TeraWulf Inc (NAS:WULF)

Q3 2024 Terawulf Inc Earnings Call Transcript

Nov 12, 2024 / 10:00 PM GMT

Release Date Price: $8.53 (-3.29%)

Transcript 10-Q8-K

Key Points

Positve

TeraWulf Inc (WULF) sold its 25% stake in the Nautilus Crypto mine joint venture for $92 million, achieving a 3.4 times return on investment.
The company secured a new long-term ground lease at Lake Mariner, increasing total acreage by nearly 50% without additional cost per acre.
TeraWulf Inc (WULF) successfully raised $500 million through an oversubscribed convertible bond offering, providing financial flexibility.
The company approved a $200 million stock buyback program, repurchasing $115 million worth of shares to return value to shareholders.
Operational efficiency was maintained with a cost of mining approximately $54,000 per Bitcoin, keeping TeraWulf Inc (WULF) among the industry's lowest cost producers.

Negative

GAAP revenues decreased by 24% quarter over quarter, from $35.6 million in Q2 2024 to $27.1 million in Q3 2024.
The company reported a GAAP net loss attributable to common shareholders of $23.0 million for the third quarter.
Self-mined Bitcoin production decreased by 21% from the previous quarter, with a total of 555 Bitcoin mined in Q3 2024.
The cost of energy per Bitcoin mined increased significantly from $22,954 in Q2 2024 to $30,448 in Q3 2024.
TeraWulf Inc (WULF) anticipates a planned outage at Lake Mariner, impacting mining capacity and potentially affecting production.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WULF.OQ - Terawulf Inc
Q3 2024 Terawulf Inc Earnings Call
Nov 12, 2024 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, please remain online. The conference call is due to start shortly. Ladies and gentlemen, please remain online. The conference call is due to start shortly.

Good afternoon and welcome to Tara Wolf's third quarter, 2024 earning school.

At this time. All participants are in listen-only mode, a question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad.

As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, John Laughin, senior Vice President, Director of Investor Relations. Please go ahead, sir.

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