谷歌已同意出资18亿美元支持项目建设，用于项目相关债务融资。作为对价，谷歌将获得认购约4100万 股TeraWulf普通股的认股权证，相当于8%的股权比例。 智通财经APP获悉，周四，TeraWulf(WULF.US)飙升超37%，创年内新高，报7.53美元。消息面上，该 公司与Fluidstack签署了两份为期十年的协议，将为大型云服务商提供高性能计算集群。根据协议， TeraWulf将利用其位于纽约西部的Lake Mariner数据中心园区，交付超过200兆瓦的关键IT负载。公司声 明称，协议总承包收入达37亿美元，若行使两个五年续约选择权，合同总金额将增至87亿美元。 ...

TeraWulf与Fluidstack签署了两份为期十年的协议，将为大型云服务商提供高性能计算集群。 根据协议，TeraWulf将利用其位于纽约西部的Lake Mariner数据中心园区，交付超过200兆瓦的关键IT负 载。 公司声明称，协议总承包收入达37亿美元，若行使两个五年续约选择权，合同总金额将增至87亿美元。 谷歌已同意出资18亿美元支持项目建设，用于项目相关债务融资。作为对价，谷歌将获得认购约4100万 股TeraWulf普通股的认股权证，相当于8%的股权比例。 智通财经APP注意到，周四美股盘初，TeraWulf(WULF.US)股价飙涨26%，此前披露谷歌将收购该公司 8%的股份。这家传统加密货币挖矿企业正转型为超大规模客户提供高性能计算和人工智能基础设施服 务，其路径与CoreWeave(CRWV.US)从矿商转型为超算服务商如出一辙。 TeraWulf首席执行官保罗.普拉格表示，"我们很荣幸能联合世界级资本与算力伙伴，以低成本、零碳能 源驱动下一代AI基础设施建设，""这笔交易印证了Lake Mariner作为顶级超算园区的地位，加速了我们 向高性能计算领域的战略扩张。""园区配备双路34 ...

Financial Data and Key Metrics Changes - In Q2 2025, the company self-mined 4.85 Bitcoin per day, a 30% increase from 3.72 Bitcoin in Q1 2025 [11] - GAAP revenues increased by 38% quarter-over-quarter to $47.6 million in Q2 2025 from $34.4 million in Q1 2025 [11] - GAAP cost of revenue, excluding depreciation, decreased by 10% from $24.5 million in Q1 2025 to $22.1 million in Q2 2025 [11] - Non-GAAP adjusted EBITDA improved significantly to $14.5 million in Q2 2025, up from a negative $4.7 million in Q1 2025 [12] - SG&A expenses for Q2 2025 were $14.3 million, with adjusted SG&A decreasing from $11.5 million in Q1 2025 to $10.7 million in Q2 2025 [12][13] Business Line Data and Key Metrics Changes - The company signed a 10-year agreement with FluidStack for over 200 megawatts of AI hosting, representing approximately $3.7 billion in contracted revenue, potentially exceeding $8.7 billion with lease extensions [6][7] - The lease with FluidStack is expected to generate over $350 million annually with site-level net operating margins of roughly 85% [7] - The company executed an 80-year ground lease at Cayuga for up to 400 megawatts of digital infrastructure, with over 130 megawatts expected online by 2027 [7][8] Market Data and Key Metrics Changes - Power prices in Upstate New York normalized in Q2 2025, with guidance at $0.05 per kilowatt-hour for the second half of the year [12] - The company anticipates that its mining operations will contribute positively to EBITDA in the second half of 2025 [13] Company Strategy and Development Direction - The company aims to finance the HPC build-out efficiently and in a shareholder-friendly manner, focusing on execution [9] - The recent agreements with FluidStack and Google enhance the company's credit profile, allowing for low-cost, scalable capital solutions [9][15] - The company is evaluating additional sites for expansion, having assessed over 75 potential sites in 2025 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for capacity from hyperscalers and noted that the market may tighten further in 2026 due to ongoing power constraints [44] - The partnership with Google is expected to significantly improve the company's financing strategy and credit profile, allowing for more favorable terms [46][70] Other Important Information - The company acquired Beowulf Electricity and Data in Q2 2025, streamlining its structure and consolidating expertise in power generation [18] - The company is on track for the Wolf Den and CB1 leases to start generating revenue in Q3 2025 [12] Q&A Session Summary Question: Why FluidStack and the demand for power? - FluidStack delivers compute clusters to major companies and has been active in discussions with various customers, making it a strategic partner for growth [22][23] Question: How was the $1.8 billion backstop from Google decided? - The backstop amount is roughly 50% of the payments over the lease term, providing support for up to ten years [28] Question: Will the new agreements impact Bitcoin mining capacity? - The company has about 200 megawatts available for Bitcoin mining and is optimistic about bringing additional capacity online [32] Question: What is the remaining CapEx for Core 42? - Approximately $200 million has been spent through Q2 2025, with significant back-ended spending expected in Q3 and Q4 [35] Question: How will the Google partnership change discussions with future clients? - The partnership is expected to enhance credibility and attract new clients due to the backing of a major player in the industry [58][61] Question: What are the conditions for early termination protections with Google? - The arrangement includes standard SLAs around performance and delivery, ensuring robust operational and delivery schedules [106]

Moving Infrastructure Forward Q2 2025 Update Presentation August 14, 2025 1 SAFE HARBOR STATEMENT This presentation is for informational purposes only and 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 sta ...

Core Insights - TeraWulf has executed an 80-year ground lease for approximately 183 acres at the Cayuga site in Lansing, New York, aimed at expanding its high-performance computing (HPC) and AI data center hosting capabilities [1][2][3] Group 1: Lease Details - The Cayuga Ground Lease grants TeraWulf exclusive rights to develop up to 400 MW of digital infrastructure capacity, with 138 MW of low-cost, predominantly zero-carbon power expected to be operational by 2026 [2][3] - The lease includes reciprocal purchase and sale options for $100 starting in year 50, indicating a long-term strategic investment [2] Group 2: Infrastructure and Energy Profile - The Cayuga site benefits from existing electrical infrastructure, an industrial-scale water intake system, and redundant fiber connectivity, essential for enterprise-scale computing workloads [2] - Nearly 90% of the electricity generation mix in Upstate New York comes from zero-carbon sources, providing TeraWulf with one of the cleanest energy profiles in the country [3] - Electricity costs at the site average below $0.05 per kilowatt-hour, supporting TeraWulf's low-cost operating model [3] Group 3: Financial Aspects - The transaction involves a consideration of $95 million in TeraWulf common stock and $3 million in cash to Cayuga's parent company, reinforcing alignment between management and shareholders [4] - The deal was approved by an independent committee of the Board of Directors, ensuring governance and fairness in the transaction [4] Group 4: Company Overview - TeraWulf specializes in developing, owning, and operating environmentally sustainable, industrial-scale data center infrastructure in the U.S., focusing on HPC hosting and bitcoin mining [5]

Further Establishes TeraWulf as a Leading Provider of Hyperscale AI Infrastructure, Backed by Tier 1 Counterparties Transaction Anchors ~$3.7 Billion in Contracted Revenues, with Potential to Reach $8.7 Billion Through Lease Extensions Google Backstops $1.8 Billion of Fluidstack Obligations in Support of Project Debt and Receives ~8% Equity Stake in TeraWulf Fluidstack Granted 30-day Exclusivity for CB-5, Adding Potential 160 MW of Critical IT Load EASTON, Md., Aug. 14, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc ...

Group 1 - The core viewpoint is that TeraWulf Inc. (NASDAQ: WULF) has reported a Q1-25 earnings report that is considered extremely poor, leading to a downgrade of the stock from 'hold' to 'sell' [1] - Long-term investors are advised to generally avoid investing in TeraWulf Inc. due to the negative outlook presented in the earnings report [1] Group 2 - The article reflects a personal opinion of the author, who has a background in media research and focuses on areas such as cryptocurrency, Bitcoin miners, and related equities [1]

Core Points - TeraWulf Inc. has rescheduled its second quarter 2025 investor conference call to August 14, 2025, at 8:00 a.m. ET [1] - A supplemental investor presentation covering second quarter 2025 results and recent developments will be available prior to the call [2] - TeraWulf focuses on environmentally sustainable, industrial-scale data center infrastructure in the U.S., specifically for high-performance computing (HPC) hosting and bitcoin mining [4] Conference Call Information - Participants are encouraged to log on or dial in approximately 5 minutes before the call begins [3] - The call can be accessed via webcast or by dialing specific numbers provided for U.S. and international participants [6] Replay Information - The replay of the conference call will be available until August 28, 2025, at 11:59 p.m. ET [6]

PART I — FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=6&type=section&id=ITEM%201.%20Financial%20Statements%20%28Unaudited%29) TeraWulf reported increased revenue but a significantly widened net loss for H1 2025, primarily due to higher costs, while total assets grew and cash decreased [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $869.4 million as of June 30, 2025, while cash decreased and total liabilities rose Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $89,993 | $274,065 | | Property, plant and equipment, net | $604,760 | $411,869 | | Goodwill | $55,457 | $0 | | **Total Assets** | **$869,408** | **$787,511** | | **Liabilities** | | | | Total current liabilities | $151,304 | $51,845 | | Convertible notes | $488,716 | $487,502 | | Deferred rent liability | $90,000 | $0 | | **Total Liabilities** | **$695,076** | **$543,066** | | **Total stockholders' equity** | **$174,332** | **$244,445** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue increased for H1 2025, but net loss significantly widened, primarily due to higher cost of revenue and increased SG&A expenses Condensed Consolidated Statements of Operations Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $47,636 | $35,574 | $82,041 | $78,007 | | Cost of revenue | $22,094 | $13,918 | $46,647 | $28,326 | | Selling, general and administrative expenses | $9,996 | $9,113 | $56,569 | $21,402 | | Operating loss | $(15,590) | $(6,765) | $(75,218) | $(9,081) | | Net loss | $(18,370) | $(10,876) | $(79,788) | $(20,489) | | Loss per common share (Basic and diluted) | $(0.05) | $(0.03) | $(0.21) | $(0.07) | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity decreased for H1 2025, primarily due to net loss and treasury stock repurchases - Key activities impacting stockholders' equity in the first six months of 2025 include a **$79.8 million net loss**, **$33.3 million in treasury stock repurchases**, **$19.6 million in common stock issued** for a business acquisition, and **$40.0 million in stock-based compensation**[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash decreased by $182.6 million for H1 2025, driven by lower operating cash flow and increased investing activities Condensed Consolidated Statements of Cash Flows Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,677 | $39,227 | | Net cash used in investing activities | $(132,096) | $(93,579) | | Net cash (used in) provided by financing activities | $(52,228) | $104,022 | | **Net change in cash and cash equivalents** | **$(182,647)** | **$49,670** | - A major change in cash flow presentation occurred: proceeds from the sale of digital currency (**$82.4 million**) are now classified as an investing activity in 2025, whereas they were an operating activity (**$97.6 million**) in 2024. This is because the company no longer immediately converts bitcoin to cash following a debt repayment in July 2024[20](index=20&type=chunk)[54](index=54&type=chunk)[219](index=219&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business, Beowulf E&D acquisition, digital currency fair value accounting, debt, and new HPC leases - On May 21, 2025, the Company acquired 100% of Beowulf E&D for total consideration of approximately **$54.6 million**, which included cash, common stock, and contingent payments. The acquisition resulted in the recognition of **$55.5 million** in goodwill[28](index=28&type=chunk)[71](index=71&type=chunk)[79](index=79&type=chunk) - The company elected to early adopt ASU 2023-08 effective January 1, 2024, which requires digital currency to be measured at fair value with changes recognized in net income[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - In October 2024, the company sold its 25% equity interest in the Nautilus joint venture for total consideration of **$102.1 million**[29](index=29&type=chunk)[136](index=136&type=chunk) - The company entered into long-term HPC lease agreements and received **$90.0 million** in prepaid rent during the first six months of 2025[41](index=41&type=chunk)[111](index=111&type=chunk)[113](index=113&type=chunk) - In October 2024, the company completed a private offering of **$500.0 million** of 2.75% Convertible Senior Notes due 2030[123](index=123&type=chunk)[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's dual strategy in bitcoin mining and HPC, noting revenue growth offset by increased costs and reduced liquidity [Overview and Business Strategy](index=37&type=section&id=Overview%20and%20Business%20Strategy) TeraWulf's strategy focuses on vertically integrated bitcoin mining and HPC hosting, leveraging its Lake Mariner Facility and recent acquisition - The company's strategy is a dual focus on bitcoin mining and expanding into HPC hosting to capitalize on growing demand for AI and cloud computing[171](index=171&type=chunk)[172](index=172&type=chunk) - A key strategic development is the signing of multi-year data center lease agreements with Core42 for **72.5 MW** of HPC hosting capacity at the Lake Mariner Facility[173](index=173&type=chunk) - The acquisition of Beowulf E&D on May 21, 2025, vertically integrates a team of **94 employees** with expertise in power generation and electrical infrastructure, supporting the company's growth strategy[165](index=165&type=chunk) [Facilities and Operations](index=38&type=section&id=Facilities%20and%20Operations) The Lake Mariner Facility has 245 MW bitcoin mining and 72.5 MW HPC capacity; operational hashrate was 12.2 EH/s Operational Hashrate and Efficiency | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Global hashrate (EH/s) | 843.0 | 566.0 | | TeraWulf operational hashrate (EH/s) | 12.2 | 8.0 | | TeraWulf percentage of global hashrate | 1.4% | 1.4% | | Miner efficiency (j/th) | 17.7 | 23.2 | Cost to Mine One Bitcoin | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Cost to mine one bitcoin | $45,608 | $22,994 | $54,494 | $18,506 | | Value of each bitcoin mined | $98,219 | $65,984 | $95,730 | $58,622 | | Cost per kWh | $0.053 | $0.037 | $0.065 | $0.039 | - The company recorded **$3.1 million** and **$5.9 million** from demand response programs in the three and six months ended June 30, 2025, respectively, which are treated as a reduction in cost of revenue[188](index=188&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Revenue increased in H1 2025 due to higher bitcoin prices, but cost of revenue and SG&A surged, leading to a wider operating loss - Revenue increased in Q2 and H1 2025 due to higher average bitcoin prices, despite mining fewer bitcoins (**857** in H1 2025 vs. **1,750** in H1 2024) because of the April 2024 halving and increased network difficulty[197](index=197&type=chunk) - Cost of revenue for H1 2025 increased by **$18.3 million** year-over-year, driven by higher power expenses from expanded mining capacity and higher realized power prices[199](index=199&type=chunk) - Selling, general and administrative expenses for H1 2025 increased by **$37.6 million** year-over-year, mainly due to a **$28.2 million** increase in stock-based compensation, **$1.5 million** in acquisition costs, and higher employee-related expenses[202](index=202&type=chunk) - Depreciation expense increased by **$5.2 million** in H1 2025 compared to H1 2024 due to new infrastructure placed in service[204](index=204&type=chunk) [Non-GAAP Measure and Liquidity](index=45&type=section&id=Non-GAAP%20Measure%20and%20Liquidity) The company reported Adjusted EBITDA of $14.5 million for Q2 2025; liquidity tightened, with cash decreasing to $90.0 million due to capital expenditures Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(18,370) | $(10,876) | $(79,788) | $(20,489) | | **Non-GAAP Adjusted EBITDA** | **$14,531** | **$19,526** | **$9,836** | **$51,503** | - Cash and cash equivalents decreased by **$182.6 million** during the first six months of 2025, primarily due to significant investments in plant and equipment (**$213.6 million**) and share repurchases (**$33.3 million**)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - As of June 30, 2025, the company had cash of **$90.0 million** and a working capital deficit of **$52.2 million**[222](index=222&type=chunk) [Critical Accounting Estimates](index=47&type=section&id=Critical%20Accounting%20Estimates) Management highlights critical accounting estimates including fair value of digital currency, asset impairment, stock-based compensation, and business combinations - Key estimates include fair value of digital currency, impairment of long-lived assets, stock-based compensation, income taxes, and accounting for business combinations and goodwill[223](index=223&type=chunk)[225](index=225&type=chunk)[227](index=227&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are bitcoin price and power cost, with a 10% change impacting H1 2025 net loss by $8.2 million and $4.7 million respectively - A **10%** change in the price of bitcoin would have impacted H1 2025 net loss by approximately **$8.2 million**[236](index=236&type=chunk) - A **10%** change in power prices would have impacted H1 2025 net loss by approximately **$4.7 million**[236](index=236&type=chunk) [Controls and Procedures](index=50&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls - Management concluded that disclosure controls and procedures were effective as of the end of the period[237](index=237&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[238](index=238&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=ITEM%201.%20Legal%20Proceedings) The company was not subject to any material pending legal proceedings during the reporting period - As of the reporting date, TeraWulf was not involved in any material legal proceedings[240](index=240&type=chunk) [Risk Factors](index=51&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the risk factors from the Annual Report on Form 10-K have been reported - No material changes to the risk factors from the Annual Report on Form 10-K have been reported[242](index=242&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%2E) The company's $200.0 million share repurchase program had no repurchases in Q2 2025, with the full amount available - The company did not repurchase any shares of its common stock during the second quarter of 2025[244](index=244&type=chunk) - As of June 30, 2025, the maximum value of shares that may yet be purchased under the program is **$200.0 million**[243](index=243&type=chunk)[244](index=244&type=chunk) [Defaults Upon Senior Securities](index=51&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities%2E) The company reported no defaults upon senior securities during the period - The company reported no defaults upon senior securities[245](index=245&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures%2E) The company reported no mine safety disclosures during the period - The company reported no mine safety disclosures[246](index=246&type=chunk) [Other Information](index=52&type=section&id=ITEM%205.%20Other%20Information%2E) The company reported no other information under this item - The company reported no other information under this item[247](index=247&type=chunk) [Exhibits](index=52&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including agreements and officer certifications

Company Performance - TeraWulf Inc. reported a quarterly loss of $0.05 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.04, and compared to a loss of $0.03 per share a year ago, indicating a negative earnings surprise of -25.00% [1] - The company posted revenues of $47.64 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 6.30%, and showing an increase from year-ago revenues of $35.57 million [2] - Over the last four quarters, TeraWulf has not surpassed consensus EPS estimates, and has topped consensus revenue estimates two times [2] Stock Outlook - TeraWulf shares have declined approximately 12.7% since the beginning of the year, contrasting with the S&P 500's gain of 7.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $52.89 million, and for the current fiscal year, it is -$0.17 on revenues of $196.75 million [7] Industry Context - The Financial - Miscellaneous Services industry, to which TeraWulf belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The performance of TeraWulf's stock may be influenced by the overall industry outlook, as empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]