TeraWulf Inc. Q3 FY2025 earnings call

• Paul Prager highlighted the third quarter was transformational, with signing 360 MW of IT load with Fluidstack/Google, $3.2B financing, first HPC revenues, and progress at Lake Mariner including construction milestones. • Patrick Fleury discussed financial results, noting GAAP net loss was $455M in Q3 vs $18.4M in 2Q, non-GAAP adjusted EBITDA improvement, balance sheet details with over $1B pro forma liquidity, and plans for Abernathy JV financing.

In the third quarter of 2025, GAAP revenues increased 6% quarter-over-quarter to $50.6 million from $47.6 million in 2Q '25. HPC lease revenue recognized was $7.2 million with 22.5 megawatts of energized hosting capacity. Bitcoin mining self-mined 377 Bitcoins, a 22% decrease from 485 in 2Q '25. Non-GAAP adjusted EBITDA improved 25% quarter-over-quarter to $18.1 million from $14.5 million in 2Q.

• Increased annual HPC signings target from 100-150 megawatts per year to 250 to 500 megawatts per year. • Anticipated senior secured notes financing for Abernathy JV before year-end similar to recent offerings. • Pro forma liquidity over $1 billion provides cash for initiatives like Abernathy JV contribution, site acquisitions, and fortress balance sheet.

Q: Can you talk about key sites close to closing?

A: Paul Prager said there are at least two sites close, having looked at over 150 opportunities and expecting to announce at least one, possibly two by year-end.

Q: How to reconcile HPC margins?

A: Patrick Fleury said actual margin was ~72%, but backing out $700k development expense at Cayuga and considering stub period for CB-1, it normalizes to ~85% in Q4.

Q: Thoughts on customer diversity?

A: Paul Prager noted customers have top-tier credits like Core42 and Fluidstack Google, and they aim to continue with high-quality credit customers.

Q: How seen the market in terms of build costs beyond Lake Mariner?

A: Nazar Khan mentioned focusing on delivering capacity within 12 months of signing customers, developing relationships with vendors for equipment procurement to meet schedule.