Terawulf Inc. · NASDAQ:WULF

Terawulf — Investor Presentation (March 2024)

17 slides from Terawulf's investor presentation, Mar 19, 2024

  1. Slide 1: An Infrastructure-Focused Mining Company

    1 Investor Presentation March 2024 An Infrastructure- Focused Mining Company

  2. 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

  3. Slide 3: TeraWulf at a Glance

    TeraWulf at a Glance 3 Our Business  Owned infrastructure to scale flexibly  Lowest cost producer of BTC  Sustainable: 100% zero-carbon target  ESG is core to operations, risk mitigation, and reputational value Our Strategy  7.9 EH/s deployed  210 MW operational  3,407 BTC mined in 2023(2) 

  4. Slide 4: Sustainable and Scalable Sites

    Sustainable and Scalable Sites  93%+ Zero Carbon (1)  160 MW Online  500+ MW Capacity (Primarily Hydro)  100% Zero-Carbon  50 MW Online  100+ MW (2) (Nuclear) 250 MW additional expansion capacity at existing sites > 95% zero-carbon power supply today, with the goal of100% 210 MW operational mi

  5. Slide 5: Unparalleled Access to Low-Cost, Zero-Carbon Power

    Unparalleled Access to Low-Cost, Zero-Carbon Power Strategically located in regions with significant energy surplus 5  Abundant, low-cost hydropower (site is ~25 miles from Niagara Hydro)  93% zero-carbon power  Market power averages ~4.0 cents per kilowatt hour year-round  First behind-the-mete

  6. Slide 6: Industry Leading Cost Profile

    $0.032 $0.025 $0.017 $0.031 $0.061 $0.032 $0.033 $0.040 $0.042 $0.040 $0.000 $0.010 $0.020 $0.030 $0.040 $0.050 $0.060 $0.070 $0.080 $0.090 $0.100 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E NYISO Zone A ATC Power Prices Actual Projected Average $3.5 ¢ per kWh76% 24% Capacity (210 MW) Lake

  7. Slide 7: The Leader in Profitability

    67% 42% 43% 53% 52% 45% 30% 40% 50% 60% 70% WULF MARA RIOT IREN CLSK BITF Average: 50% (2), (3) (3), (4) The Leader in Profitability FY 2023 gross margin1 % of mining and hosting revenue 7 (1) Revenue less cost of revenue excluding depreciation (2) Includes WULF’s net share of gross margin from Naut

  8. Slide 8: FY 2023 results highlights

    $4.0 $41.9 FY 2022 FY 2023 $15.0 $69.2 FY 2022 FY 2023 1.4 5.5 FY 2022 FY 2023 524 3,407 FY 2022 FY 2023 (1) Revenue less cost of revenue excluding depreciation (2) Includes WULF’s net share of Nautilus hash rate (3) Includes 64 bitcoin earned from profit sharing proceeds associated with hosting agr

  9. Slide 9: Substantial Debt Repayment

    Substantial Debt Repayment 9  Approximately $139 million of debt and $54 million of cash at year-end 2023  Principal repayments in Q1 2024 reduced debt further to $106 million  Company plans additional repayment of approx. $30 million in early Q2 2024  Excess liquidity of ~$20 million can be app

  10. Slide 10: WULF Compute

    In-house digital innovation center focused on the research, development and deployment of scalable digital infrastructure Near-term catalyst for growth and revenue diversification  With significant capacity to scale at existing sites, TeraWulf is evaluating the highest return use for its data cente

  11. Slide 11: FY 2024 Guidance

    FY 2024 Guidance Projecting cost-to-mine of ~$25k pre-halving and ~$37k post-halving 11 2024 Pre-Halving 2024 Post-Halving [1] Full Year 2024 Illustrative Market Inputs: Network Hash Rate (EH/s) 575 520 Transaction Fees (%) 5.0% 10.0% Illustrative Operating Inputs: Miner Fleet Efficiency (J/TH) [2]

  12. Slide 12: Appendix

    APPENDIX

  13. Slide 13: Best-in-Class Management Team

    Best-in-Class Management Team TeraWulf is led by an accomplished, diverse management team with 30+ years of experience in developing and managing energy infrastructure and disruptive technology N A Z A R K H A N Co-Founder, Chief Operating Officer & Chief Technology Officer 20+ years in energy infra

  14. Slide 14: Lake Mariner Data Center, Barker, NY

    Barker, NY 100% Ownership Long-Term Lease 500 MW of Infrastructure Capacity 93%+ Zero-Carbon Hydro & Nuclear Power  160 MW Operational  35 MW Under Construction  Target of 250 MW Deployed in 2024  Target of 500 MW Deployed in 2025 Lake Mariner Data

  15. Slide 15: Lake Mariner

    LAKE MARINER ‘TA

  16. Slide 16: Nautilus Cryptomine, Berwick, PA

    Berwick, PA 25% JV with Talen Energy Long-Term Lease 100 MW of Infrastructure Capacity 100% Zero-Carbon Nuclear Power  50 MW Operational  50 MW Planned Expansion Nautilus Cryptomine

  17. Slide 17: Slide 17

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