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    Steven Glagola • Jones Trading

    Steven Glagola's questions to Terawulf Inc (WULF) leadership

    Steven Glagola's questions to Terawulf Inc (WULF) leadership • Q2 2025

    Question

    Steven Glagola sought clarification on whether the new deal's margin is comparable to Core42 after accounting for corporate SG&A and asked about key learnings from the initial data center builds that will improve future efficiency.

    Answer

    CFO Patrick Fleury reiterated that the 85% margin is project-level NOI, which excludes corporate SG&A. CTO Nazar Khan and COO Sean Farrell highlighted key learnings, including the momentum from retaining contractors, experience with diverse GPU designs, and accelerating construction through detailed upfront design collaboration with customers.

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    Steven Glagola's questions to Core Scientific Inc (CORZ) leadership

    Steven Glagola's questions to Core Scientific Inc (CORZ) leadership • Q1 2025

    Question

    Stephen Glagola asked if the high concentration of CoreWeave as a customer could be a deterrent for other hyperscalers and inquired about the level of enterprise demand for the Grand Forks site specifically.

    Answer

    CEO Adam Sullivan argued the opposite, stating that their execution for CoreWeave, delivering 250 MW in a single year, will breed confidence among other potential customers, including hyperscalers. He added that the Grand Forks site has seen interest from all segments, including enterprises, content providers, and some hyperscalers, for its high-density colocation development potential.

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