL ASSETS | $ | 7,008,786 | $ | 6,558,182 | |||
| LIABILITIES AND (DEFICIT) EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable | $ | 227,598 | $ | 65,139 | |||
| Accrued construction liabilities | 201,779 | 102,582 | |||||
| Accrued interest | 114,825 | 52,775 | |||||
| Other current liabilities | 87,944 | 74,170 | |||||
| Other amounts due to related parties | 459 | 200 | |||||
| Current portion of deferred rent liability | 56,683 | 58,184 | |||||
| Current portion of operating lease liability | 2,065 | 2,015 | |||||
| Current portion of finance lease liability | 2 | 2 | |||||
| Warrant liabilities | 1,061,024 | 844,698 | |||||
| Short-term debt | 98,573 | — | |||||
| Current portion of long-term debt | 43,564 | 46,316 | |||||
| Short-term convertible notes | 490,354 | 489,767 | |||||
| Total current liabilities | 2,384,870 | 1,735,848 | |||||
| Deferred rent liability, net of current portion | 14,035 | 23,285 | |||||
| Operating lease liability, net of current portion | 21,760 | 22,309 | |||||
| Finance lease liability, net of current portion | 289 | 289 | |||||
| Long-term debt | 3,060,194 | 3,052,240 | |||||
| Convertible notes | 1,597,266 | 1,582,788 | |||||
| Deferred tax liabilities | 104 | 76 | |||||
| Other liabilities | 7,888 | 902 | |||||
| TOTAL LIABILITIES | 7,086,406 | 6,417,737 | |||||
| Commitments and Contingencies (See Note 12) | |||||||
| (DEFICIT) EQUITY: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 450 | 444 | |||||
| Additional paid-in capital | 1,493,611 | 1,285,202 | |||||
| Treasury stock at cost, 24,468,750 at March 31, 2026 and December 31, 2025 | (151,509 | ) | (151,509 | ) | |||
| Accumulated deficit | (1,421,326 | ) | (993,692 | ) | |||
| Total TeraWulf Inc. stockholders' (deficit) equity | (78,774 | ) | 140,445 | ||||
| Noncontrolling interests | 1,154 | — | |||||
| Total (deficit) equity | (77,620 | ) | 140,445 | ||||
| TOTAL LIABILITIES AND (DEFICIT) EQUITY | $ | 7,008,786 | $ | 6,558,182 | |||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (In thousands, except number of shares and loss per common share) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenue: | |||||||
| Digital asset revenue | $ | 12,990 | $ | 34,405 | |||
| HPC lease revenue | 21,022 | — | |||||
| Total revenue | 34,012 | 34,405 | |||||
| Costs and expenses: | |||||||
| Cost of revenue (exclusive of depreciation shown below) | 2,361 | 24,553 | |||||
| Operating expenses | 9,016 | 1,144 | |||||
| Operating expenses – related party | 2,186 | 1,748 | |||||
| Selling, general and administrative expenses | 127,605 | 46,573 | |||||
| Selling, general and administrative expenses – related party | 159 | 3,571 | |||||
| Depreciation | 28,477 | 15,574 | |||||
| Loss on fair value of digital assets, net | 653 | 870 | |||||
| Impairment of property, plant, and equipment | 25,697 | — | |||||
| Total costs and expenses | 196,154 | 94,033 | |||||
| Operating loss | (162,142 | ) | (59,628 | ) | |||
| Interest expense | (67,071 | ) | (4,049 | ) | |||
| Change in fair value of warrants | (216,325 | ) | — | ||||
| Interest income | 29,411 | 2,259 | |||||
| Loss before income tax and equity in net loss of investee | (416,127 | ) | (61,418 | ) | |||
| Income tax provision | (28 | ) | — | ||||
| Equity in net loss of investee, net of tax | (11,548 | ) | — | ||||
| Net loss | (427,703 | ) | (61,418 | ) | |||
| Less: net loss attributable to noncontrolling interests | (69 | ) | — | ||||
| Net loss attributable to TeraWulf Inc | $ | (427,634 | ) | $ | (61,418 | ) | |
| Loss per common share: | |||||||
| Basic and diluted | $ | (1.01 | ) | $ | (0.16 | ) | |
| Weighted average common shares outstanding: | |||||||
| Basic and diluted | 422,999,671 | 383,149,511 | |||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (In thousands; unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (427,703 | ) | $ | (61,418 | ) | |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
| Amortization of debt issuance costs, commitment fees and accretion of debt discount | 13,224 | 607 | |||||
| Stock-based compensation expense | 101,418 | 38,674 | |||||
| Depreciation | 28,477 | 15,574 | |||||
| Accretion of asset retirement obligations | 168 | — | |||||
| Amortization of right-of-use asset | 1,871 | 685 | |||||
| Revenue recognized from digital assets mined and hosting services | (12,990 | ) | (34,417 | ) | |||
| Loss on fair value of digital assets, net | 653 | 870 | |||||
| Impairment of property, plant, and equipment | 25,697 | — | |||||
| Change in fair value of warrants | 216,325 | — | |||||
| Deferred income tax provision | 28 | — | |||||
| Equity in net loss of investee, net of tax | 11,548 | — | |||||
| Changes in operating assets and liabilities: | |||||||
| Increase in accounts receivable | (4,503 | ) | — | ||||
| Increase in prepaid expenses | (14,301 | ) | (2,306 | ) | |||
| Increase in other current assets | (9,134 | ) | (1,289 | ) | |||
| Decrease in deferred charges | 114 | — | |||||
| Increase in other assets | 5,807 | (7,700 | ) | ||||
| Increase in accounts payable | 4,315 | 13,844 | |||||
| Increase in accrued interest and other current liabilities | 52,548 | 4,359 | |||||
| Increase (decrease) in other amounts due to related parties | 259 | (990 | ) | ||||
| (Decrease) increase in deferred rent liability | (10,751 | ) | 90,000 | ||||
| Decrease in operating lease liability | (499 | ) | (6 | ) | |||
| Decrease in other liabilities | (162 | ) | — | ||||
| Net cash (used in) provided by operating activities | (17,591 | ) | 56,487 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchase of and deposits on plant and equipment | (522,954 | ) | (93,687 | ) | |||
| Cash paid for asset acquisition | (201,350 | ) | — | ||||
| Proceeds from sale of digital assets | 11,481 | 32,623 | |||||
| Net cash used in investing activities | (712,823 | ) | (61,064 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from issuance of short-term debt, net of issuance costs paid of | 92,750 | — | |||||
| Proceeds from issuance of common stock, net of issuance costs paid of | 8,956 | — | |||||
| Proceeds from exercise of warrants | 3,983 | — | |||||
| Purchase of treasury stock | — | (33,292 | ) | ||||
| Payments of tax withholding related to net share settlements of stock-based compensation awards | (5,307 | ) | (18,034 | ) | |||
| Net cash provided by (used in) financing activities | 100,382 | (51,326 | ) | ||||
| Net change in cash and cash equivalents | (630,032 | ) | (55,903 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 3,722,775 | 274,065 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 3,092,743 | $ | 218,162 | |||
| Cash paid during the period for: | |||||||
| Interest | $ | 5,310 | $ | 5 | |||
| Income taxes | $ | — | $ | — | |||
Non-GAAP Measure
The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and accretion of asset retirement obligations, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net loss of investee, net of tax, related to the Abernathy Joint Venture; (iv) interest income for which management believes is not reflective of the Company’s ongoing operating activities; (v) change in fair value of warrant liabilities, and impairment of property, plant and equipment, net, which are not reflective of the Company’s general business performance; and (vi) acquisition-related transaction costs which management believes are not reflective of the Company’s ongoing operating activities.
Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.
The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP.
The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net loss attributable to TeraWulf, Inc | $ | (427,634 | ) | $ | (61,418 | ) | |
| Net loss attributable to non-controlling interest | (69 | ) | — | ||||
| Net loss | (427,703 | ) | (61,418 | ) | |||
| Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: | |||||||
| Equity in net loss of investee, net of tax | 11,548 | — | |||||
| Income tax provision | 28 | — | |||||
| Interest income | (29,411 | ) | (2,259 | ) | |||
| Change in fair value of warrants | 216,325 | — | |||||
| Interest expense | 67,071 | 4,049 | |||||
| Impairment of property, plant, and equipment | 25,697 | — | |||||
| Depreciation | 28,477 | 15,574 | |||||
| Accretion of asset retirement obligations | 168 | — | |||||
| Amortization of right-of-use asset | 1,871 | 685 | |||||
| Stock-based compensation expense | 101,418 | 38,674 | |||||
| Acquisition-related transaction costs | 438 | — | |||||
| Non-GAAP Adjusted EBITDA | $ | (4,073 | ) | $ | (4,695 | ) | |
