TeraWulf, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Business Transformation Highlights

  • 2025 marked a major strategic shift from Bitcoin mining toward becoming a large-scale, power-backed AI infrastructure provider.
  • Acquired 100% of Beowulf Electricity & Data, fully integrating power expertise.
  • Secured long-term site control at Cayuga (up to 400 MW), a brownfield facility with existing grid infrastructure.
  • Signed a 450 MW lease with Fluidstack, backed by Google's credit; Google will become TeraWulf’s largest shareholder through warrants.
  • Executed the Abernathy JV in Texas to replicate the power-backed AI infrastructure model across markets.
  • Completed financing arrangements for WULF Compute and Flash Compute totaling $6.5 billion.
  • Delivered WULF Den, CB1, and CB2A; began HPC revenue recording for Core42, with remaining buildings coming online in early 2026.
  • Added 1.5 GW of new power-backed capacity in Kentucky and Maryland after year-end.

Key Site Updates

  • Kentucky (Hawesville – 480 MW): Immediate power availability. Significant hyperscaler interest. State leadership highly supportive. Potential for expansion beyond initial 480 MW.

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Operator: Greetings, and welcome to TeraWulf Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. John Larkin, Senior Vice President, Director of Investor Relations. Thank you. You may begin. John Larkin: Thank you, operator. Good afternoon, and welcome to TeraWulf's Fourth Quarter and Full Year 2025 Earnings Call. Joining me today are Chairman and CEO, Paul Prager; CTO, Nazar Khan; and CFO, Patrick Fleury. Before we begin, 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. Words such as anticipate, expect, believe, intend, estimate, project, could, should, will and similar expressions are intended to identify forward-looking statements. For a discussion of these risks, please refer to our filings with the SEC available at sec.gov and in the Investor Relations section of our website. We will also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are available in our earnings release and filings. With that, I'll turn the call over to our Chairman and CEO, Paul Prager. Paul Prager: Thank you, John, and good afternoon, everyone. 2025 was a defining year for TeraWulf. We said we would transition this company into a scaled power-backed AI infrastructure platform, and we

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