The final payment, totaling $77.5 million, which includes pre-payment fees and accrued interest, underscores TeraWulf's commitment to financial prudence and resiliency. After paying off the term loan, the Company has no outstanding debt and has thereby maximized financial flexibility to scale and deploy its valuable and lowcost energy infrastructure for bitcoin mining and high-performance computing (HPC)/AI applications. "Achieving a debt-free capital structure strategically positions us to promptly capital ...

Roth MKM analyst Darren Aftahi initiated coverage on TeraWulf Inc. WULF with a Buy rating and price target of $6.50. Aftahi anticipates that leveraging its substantial power portfolio of hundreds of megawatts for potential HPC infrastructure could drive substantial value creation through enhanced revenue and profit visibility. In FY25, the analyst expects revenue to hit about $297 million (+93% Y/Y) and adjusted EBITDA of around $150.5 million. Disclaimer: This content was partially produced with the help o ...

TeraWulf Inc. (NASDAQ:WULF) Q1 2024 Earnings Conference Call May 13, 2024 5:00 PM ET Company Participants Jason Assad - Director, Corporate Communications Paul Prager - Chairman & CEO Nazar Khan - COO Patrick Fleury - CFO Conference Call Participants Josh Siegler - Cantor Fitzgerald Lucas Pipes - B. Riley Securities Joe Flynn - Compass Point Research Mike Grondahl - Northland Securities Bill Papanastasiou - Stifel Bob Evans - Pennington Capital Operator Greetings and welcome to TeraWulf 2024 First Quarter E ...

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 March 31, 2024 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. Securities registered pursuant to 12(b) of the Exchange Act: (Exact name of registrant as specified in i ...

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) _____________________________________________ ...