Terawulf Inc. · NASDAQ:WULF
Terawulf — Q1 2025 Earnings Presentation
25 slides from Terawulf's earnings presentation, May 9, 2025
Slide 1: Moving Infrastructure Forward: First Quarter 2025 Update
Moving Infrastructure Forward First Quarter 2025 Update May 9, 2025 1
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 ~750 MW of potential capacity for HPC Hosting 225 MW to be deployed for bitcoin mining in 2025 ➢ 225 MW in operation Q1 2025 ➢ 72.5 (gross) / 60 (net) MW contracted and expected online in 2025 ➢ 50 MW (MB-5) expansion online April 2025 Ability to deliver an incremen
Slide 4: WULF Infrastructure Track Record of Execution
WULF Track Record of Execution Infrastructure Rapidly scaling since inception with significant owned capacity for growth Our Operations ➢ 12.2 EH/s deployed in Q1 2025 400 MW 14.0 EH/s 12.2 EH/s ➢ 372 BTC mined in Q1 2025 350 MW ➢ On track to deliver 60 MW of critical HPC 12.0 EH/s hosting capacity
Slide 5: Positioned to Maximize Profitability and Growth
Positioned to Maximize Profitability and Growth Combining scalable and sustainable HPC hosting infrastructure with low-cost Bitcoin mining Large-Scale Infrastructure ➢ Ability to deliver incremental ~400 MW of HPC capacity within next 24 months for Organic Growth ➢ Strategically positioned for bitco
Slide 6: Efficient Mining Fleet
Efficient Mining Fleet Achieved an 18 J/TH fleet efficiency in Q1 2025 Fleet Summary(1) Model Hash Rate Efficiency J/TH Current Fleet Total Capacity S21 Pro 234 15.0 26,800 6.3 EH S21 195 17.9 8,000 1.6 EH S19 JXP/XP 141 21.5 31,000 4.4 EH Total 65,800 12.2 EH Fleet Efficiency (2) Hash Rate Mix (EH/
Slide 7: Q1 2025 Financial Snapshot
Q1 2025 Financial Snapshot Power prices and operating conditions, which experienced temporary pressure in Q1 2025, have stabilized and improved in Q2 2025 Metric Amount Comments End of Period Hash Rate 12.2 EH/s ➢ 53% increase year-over-year in self-mining hash rate Bitcoin Self-mined 372 ➢ 4.1 BTC
Slide 8: WULF Quarterly Performance
WULF Quarterly Performance All historical figures include TeraWulf’s net share of Nautilus JV Bitcoin Self Mined (# BTC)1 Ending Operating Capacity (EH/s)2 699 12.2 ➢ 372 BTC mined in Q1 2025 555 10.0 9.7 423 8.8 ➢ Completed miner re-allocation 372 from the Nautilus JV and executed an additional ref
Slide 9: Q1 2025 Capital Allocation
Q1 2025 Capital Allocation Execution of bitcoin mining growth and HPC hosting infrastructure buildout $400.0 $350.0 $90 $300.0 $274 ($76) $250.0 ($20) ($33) $218 ($10) ($7) $200.0 $150.0 $100.0 $50.0 $0.0 1Q25A Free Cash Flow HPC Hosting Capacity (1) Miner Buildings & ASICS B/S Cash at 3/31/25 Cash
Slide 10: WULF Compute: Secures First Data Center Lease with Core42
WULF Compute: Secures First Data Center Lease with Core42 Efficient, long-term value creation Colocation – Previous Guidance Colocation – Actual Announced Deal Management Commentary Customer Multiple – Enterprise and well funded Enterprise – Sovereign-backed with high Parent guaranty from top-tier s
Slide 11: Core42 - Customer Background
Core 42 - Customer Background United Arab Emirates based Artificial Intelligence Cloud and Managed Services Leader • Core42, a subsidiary of G42, delivers advanced AI infrastructure and capabilities for public sector and regulated industries and is led by a suite of seasoned industry executives • Te
Slide 12: HPC: Cost to Build & Net Yield on Cost
HPC: Cost to Build & Net Yield on Cost Updated Guidance Updated CapEx Guidance $7.2 ➢ CapEx per Gross MW ~$6.0M/MW $8 Previous CapEx Guidance $600 $7 $550 ➢ CapEx per Critical MW ~$7.2M/MW $6.1 Range $6.0 CapEx per MW ($M) $6 $500 Total CapEx ($M) ➢ Annual recurring rent ~$1.6M/MW $5 $5.0 $430M $450
Slide 13: Build Cost per Critical MW: WULF vs Peers
Build Cost per Critical MW: WULF vs Peers 100% Build Cost per Critical MW $11-$13M “Comparable Peer AVOIDED COST Industry Cost” $2.0 WULF vs Peers 90% With Diesel Gensets ➢ TeraWulf delivers an attractive build cost per MW given significant and unique INCREMENTAL SITE SPEND 80% $0.2 value of existin
Slide 14: 2025 Capital Allocation
2025 Capital Allocation Core42 contract unlocks substantial platform value $600.0 $300 $500.0 $400.0 $300.0 $218 $0 $200.0 ($300) $158 ($60) $100.0 $0.0 2Q25 - 4Q25E Free Cash HPC Hosting Capacity (2) Estimated Unallocated Cash on BS 3/31/25 Flow Project Financing (1) Site Electrical & Infra Cash Su
Slide 15: Illustrative HPC Hosting Timeline
Illustrative HPC Hosting Timeline ➢ Targeting 1st Revenue: 500 500.0 ➢ Q2 2025: 2.5 MW WULF Den 450 ➢ Q3 2025: 20 MW CB-1 400 ➢ Q4 2025: 50 MW CB-2 250 350 ➢ FYE 2026: incremental 177.5 MW Capacity (MW, gross) (1) 300 (gross) expected to be available 250.0 250 ➢ Future Expansion: Up to 200 increment
Slide 16: Value of HPC-Contracted MWs
Value of HPC- Contracted MWs Significant Shareholder Value Creation ➢ Core42 Lease: mid-point of valuation range implies ~$2/sh of equity value creation ➢ Every 50 MW Building in Future: mid- point of valuation range implies ~$1.30/sh of equity value creation ➢ Every 1 MW of Critical Load: mid-point
Slide 17: Cash Cost to Mine Guidance
Cash Cost to Mine Guidance Unit Economics: Q1 2025 Actuals, Q2-Q4 2025 and 2025 Fiscal Year End Estimates Q1 2025A Q2 –Q4 2025E 2025 FYE Illustrative Market Inputs: Network Hash Rate (EH/s) 900 900 Transaction Fees (%) 2.0% 2.0% Illustrative Operating Inputs: Miner Fleet Efficiency (J/TH) [1] 18 18
Slide 18: 2025 Cost Guidance: SG&A, Operating Expenses, Interest Expense
2025 Cost Guidance: SG&A, Operating Expenses, Interest Expense Target Annual Fixed Operating Expenses: $74 - $84 million 2025E Fixed Costs Guidance Range in Millions 2025E Fixed Costs Guidance Range SG&A SG&A $40 $40- -$45 million 45 million Operating Expenses Operating expenses 20 $20- - 25 25milli
Slide 19: Appendix
APPENDIX 19
Slide 20: Data Center Construction Progress
Data Center Construction Progress 20
Slide 21: Lake Mariner Data – Site Layout & Expansion
Lake Mariner Data – Site Layout & Expansion Lake Ontario Lake Ontario Critical Gross Building Building IT MW MW SF Status Power Block 12.0 15.0 operating MB-1 40.0 50.0 24,000 operating MB-2 40.0 50.0 24,000 operating 50 MW, 24k SF CB-4 CB-7 MB-3 36.0 45.0 37,000 operating MB-5 42 MW 42 MW MB-4 28.0
Slide 22: TeraWulf Capitalization Table
TeraWulf Capitalization Table As of May 7, 2025 Estimated Diluted Shares at Various Share Prices (Based on the Treasury Method) Outstanding $ 4.00 $ 5.50 $ 7.00 $ 8.50 $ 10.00 $ 11.50 $ 13.00 $ 14.50 Common Stock 384,584 384,584 384,584 384,584 384,584 384,584 384,584 384,584 384,584 Convertible Sen
Slide 23: Q1 2025 Statement of Operations
Q1 2025 Statement of Operations Note: All values in thousands 23
Slide 24: Q1 2025 Balance Sheet
Q1 2025 Balance Sheet Note: In thousands, except number of shares, per share amounts and par value 24
Slide 25: Q1 2025 Non-GAAP Adjusted EBITDA Reconciliation
Q1 2025 Non-GAAP Adjusted EBITDA Reconciliation 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 ce