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    Christopher Brendler • Rosenblatt Securities

    Christopher Brendler's questions to Terawulf Inc (WULF) leadership

    Christopher Brendler's questions to Terawulf Inc (WULF) leadership • Q1 2025

    Question

    Christopher Brendler questioned if the Q1 power price spike was solely weather-related, whether that risk could be hedged in the future, and how important successful project financing would be for prospecting additional HPC clients.

    Answer

    CFO Patrick Fleury confirmed the spike was a rare, weather-driven event and that hedging is not cost-effective given the infrequency. CEO Paul Prager and CFO Patrick Fleury both emphasized that project financing is critical for recycling capital to fund growth. They are highly confident in executing a deal with a long-term financial partner, which they believe will be beneficial for future expansion, though the strength of the customer's credit is the primary driver.

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    Christopher Brendler's questions to Cipher Mining Inc (CIFR) leadership

    Christopher Brendler's questions to Cipher Mining Inc (CIFR) leadership • Q1 2025

    Question

    Christopher Brendler asked about the timing of the Fortress facility signing and if it has accelerated negotiations with HPC tenants. He also asked about the drivers behind the strong cost of revenue performance and the potential impact of tariffs on new rig deliveries.

    Answer

    CEO Tyler Page confirmed the Fortress deal was signed just days before the call, with the goal of accelerating the finalization of a tenant lease. On mining costs, he attributed the strong performance to the first full quarter of operating the newly upgraded, more efficient fleet at Odessa. Regarding tariffs, he mentioned ongoing discussions with manufacturers to mitigate the impact and expressed confidence in meeting projections, currently anticipating a 10% tariff.

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