TeraWulf Reports Strong 2024 Financial Results, Expands into AI-Driven HPC Hosting

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TeraWulf Inc. has announced its fourth quarter and full-year 2024 financial results, showcasing significant growth and strategic expansion into AI-driven high-performance computing (HPC) hosting.

The company reported a 102% increase in annual revenue to $140.1 million, with adjusted EBITDA rising by 89% to $60.4 million compared to the previous year.

Financial Highlights

• Revenue Growth: TeraWulf’s revenue surged by 102% to $140.1 million in 2024, driven by increased bitcoin production and higher average realized bitcoin prices.

• Adjusted EBITDA: The company’s non-GAAP adjusted EBITDA increased by 89% to $60.4 million, reflecting improved operational efficiency.

• Balance Sheet Strengthening: TeraWulf eliminated its legacy term loan debt and secured new financing through a 2.75% convertible notes issuance due in 2030. The company holds $274.1 million in cash and bitcoin holdings as of December 31, 2024.

• Share Repurchase Program: TeraWulf executed over $150 million of its authorized $200 million share repurchase program, repurchasing over 24 million shares.

Strategic Expansion into HPC Hosting

TeraWulf has made a pivotal move into the rapidly growing AI and HPC hosting market. The company signed long-term data center lease agreements for 72.5 MW of hosting capacity at its Lake Mariner facility.

These agreements are expected to generate $1 billion in cumulative revenue over the initial 10-year terms and include options for an additional 135 MW expansion.

To support this expansion, TeraWulf has upgraded its infrastructure with advanced liquid cooling systems and Tier 3 redundancy, enhancing its ability to host high-density GPU compute clusters.

This strategic shift positions TeraWulf as a key player in the AI infrastructure space, leveraging its predominantly zero-carbon energy sources.

Management Commentary

Paul Prager, CEO of TeraWulf, highlighted the company’s achievements: “In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure.

We expanded our self-mining capacity to 9.7 EH/s and secured long-term data center lease agreements that are expected to generate significant recurring revenue.”

Patrick Fleury, CFO, noted the company’s disciplined financial management and strategic asset monetization, which have enhanced financial flexibility.

Looking ahead, TeraWulf aims to execute its 72.5 MW HPC hosting capacity set for delivery in 2025, capitalizing on strong demand for AI-driven compute infrastructure.

Investor Conference Call

TeraWulf hosted its fourth quarter and full-year 2024 earnings call on February 28, 2025, providing investors with insights into its strategic developments and financial performance. The call included prepared remarks followed by a Q&A session with management.

As TeraWulf continues to navigate the evolving digital infrastructure landscape, its strategic pivot into HPC hosting represents a significant evolution that could fundamentally transform its business model and growth trajectory.

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