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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

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Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

WULF

WULF fundamentals

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