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TeraWulf Inc. (WULF) is a digital asset technology company specializing in bitcoin mining and digital infrastructure development. The company focuses on providing sustainable, low-cost, and reliable energy solutions to power its operations. TeraWulf generates revenue primarily through bitcoin mining, miner hosting services, and emerging high-performance computing (HPC) and AI infrastructure offerings.
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Bitcoin Mining - Mines bitcoin by providing hash computation services to mining pool operators, earning bitcoin rewards for validating transactions on the global bitcoin network. The mined bitcoin is routinely sold for U.S. dollars.
- Lake Mariner Facility - Located in New York, with a capacity of 195 MW as of Q2 2024.
- Nautilus Cryptomine Facility - Located in Pennsylvania, with a capacity of 50 MW, though TeraWulf sold its 25% equity interest in October 2024.
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Miner Hosting Services - Provides hosting services for third-party miners, offering infrastructure and operational support for external mining operations.
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High-Performance Computing (HPC) and AI Infrastructure - Develops scalable digital infrastructure for HPC and AI applications, leveraging clean energy and advanced technology. Includes a 2 MW proof-of-concept facility at the Lake Mariner site, with plans to expand to 100 MW in the future.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kerri Langlais ExecutiveBoard | Chief Strategy Officer, Director | None | Leads corporate strategy and business development at TeraWulf, with prior experience at Beowulf and Goldman Sachs. | |
Nazar Khan ExecutiveBoard | COO, CTO, Executive Director | Co-Founder and COO of NovaWulf | Co-founder of TeraWulf, responsible for operations and technology, with prior experience at Beowulf and Evercore Partners. | |
Paul Prager ExecutiveBoard | CEO, Chairman of the Board | President of Beowulf Electricity & Data Inc.; Trustee of U.S. Naval Academy Foundation | Co-founder of TeraWulf, leveraging decades of experience in power generation, infrastructure development, and commodity trading. | View Report → |
Kenneth Deane Executive | Chief Accounting Officer, Treasurer | None | Manages accounting and treasury functions, with prior roles at Heorot Power Holdings, Sun Microsystems, and Deloitte. | |
Patrick Fleury Executive | Chief Financial Officer | None | Oversees financial operations at TeraWulf, with prior experience at Platinum Equity, Blackstone, and Banc of America Securities. | |
Amanda Fabiano Board | Director | Founder of Fabiano Consulting | Bitcoin mining expert with prior leadership roles at Galaxy Digital and Fidelity Investments. | |
Catherine Motz Board | Director | Executive Director of the CollegeBound Foundation | Leader in public policy and education, with prior roles in Maryland state government and as an Assistant U.S. Attorney. | |
Christopher Jarvis Board | Director | Senior Business Development Analyst at Lockheed Martin | Former Senior Executive Service member in the U.S. Intelligence Community, with expertise in cybersecurity and national security. | |
Michael Bucella Board | Director | Member of Fordham University President’s Council | Brings expertise in digital assets and capital markets, with prior roles at BlockTower Capital and Goldman Sachs. | |
Steven Pincus Board | Director | Board Member at The Storefront Academy | Retired Executive Vice President at Willis Towers Watson, with expertise in risk management and financial oversight. | |
Walter Carter Board | Director | President of The Ohio State University | Former U.S. Navy Vice Admiral and leader in higher education, with extensive experience in public service and academia. |
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Given that your cost to mine bitcoin was approximately $54,000 in Q3 and is expected to increase to $59,000 in Q4, how do you plan to maintain profitability in bitcoin mining amid rising costs and the recent bitcoin halving?
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You anticipate announcing your first high-power compute (HPC) hosting partner before year-end, but with only weeks remaining, can you provide more detail on any challenges or delays in finalizing these contracts?
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With significant capital expenditures planned for 2025 totaling over $500 million, how do you intend to fund these investments without additional equity, especially considering your current cash position and debt levels?
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The planned outage at Lake Mariner will impact approximately 5.2 exahash of mining capacity for a week in mid-November; how might this downtime affect your bitcoin production and financial results in the next quarter?
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Given the recent regulatory shifts and increasing difficulty in securing large-scale carbon-free power, how confident are you in your ability to expand to up to 750 megawatts at Lake Mariner, and what risks do you foresee in achieving this expansion?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
IKONICS Corporation | 2021 | The acquisition closed on December 13, 2021 for a total fair value of $66.3 million—paid partly in cash, TeraWulf equity, and Contingent Value Rights—and was structured so that each IKONICS share converted into TeraWulf stock, a CVR, and $5.00 cash; the deal was designed to transition TeraWulf into a bitcoin mining–focused company with subsequent divestitures and environmental considerations addressed by September 30, 2022. |
Recent press releases and 8-K filings for WULF.
- Q1 2025 results: Reported revenue of $34.4 million, cost of revenue at $24.6 million, and a 52.5% increase in self-mining capacity to 12.2 EH/s.
- Infrastructure buildout: Commenced construction of dedicated HPC data halls and remains on track to deliver 72.5 MW of gross HPC hosting capacity to Core42 in 2025.
- Capital management: Held $219.6 million in cash and bitcoin holdings and repurchased $33 million of common stock during the quarter.