Terawulf Inc. · NASDAQ:WULF
Terawulf — Q4 2024 Earnings Presentation
15 slides from Terawulf's earnings presentation, Feb 28, 2025
Slide 1: Fourth Quarter and Fiscal 2024 Update
Forward Fourth Quarter and Fiscal 2024 Update — February 2025 wl
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation is for informational purposes only and contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning ant
Slide 3: WULF: The Power of Infrastructure
WULF: The Power of Infrastructure WULF MINING > 195 MWin operation > 50 MW (MB-5) of expansion planned in 1H 2025 @rTerawutr @ TeRaAwutr ~750 MW potential capacity ~250 MW to be deployed for bitcoin mining in 2025 ~500 MW additional capacity for HPC hosting Site benefits from core electrical infrast
Slide 4: Our Operations and Track Record of Execution
3 MW 60 MW 60 MW 110 MW 195 MW 195 MW 245 MW 30 MW 50 MW 50 MW 0.3 EH/s 2.0 EH/s 3.3 EH/s 5.5 EH/s 10.0 EH/s 9.7 EH/s 13.1 EH/s 0.0 EH/s 2.0 EH/s 4.0 EH/s 6.0 EH/s 8.0 EH/s 10.0 EH/s 12.0 EH/s 14.0 EH/s 0 MW 50 MW 100 MW 150 MW 200 MW 250 MW 300 MW 350 MW 400 MW 1H 2022 2H 2022 1H 2023 2H 2023 3Q 20
Slide 5: Low-cost bitcoin production with scalable HPC hosting infrastructure
Delivering low-cost bitcoin production with scalable HPC hosting infrastructure ➢ Lake Mariner has an additional ~500 MW of HPC data center capacity ➢ Strategically positioned for bitcoin mining and hosting HPC workloads ➢ All-in power cost of $0.032/kWh in 2023 ➢ All-in power cost of $0.043/kWh in
Slide 6: Efficient Mining Fleet
Efficient Mining Fleet (1) Includes WULF’s net share of miners contributed to Nautilus JV. (2) Miner orders to be installed in Q4 2024. (3) Reflects planned sale of S19J/J-Pro and MicroBT M30 miners, and exercise of option to purchase 7.4k and 14.4k of the remaining 30k Bitmain S21 Pro miners under
Slide 7: Positive EBITDA despite a difficult operating environment
Positive EBITDA despite a difficult operating environment 7 Metric Amount Comments End of Period Hash Rate 9.7 EH/s ➢ 94% increase year-over-year in self-mining hash rate Bitcoin Self-Mined 423 ➢ 4.6 BTC per day Power Cost $0.059/kWh ➢ Represents power cost per BTC of $46,328 Revenue (1) $34.9 milli
Slide 8: Quarterly bitcoin mined, hash rate, revenue and EBITDA
All figures include TeraWulf’s net share of Nautilus JV 8 1,051 699 555 423 Q1 2024 Q2 2024 Q3 2024 Q4 2024 8.0 8.8 10.0 9.7 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $40.5 $32.2 $17.0 $15.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $32.0 $19.5 $6.0 $2.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (1) Excludes bitcoin earned via h
Slide 9: Strong cash position enables bitcoin mining growth and HPC buildout
Strong cash position enables execution of bitcoin mining growth and HPC hosting infrastructure buildout 9 (1) Nautilus Proceeds include $85 million cash consideration and the return of $1.3 million of working capital. (2) Includes electrical capital expenditures required to expand the Lake Mariner f
Slide 10: Unit economics anticipated to improve in 2025
Unit economics anticipated to improve in 2025 upon completion of MB-5 and miner fleet upgrade 10 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024A Realized Average Hash Rate (EH/s) 6.8 7.1 8.1 7.0 7.4 Total Bitcoin Mined 1,051 699 555 423 2,728 $ in 000’s $/BTC $/PH/Day $ in 000’s $/BTC $/PH/Day $ in
Slide 11: 11
11
Slide 12: Fully diluted share count as of February 27, 2025
As of February 27, 2025 12 Note: all figures are approximate. All values except share price in thousands. Outstanding 4.00$ 5.50$ 7.00$ 8.50$ 10.00$ 11.50$ 13.00$ 14.50$ Common Stock 383,138 383,138 383,138 383,138 383,138 383,138 383,138 383,138 383,138 2.75% Convertible Senior Notes due 2030 907 6
Slide 13: Financial statement table (values in thousands)
13 Note: All values in thousands
Slide 14: Balance sheet table (in thousands)
14 Note: In thousands, except number of shares, per share amounts and par value
Slide 15: Adjusted EBITDA reconciliation
15 Note: All values in thousands. The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“GAAP”). We use Adjusted EBITDA to eliminate the effects of certain non-cash and/or non-recurring items, th