TeraWulf, Inc. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Bitcoin Mining Operations:
    • Energized Miner Building 5, increasing capacity to 245 MW and hash rate to 12.2 EH/s.
    • Fleet efficiency improved to 18 J/TH.
    • Self-mined 372 BTC in Q1 2025, down 12% from 423 BTC in Q4 2024.
    • Value per self-mined BTC was $92,600, up from $82,739 in Q4 2024.
    • Power pricing spike due to extreme weather increased costs—energy per BTC rose to $66,084 from $46,328.
  • Financial Highlights (Q1 2025 vs Q4 2024):
    • GAAP revenue: $34.4M (flat q/q).
    • GAAP net loss: $61.4M (widened from $29.2M).
    • Adjusted EBITDA: -$4.7M (down from +$2.5M).
    • Cash: $218M; Total assets: $841M; Liabilities: $670M.
    • SG&A (ex-stock comp): $11.5M (down from $15.5M).
    • CapEx of $130M spent on HPC buildings (WULF Den, CB-1, CB-2).
  • High Power Compute (HPC) Hosting Progress:
    • WULF Den operational, generating revenue from Q2 2025 onward.
    • CB-1 expected online in Q3; CB-2 in Q4.
    • Build cost per MW increased to $7.2M from $6.1M due to design enhancements.
    • Initial rent improved to $1.6M per MW (from $1.5M); yield still within target range.

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Operator: Greetings and welcome to the TeraWulf 2025 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Larkin, Senior Vice President, Director of Investor Relations. Thank you, sir. You may begin. John Larkin: Thank you, operator. Good morning and welcome to TeraWulf 2025 first quarter earnings call. Joining me today are Chairman and CEO, Paul Prager; and CFO, Patrick Fleury. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC, available on sec.gov. And in the Investor section of our website at terawulf.com. We will also reference certain non-GAAP measures today. Please refer to our 10-K and 10-Q filings and our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures. We will start this morning's call with prepared remarks from Paul and Patrick, followe

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