TeraWulf, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Q3 Highlights:
    • Signed a 10-year, $670 million/year HPC lease agreement for 360 MW with Fluidstack, backstopped by Google at Lake Mariner campus.
    • Closed $3.2 billion in senior secured financing for Lake Mariner HPC build-out.
    • Formed a new JV with Fluidstack and Google to develop 168 MW of HPC capacity at the Abernathy campus in Texas with expansion potential up to 600 MW.
    • Increased annual new HPC target from 100–150 MW to 250–500 MW due to strong demand and pipeline progress.
  • Financial Performance (Q3 2025 vs. Q2 2025):
    • Revenue: $50.6 million (up 6% from $47.6M)
    • HPC Lease Revenue: $7.2 million from WULF Den and CB-1 (launch of HPC segment)
    • Bitcoin Production: 377 BTC (down 22% from 485 BTC)
      Due to site reconfigurations to support HPC operations
    • Cost of Revenue: $17.1 million (down 22% from $22.1M)
    • Operating Expenses: $4.5 million (up 28% from $3.5M)
    • SG&A: $16.7 million (up 17% from $14.3M), adjusted SG&A up to $12.3M from $10.6M
    • Adjusted EBITDA: $18.1 million (up 25% from $14.5M)

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Operator: Greetings, and welcome to the TeraWulf 2025 Third Quarter Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the conference over to John Larkin, Senior Vice President, Director of Investor Relations. Thank you, Mr. Larkin. You may begin. John Larkin: Good afternoon, and welcome to TeraWulf's 2025 Third 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 at 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 on 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 a Q&A session. Now I'd like to turn the call over to our CEO, Paul Prager. Paul Prager: Good afternoon, and thank you for joining us tod

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