Financial Performance - Annual revenue increased by 102% to $140.1 million in 2024, compared to $69.2 million in 2023, driven by a 129% increase in the average price of bitcoin year-over-year[7] - Revenue for the year ended December 31, 2024, was $140,051,000, a significant increase of 102.4% compared to $69,229,000 in 2023 and a substantial rise from $15,033,000 in 2022[20] - The net loss for 2024 was $72,418,000, slightly improved from a net loss of $73,421,000 in 2023, with a loss per common share of $0.21 compared to $0.35 in the previous year[20] - Total costs and expenses for 2024 were $216,267,000, up 119.5% from $98,650,000 in 2023, leading to an operating loss of $76,216,000 compared to a loss of $29,421,000 in 2023[20] - The Company's net loss for the year ended December 31, 2024, was $72,418,000, compared to a net loss of $73,421,000 in 2023, indicating a slight improvement[27] Adjusted EBITDA - Non-GAAP adjusted EBITDA for 2024 was $60.4 million, up from $31.9 million in 2023, reflecting a $28.5 million increase[9] - Non-GAAP Adjusted EBITDA for 2024 was $60,377,000, significantly up from $31,864,000 in 2023, reflecting a growth of approximately 89.5%[27] - Adjusted EBITDA, a non-GAAP measure, is utilized by the company to provide a clearer picture of its operational performance, excluding certain non-cash and non-recurring items[24] Cash and Holdings - Cash and bitcoin holdings totaled $275 million as of December 31, 2024, significantly up from $54.4 million at the end of 2023[11] - Cash and cash equivalents at the end of 2024 totaled $274,065,000, a significant increase from $54,439,000 at the end of 2023[23] - Net cash used in operating activities from continuing operations was $(24,422,000) in 2024, a decline from net cash provided of $4,263,000 in 2023[22] - The company raised $188,715,000 from the issuance of common stock in 2024, which was a key component of its financing activities[22] Mining Capacity and Operations - Self-mining operating capacity expanded by 94% year-over-year to 9.7 EH/s, compared to 5.0 EH/s in 2023[1] - TeraWulf's mining capacity at Lake Mariner increased to 195 MW as of December 31, 2024, compared to 110 MW in 2023[7] - TeraWulf signed long-term data center lease agreements for 72.5 MW of hosting capacity, with an option to expand by an additional 135 MW[5] - The company plans to deliver 72.5 MW of HPC hosting capacity in 2025, capitalizing on strong demand for AI-driven compute infrastructure[2] Expenses and Financial Adjustments - Cost of revenue increased by 129% to $62.6 million in 2024, driven by increased bitcoin mining capacity and higher power prices[8] - The company incurred $59,808,000 in depreciation expenses in 2024, reflecting ongoing investments in property, plant, and equipment[20] - Stock-based compensation expense increased significantly from $5,859,000 in 2023 to $30,927,000 in 2024, representing a rise of over 426%[27] - Depreciation expenses rose from $28,350,000 in 2023 to $59,808,000 in 2024, indicating an increase of approximately 111%[27] - Interest expense decreased from $34,812,000 in 2023 to $19,794,000 in 2024, showing a reduction of approximately 43%[27] Other Financial Activities - The company eliminated legacy term loan debt of $139.4 million in 2023, enhancing financial flexibility[10] - The company reported a gain on the sale of equity interest in an investee amounting to $22,602,000 in 2024, contributing positively to the financial results[20] - The Company recognized a gain on the sale of equity interest in investee amounting to $22,602,000 in 2024, which was not present in 2023[27] - The Company had distributions from investee related to Nautilus amounting to $22,776,000 in 2024, compared to $21,949,000 in 2023, showing a slight increase[27] - Loss on disposals of property, plant, and equipment, net, increased from $1,209,000 in 2023 to $17,824,000 in 2024[27] - The Company did not report any income tax benefit for both years, maintaining a consistent position[27]

Core Insights - TeraWulf Inc. announced a strategic expansion into AI-driven high-performance computing (HPC) hosting, with long-term data center leases expected to generate $1 billion in cumulative revenue over the initial 10-year contract terms [1] - The company reported a 102% increase in annual revenue to $140.1 million for the fiscal year 2024, compared to $69.2 million in 2023, driven by increased bitcoin production and higher average realized bitcoin prices [3][7] - Non-GAAP adjusted EBITDA rose by 89% year-over-year to $60.4 million in 2024, up from $31.9 million in 2023 [3][9] Financial Performance - Revenue for the year ended December 31, 2024, increased to $140.1 million, a 102% rise from $69.2 million in 2023, primarily due to a 129% increase in the average price of bitcoin [3][7] - Cost of revenue, excluding depreciation, increased by 129% to $62.6 million in 2024, compared to $27.3 million in 2023, driven by increased mining capacity and higher network difficulty [8] - The company maintained strong mining margins despite industry challenges, leveraging its low-cost, predominantly zero-carbon energy infrastructure [7] Operational Highlights - TeraWulf expanded its self-mining operating capacity by 94% year-over-year to 9.7 EH/s, compared to 5.0 EH/s in 2023 [1] - The company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, up from 110 MW in 2023 [7] - TeraWulf signed long-term data center lease agreements with Core42 for 72.5 MW of hosting capacity, with an option to expand by an additional 135 MW [5][6] Capital Management - As of December 31, 2024, TeraWulf held $275 million in cash and bitcoin, significantly improving its balance sheet [10][13] - The company proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth through a new issuance of 2.75% convertible notes due in 2030 [1][10] - TeraWulf authorized a $200 million share repurchase program and executed over $150 million in repurchases, equivalent to over 24 million shares of common stock [1][10] Future Outlook - The company aims to execute the 72.5 MW of HPC hosting capacity set for delivery in 2025, capitalizing on strong demand for AI-driven compute infrastructure [2] - TeraWulf is well-positioned to scale its HPC hosting and colocation services by 100-150 MW annually, as the scarcity of digital infrastructure intensifies [2]

TeraWulf (NASDAQ: WULF ) is a Bitcoin miner that is expanding into hosting high-performance computers (HPC) for Artificial Intelligence and Machine Learning (AI/ML) hyperscalers. WULF mines BTC at one location in Lake Mariner, New York near Niagara Falls, which provides twoJH considers himself to be a value investor evaluating businesses based on outdated investment concepts that he learned while getting an MBA and CFA, such as dividend yield, discounted cash flows, and relative value financial metrics. He ...

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 ...