TeraWulf, Inc. Q2 FY2025 Earnings Call

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TeraWulf Q2 2025 Earnings Summary

  • New Customer and Major Lease Agreement: TeraWulf signed a transformative 10-year, 200+ megawatt AI hosting lease with Fluidstack at the Lake Mariner site. This deal could generate up to $8.7 billion in revenue if lease extensions are exercised, with $3.7 billion in contracted revenue secured. Phase 1 (40 MW) goes live in H1 2026 with full deployment by year-end.
  • Google Partnership: Google is backstopping Fluidstack’s lease obligations with a $1.8 billion guarantee over 10 years in exchange for warrants for 8% equity in TeraWulf. The backstop provides about 6 years of lease protection. Google may participate in a 30-day CB-5 exclusivity lease, potentially adding another 160 MW of IT capacity.
  • New Development Site: TeraWulf secured an 80-year ground lease at Cayuga with development rights for up to 400 MW of data infrastructure. Over 130 MW expected online by 2027. Equity-based acquisition was at a discount to multiple third-party bids.
  • EBITDA Turnaround: Strong financial improvement. Adjusted EBITDA increased to $14.5 million in Q2 2025, up from -$4.7 million in Q1. Driven by revenue growth, cost discipline, and early revenue realization from the WULF Den and upcoming CB-1 and CB-2 deployments.

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Nynne Jespersen Lee: Greetings. Welcome to the TeraWulf 2025 Second Quarter Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to John Larkin, SVP, Director of Investor Relations. Thank you. You may begin. John Paul Larkin: Good morning, and welcome to TeraWulf's 2025 second quarter earnings call. Joining me today are Chairman and CEO, Paul Prager; and CFO, Patrick Fleury. And for Q&A, we will be joined by Co-Founder and CTO, Nazar Khan; TSO, Kerri Langlais; and COO, Sean Farrell. 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 Investors section of our website at terawulf.com. We will also reference certain non-GAAP financial 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 today's call with prepared remarks from Paul and Patrick, followed by Q&A with the full management team. I will now tur

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