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- **Strategic Deal Milestone**: 360 MW Fluidstack/Google agreement generating $670M annual revenue.
- **Capital Strength**: $3.2B financing and $1B+ liquidity support growth.
- **HPC Growth Target**: 250-500 MW annual signings vs. prior 100-150 MW.
- **Financial Performance**: Q3 EBITDA up 25% to $18.1M, despite $455M GAAP loss (non-operational).
- **Operational Execution**: First HPC revenues delivered, 50%+ CB-3 progress, CB-4/5 construction underway.
- **Pipeline Expansion**: 1G+ W pipeline with 2-3 new sites nearing announcement.

**【CEO Summary Section】**
- Signed 360 MW critical IT load agreement with Fluidstack backstopped by Google, generating $670M annual revenue and $565M annual net operating income.
- Secured $3.2B senior secured financing with Google credit enhancement for Lake Mariner build-out.
- Increased annual HPC signings target to 250-500 MW, up from 100-150 MW, reflecting pipeline confidence.
- Delivered first HPC revenues at WULF Den and CB-1, with CB-2 nearing completion.
- Expanded geographic footprint with 168 MW Abernathy JV in Texas, replicating Lake Mariner model.
- Signed 80-year lease at Cayuga site for future high-power compute deployment.

**【CFO Financial Commentary】**
- Q3 2025 GAAP revenues: $50.6M (6% QoQ growth), including $7.2M HPC lease revenue.
- Non-GAAP adjusted EBITDA: $18.1M (25% QoQ increase).
- GAAP net loss: $455M (impacted by derivative losses), vs. $18.4M in Q2.
- Cash balance: $712.8M, with $1B+ pro forma liquidity post $5.2B financings.
- Power costs normalized to $0.047/kWh, below guidance of $0.05/kWh.
- Proceeds from demand response programs: $7.4M (up from $3.1M).
- Operating expenses: $4.5M (28% QoQ increase) due to HPC staffing.

**【Q&A Key Highlights】**
- **HPC Margins**: Q3 HPC margin 72% (vs. 85% target), driven by partial CB-1 revenue. Expected to normalize in Q4.
- **Customer Diversity**: Focused on high-credit customers (Core42, Fluidstack/Google). No immediate plans to expand credit universe.
- **Pipeline Progress**: 2-3 new sites nearing announcement, with 1G+ W pipeline.
- **Bitcoin Mining**: Operating hash rate 70% of nameplate, with accelerated depreciation on minor buildings. Mining to continue through 2026+.
- **JV Structure**: 51% ownership in Abernathy JV, with Google $1.3B credit backstop.
- **Construction Risks**: Critical path for Lake Mariner: labor ramp-up for CB-4/CB-5 mechanical/electrical work.


TeraWulf Inc. (WULF) Q3 2025 Earnings Call Transcript

- **$3.7B+ AI hosting deal**: Fluidstack agreement with Google backstop adds 200+ MW capacity and $350M+ annual revenue. 
- **1 GW platform expansion**: Cayuga lease adds 400 MW potential, positioning for 2026 hyperscale deployments. 
- **Q2 financial turnaround**: EBITDA improved to $14.5M, mining operations on track for H2 EBITDA positivity. 
- **Google partnership**: $1.8B credit support and 8% equity stake enhance credit profile and financing flexibility. 
- **Execution momentum**: WULF Den, CB-1, and Cayuga projects on track, with 150-200 MW annual expansion target.

**【CEO Summary Section】**
- Announced two transformative deals: a 10-year hyperscale AI hosting agreement with Fluidstack (200+ MW, $3.7B+ contracted revenue) and an 80-year ground lease with Cayuga (up to 400 MW capacity). 
- Google provided a $1.8B backstop for Fluidstack's lease obligations, acquiring 8% of TeraWulf equity. 
- Total platform capacity now exceeds 1 GW, with 2026 deployments expected to generate >$350M annual revenue. 
- Emphasized execution focus, with WULF Den and CB-1 nearing revenue generation. 

**【CFO Financial Commentary】**
- Q2 2025 GAAP revenue: $47.6M (38% QoQ growth), non-GAAP adj. EBITDA: $14.5M (vs. -$4.7M in Q1). 
- Bitcoin mining: 485 BTC mined (30% QoQ increase), guiding for positive mining EBITDA in H2. 
- Updated SG&A guidance: $50-55M annually (up from $40-45M prior). 
- Fluidstack deal enhances credit profile, enabling low-cost capital solutions. 

**【Q&A Key Highlights】**
- **Fluidstack rationale**: Attracts premier AI customers, complements Core42, and leverages Google's backstop. 
- **Google's role**: Provides credit support, equity stake, and potential future capacity expansion. 
- **Financing strategy**: Morgan Stanley-led initiatives to secure low-cost debt, with first transactions expected in H2. 
- **Expansion pipeline**: 75+ sites evaluated, focused on hyperscale and enterprise demand. 
- **Cayuga terms**: Acquired at 95M shares, below third-party bids, with 130+ MW deployment targeted for 2027. 
- **Core42 build-out**: $200M+ spent to date, with remaining CapEx back-ended for Q3/Q4 delivery.

- **HPC Momentum**: 60 MW Core42 project at $1.6M/MW rent, 75% EBITDA margin, with $2/share value accretion per 50 MW expansion.
- **Power Cost Mitigation**: Q1 power spike ($0.80/kWh) resolved, guided to $0.05/kWh for Q2-4Q, reducing BTC cost from $72K to $47.5K.
- **Balance Sheet Strength**: $218M cash, $300M debt raise mid-2025, $200M buyback program to capitalize on stock volatility.
- **Growth Catalysts**: Q2 WULF Den launch, Q3 CB-1 energization, and 750 MW capacity expansion by end-2025.

**【CEO Summary Section】**
- **Bitcoin Mining Expansion**: Operational capacity reached 245 MW with 12.2 exahash self-mined, achieving 18 J/T efficiency. Power pricing normalized in April, returning mining to positive EBITDA.
- **HPC Hosting Progress**: Three Core42 buildings (WULF Den, CB-1, CB-2) on track for Q2-Q4 2025 launch. Design optimizations aim for future GPU scalability, with $65M capex increase to $430M for 60 MW critical load.
- **Capacity Expansion**: NYISO approved 250 MW additional capacity, total 500 MW, with plans for 750 MW by end-2025. Exploring Cayuga site for replication.
- **Project Financing**: $300M debt raise mid-2025, targeting SOFR +400-500bps spreads. Share repurchase program expanded to $200M.

**【CFO Financial Commentary】**
- **Q1 2025 Results**: GAAP net loss $61.4M vs. $29.2M prior quarter. Non-GAAP adj. EBITDA -$4.7M vs. +$2.5M prior quarter, driven by $0.80/kWh power spike.
- **Cost Dynamics**: Power cost per BTC mined $66,084 (vs. $46,328 prior quarter), guided to $47,500 for Q2-4Q with $0.05/kWh pricing.
- **Capital Allocation**: $130M spent on HPC buildings. 2025 capex guidance updated with $300M debt raise and $200M ATM.

**【Q&A Highlights】**
- **Integration with Beowulf**: Board-led process to simplify operations, expected near-term completion.
- **Build Cost Sensitivity**: $6-8M/MW target maintained, 5%-10% tariff impact absorbed via design efficiency.
- **Customer Demand**: Enterprise and hyperscaler interest strong, with 100-150 MW annual expansion pipeline.
- **Stock Repurchase**: $200M buyback authorized, prioritized with project financing execution.
- **Project Financing**: JPMorgan/Morgan Stanley-led syndicate targeting mid-2025 close, 70% LTV guidance.

TeraWulf (WULF)-9 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: WULF Mining revenue doubled YoY, mining 2,177 Bitcoin in 2024. Core42 lease generates $1B+ over 10 years.
- **HPC Expansion**: Target 200-250 MW HPC capacity by end-2026; Cayuga site adds 150 MW in 2026, scalable to 400 MW by 2028.
- **Financial Health**: $274M cash on hand; 2024 adjusted EBITDA $60.4M (96% YoY growth). Q4 power costs elevated due to cold weather.
- **Customer Demand**: Enterprise focus on inference; Core42 option for 135 MW expansion through Q1 2025.
- **Project Financing**: High lender interest; competitive process underway for HPC data center funding.


**【CEO Summary Section】**
- **2024 Year-Over-Year Growth**: WULF Mining revenue doubled, driven by Bitcoin production and favorable pricing. Total Bitcoin mined: 2,177 (423 Q4). Hash rate reached 9.7 exahash/s with 60,000 miners.
- **Core42 Partnership**: 10-year, 72.5 MW data center lease with Core42, generating $1B+ revenue over 10 years. Option for additional 135 MW through Q1 2025.
- **Cayuga Expansion**: 150 MW capacity available in 2026, scalable to 400 MW by 2028. Process includes rigorous governance for related-party transaction.
- **HPC Strategy**: Target 200-250 MW HPC capacity by end-2026. Discussions with enterprise customers for high-density AI compute.
- **Financial Optimization**: Repurchased $150M stock; 2025 focus on Miner Building 5 deployment, Core42 execution, and HPC contracting.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: GAAP revenue $35M (29% QoQ growth), GAAP net loss $29.2M. Non-GAAP adjusted EBITDA $2.5M (down from $6.3M Q3).
- **Year-Over-Year Growth**: GAAP revenue $140.1M (102% YoY), adjusted EBITDA $60.4M (96% YoY).
- **Cost Metrics**: Power cost per Bitcoin mined $46,328 (Q4), total power price $0.059/kWh (up 55% QoQ). Operating expenses $2.7M (59% QoQ increase).
- **Balance Sheet**: $274M cash as of Dec 31, 2024 (excluding $90M Core42 prepayment received in Q1 2025).
- **2025 Outlook**: Actively working with Core42 on 135 MW option; detailed guidance pending customer decisions.

**【Q&A Highlights】**
- **Cayuga Timeline**: Energy available in 2026; discussions with customers for data center build-out.
- **HPC Demand**: Enterprise focus on inference vs. training; Lake Mariner site suitable for both use cases.
- **Project Financing**: High lender demand; competitive process with JPMorgan and Morgan Stanley.
- **Bitcoin Mining Economics**: Long-term focus on HPC; no immediate plans to convert mining capacity, but open to accretive opportunities.
- **Power Costs**: Q4 spike ($0.059/kWh) due to cold weather; 2025 expected to normalize near $0.05/kWh.


TeraWulf (WULF)-28 Feb 25-2024 Q4 Earnings call transcript

TeraWulf (WULF)-12 Nov 24-2024 Q3 Earnings call transcript

TeraWulf (WULF)-12 Aug 24-2024 Q2 Earnings call transcript

TeraWulf (WULF)-13 May 24-2024 Q1 Earnings call transcript

TeraWulf (WULF)-19 Mar 24-2023 Q4 Earnings call transcript

- **Operational Growth**: 5.5 exahash operational, 994 Bitcoin mined in Q3 (10% QoQ), 7.9 exahash target by year-end.
- **Strategic Expansion**: 18,500 S19j XP miners on order, 58% hashrate increase via 43 MW Lake Mariner building.
- **Financial Resilience**: $19.4M net loss vs. $17.8M prior quarter, $9M EBITDA (18.5% QoQ growth), $7M debt reduction.
- **Debt Management**: $30-40M principal paydown target by Q1 2024, 15% lender equity stake incentivizing share price growth.
- **Cost Efficiency**: 25.7 J/TH fleet efficiency, $0.035/kWh power cost, 100% Bitcoin monetization.
- **M&A Focus**: Accretive infrastructure acquisitions with <25 J/TH efficiency, zero-carbon power priority.
- **Halving Preparedness**: Fleet efficiency to 25 J/TH, $0.11/kWh total power cost, $30M+ annualized capex savings.


**【CEO Summary Section】**
- TeraWulf aims to reach 7.9 exahash of Bitcoin mining capacity by year-end, with 5.5 exahash operational as of Q3 2023, mining 994 Bitcoin in the quarter.
- Lake Mariner expansion nearing completion, with 43 MW building ready for 18,500 S19j XP miners, enabling 58% hashrate increase.
- Strategic hosting agreement with Bitmain: 5,500 miners owned, 13,000 hosted at $0.078/kWh, with option to purchase by Q4 2024.
- Emphasis on low-cost, zero-carbon infrastructure (91% grid power at Lake Mariner, 100% nuclear at Nautilus) and free cash flow positivity.
- Debt reduction target: $30-40M by Q1 2024, with lenders incentivized to see share price appreciation (15% equity stake).

**【CFO Financial Commentary】**
- Q3 2023 GAAP net loss: $19.4M vs. $17.8M in Q2, driven by $10.3M interest expense and $8.2M depreciation.
- Non-GAAP metrics: 
  - Revenue: $19M (23% QoQ growth)
  - EBITDA: $9M (18.5% QoQ improvement)
  - Bitcoin mined: 994 (10% QoQ increase)
  - Power cost per Bitcoin: $9,322 (35% YoY increase due to difficulty)
- Free cash flow used to reduce debt by $7M, with $140M remaining.
- SG&A expenses: $10.3M (includes $1.7M demand response proceeds)
- Balance sheet: $6.6M cash, $312M total assets, $158M liabilities.
- No Bitcoin held; 100% monetized to fund operations and debt repayment.

**【Q&A Key Highlights】**
- **Hosting Agreement Economics**: $0.078/kWh hosting fee + floating grid power cost ($0.035/kWh at Lake Mariner), total ~$0.11/kWh.
- **Winter Power Costs**: Lake Mariner power price trends below $0.045/kWh (guidance), with demand response proceeds reducing cost.
- **Infrastructure Expansion**: 
  - Lake Mariner Building 4 (43 MW) expected Q2 2024
  - No immediate plans for Nautilus expansion
- **M&A Strategy**: Focus on accretive infrastructure with <25 J/TH efficiency, prioritizing zero-carbon sites.
- **Cost Savings**: 
  - $10M+ annualized SG&A savings (e.g., D&O insurance reduced from $6M to $4M)
  - $33M+ annualized capex savings via hosting agreements
- **Short Interest Response**: Confident in debt repayment plan (Q1 2024 target: $30-40M principal reduction) and undervalued stock (50% insider ownership).
- **Halving Preparation**: Fleet efficiency to drop to ~25 J/TH with S19j XP deployment, positioning for profitability post-halving.


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