Core Viewpoint - TeraWulf Inc. is set to hold its earnings conference call for Q4 2024 on February 28, 2025, at 8:00 a.m. ET, with a press release detailing the results to be issued prior to the call [1] Company Overview - TeraWulf develops, owns, and operates environmentally sustainable data center infrastructure in the U.S., specifically for Bitcoin mining and high-performance computing [3] - The company operates the Lake Mariner facility on a retired coal plant site in Western New York, generating revenue primarily through Bitcoin mining using predominantly zero-carbon energy sources like nuclear and hydroelectric power [3] - TeraWulf is committed to environmental, social, and governance (ESG) principles, aiming to deliver industry-leading economics in mining and data center operations at an industrial scale [3]

Core Insights - TeraWulf Inc. is a leading operator of next-generation digital infrastructure focused on Bitcoin mining, utilizing predominantly zero-carbon energy sources [2] - The company is committed to environmental, social, and governance (ESG) principles, aiming to deliver industry-leading economics in mining and data center operations [2] Upcoming Conferences - TeraWulf's senior management will participate in several investor and industry conferences throughout early 2025, including: - Needham Growth Conference on January 16, 2025 (Virtual) - CfC St. Moritz from January 15-17, 2025 (St. Moritz, Switzerland) - PTC 25 from January 19-22, 2025 (Honolulu, HI) - Cantor Tech Ski Summit from January 22-25, 2025 (Telluride, CO) - Susquehanna Technology Conference on February 27-28, 2025 (New York, NY) - Bitcoin Ski Summit from March 5-9, 2025 (Jackson Hole, WY) - Cantor NY Tech Conference on March 11-12, 2025 (New York, NY) - Roth 2025 from March 16-18, 2025 (Dana Point, CA) [1]

Core Insights - TeraWulf Inc. has secured high-performance computing (HPC) data center leases with Core42 for over 70 MW of digital infrastructure, representing total revenue exceeding $1 billion over an initial 10-year term [1][4] - The company self-mined 158 bitcoin in December 2024, bringing the year-to-date total to 2,728 bitcoin and 423 bitcoin in Q4 2024 [1] - TeraWulf achieved an installed self-mining capacity of 9.7 EH/s, marking a 94% year-over-year increase [1][6] Production and Operations Highlights - Bitcoin self-mined in December 2024 was 158, compared to 115 in November 2024 [3] - The value per bitcoin self-mined increased to $98,326 in December from $83,947 in November [3] - Power cost per bitcoin self-mined rose to $62,805 in December from $41,190 in November [3] - The average operating hash rate was 8.4 EH/s in December, up from 5.9 EH/s in November [3] Management Commentary - The CEO of TeraWulf highlighted the significance of the data center lease agreements as a milestone for the company, indicating a strong demand for sustainable and scalable digital infrastructure [4] - The company is in discussions for additional tenants to utilize the remaining 178 MW of near-term HPC hosting capacity at Lake Mariner [4] - TeraWulf is evaluating strategic site acquisition opportunities to expand its footprint beyond the current 750 MW potential at Lake Mariner [4] Operational Capacity - As of December 31, 2024, TeraWulf's operational bitcoin mining capacity was 195 MW with an installed self-mining hash rate of approximately 9.7 EH/s [5] - The average power cost per bitcoin mined was approximately $0.078/kWh, excluding proceeds from demand response and ancillary services [6]

Core Insights - TeraWulf has signed long-term data center lease agreements with Core42, a subsidiary of G42, to expand its AI infrastructure offerings tailored for US customers [22] - The partnership positions TeraWulf at the intersection of AI compute and Bitcoin mining, leveraging the growing demand for scalable, energy-efficient infrastructure [2][12] - TeraWulf's Lake Mariner facility will support Core42's deployment with over 70 MW of turn-key data center infrastructure, set to be operational in phases between Q1 and Q3 2025 [11][12] Company Overview - TeraWulf operates environmentally sustainable data center infrastructure in the US, primarily for Bitcoin mining and high-performance computing (HPC) workloads [6] - The company generates revenue through Bitcoin mining, utilizing predominantly zero-carbon energy sources such as hydroelectric and nuclear power [6] - Core42 specializes in sovereign cloud and AI infrastructure, aiming to empower various entities to unlock the full potential of AI [7] Strategic Importance - The data center leases include two five-year renewal options, providing a stable, high-margin revenue stream for TeraWulf [3] - The agreements allow for an additional 135 MW gross hosting capacity, equivalent to 108 MW of critical IT load, indicating potential for future scalability and revenue growth [3] - TeraWulf's collaboration with Core42 enhances its long-term earnings potential and diversifies its revenue streams [2] Leadership Commentary - TeraWulf's CEO emphasized the strategic relationship with Core42 as a significant opportunity in the digital infrastructure space [2] - Core42's growth trajectory and vision were highlighted as key factors in the partnership, indicating a strong alignment in meeting the demand for AI-driven computing solutions [13]

Core Insights - TeraWulf Inc. has signed long-term data center lease agreements with Core42, a G42 company, to enhance its digital infrastructure capabilities [1][4] - The agreements will provide over 70 megawatts (MW) of data center infrastructure at the Lake Mariner facility in Upstate New York, with production phases scheduled between Q1 and Q3 2025 [2][19] - TeraWulf aims to leverage its zero-carbon energy sources to support AI-driven computing alongside its existing Bitcoin mining operations, indicating a strategic expansion into high-performance computing (HPC) hosting [4][22] Financial and Operational Highlights - The data center leases include two five-year renewal options, ensuring a stable, high-margin revenue stream for TeraWulf [19] - There is potential for expanding Core42's hosting capacity by an additional 135 MW gross, equivalent to 108 MW of critical IT load, highlighting future scalability and revenue growth opportunities [19] - TeraWulf's Lake Mariner facility is positioned to meet the growing demand for sustainable AI compute infrastructure, aligning with the company's mission to power the digital economy [4][5] Leadership and Strategic Commentary - TeraWulf's CEO, Paul Prager, emphasized the partnership with Core42 as a significant opportunity to meet the surging demand for scalable, energy-efficient infrastructure [5] - Core42's growth trajectory and entrepreneurial vision were highlighted as key factors in the collaboration, enhancing TeraWulf's capabilities in AI-driven computing solutions [5] - Dell Technologies' involvement in providing state-of-the-art liquid-cooled server solutions further supports the strategic alignment of TeraWulf and Core42 in delivering innovative data center infrastructure [5]

Core Insights - TeraWulf Inc. has made significant progress in its operations, achieving a 68% year-over-year increase in operational self-mining capacity, reaching 8.4 EH/s [1][2][4] - The company self-mined 115 bitcoin in November 2024, with an average daily production rate of approximately 3.8 bitcoin [2][6] - TeraWulf is on track to deliver 72.5 MW of HPC hosting capacity by the end of Q2 2025, with ongoing construction and upgrades at the Lake Mariner facility [1][9] Production and Operations Highlights - Bitcoin production for November 2024 was 115 bitcoin, down from 150 bitcoin in October 2024 [4] - The average value per bitcoin self-mined increased to $83,947 in November from $65,427 in October [4] - Power costs per bitcoin mined rose to $41,190 in November from $36,789 in October [4] Miner and Electrical Upgrades - Approximately 7,400 state-of-the-art S21 Pro miners were installed, replacing older models [1][3] - A planned outage was completed to connect high-voltage redundant power feeds, temporarily affecting about 5.3 EH/s of miners [3] - The average operating hash rate for November was 5.9 EH/s, impacted by the planned outage and other operational factors [4][8] Management Commentary - The Chief Operating Officer highlighted the completion of significant electrical infrastructure upgrades, ensuring reliable power delivery for future HPC hosting loads [5] - Despite a brief planned outage, the company maintained strong production levels and improved miner efficiency, achieving a weighted average of approximately 19 J/TH [6] Future Outlook - TeraWulf's operational bitcoin mining capacity at the Lake Mariner facility was 195 MW as of November 30, 2024, with expectations to reach approximately 9.7 EH/s after completing miner repairs and upgrades [8] - Progress continues on large-scale HPC hosting infrastructure, with the dry cooler installation for the 20 MW CB-1 facility completed and on track for Q1 2025 [9]

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 ...

If you liked this idea, sign up for a no-obligation free trial of my Seeking Alpha Marketplace service, Timely Trader ! I sift through various asset classes to find the best places for your capital, helping you maximize your returns. Timely Trader seeks to find winners before they become winners, and keep you out of losers. In addition, you get access to our community via chat, direct access to me, real-time price alerts, a model portfolio, and more.Bitcoin ( BTC-USD ) miner TeraWulf (NASDAQ: WULF ) reporte ...

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]