Terawulf Inc
NASDAQ:WULF

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Terawulf Inc
NASDAQ:WULF
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Price: 14.5 USD -3.97%
Market Cap: 5.9B USD

Terawulf Inc
Investor Relations

Terawulf Inc., a company that has been making waves in the energy and cryptocurrency sectors, operates with a vision that combines innovative technology and clean energy solutions. Founded by a team of seasoned professionals in the energy industry, Terawulf is primarily focused on the environmentally conscious mining of Bitcoin. At its core, the company aims to bridge the gap between cryptocurrency mining and sustainable energy use by utilizing zero-carbon resources such as hydroelectric, solar, and nuclear power. By strategically positioning its operations near these energy sources, Terawulf significantly reduces its carbon footprint while maintaining a cost-effective mining process. This approach allows the company not only to produce ethical cryptocurrencies but also to potentially gain a competitive edge in an industry often scrutinized for its environmental impact.

Revenue generation for Terawulf stems from its successful Bitcoin mining operations. The company earns by effectively leveraging its energy-efficient infrastructure to mine cryptocurrencies at a lower cost compared to traditional operations. Beyond mining, Terawulf is involved in other aspects of the cryptocurrency and energy supply chain, further solidifying its business model. This vertical integration allows Terawulf to capture value at multiple stages, from energy generation to cryptocurrency transacting, thus creating a robust and diversified revenue stream. By aligning itself with sustainable practices and exploring further innovations in energy and technology, Terawulf positions itself as a forward-thinking leader in the convergence of green energy and digital currencies.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 10, 2025
AI Summary
Q3 2025

Transformational Quarter: TeraWulf signed a major 10-year, $670 million/year IT load agreement with Fluidstack backed by Google, establishing itself as a leader in low-carbon, enterprise-scale compute infrastructure.

Strong Financial Moves: The company closed $3.2 billion in senior secured financing and has raised over $5.2 billion at attractive rates, significantly boosting liquidity and funding key projects.

Revenue Growth: Q3 revenue rose 6% quarter-over-quarter to $50.6 million, supported by the first contributions from the new HPC Leasing segment.

Raised Guidance: Annual target for new HPC signings was raised from 100–150 MW to 250–500 MW, reflecting strong demand and a robust development pipeline.

Operational Progress: Key construction milestones were achieved at the Lake Mariner campus, and a new joint venture was launched for a major HPC campus in Texas with expansion potential.

Bitcoin Mining Update: Legacy Bitcoin mining remains profitable but output and hash rate are being reduced as capacity shifts to higher-value HPC operations.

Customer & Credit Focus: Management emphasized the importance of high-quality, creditworthy customers and sees strong ongoing demand from top-tier clients.

Key Financials
Revenue
$50.6 million
HPC Lease Revenue
$7.2 million
Bitcoin Mined
377 Bitcoin
Cost of Revenue (excl. depreciation)
$17.1 million
Power Price
$0.047 per kilowatt hour
Demand Response Program Proceeds
$7.4 million
Operating Expenses
$4.5 million
SG&A Expense
$16.7 million
SG&A Expense (adjusted for stock comp)
$12.3 million
Depreciation
$26.5 million
Accelerated Depreciation Expense
$7.8 million
Change in Fair Value of Contingent Consideration
$8.8 million
Loss on Disposals of Property, Plant, and Equipment
$2 million
Interest Expense
$9.8 million
Interest Income
$4.1 million
Change in Fair Value of Warrant and Derivative Liabilities
loss of $424.6 million
Net Loss
$455 million
Adjusted EBITDA
$18.1 million
Cash and Restricted Cash (as of September 30)
$712.8 million
Total Assets
$2.5 billion
Total Liabilities
$2.2 billion
Pro Forma Liquidity
over $1 billion
New Senior Secured Notes (October)
$3.2 billion, 7.75% due 2030
0% Convertible Notes (October)
$1.025 billion due 2032
Annual Target for New HPC Signings
250–500 megawatts
Earnings Call Recording
Other Earnings Calls

Management

Mr. Paul B. Prager
Co-Founder, Chairman & CEO
No Bio Available
Mr. Patrick A. Fleury
Chief Financial Officer
No Bio Available
Ms. Kerri M. Langlais
Chief Strategy Officer & Executive Director
No Bio Available
Mr. Glenn Sandgren
Chief Executive Officer at IKONICS
No Bio Available

Contacts

Address
MARYLAND
Easton
9 Federal Street
Contacts
+14107709500.0
terawulf.com