EASTON, Md., Jan. 14, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that various members of senior management will be participating in the upcoming investor and industry conferences: Needham Growth ConferenceDate: January 16, 2025Location: Virtual CfC St. MoritzDate: January 15-17, 2025Location: St. Moritz, Switzerla ...

Secured high-performance computing (HPC) data center leases with Core42 for more than 70 MW of digital infrastructure, representing total revenue of more than $1 billion over initial 10-year term Earned 158 self-mined bitcoin in December for a total of 2,728 bitcoin year-to-date and 423 in Q4 2024 Achieved 9.7 EH/s of installed self-mining capacity, a 94% year-over-year increase EASTON, Md., Jan. 03, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and ope ...

Core42, a Subsidiary of G42, will utilize the facility to expand its industry-leading AI Infrastructure offerings tailored to US customers Strategic Expansion of TeraWulf's Platform into AI-Driven HPC Hosting, Complementing Profitable Bitcoin Mining Operations Management to Host Conference Call and Live Audio Webcast at 8:00 a.m. Eastern Time Today EASTON, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (NASDAQ:WULF) ("TeraWulf" or the "Company"), a leading owner and operator of vertically integrated, ...

Core42, a Subsidiary of G42, will utilize the facility to expand its industry-leading AI Infrastructure offerings tailored to US customers Strategic Expansion of TeraWulf’s Platform into AI-Driven HPC Hosting, Complementing Profitable Bitcoin Mining Operations Management to Host Conference Call and Live Audio Webcast at 8:00 a.m. Eastern Time Today EASTON, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, ...

Completed critical electrical upgrades to support Lake Mariner HPC hosting and mining buildings Remain on schedule to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025 Successfully installed approximately 7,400 state-of-the-art S21 Pro miners Achieved 8.4 EH/s of operational self-mining capacity, a 68% year-over-year increase EASTON, Md., Dec. 03, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-gener ...

EASTON, Md., Nov. 21, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that Sean Farrell has been promoted to Chief Operating Officer, effective immediately. Mr. Farrell will continue to report directly to Nazar Khan, Chief Technology Officer of TeraWulf. “This promotion reflects Sean’s exceptional leadership, unwaverin ...

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TeraWulf Inc. (NASDAQ:WULF) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET Company Participants John Loftin - SVP, Director of IR Paul Prager - CEO Patrick Fleury - CFO Conference Call Participants Lucas Pipes - B. Riley Securities Mike Grondahl - Northland Securities Brett Knoblauch - Cantor Fitzgerald Joe Flynn - Compass Point Research & Trading Brian Dodson - Clear Street John Todaro - Needham and Company Kevin Cassidy - Rosenblatt Securities Bill Papanastasiou - Stifel Operator Good after ...

Financial Data and Key Metrics - GAAP revenues decreased 24% QoQ to $27.1 million in Q3 2024 from $35.6 million in Q2 2024 [19] - The company self-mined 442 Bitcoin at Lake Merida and had a net share of 113 Bitcoin from Nautilus, totaling 555 Bitcoin, a 21% decrease from 699 Bitcoin in Q2 2024 [19] - The average power cost per Bitcoin mined was $30,448 in Q3 2024, up from $22,954 in Q2 2024 [22] - GAAP net loss attributable to common shareholders was $23.0 million in Q3 2024, compared to a net loss of $11.2 million in Q2 2024 [26] - Non-GAAP adjusted EBITDA was $6.0 million in Q3 2024, down from $19.5 million in Q2 2024 [26] - The company held $24 million in cash as of September 30, 2024, with total assets of $405 million and total liabilities of $33 million [26] Business Line Data and Key Metrics - The company sold its 25% stake in the Nautilus Cryptomine joint venture for $92 million, achieving a 3.4x return on investment [9] - A new long-term ground lease at Lake Mariner increased total acreage by nearly 50%, from 107 acres to 157 acres, with exclusive rights to up to 750 megawatts of infrastructure capacity [10] - The company raised $500 million through an oversubscribed convertible bond offering in October 2024 [12] - A $200 million stock buyback program was approved, with $115 million worth of shares already repurchased [12] - The cost to mine Bitcoin was approximately $54,000 per Bitcoin in Q3 2024, among the industry's lowest [13] - The company ordered the latest Bitmain S21 Pro miners, expected to arrive by early Q1 2025, to boost mining efficiency [14] Market Data and Key Metrics - The company completed construction of a 2.5-megawatt proof-of-concept project in Q3 2024, with 20-megawatt CB-1 and 50-megawatt CB-2 data centers on schedule for Q1 and Q2 2025, respectively [15] - Advanced discussions with potential tenants for HPC hosting are ongoing, with the first HPC hosting partner expected to be announced before the end of 2024 [15] - The company is focusing on regions with abundant, low-cost, zero-carbon power, leveraging its Lake Merida facility's direct grid connection and robust energy infrastructure [16][17] Company Strategy and Industry Competition - The company is doubling down on its core strategy of leveraging low-cost, sustainable energy and operational excellence to thrive in the high-speed compute market [8][16] - Regulatory shifts around data centers at nuclear power plants have highlighted the challenges of securing large-scale carbon-free power, positioning the company's Lake Merida facility as a unique asset [17] - The company is targeting high-power compute customer contracts with one-year revenue prepays and expects to execute project financing for approximately 70% of the total project cost [30] Management Commentary on Operating Environment and Future Outlook - The company is confident in its approach, seeing the industry increasingly align with its core strengths of low-cost, sustainable energy and operational excellence [8] - The recent FERC ruling has intensified the scramble for power, with sites like Lake Mariner gaining more attention due to their access to power, land, and water [44][45] - The company expects to announce its first HPC hosting partner before the end of 2024 and is prepared to expand capacity with the right customer and contract terms [38][41] Other Important Information - The company incurred a loss of $2.7 million in equity of investee net of tax in Q3 2024, compared to income of $0.8 million in Q2 2024, reflecting its proportional share of the Nautilus joint venture's net loss [25] - The company expects to achieve a marginal cost of production of approximately $59,000 in Q4 2024 and $47,000 in Q1 2025 [27] - Planned outages at Lake Mariner in mid-November 2024 will impact approximately 5.2 exahash of mining capacity for one week as the company connects ultra-high-voltage redundant power feeds [28] Q&A Session Summary Question: Capital expenditure details for CB-1 and CB-2 - The build cost for CB-1 is approximately $100 million, or $5 million per megawatt, while CB-2 is estimated at $250-300 million, or $5.5 million per megawatt [35][36] Question: First HPC customer and contract structure - The company expects to announce one or two customers for the initial 72.5 megawatts of capacity before year-end, with advanced negotiations ongoing [38][41] Question: Demand environment and pricing trends - Pricing per kilowatt hour has increased marginally, with more parties prepared to meet the company's terms, particularly after the FERC ruling [43][44] Question: Project financing for HPC - The company feels confident about its ability to secure project financing without additional equity, leveraging one-year revenue prepays and existing infrastructure [46][50] Question: Future expansion and capital allocation - The company plans to provide 2025 guidance in February and will adjust expansion plans based on customer demand and market conditions [54][55] Question: Feedback on WULF Den proof of concept - Potential customers have visited the site and provided positive feedback, with discussions focusing on cooling solutions and operational details [76] Question: Regulatory environment and industry outlook - The company anticipates a cleaner regulatory environment under the new administration, which could facilitate faster project approvals and reduce operating burdens [79][80] Question: Redundant power and miner sales - Redundant power will primarily focus on HPC hosting buildings, with Bitcoin mining facilities requiring less redundancy [87][88] - The company sold the majority of miners from Nautilus for $10.5 million and is upgrading its fleet for greater efficiency [89] Question: Long-term demand for power capacity - The company sees significant growth in data center demand, driven by high-speed compute workloads, and is well-positioned to meet this demand with its existing infrastructure [93][94]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________ FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41163 | --- | --- | --- | |----------------------------------------- ...