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    Terawulf Inc (WULF)

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    Business Description

    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.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Paul PragerCEO and Chairman of the Board of DirectorsFebruary 2021Paul Prager is the Co-Founder, Chairman of the Board of Directors, and Chief Executive Officer of TeraWulf. He also co-founded NovaWulf Digital Management, LP, and has been CEO of Beowulf Energy LLC since 1990.
    Kenneth DeaneChief Accounting Officer and TreasurerMay 16, 2022Kenneth Deane manages TeraWulf's financial functions, including accounting, audit, internal control, and treasury. He has over 20 years of experience in the power, high tech, and public accounting sectors.
    Patrick FleuryChief Financial OfficerMay 16, 2022Patrick Fleury oversees TeraWulf's financial activities, including investment of funds and securing capital for expansion. He has 24 years of finance experience, including roles at Platinum Equity and Blackstone.
    Nazar KhanChief Operating Officer and Chief Technology OfficerFebruary 2021Nazar Khan is the Co-Founder, COO, and CTO of TeraWulf, responsible for operations and technology resources. He previously led acquisition and development efforts at Beowulf.
    Kerri LanglaisChief Strategy OfficerFebruary 2021Kerri Langlais is responsible for TeraWulf's corporate strategy, business development, and growth initiatives. She previously led M&A and financing efforts at Beowulf and worked at Goldman Sachs and Harvard University.

    Questions to Ask Management

    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?

    Share Repurchase Program

    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.