Terawulf Inc Stock Price, News & Analysis

TeraWulf announced its Q3 2024 financial results, reporting revenue of $27.1 million, a 42.8% increase year-over-year. The company achieved a non-GAAP adjusted EBITDA of $6.0 million, down 33.6% from Q3 2023. TeraWulf's operational self-mining capacity grew 100% to 10.0 EH/s. Key strategic activities included selling its Nautilus JV interest, securing a new ground lease at Lake Mariner, a $500 million convertible note offering, and a $200 million share buyback.

TeraWulf self-mined 555 bitcoin, a 43.4% decrease from Q3 2023, with the value per bitcoin self-mined increasing 117.3% to $61,075. Power cost per bitcoin self-mined rose to $30,448 due to increased network difficulty and bitcoin halving. The company completed a 2.5 MW HPC hosting project and is expanding its HPC infrastructure.

CEO Paul Prager emphasized the company's strong positioning for growth, while CFO Patrick Fleury highlighted the $500 million financing to support growth plans through mid-2025.

TeraWulf (WULF) released its October 2024 production update, reporting 150 self-mined bitcoin with an average daily production of 4.8 BTC. The company maintained 8.1 EH/s of operational self-mining capacity, a 62% year-over-year increase. Average power cost was $36,789 per bitcoin mined ($0.048/kWh). The company is progressing with its miner refresh program at Lake Mariner, replacing older models with 12,200 S19 XP miners. TeraWulf is accelerating its HPC hosting initiatives, targeting 72.5 MW of capacity by Q2 2025, including the construction of CB-1 (20 MW) and CB-2 (50 MW) facilities.

TeraWulf (Nasdaq: WULF), a leading owner and operator of vertically integrated digital infrastructure powered by zero-carbon energy, has scheduled its third quarter 2024 earnings conference call for Tuesday, November 12, 2024, at 5:00 p.m. ET. The company will release its financial results press release prior to the call on the same day. The earnings call will be accessible via webcast and dial-in options, with replay available until November 26, 2024.

TeraWulf has completed a private placement of $500 million in 2.75% Convertible Senior Notes due 2030 to qualified institutional buyers. The company implemented capped call transactions with a cap price of $12.80 and repurchased $115 million of its common stock. The net proceeds of approximately $487.1 million will be allocated as follows: $60 million for capped call transactions, $115 million for stock repurchases, and the remainder for general corporate purposes, including working capital, strategic acquisitions, and data center infrastructure expansion.

TeraWulf announced the pricing of $425 million in 2.75% Convertible Senior Notes due 2030. The notes will be sold to qualified institutional buyers with an initial conversion price of $8.48 per share, representing a 32.50% premium to the closing price. The company will use approximately $51 million for capped call transactions, $115 million to repurchase shares, and the remainder for general corporate purposes. The notes include a conversion rate of 117.9245 shares per $1,000 principal amount and feature capped call transactions with an initial cap price of $12.80 per share. TeraWulf will repurchase approximately 17.97 million shares at $6.40 per share.

TeraWulf (NASDAQ: WULF) announced plans to offer $350 million in convertible senior notes due 2030 through a private offering to qualified institutional buyers. The company may grant initial purchasers an option for an additional $75 million in notes. The proceeds will fund capped call transactions, stock repurchases, and general corporate purposes. The notes will be convertible into cash for principal amounts and cash, shares, or a combination for any excess conversion value. TeraWulf plans to implement capped call transactions to reduce potential dilution and offset cash payments beyond principal amounts.

TeraWulf announced a $200 million share repurchase program authorized by its Board of Directors, running through December 31, 2025. The company plans to use excess cash for repurchases after prioritizing capital expenditures for organic growth in HPC/AI and strategic opportunities. The program follows TeraWulf's recent debt retirement and reflects confidence in its business strategy and financial health. The repurchase timing, method, price, and volume will be discretionary, with purchases possible through open market transactions, private negotiations, or investment banking structures. The company maintains flexibility to modify or discontinue the program.

TeraWulf Inc. (Nasdaq: WULF), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, has appointed John Larkin as Senior Vice President, Director of Investor Relations. Larkin, who will report to CEO Paul Prager, brings over 25 years of experience in capital markets and financial services to the role.

Larkin's extensive background includes positions as Chief Operating Officer at Connacht Asset Management, nearly a decade at Susquehanna International Group leading the Event-Driven/Special Situations Desk and serving as Assistant Director of Research, and various key roles at Citigroup. His appointment is expected to bolster TeraWulf's relationships with institutional investors and enhance communication of the company's financial performance and strategic milestones.

TeraWulf Inc. (Nasdaq: WULF) has announced a new long-term ground lease agreement at its Lake Mariner facility. This New Ground Lease replaces the original lease from May 2021 and supports the company's expansion into high-performance computing (HPC) and AI data centers. Key points include:

- Lease term extended to 35 years, with an option for an additional 45 years
- Land area increased by nearly 50%, from 107 to 157 acres
- Infrastructure capacity expanded to 750 MW
- No escalation in annual lease payments per acre compared to the original lease

The consideration for the new lease includes 20 million shares of TeraWulf's common stock and $12 million in cash. This primarily equity-based structure aims to align the interests of TeraWulf's CEO with the company's long-term goals.