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    Terawulf Inc (WULF)

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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.

    1. 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.
    2. Miner Hosting Services - Provides hosting services for third-party miners, offering infrastructure and operational support for external mining operations.

    3. 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.

    NamePositionExternal RolesShort 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.

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    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.

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Program DetailsProgram 1
    Approval DateOctober 23, 2024
    End Date/DurationDecember 31, 2025
    Total Additional Amount$200.0 million
    Remaining Authorization$85.0 million (as of 2025-01-07)
    Details17,968,750 shares repurchased for approximately $115 million as of November 12, 2024. Purpose: return value to shareholders and commitment to driving shareholder value.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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.

    No recent press releases or 8-K filings found for WULF.