Bitcoin Mining Performance - Self-mined 1,057 bitcoin in Q1 2024, an 8.9% increase over Q4 2023, with a total installed hashrate of 8.0 EH/s[2] - Total installed hashrate capacity at the Lake Mariner Facility reached 6.1 EH/s as of March 31, 2024, a 205.0% increase year-over-year[7] - The company plans to reach ~10.2 EH/s in Q3 2024 and grow to ~13.3 EH/s by Q1 2025[3] - TeraWulf's gross profit margin increased to 66.0% in Q1 2024, up from 61.6% in Q4 2023, driven by a 33.3% increase in average operating hashrate[20] - The company's power cost per bitcoin self-mined increased to $15,501 in Q1 2024 from $10,308 in Q4 2023 due to higher network difficulty and energy prices[11] Financial Performance - Q1 2024 revenue grew 82.2% over Q4 2023 to $42.4 million, with Non-GAAP Adjusted EBITDA increasing 95.4% to $32.0 million[3] - Revenue for Q1 2024 was $42.4 million, a significant increase from $11.5 million in Q1 2023[27] - Gross profit for Q1 2024 was $28.0 million, compared to $6.5 million in Q1 2023[27] - Net loss for Q1 2024 was $9.6 million, an improvement from a net loss of $26.3 million in Q1 2023[27] - Adjusted EBITDA for Q1 2024 was $31.977 million, compared to a loss of $2.349 million in Q1 2023[35] - Net loss attributable to common stockholders improved to $9.899 million in Q1 2024 from $26.516 million in Q1 2023[35] - Equity in net income of investee, net of tax, improved by $15.442 million year-over-year, from a loss of $10.167 million in Q1 2023 to income of $5.275 million in Q1 2024[35] Debt and Capital Management - TeraWulf repaid $63.6 million of debt in 2024, reducing the debt balance to $75.8 million[3][21] - Total current liabilities decreased to $122.1 million as of March 31, 2024, down from $154.7 million at the end of 2023[26] - Proceeds from issuance of common stock, net of issuance costs, were $50.7 million in Q1 2024, compared to $26.6 million in Q1 2023[29] - Interest expense increased by $4.211 million year-over-year to $11.045 million in Q1 2024[35] Facility Expansion and Development - The company entered into a miner purchase agreement with Bitmain for 5,000 Antminer S21 miners at a total price of $17.5 million, with delivery expected in Q2 2024[7][18] - TeraWulf is expanding its Lake Mariner Facility, with Building 4 expected to increase capacity to 195 MW by mid-2024 and Building 5 to add 50 MW by Q1 2025[15] - The company is developing a high-performance computing (HPC) / AI project at the Lake Mariner Facility, committing an initial 2 MW block of power[17] Cash Flow and Asset Management - Total assets increased to $395.4 million as of March 31, 2024, up from $378.1 million at the end of 2023[25][26] - Cash and cash equivalents decreased to $45.8 million as of March 31, 2024, down from $54.4 million at the end of 2023[25][29] - Digital currency holdings increased to $2.0 million as of March 31, 2024, up from $1.8 million at the end of 2023[25] - Net cash provided by operating activities was $22.8 million in Q1 2024, compared to a net cash used of $8.7 million in Q1 2023[28][29] - Purchase of and deposits on plant and equipment totaled $47.0 million in Q1 2024, up from $10.0 million in Q1 2023[29] Adjusted EBITDA and Non-GAAP Measures - The company excludes bitcoin-related revenue generation expenses from its Adjusted EBITDA calculation as they are not considered normal operating expenses[32] - Adjusted EBITDA is used as a supplemental measure for internal decision-making and performance comparison across reporting periods[32] - The company's Adjusted EBITDA measure may not be directly comparable to similar measures used by other companies in the industry[33] - Distributions from investee related to Nautilus contributed $12.022 million to Adjusted EBITDA in Q1 2024[35] Stock-Based Compensation and Depreciation - Stock-based compensation expense increased significantly to $6.931 million in Q1 2024 from $876 thousand in Q1 2023[35] - Depreciation expense more than doubled to $15.088 million in Q1 2024 from $5.433 million in Q1 2023[35]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 __________________________________________________ TERAWULF INC. (Exact ...

TeraWulf Inc. (NASDAQ:WULF) Q4 2023 Earnings Conference Call March 19, 2024 5:00 PM ET Company Participants Jason Assad - Director, Corporate Communications Paul Prager - Chairman & Chief Executive Officer Patrick Fleury - Chief Financial Officer Conference Call Participants Mike Grondahl - Northland Securities Bill Papanastasiou - Stifel Josh Siegler - Cantor Fitzgerald James Roland - Meme Stock Watch Joe Flynn - Compass Point Research Operator Greetings, and welcome to the TeraWulf's 2023 Fourth Quarter a ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | 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 th ...

TeraWulf Inc. (NASDAQ:WULF) Q3 2023 Earnings Conference Call November 13, 2023 5:00 PM ET Company Participants Jason Assad - Director of Corporate Communications Paul Prager - Chairman and Chief Executive Officer Patrick Fleury - Chief Financial Officer Nazar Khan - Co-Founder and Chief Operating Officer Conference Call Participants Josh Siegler - Cantor Fitzgerald Chase White - Compass Point Lucas Pipes - B. Riley Securities Mike Grondahl - Northland Securities Operator Greetings, and welcome to the TeraWu ...

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, 2023 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 TERAWULF INC. (Exact name of registrant as specified in its charter) _____________________________________________ ...

TeraWulf Inc. (NASDAQ:WULF) Q2 2023 Earnings Conference Call August 14, 2023 8:30 AM ET Company Participants Jason Assad - Director of Corporate Communications Paul Prager - Co-Founder and Chief Executive Officer Patrick Fleury - Chief Financial Officer Kerri Langlais - Chief Strategy Officer Nazar Khan - Co-Founder and Chief Operating Officer Stefanie Fleischmann - General Counsel Conference Call Participants Nick Giles - B. Riley Financial Mike Grondahl - Northland Securities Josh Siegler - Cantor Fitzger ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ 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 TERAWULF INC. (Exact name of registrant as specified in its charter) DE 87-1909475 (State or other jurisdiction of (I.R ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ 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 TERAWULF INC. (Exact name of registrant as specified in its charter) DE 87-1909475 (State or other jurisdiction of (I. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ 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 TERAWULF INC. (Exact name of registrant as specified in its charter) DE 87-1909475 (State or other jurisdiction of (I.R.S. ...