Q2 2025 Terawulf Inc Earnings Call Transcript
Key Points
- TeraWulf Inc (WULF) announced a transformative 10-year, 200-plus megawatt hyperscale AI hosting agreement with Fluidstack, potentially generating $3.7 billion in contracted revenue, with the possibility of exceeding $8.7 billion if lease extensions are exercised.
- Google is providing a $1.8 billion backstop for Fluidstack's lease obligations, which enhances TeraWulf Inc (WULF)'s credit profile and is seen as a significant vote of confidence.
- The company executed an 80-year ground lease with Cayuga, securing rights to develop up to 400 megawatts of digital infrastructure, expanding their total platform capacity to over 1-gigawatt.
- TeraWulf Inc (WULF) reported a 30% increase in bitcoin mining, with 485 bitcoins mined in Q2 2025, and a 38% increase in GAAP revenues quarter-over-quarter.
- Non-GAAP adjusted EBITDA showed significant improvement, totaling $14.5 million in Q2 2025, up from a negative $4.7 million in Q1 2025.
- The company has increased its annual SG&A guidance to $50 million to $55 million from $40 million to $45 million, reflecting accelerated growth in its HPC business.
- The CapEx for the Fluidstack build-out is higher than the Core42 range, due to scale and customized design requirements, which could impact overall project costs.
- There is a need for significant labor, which requires pulling from further away, potentially increasing costs and logistical challenges.
- The company is still in the process of refining its financing strategy, which could pose risks if not executed efficiently.
- The exclusivity agreement with Fluidstack is tight, with a 30-day window, which could pressure the company to finalize terms quickly.
Greetings. Welcome to the TeraWulf 2025 Second Quarter Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to John Larkin, SVP, Director of Investor Relations. Thank you.
You may begin.
Good morning, and welcome to TeraWulf's 2025 second quarter earnings call. Joining me today are Chairman and CEO, Paul Prager; and CFO, Patrick Fleury. And for Q&A, we will be joined by Co-Founder and CTO, Nazar Khan; TSO, Kerri Langlais; and COO, Sean Farrell. Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties and actual results may differ materially.
During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project and similar expressions, which indicate
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