Business Overview - TeraWulf expects to lease 250-500 MW critical IT load of new HPC capacity per year[6] - The company has contracted 594 MW for HPC Colocation and ~130 MW for Bitcoin Mining[6] - TeraWulf achieved an energy cost of $0047/kWh in 3Q25[6] HPC Expansion - 60 MW is contracted to Core42 (online 2025/2026)[8] - 366 MW is contracted to Fluidstack (expected online 2026)[8] - 168 MW Abernathy JV is expected online in 2026[8] Financial Highlights - TeraWulf announced a $32 billion senior secured green notes offering due 2030 with a 7750% coupon[18, 19] - Gross HPC Lease Revenue reached $72 million in Q3 2025[42] - The company ended Q3 2025 with a hash rate of 116 EH/s, a 53% year-over-year increase[42] Capacity and Pipeline - Total capacity is 1390 MW (gross), including 750 MW at Lake Mariner, 400 MW at Cayuga, and 240 MW at Abernathy[41] - Leased critical capacity is 594 MW, with 60 MW to Core42 in 2025, 366 MW to Fluidstack in 2026, and 168 MW to Abernathy in 2026[41] - The future critical IT capacity pipeline is 750 – 1500 MW[41]

Core Insights - TeraWulf Inc. reported a transformational third quarter, achieving significant commercial, operational, and financial milestones that position the company as a leader in sustainable high-performance computing (HPC) infrastructure [3][11] - The company reaffirmed its growth strategy, targeting 250–500 MW of new contracted capacity annually, supported by a strong pipeline and increasing demand for low-cost, low-carbon compute capacity [1][9] Financial Performance - Revenue for the third quarter increased by 87% year-over-year to $50.6 million, driven by higher average bitcoin prices, expanded mining capacity, and the commencement of HPC lease revenue [12] - The cost of revenue, excluding depreciation, rose by 17% year-over-year to $17.1 million, reflecting increased utilization and modestly higher power costs [12] - As of September 30, 2025, TeraWulf held $712.8 million in cash and cash equivalents, with total outstanding debt of approximately $1.5 billion [13] Operational Expansion - TeraWulf's Lake Mariner Campus has energized 245 MW of Bitcoin-mining capacity and 22.5 MW of HPC capacity, with over 520 MW of long-term HPC leases executed across multiple enterprise and hyperscale customers [4][5] - The Abernathy Joint Venture in Texas is designed for an initial capacity of 240 MW, with potential expansion to 600 MW, backed by a $1.3 billion Google credit enhancement [6][11] Strategic Partnerships - The company signed more than $17 billion in long-term, credit-enhanced customer contracts and completed over $5 billion in long-term financings to support its rapidly expanding platform [3][7] - TeraWulf expanded its partnership with Fluidstack and Google, demonstrating the strength of its platform and the trust placed in its execution capabilities [11] Future Growth Pipeline - TeraWulf signed an 80-year lease at its Cayuga site in Upstate New York, establishing a framework for large-scale HPC deployment beginning in 2027 [8] - The company has several in-house development opportunities approaching realization, further strengthening its long-term growth pipeline [8][11]

Core Viewpoint - TeraWulf Inc. (NASDAQ:WULF) is perceived as a speculative investment in the Bitcoin mining sector, with mixed opinions on its potential compared to other investment opportunities in AI stocks [1]. Company Overview - TeraWulf Inc. develops and operates Bitcoin mining facilities and provides hosting services for digital asset mining [1]. Market Sentiment - Jim Cramer, a notable financial commentator, expressed skepticism about investing in TeraWulf, suggesting that investors should consider directly buying Bitcoin instead [1]. - Cramer highlighted a significant short position in TeraWulf, noting that 31% of the stock is shorted, indicating potential volatility [1]. Investment Comparison - While TeraWulf has potential as an investment, there are AI stocks that are believed to offer greater upside potential and lower downside risk [1].

Core Viewpoint - Jim Cramer expressed a favorable view on Science Applications International Corporation (SAIC), recommending it as an inexpensive stock to buy [1] - Cramer also showed belief in TeraWulf Inc., describing it as a speculative investment [1] Company Updates - Science Applications International Corporation appointed James Reagan as interim CEO, succeeding Toni Townes-Whitley on October 23 [1] - TeraWulf Inc. is scheduled to hold its third-quarter earnings conference call on November 10, expecting a quarterly loss of 5 cents per share, consistent with the previous year's loss, and projected revenue of $50.64 million, a significant increase from $27.06 million a year earlier [1] Stock Performance - SAIC shares decreased by 2.5%, closing at $91.41 [3] - TeraWulf shares increased by 3.9%, closing at $16.10 [3]

Core Insights - TeraWulf's WULF Compute segment has experienced significant growth, with over 200% upside since the announcement of the first Fluidstack deal in August [1] - The recent extension of the Mandela has further contributed to the positive momentum in the cryptocurrency space [1] Company Performance - TeraWulf has seen a substantial increase in its stock value, indicating strong market interest and investor confidence [1] Industry Trends - The cryptocurrency market continues to attract attention, with increasing engagement from traders and enthusiasts, highlighting a growing trend in crypto investments [1]

Core Insights - TeraWulf Inc. (NASDAQ:WULF) is recognized as one of the 12 best-performing stocks over the last three months, with Oppenheimer initiating coverage and assigning an Outperform rating with a price target of $20 [1] - The company is focused on becoming a high-performance computing (HPC) AI infrastructure provider, leveraging its high-quality land, low-cost renewable electricity, and fiber networks to secure contracts with major AI clients [2][4] Industry Demand - Demand for AI infrastructure has accelerated, with expectations of an 18% annual growth in data center demand over the next five years, indicating a significant market opportunity [3] - There is currently a 20% shortage in capacity, equating to approximately 15 gigawatts, highlighting the urgent need for infrastructure development in the AI sector [3] Company Capacity - TeraWulf Inc. has a total of 1.2 gigawatts of space and power inventory, with contracts for over 400 megawatts of capacity and 250 megawatts dedicated to Bitcoin mining that can be converted for other uses [4] - The company specializes in developing, owning, and operating industrial-scale data center infrastructure in the U.S. specifically designed for Bitcoin mining and HPC hosting [4]

Core Scientific and CoreWeave Acquisition - Core Scientific shareholders voted against the acquisition offer from CoreWeave, which was anticipated to be a significant data-center M&A deal in the mining sector [2] - The rejection of the deal alters the investment landscape by returning hundreds of megawatts back to the market for companies like Microsoft and Oracle [2] CleanSpark's AI Expansion - CleanSpark announced the acquisition of a new site in Texas with a 385 MW power pipeline, indicating a shift towards integrating AI and high-performance computing (HPC) workloads alongside traditional mining [4] - The stock of CleanSpark has increased nearly 100% since July 2025, following the market's anticipation of the use of its power pipeline for AI [5] TeraWulf's Long-term AI Hosting Agreement - TeraWulf signed a 25-year AI hosting deal with FluidStack, marking one of the longest contracts between a Bitcoin miner and an AI hosting firm, which enhances long-term revenue visibility [6] - This agreement reflects the industry's pivot towards high-margin compute workloads and TeraWulf's focus on the 'powershell' model for building AI factories [6] Global Hashrate Trends - The global hashrate has surged past 1.1 Zettahash, with significant contributions from China and Russia, despite Western miners potentially slipping in their market position [1][7] - The expansion of hashrate in these countries is occurring at a faster pace than expected, with many U.S. miners halting machine purchases to pivot towards AI [7][8]

Core Viewpoint - TeraWulf Inc. is set to hold its earnings conference call for the third quarter of 2025 on November 10, 2025, at 4:30 p.m. ET, with a press release detailing the results to be issued prior to the call [1][2]. Group 1: Earnings Call Information - The earnings call will take place on November 10, 2025, at 4:30 p.m. ET [1]. - Participants can access the call via a dial-in number or a webcast link, with specific access details provided [4]. - A replay of the call will be available until November 24, 2025, with designated dial-in numbers for access [5]. Group 2: Company Overview - TeraWulf develops and operates environmentally sustainable, industrial-scale data center infrastructure in the U.S., focusing on high-performance computing (HPC) hosting and bitcoin mining [5]. - The company is led by experienced energy infrastructure entrepreneurs and aims to provide scalable, low-carbon compute capacity for next-generation AI and HPC customers [5].

Core Points - TeraWulf Inc. has completed a private offering of $1.025 billion in 0.00% Convertible Senior Notes due 2032, aimed at qualified institutional buyers [1] - The net proceeds from this offering are approximately $999.7 million, which will be used for constructing a data center campus in Abernathy, Texas, and for general corporate purposes [2] - TeraWulf focuses on developing environmentally sustainable, industrial-scale data center infrastructure in the U.S., specifically for high-performance computing and bitcoin mining [3]

Core Insights - TeraWulf is a rapidly growing developer and operator of environmentally sustainable digital infrastructure focused on high-performance computing and Bitcoin mining, utilizing hydroelectric and nuclear energy for low-carbon operations [1] - The company has shown strong stock performance, with a 12% gain over the last five days and a 26% increase in the past month, alongside a six-month return of over 418% [3][4] - TeraWulf reported Q3 2025 revenue of $42 million, an 84% year-over-year increase, surpassing analyst estimates, with an EPS of $0.10 [5][6] Financial Performance - The company's gross margins improved to 43%, reflecting enhanced efficiency and increased production capacity [6] - Cash and cash equivalents at the end of the quarter were $65 million, up from $58 million in Q2, indicating steady free cash flow generation [6] Future Outlook - TeraWulf anticipates continued robust revenue growth in Q4 2025, targeting revenue between $48 million and $52 million, with EPS estimated between $0.11 and $0.13 [7] - Management highlighted the expansion of mining capacity and AI-related computing partnerships as key growth drivers [7]