Terawulf Inc. · NASDAQ:WULF
Terawulf — Q2 2025 Earnings Presentation
18 slides from Terawulf's earnings presentation, Aug 14, 2025
Slide 1: Q2 2025 Update Presentation
Forward — Q2 2025 Update Presentation ~~ ia August 14, 2025
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 forwardtooking statements include statements concerning anti
Slide 3: Leading the Convergence of Compute and Energy
Leading the Convergence of Compute and Energy HPC Hosting | ~900 MW Bitcoin Mining | ~250 MW ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ➢ 1,150 MW of scalable capacity ➢ Dual-redundant ➢ Powered by low-cost, across purpose-built sites power and fiber predominantly zero-carbon energy Note: MW figures represent gross capaci
Slide 4: Strategic Advantages of TeraWulf's Digital Infrastructure Platform
Strategic Advantages of TeraWulf’s Digital Infrastructure Platform HPC-Ready Infrastructure • Industrial-scale, high-density compute sites • Infrastructure co-located with redundant high-speed fiber, water, and access to clean power • Ability to convert existing BTC capacity for AI and HPC workloads
Slide 5: Deliver Core42 Capacity, Secure Next HPC Tenant, Expand Build Pipeline
Deliver Core42 Secure Next HPC Expand HPC Capacity Tenant & Finance Build Pipeline ✓ WULF Den began recording ✓ 10-year, $3.7Bn ✓ Cayuga site unlocks revenue in July hyperscale lease with 400 MW of scalable ✓ CB-1 will begin recording Fluidstack HPC capacity revenue mid-August ✓ Google backstops ✓ C
Slide 6: 200+ MW at Lake Mariner | ~$3.7Bn in Contracted Revenue
200+ MW at Lake Mariner | ~$3.7Bn in Contracted Revenue 200+ MW ~$3.7Bn 10-Year Critical IT Load Contract Value Extension Options Under Contract at Lake Mariner Over Initial 10-Year Terms Could Add Additional (CB-3 & CB-4) ~$5Bn in Revenue $1.8Bn Google 8% WULF Stake ~85% Google Backstop Pledged to
Slide 7: Site Highlights
Site Highlights 80-Year Lease Unlocks 400 MW of HPC-Ready Capacity ✓ 80-yr lease for 183 acres in Lansing, NY (NYISO Zone C) ✓ Access to 138 MW of low-cost power in 2027 ✓ Scalable to 400 MW with phased C buildout ✓ Dual, high-speed fiber paths Cayuga is located in ✓ Triple redundant 115kV transmiss
Slide 8: Decades-Long Track Record in Power & Compute Infrastructure
Decades-Long Track Record in Power & Compute Infrastructure Team Led Successful Interconnection, Permitting, Construction and Operation at Every Site 2020 2022 2023 2025 • Big Horn Data • Lake Mariner • Nautilus Cryptomine (1) • Lake Mariner • Cayuga (Lake Hawkeye) • Hardin, MT • Barker, NY • Berwic
Slide 9: Power Prices and Weather-Related Operating Conditions Stabilized and Improved
Power Prices and Weather-Related Operating Conditions Stabilized and Improved Metric Amount Comments End of Period Hash Rate 12.2 EH/s ➢ Represents a 53% increase YoY Bitcoin Mined 485 ➢ Implies 5.3 BTC per day, up 29% QoQ Power Cost $0.053/kWh ➢ June heat wave in the Northeast drove higher power pr
Slide 10: Strongest Quarterly EBITDA Since April 2024 Halving
Strongest Quarterly EBITDA Since April 2024 Halving Bitcoin Mined (# BTC) Ending Operating Capacity (EH/s) 1 555 12.2 12.2 ➢ 29% increase in BTC mined 485 423 10.0 9.7 QoQ 372 ➢ 26% increase in hash rate following energization of MB-5 in late Q1/early Q2 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2024
Slide 11: Targeted HPC hosting buildout for initial tenant deployment
Targeted HPC hosting buildout for initial tenant deployment $250 $5 $218 $200 ($17) $150 ($75) $100 ($29) $91 ($7) ($3) $50 $0 (1) (2) (3) Cash as of Q1'25 FCF in Q2'25 NWC Impact Core42 Buildout CB-3 Construction Site Infrastructure BTC Mining Capex Cash as of Q2'25 (1) Reflects planned capex spend
Slide 12: Capacity Overview
Capacity Overview 1,200 ➢ Total Capacity: 1,150 MW (gross) ~1,025 Leased Expect 150 – 200 MW of ▪ Lake Mariner: 750 MW 1,000 Capacity incremental HPC deployments 322.5 MW annually ▪ Cayuga: 400 MW ~850 Available 800 Capacity 800 – 850 MW ➢ Leased Capacity: 322.5 MW ~675 ~700 ▪ Core42: 72.5 MW in 202
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Slide 14: Projected Fixed Operating Cost Range of $84–$94 million
Projected Fixed Operating Cost Range of $84–$94 million 2025E Fixed Costs Prior Guidance Updated Guidance SG&A $40 - 45 million $50 - 55 million Operating Expense $20 - 25 million $20 - 25 million Convertible Notes Interest $14 million $14 million Total $74 – 84 million $84 – 94 million 14
Slide 15: Q1 2025A Q2 2025A Q3–Q4 2025E
Q1 2025A Q2 2025A Q3 –Q4 2025E 2025 FYE Market Inputs: Network Hash Rate (EH/s) 930 930 Transaction Fees (%) 2.0% 2.0% Operating Inputs: Miner Efficiency (J/TH) [1] 18.0 18.0 Average Hash Rate (EH/s) [2] 7.3 10.3 10.5 9.7 Total BTC Mined 372 485 954 1,811 $ in 000’s $/BTC $/PH/Day $ in 000’s $/BTC $
Slide 16: Statements of Operations
Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 47,636 $ 35,574 $ 82,041 $ 78,007 Costs and expenses: Cost of revenue (exclusive of depreciation shown below) 22,094 13,918 46,647 28,326 Operating expenses 2,039 797 3,183 1,582 Operating expenses – related party 1,
Slide 17: Balance Sheet
LIABILITIES AND STOCKHOLDERS' EQUITY June 30, 2025 December 31, 2024 CURRENT LIABILITIES: Accounts payable $ 38,834 $ 24,382 Accrued construction liabilities 20,929 16,520 Accrued compensation 4,078 4,552 Accrued interest 2,292 2,559 Other accrued liabilities 6,135 2,414 Other amounts due to related
Slide 18: Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
RECONCILIATION OF NET LOSS TO NON-GAAP Three Months Ended Three Months Ended Six Months Ended Six Months Ended ADJUSTED EBITDA June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss $ (18,370) $ (10,876) $ (79,788) $ (20,489) Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA: E