TeraWulf Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a major shift toward stable HPC leasing revenue, with $21 million generated and strong liquidity of $3.1 billion. The business is transitioning away from volatile mining, focusing on contracted, credit-backed growth and disciplined capital deployment.
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Gross cash stands at $3 billion with improved cash flows and reduced debt projections. Standardized design and execution have increased capacity and revenue, while construction remains on schedule and cost control has improved.
Fiscal Year 2025
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2025 marked a strategic transformation to a power-backed AI infrastructure platform, with major site acquisitions, a landmark Fluidstack lease, and $12.8B in HPC agreements. Revenue mix is shifting from volatile mining to stable HPC contracts, with strong liquidity and robust growth outlook.
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A transformational quarter saw major HPC hosting deals, $5.2B in new financing, and a sharp increase in annual growth targets. Revenue rose 6% QoQ, with strong liquidity and a robust pipeline supporting 250-500 MW of new signings per year.
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Announced major AI hosting and infrastructure deals, including a $3.7B Fluidstack agreement with Google’s $1.8B backstop, boosting platform capacity above 1 GW. Q2 revenue rose 38% with improved margins, and guidance was raised for HPC growth.
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Q1 2025 saw flat revenue, a net loss of $61.4M, and negative adjusted EBITDA amid historic power price spikes and ongoing HPC expansion. Operational capacity reached 245 MW, with new HPC facilities set to drive revenue in coming quarters. Project financing and a $200M buyback were announced.
Fiscal Year 2024
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2024 saw revenue and adjusted EBITDA double year-over-year, driven by Bitcoin mining and a strategic pivot to HPC/AI hosting. Major milestones included the Core42 contract, Nautilus JV sale, and significant site expansions, positioning for scalable growth and strong capital returns.
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A landmark 72.5 MW data center lease with Core42 marks a strategic shift into high-performance compute, offering strong financial returns and expansion potential. The facility leverages zero-carbon power and robust partnerships, positioning for scalable growth and future REIT conversion.
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Achieved strong strategic and financial milestones, including a $92M asset sale, $500M capital raise, and industry-leading cost efficiency. Advanced HPC facility buildout and expect a major customer contract by year-end, with robust demand and significant unallocated cash for growth.
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Q2 2024 saw strong operational milestones, including debt elimination, expansion into AI/HPC, and industry-leading power costs. Revenue and Bitcoin production declined due to the halving, but margins remained robust. Growth plans are fully funded, with major AI/HPC projects on track for year-end completion.