Terawulf Inc (WULF) 2024 Q2 法說會逐字稿

Greetings and welcome to the TeraWulf 2024 second-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 TeraWulf 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jason Assad, Director of Corporate Communications. Thank you. You may begin.

現在我很高興向您介紹主持人，企業傳播總監 Jason Assad。謝謝。你可以開始了。

Thank you, operator. Good afternoon. Welcome to TeraWulf 's second-quarter earnings call. With me today are Chairman and Chief Executive Officer, Paul Prager; and our Chief Financial Officer, Patrick Fleury.

謝謝你，接線生。午安.歡迎參加 TeraWulf 第二季財報電話會議。今天與我在一起的有董事長兼執行長 Paul Prager；以及我們的財務長 Patrick Fleury。

Before we get started, I'd like to remind everyone that our prepared remarks may contain forward-looking statements which are subject to risks and uncertainties, and we may make additional forward-looking statements during the question-and-answer session. When used on this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to TeraWulf or such forward-looking statements. Investors are cautioned that results may differ materially from those anticipated by TeraWulf at this time. In addition, other risks are more fully described in our public filings with the US Securities and Exchange Commission, which may be viewed at sec.gov and in the Investors section of our corporate website at terawulf.com.

在開始之前，我想提醒大家，我們準備的發言可能包含前瞻性陳述，這些陳述存在風險和不確定性，我們可能會在問答環節做出額外的前瞻性陳述。在本次電話會議上使用時，涉及 TeraWulf 或此類前瞻性陳述的詞語包括預期、能夠、啟用、估計、打算、期望、相信、潛力、意願、應該、項目以及類似表達。投資者請注意，結果可能與 TeraWulf 目前的預期有重大差異。此外，我們向美國證券交易委員會提交的公開文件中對其他風險進行了更全面的描述，您可以在 sec.gov 和我們公司網站 terawulf.com 的投資者部分查看這些文件。

Finally, please note that today's call will refer to certain non-GAAP financial measures. Please refer to our company's periodic reports on Form 10-K and 10-Q and on our website for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP financial measures. An updated version of our new investor deck may also be found at terawulf.com.

最後，請注意，今天的電話會議將提及某些非公認會計準則財務指標。請參閱我們公司在 10-K 表格和 10-Q 表格上的定期報告以及我們網站上的這些非 GAAP 業績指標與最具可比性 GAAP 財務指標的全面對帳資訊。我們的新投資者平台的更新版本也可以在 terawulf.com 上找到。

We'll begin today's call with prepared remarks from Paul and Patrick, and then we'll proceed to Q&A.

我們將以保羅和派崔克準備好的發言開始今天的電話會議，然後我們將進行問答。

It's my pleasure to now turn the call over to TeraWulf's CEO, Paul Prager. Paul?

我很高興現在將電話轉給 TeraWulf 的執行長 Paul Prager。保羅？

Thank you, Jason, and good afternoon, everyone. We appreciate your attendance today as we review our second-quarter 2024 financial results. To start, let me provide an overview of who we are and highlight some key aspects of our business.

謝謝傑森，大家下午好。感謝您今天出席我們回顧 2024 年第二季財務表現。首先，讓我概述一下我們是誰，並重點介紹我們業務的一些關鍵方面。

For those new to TeraWulf, we are an energy and digital infrastructure company dedicated to utilizing predominantly zero-carbon energy to power our operations. Our two premier data centers are the Lake Mariner facility in upstate New York, which utilizes over 91% zero-carbon energy sourced from the grid, and the Nautilus Cryptomine in Pennsylvania, a joint venture with Talen that is directly powered by nuclear energy.

對於 TeraWulf 的新手來說，我們是一家能源和數位基礎設施公司，致力於主要利用零碳能源來為我們的營運提供動力。我們的兩個主要資料中心是位於紐約州北部的Lake Mariner 資料中心，該資料中心使用91% 以上來自電網的零碳能源，以及位於賓夕法尼亞州的Nautilus Cryptomine，這是與Talen 的合資企業，直接由核能供電。

We believe our strategic focus on scalable zero-carbon energy infrastructure gives us a unique and competitive edge. In our last earnings call, we identified a significant shift in the industry, emphasizing that low cost, clean energy, operational efficiency, and profitability are becoming more critical than simply scaling operations. This insight will frame our discussion today as we review our second-quarter results and strategic positioning.

我們相信，我們對可擴展的零碳能源基礎設施的策略重點為我們提供了獨特的競爭優勢。在我們上次的財報電話會議中，我們發現了該行業的重大轉變，強調低成本、清潔能源、營運效率和盈利能力比簡單地擴大營運規模變得更加重要。當我們回顧第二季業績和策略定位時，這項見解將成為我們今天討論的框架。

In the second quarter of 2024, we achieved several milestones that significantly strengthened our position as one of the most efficient public Bitcoin miners and digital infrastructure owners. First, we successfully completed the construction of Building 4 at Lake Mariner, pushing our total mining capacity to over 10 exahash per second. With a fleet efficiency of 23.7 joules per terrahash and industry-leading power costs projected at $0.035 per kilowatt hour for 2024, we have solidified our position as one of the sector's most efficient public miners.

2024 年第二季度，我們實現了多個里程碑，顯著鞏固了我們作為最高效的公共比特幣礦工和數位基礎設施所有者之一的地位。首先，我們成功完成了水手湖4號樓的建設，使我們的總挖礦能力達到每秒10 exahash以上。憑藉每 terrahash 23.7 焦耳的車隊效率以及預計到 2024 年每千瓦時 0.035 美元的行業領先電力成本，我們鞏固了作為該行業最高效公共礦工之一的地位。

Second, we strategically amended our Bitmain purchase agreements to specify the delivery of S21 Pro miners. We opted to acquire approximately 5,000 of the 30,000 miners available under the option purchase agreement, monetizing our option at an attractive rate of $16 per terahash.

其次，我們策略性地修改了比特大陸的採購協議，明確了 S21 Pro 礦機的交付。我們選擇收購根據選擇權購買協議提供的 30,000 名礦工中的約 5,000 名，以每 terahash 16 美元的誘人價格將我們的選擇權貨幣化。

Third, we made significant progress in our AI and high-performance computing initiatives, through the WULF Den project. We committed to purchasing a 128 GPU cluster from NVIDIA financed by an industry-leading OEM. This arrangement minimizes the equity required from the company, preserving capital for future strategic investments.

第三，透過 WULF Den 項目，我們在人工智慧和高效能運算計畫方面取得了重大進展。我們承諾從業界領先的 OEM 資助的 NVIDIA 購買 128 個 GPU 叢集。這種安排最大限度地減少了公司所需的股權，為未來的策略投資保留了資本。

And finally, we achieved a pivotal milestone by streamlining our capital structure, eliminating debt, and converting approximately $29 million out of $41 million lender warrants into common shares. This deliberate restructuring strengthens our balance sheet and positions us for sustained future growth.

最後，我們透過簡化資本結構、消除債務以及將 4,100 萬美元的貸方認股權證中的約 2,900 萬美元轉換為普通股，實現了一個關鍵的里程碑。這種深思熟慮的重組增強了我們的資產負債表，並為我們未來的持續成長奠定了基礎。

With that in mind, let me touch on our operational expansion. At Lake Mariner, we currently deploy approximately 200 megawatts of operational infrastructure for bitcoin mining, achieving industry-leading unit economics as disclosed in our updated Investor Presentation found on our website.

考慮到這一點，讓我談談我們的營運擴張。在 Lake Mariner，我們目前部署了約 200 兆瓦的比特幣挖礦營運基礎設施，實現了業界領先的單位經濟效益，如我們網站上更新的投資者簡報中所揭露的那樣。

We also have an additional 300 megawatts of near-term expansion capacity to meet the growing demand from HPC and AI data centers. Lake Mariner's location offers the ideal trifecta for scaling operations, low-cost power, ample land, and abundant water for cooling. At the Nautilus Cryptomine, we currently have 50 megawatts operational capacity for bitcoin mining. And earlier this year we announced plans to expand to 100 megawatts in 2025.

我們還有額外的 300 兆瓦近期擴展容量，以滿足 HPC 和 AI 資料中心不斷增長的需求。水手湖的地理位置為擴大營運提供了理想的三重優勢：低成本電力、充足的土地和充足的冷卻水。在 Nautilus Cryptomine，我們目前擁有 50 兆瓦的比特幣挖礦營運能力。今年早些時候，我們宣布計劃在 2025 年擴大到 100 兆瓦。

Our partnership with Talen, underscored by the recent sale of the Cumulus Data portion of the campus to Amazon Web Services, highlights the strategic value of our direct connection to a baseload nuclear power station. Amazon's acquisition not only validates the importance of leveraging sustainable energy but also signifies the inevitable convergence of sustainable energy with the growing demand for high-performance computing. From day one, our model has been to strategically locate our operations where we have access to scalable, low-cost, predominantly zero-carbon power. Both of our sites embody this approach.

最近將園區的 Cumulus 資料部分出售給 Amazon Web Services 就凸顯了我們與 Talen 的合作關係，突顯了我們與基荷核電廠直接連接的戰略價值。亞馬遜的收購不僅證實了利用永續能源的重要性，而且標誌著永續能源與高效能運算日益增長的需求不可避免的融合。從第一天起，我們的模式就是策略性地將我們的業務定位在能夠獲得可擴展、低成本、主要是零碳電力的地方。我們的兩個網站都體現了這種方法。

Recently, market participants and analysts have emphasized the importance of bringing data center capacity to locations that have access to power. This has been our strategy for many years, bringing our operations to locations with access to predominantly zero-carbon generation resources.

最近，市場參與者和分析師強調了將資料中心容量帶到有電力供應的地點的重要性。這一直是我們多年來的策略，將我們的業務帶到能夠獲得主要零碳發電資源的地區。

In addition to our current operations, we are exploring a pipeline of opportunities outside of the company, including certain properties owned by Beowulf Energy, a private company wholly owned by me. While our primary focus today is creating value with the organic scalability within TeraWulf, we are continuously assessing the contribution of additional assets. Any such contributions will be made in a fair and reasonable manner consistent with our Board and committee charters.

除了目前的業務外，我們還在公司外部探索一系列機會，包括貝奧武夫能源公司（我全資擁有的私人公司）擁有的某些財產。雖然我們今天的主要重點是透過 TeraWulf 內的有機可擴展性來創造價值，但我們仍在不斷評估其他資產的貢獻。任何此類捐款將按照我們的董事會和委員會章程以公平合理的方式進行。

Moving on to our financial performance, TeraWulf continues to leverage our low-cost infrastructure to drive profitability and create value for shareholders. Our commitment to shareholders has always been to deliver on our promises, and we've been successful in doing so quarter after quarter. In July, we fully repaid our debt well ahead of maturity and are now completely debt-free. This significant milestone not only strengthens our balance sheet but optimizes a strategic flexibility.

談到我們的財務業績，TeraWulf 繼續利用我們的低成本基礎設施來提高獲利能力並為股東創造價值。我們對股東的承諾始終是兌現我們的承諾，我們每個季度都成功地做到了這一點。7月份，我們提前全額償還了債務，現在完全沒有債務了。這一重要的里程碑不僅增強了我們的資產負債表，還優化了策略靈活性。

This is particularly advantageous as we aim to deploy our Lake Mariner facility to support the surging demand for data centers driven by the proliferation of data-intensive applications such as artificial intelligence, machine learning, and big data analytics.

這是特別有利的，因為我們的目標是部署 Lake Mariner 設施來支援人工智慧、機器學習和大數據分析等資料密集型應用程式激增所驅動的對資料中心不斷增長的需求。

In the second quarter, we achieved a GAAP gross profit margin of 61% and non-GAAP adjusted EBITDA of $19.5 million, translating to an EBITDA per exahash of approximately $2.4 million. Our SG&A expenses totaled $11.9 million and only $7.1 million, excluding stock-based compensation expense, materially lower than our peers.

第二季度，我們的 GAAP 毛利率為 61%，非 GAAP 調整後 EBITDA 為 1,950 萬美元，相當於每 exahash 的 EBITDA 約為 240 萬美元。我們的 SG&A 費用總計 1,190 萬美元，不包括股票薪酬費用，僅 710 萬美元，大大低於同業。

Looking ahead as Patrick will detail shortly, our growth plans for the remainder of 2024 are fully funded. This underscores our commitment to capital efficiency and ensures the continuation of our strategic initiatives without the need for additional equity financing in the near term. As regards dilution in the second quarter, we took advantage of the favorable stock price and market liquidity to safeguard our future valuation creation path and to facilitate our entry and growth in the HPC/AI sector in the most capital-efficient manner.

展望未來，派崔克很快就會詳細介紹，我們 2024 年剩餘時間的成長計畫已獲得全額資助。這強調了我們對資本效率的承諾，並確保我們的策略性舉措能夠繼續實施，而無需在短期內進行額外的股權融資。關於第二季的稀釋，我們利用有利的股價和市場流動性來保障我們未來的估值創造路徑，並以最資本效率的方式促進我們進入HPC/AI領域並成長。

These data points highlight TeraWulf 's competitive advantages. Low cost, zero-carbon power, access to some of the lowest cost predominantly zero-carbon energy in the industry, profitability, higher EBITDA per exahash than any other player in the space requiring less capital for growth. Efficiency, a lean team, and efficient management drive maximum profitability for shareholders, and scalable infrastructure for AI/HPC.

這些數據點凸顯了 TeraWulf 的競爭優勢。低成本、零碳電力、獲得業內一些成本最低（主要是零碳）的能源、盈利能力、每 exahash 的 EBITDA 比該領域需要較少資本增長的任何其他參與者更高。效率、精幹團隊和高效管理可以為股東帶來最大利潤，並為 AI/HPC 提供可擴展的基礎設施。

Wulf has access to over 300 megawatts of infrastructure to scale into high-value and high-performance compute data centers. The true value in TeraWulf lies not only in the bitcoin we mine profitably but in the quality of our asset base and our ability to generate industry-leading profits while expanding into HPC/AI. Even in times of market volatility, as we all have experienced in the last week, our focus on maintaining robust infrastructure and profitable operations ensures sustainable growth and long-term returns.

Wulf 可以使用超過 300 兆瓦的基礎設施，以擴展到高價值和高效能的運算資料中心。TeraWulf 的真正價值不僅在於我們開採的比特幣能夠盈利，還在於我們資產基礎的品質以及我們在擴展到 HPC/AI 的同時創造行業領先利潤的能力。即使在市場波動時期，正如我們上週所經歷的那樣，我們對維持穩健的基礎設施和盈利運營的關注也確保了可持續增長和長期回報。

With that segue, I'd like to now address our strategic advancements in AI and HPC. WULF Compute is in the final stages of our 2-megawatt proof of concept project, the WULF Den, which is on track for completion in early September. This state-of-the-art project is designed to support the latest generation GPUs featuring advanced liquid cooling systems and high rack density.

接下來，我想談談我們在人工智慧和高效能運算方面的策略進展。WULF Compute 正處於我們 2 兆瓦概念驗證專案 WULF Den 的最後階段，該專案預計於 9 月初完成。這個最先進的項目旨在支援具有先進液體冷卻系統和高機架密度的最新一代 GPU。

In addition, we are advancing the development of CB-1, a colocation project set to deliver 20 megawatts growth and 60 megawatts of critical computing power. This building will be tailored to support the next generation of GPUs and is projected to be operational by the end of the year. We are actively engaging with several colocation customers regarding the 300-megawatt expansion capacity at Lake Mariner.

此外，我們正在推動 CB-1 的開發，這是一個主機託管項目，旨在實現 20 兆瓦的成長和 60 兆瓦的關鍵運算能力。該建築將專門為支援下一代 GPU 而定制，預計將於今年年底投入營運。我們正積極與多家託管客戶就 Lake Mariner 的 300 兆瓦擴建容量進行接洽。

Our team is thoroughly evaluating each opportunity to maximize the potential of what we believe is one of the premier data center locations in the country. Our primary focus here is on securing the most suitable customers to achieve the highest possible valuation multiple for TeraWulf common shareholders, among whom management is one of the largest groups.

我們的團隊正在徹底評估每一個機會，以最大限度地發揮我們認為是全國首要資料中心地點之一的潛力。我們的主要重點是尋找最合適的客戶，為 TeraWulf 普通股東實現盡可能高的估值倍數，其中管理層是最大的群體之一。

As we look ahead, TeraWulf is at a pivotal moment as strategic positioning and substantial infrastructure scale offer significant opportunities for value creation. With our large-scale facilities, we are well-equipped to meet the growing demands of the data center market, positioning us to capitalize on emerging opportunities and drive substantial growth. We are excited about leveraging our infrastructure and expertise to enhance value for our stakeholders in the coming quarters.

展望未來，TeraWulf 正處於關鍵時刻，因為策略定位和龐大的基礎設施規模為價值創造提供了重要機會。憑藉我們的大型設施，我們有能力滿足資料中心市場不斷增長的需求，使我們能夠抓住新興機會並推動大幅成長。我們很高興能夠在未來幾季利用我們的基礎設施和專業知識為利害關係人提高價值。

Now, I'll turn it over to Patrick to discuss our financial performance.

現在，我將把它交給帕特里克來討論我們的財務表現。

Thank you, Paul. As Paul stated, the second quarter and beginning of the third quarter was a transformative time for Wulf. With strong financial results even in a challenging fundamental business environment, following the Bitcoin reward halving in April.

謝謝你，保羅。正如保羅所說，第二節和第三節初對沃爾夫來說是一個改變的時刻。繼 4 月比特幣獎勵減半後，即使在充滿挑戰的基本商業環境中，也取得了強勁的財務表現。

In the second quarter of 2024, we self-mined 539 bitcoin at Lake Mariner and our net share of bitcoin mined at Nautilus was 160 for a total of 699 bitcoins, or about 7.7 bitcoins per day, a 34% decrease over the 1,051 bitcoins mined in 1Q '24. The hosting agreement at Lake Mariner terminated in February 2024 and as a result, we received zero and an additional 6 bitcoin in 2Q '24 and 1Q '24, respectively from associated profit sharing.

2024 年第二季度，我們在Lake Mariner 自行開採了539 個比特幣，在Nautilus 開採的比特幣淨份額為160，總計699 個比特幣，即每天約7.7 個比特幣，比開採的1,051 個比特幣減少了34% 24 年第一季。Lake Mariner 的託管協議於 2024 年 2 月終止，因此，我們在 2024 年第二季和 24 年第一季分別從相關利潤分享中收到了零個比特幣和額外的 6 個比特幣。

Our GAAP revenues were down 16% quarter over quarter at $35.6 million in 2Q '24 from $42.4 million in 1Q '24. Our value per bitcoin self-mined in this quarter, a non-GAAP metric that includes bitcoin mined at Nautilus, averaged 65,984 per bitcoin for a total of $46.1 million as detailed and defined in our monthly operating reports, press releases, and MD&A section of our 10-Q.

我們的 GAAP 收入從 2024 年第一季的 4,240 萬美元下降到 2024 年第二季的 3,560 萬美元，季減 16%。我們本季自行開採的每比特幣價值（非GAAP 指標，包括在Nautilus 開採的比特幣）平均每比特幣65,984 美元，總計4610 萬美元，詳細資訊和定義請參見我們的月度營運報告、新聞稿和MD&A 部分。

As a reminder, there is a key difference between our GAAP financials and the monthly operating reports in 2024 guidance. Due to our 25% ownership in the Nautilus JV, the revenue, cost of revenue, operating expenses, depreciation, and amortization at Nautilus are not consolidated into our GAAP financial statements. Instead, the financial impact of the Nautilus JV is reflected in the equity in net income or loss of investee net of tax line item on the GAAP income statement.

提醒一下，我們的 GAAP 財務數據與 2024 年指引中的每月營運報告之間存在重大差異。由於我們擁有 Nautilus 合資企業 25% 的所有權，因此 Nautilus 的收入、收入成本、營運費用、折舊和攤提未合併到我們的 GAAP 財務報表中。相反，鸚鵡螺合資企業的財務影響反映在 GAAP 損益表中扣除稅項後的被投資方淨利或虧損中的權益。

Our GAAP cost of revenue exclusive of depreciation for 2Q '24 was $13.9 million, a 3% decrease over $14.4 million in 1Q '24. The quarter-over-quarter decrease was due to a 14% decrease in the average cost of power at Lake Mariner from $0.049 per kilowatt in 1Q '24 to $0.042 per kilowatt in 2Q '24 and the expected demand response proceeds of $1.9 million in 2Q '24 versus $1.3 million in 1Q '24.

我們 2024 年第二季的 GAAP 收入成本（不包括折舊）為 1,390 萬美元，比 24 年第一季的 1,440 萬美元下降了 3%。環比下降的原因是Lake Mariner 的平均電力成本從2024 年第一季的每千瓦0.049 美元下降到2024 年第二季度的每千瓦0.042 美元，下降了14%，並且第二季度的預期需求響應收益為190 萬美元'24 年第一季為 130 萬美元。

Our gross profit exclusive of depreciation, decreased by 23% quarter over quarter from $28 million in 1Q '24 to $21.7 million in 2Q '24. Our power cost or cost of energy per bitcoin mined, a non-GAAP metric that includes bitcoin-minded Nautilus, was $22,954 in 2Q '24 compared to $15,501 in 1Q '24.

我們的毛利（不包括折舊）季減了 23%，從 2024 年第一季的 2,800 萬美元降至 2024 年第二季的 2,170 萬美元。我們的電力成本或每開採比特幣的能源成本（一種非 GAAP 指標，包括比特幣思維的 Nautilus），在 2024 年第二季為 22,954 美元，而在 24 年第一季為 15,501 美元。

As a reminder, in our GAAP financials, unlike our monthly operating reports, the company records proceeds received and to be received for demand response programs as a reduction in cost of revenue. These expected proceeds total $1.9 million in 2Q '24 and $1.3 million in 1Q '24.

提醒一下，在我們的 GAAP 財務報表中，與我們的月度營運報告不同，公司將需求回應計畫收到的和將收到的收益記錄為收入成本的減少。這些預期收益在 2024 年第二季總計為 190 萬美元，在 24 年第一季總計為 130 萬美元。

As disclosed in our 2024 guidance, we expect to achieve an average power cost including demand response revenues and the impact of Nautilus's $0.02 power of $0.035 per kilowatt hour in 2024. For 2Q '24, we achieved an average power cost of $0.037 per kilowatt hour compared to $0.041 in 1Q '24. This is consistent with historical power price variability in upstate New York, where the Lake Mariner facility is located. Operating expenses were stable quarter over quarter at $1.7 million in 2Q '24 and 1Q '24.

正如我們在 2024 年指南中所揭露的，我們預計到 2024 年，平均電力成本將達到每度電 0.035 美元的平均電力成本，包括需求響應收入和 Nautilus 0.02 美元電力的影響。2024 年第二季度，我們的平均電力成本為每千瓦時 0.037 美元，而 24 年第一季為 0.041 美元。這與水手湖設施所在的紐約州北部的歷史電價變化是一致的。2024 年第二季和 2024 年第一季營運支出穩定在 170 萬美元。

As disclosed in our 2024 guidance, we expect a $13.5 million of operating expenses in 2024, which includes operating expenses at Nautilus. Of the $13.5 million total anticipated for 2024, approximately 50% is expected to be incurred at Lake Mariner and 50% at Nautilus.

正如我們在 2024 年指引中所揭露的，我們預計 2024 年的營運費用為 1,350 萬美元，其中包括 Nautilus 的營運費用。2024 年預計總額為 1,350 萬美元，其中約 50% 預計將在 Lake Mariner 產生，50% 將在 Nautilus 產生。

SG&A expenses decreased quarter-over-quarter from $14.9 million in 1Q '24 to $11.9 million in 2Q '24. The decrease is almost entirely due to $6.9 million of stock-based compensation expense incurred in 1Q '24 versus $4.8 million in 2Q '24.

SG&A 費用季減，從 2024 年第一季的 1,490 萬美元下降到 2024 年第二季的 1,190 萬美元。這一下降幾乎完全是由於 2024 年第一季產生的 690 萬美元的股票薪酬費用，而 2024 年第二季為 480 萬美元。

Adjusting for stock-based comp, SG&A decreased 11% quarter-over-quarter from $8 million in 1Q '24 to $7.1 million in 2Q '24. As I've indicated previously, this decline is expected as SG&A spend is more heavily weighted to the first quarter of the year versus the following quarters.

調整股票成本後，SG&A 環比下降 11%，從 2024 年第一季的 800 萬美元降至 24 年第二季的 710 萬美元。正如我之前指出的，這種下降是預料之中的，因為與隨後的幾個季度相比，今年第一季的 SG&A 支出所佔的比重更大。

With our entry into HPC and AI and need for more staff, we are updating our 2024 SG&A guidance from $27.5 million to $30 million of SG&A in 2024, as indicated on page 14 of our August Investor Presentation available on our website.

隨著我們進入 HPC 和 AI 領域並需要更多員工，我們將 2024 年 SG&A 指導從 2750 萬美元更新為 2024 年 SG&A 3000 萬美元，如我們網站上 8 月投資者簡報第 14 頁所示。

Depreciation decreased quarter over quarter from $15.1 million in 1Q '24 to $14.1 million in 2Q '24, which was the result of a quarter-over-quarter decrease of $2.5 million in accelerated depreciation related to certain miners, of which the company shortened their estimated useful lives based on expected replacement by April 30, 2024, partially offset by increased assets placed into service and depreciated as a result of our continued infrastructure build-up.

折舊率季減，從2024 年第一季的1,510 萬美元下降到2024 年第二季的1,410 萬美元，這是由於與某些礦機相關的加速折舊環比減少了250 萬美元，其中該公司縮短了其估計值使用壽命是基於 2024 年 4 月 30 日之前的預期更換，部分被投入使用的資產增加和我們持續基礎設施建設造成的折舊所抵消。

Gain or loss on fair value of digital currency is a new income statement line item for us in 2024, given our early adoption of the new FASB accounting rule, which marks the company's bitcoin holdings to the fair market value as of the filing date with changes in fair value recorded in net income.

鑑於我們較早採用了新的FASB 會計規則，數位貨幣公允價值的損益將成為我們2024 年新的損益表項目，該規則將公司持有的比特幣標記為截至提交日期的公允市場價值（但有變化）以公允價值計入淨利。

In 2Q '24, we incurred a loss of $0.7 million, compared with a gain of $1.3 million in 1Q '24. It's critically important to note the six-month 2024 net gain of $0.6 million is substantially all realized, meaning it's realized cash in our bank account, not theoretical mark-to-market gains on paper, which many of our peers at HODL have reported.

2024 年第二季度，我們虧損了 70 萬美元，而 2024 年第一季則獲利 130 萬美元。值得注意的是，2024 年6 個月的淨收益60 萬美元基本上已全部實現，這意味著它是我們銀行帳戶中的變現現金，而不是我們許多HODL 同行報告的理論上按市值計算的紙面收益。

GAAP interest expense in 2Q '24 and 1Q '24 was $5.3 million and $11 million, respectively, which includes cash interest expense and amortization of debt issuance costs and debt discount related to the term loan financing. However, cash interest paid during 2Q '24 was $2.5 million, down over 33% from $3.7 million in 1Q '24. This decrease is the result of repayment of $30.2 million of debt in 2Q '24 and $33.4 million in 1Q '24.

2024 年第二季和 24 年第一季的 GAAP 利息支出分別為 530 萬美元和 1,100 萬美元，其中包括現金利息支出以及債務發行成本攤提和與定期貸款融資相關的債務折扣。然而，2024 年第二季支付的現金利息為 250 萬美元，比 24 年第一季的 370 萬美元下降了 33% 以上。這一減少是由於 2024 年第二季償還了 3,020 萬美元的債務，24 年第一季償還了 3,340 萬美元的債務。

As detailed in our press release on July 9th in debt footnote of our 10-Q, we repaid the remaining $75.8 million of debt with approximately $19.8 million of excess cash flow sweep as defined in our credit agreement and $56 million of equity proceeds from our ATM facility. In connection with the voluntary prepayment of $56 million of debt in July, a third-quarter 2024 event, the company incurred prepayment fees of $0.9 million, wrote-off unamortized discount of $3.3 million associated with the principal repaid, and recorded a loss on extinguishment of debt of $4.2 million.

正如我們7 月9 日新聞稿中10-Q 債務腳註所詳述的那樣，我們償還了剩餘的7580 萬美元債務，其中包括信貸協議中定義的約1980 萬美元的超額現金流清償以及來自ATM 的5600 萬美元的股權收益設施。由於7 月自願提前償還5,600 萬美元債務（2024 年第三季的事件），該公司產生了90 萬美元的提前還款費用，沖銷了與償還本金相關的330 萬美元的未攤銷折扣，並記錄了清償損失債務 420 萬美元。

In 2Q '24, we reported $0.8 million in equity and net income of investee, net of tax, as compared to $5.3 million in 1Q '24. These amounts represent TeraWulf's proportional share of net income of the Nautilus joint venture. Let's take a moment to review in detail how Nautilus impacts our GAAP financial statements and non-GAAP adjusted EBITDA.

2024 年第二季度，我們報告了被投資方的股本和稅後淨利潤為 80 萬美元，而 2024 年第一季為 530 萬美元。這些金額代表 TeraWulf 在 Nautilus 合資企業淨利潤中所佔的比例份額。讓我們花點時間詳細回顧一下 Nautilus 如何影響我們的 GAAP 財務報表和非 GAAP 調整後 EBITDA。

Please refer to the hypothetical quarter on the Nautilus illustrative P&L and financial statement impact, page 10, of our August investor deck to follow along. We run approximately 1.85 exahash of total capacity at Nautilus and paid $0.02 for 50 megawatts of power. Assuming 98% uptime, a 610 network hash rate, and 60,000 bitcoin price, this results in quarterly revenue of $7.4 million, cost of revenue excluding depreciation of $2.2 million and therefore gross profit of $5.2 million.

請參閱我們 8 月投資者平台第 10 頁上關於鸚鵡螺說明性損益和財務報表影響的假設季度。我們在 Nautilus 運行大約 1.85 exahash 的總容量，並為 50 兆瓦的電力支付了 0.02 美元。假設正常運作時間為 98%、網路哈希率為 610、比特幣價格為 60,000，則季度收入為 740 萬美元，不包括折舊的收入成本為 220 萬美元，因此毛利為 520 萬美元。

Subtracting quarterly and other operating expenses of $1.7 million, which as discussed previously is approximately $6.75 million annually, results in operating profit of $3.5 million. This would effectively be the net distribution of bitcoin to Wulf from Nautilus and the figure we add back in the non-GAAP adjusted EBITDA calculation.

減去 170 萬美元的季度和其他營運費用（如前所述，每年約 675 萬美元），營運利潤為 350 萬美元。這實際上是 Nautilus 向 Wulf 分配的比特幣的淨分配，以及我們在非 GAAP 調整後 EBITDA 計算中添加回來的數字。

Including quarterly depreciation of $5.6 million, results in equity and net loss of investee, net of tax of negative $2.1 million, which is what would appear on our GAAP income statement and be stripped out of our non-GAAP adjusted EBITDA calculation.

包括560 萬美元的季度折舊，導致被投資方的股權和淨虧損（稅後淨額為負210 萬美元），這將出現在我們的GAAP 損益表中，並從我們的非GAAP 調整後EBITDA 計算中剔除。

Our GAAP net loss for the second quarter was $11.2 million, compared to a net loss of $9.9 million in 1Q '24. Our non-GAAP adjusted EBITDA for 2Q '24 was $19.5 million compared to $32 million in 1Q '24.

我們第二季的 GAAP 淨虧損為 1,120 萬美元，而 2024 年第一季的淨虧損為 990 萬美元。我們 2024 年第二季的非 GAAP 調整後 EBITDA 為 1,950 萬美元，而 2024 年第一季為 3,200 萬美元。

Now, turning our attention to the balance sheet. As of June 30, we held $104 million in cash with total assets amounting to $480 million and total liabilities of $93 million. Pro forma for our debt repayment on July 9, our adjusted cash and bitcoin balance was $28.4 million. Our net working capital as of June 30 was a positive $18.5 million.

現在，將我們的注意力轉向資產負債表。截至6月30日，我們持有現金1.04億美元，總資產為4.8億美元，總負債為9,300萬美元。根據我們 7 月 9 日的債務償還情況，調整後的現金和比特幣餘額為 2840 萬美元。截至 6 月 30 日，我們的淨營運資本為 1,850 萬美元。

As disclosed on page 14 of our August investor deck, we achieved a marginal cost of production, including every single cost in the company of $41,587 per bitcoin in 2Q '24, and expect to achieve approximately $40,000 per bitcoin in second half '24. Regarding our capital position and growth plans for the remainder of 2024, we are fully funded. On page 12 of the August investor deck, you'll find a capital sources and uses bridge for Q2 '24, as well as our expectations for second half '24 on page 13. We are now debt-free and in poll position to maximize the value of our assets as we diversify into HPC and AI.

正如我們8 月投資者報告第14 頁所揭露的，我們實現了邊際生產成本，包括公司在2024 年第二季每比特幣41,587 美元的每項成本，並預計在24 年下半年實現每比特幣約4 萬美元。關於我們的資本狀況和 2024 年剩餘時間的成長計劃，我們資金充足。在 8 月投資者平台的第 12 頁上，您將在第 13 頁上找到 24 年第二季的資金來源和用途橋樑，以及我們對 24 年下半年的預期。我們現在沒有債務，隨著我們向高效能運算和人工智慧領域的多元化發展，我們有能力實現資產價值的最大化。

Let me take a moment to point out a few key items in the second half '24 capital budget on page 13. We expect the following approximate capital expenditures in second half '24. Number one, $8 million on WULF Compute's 2 megawatts HPC/AI WULF Den, which includes the purchase of 128 NVIDIA H100 GPUs consisting of direct liquid-to-chip cooling with backbone of a full cluster of which approximately 50% of the purchase price is being financed by a large OEM partner. Two, $14 million on LMD Site Electrical to allow expansion to 500 megawatts.

讓我花點時間指出第 13 頁的 24 年下半年資本預算中的幾個關鍵項目。我們預期 24 年下半年的資本支出大致如下。第一，WULF Compute 的 2 兆瓦 HPC/AI WULF Den 花費 800 萬美元，其中包括購買 128 個 NVIDIA H100 GPU，由直接液體到晶片冷卻和整個集群的主幹組成，其中約 50% 的採購價格為由大型OEM 合作夥伴提供資金。第二，1,400 萬美元用於 LMD Site Electrical 項目，可將發電量擴展到 500 兆瓦。

Three, $23 million on construction of Building 5, a 54-megawatt bitcoin mining building expected to be substantially complete by year-end 2024. And four, $30 million on construction of WULF Compute's CB-1, a liquid-cooled, redundant, and high power density 20 megawatt HPC/AI infrastructure expected to be substantially complete by year-end. The $30 million spend constitutes Wulf's equity contribution for the 20-megawatt building, and we expect to finance the remaining 70% in the project finance market.

第三，耗資 2,300 萬美元建造 5 號大樓，這是一座 54 兆瓦的比特幣採礦大樓，預計將於 2024 年底基本完工。第四，斥資 3,000 萬美元建造 WULF Compute 的 CB-1，這是一個液冷、冗餘、高功率密度的 20 兆瓦 HPC/AI 基礎設施，預計將於年底基本完工。3000 萬美元的支出是 Wulf 對 20 兆瓦建築的股權出資，我們預計將在專案融資市場上為剩餘 70% 的資金提供資金。

As discussed on our 1Q '24 earnings call, updated on page 15 of our August investor deck, and as a peer public co-location company has announced, we are targeting a customer contract with a one-year revenue prepay, which would return Wulf's $30 million equity contribution. Given the quality and quantity of customer interest in our assets, we are comfortable paying this forward so we can deliver sizable HPC/AI capacity by year-end 2024 with additional rapid growth in 2025.

正如我們在24 年第一季財報電話會議上所討論的那樣，並在我們8 月份投資者平台第15 頁上進行了更新，並且正如一家同行公共託管公司所宣布的那樣，我們的目標是簽訂一份預付一年收入的客戶合同，這將返還Wulf 的收入。考慮到客戶對我們資產的興趣的品質和數量，我們願意提前支付這筆費用，以便我們能夠在 2024 年底之前提供相當大的 HPC/AI 容量，並在 2025 年實現進一步的快速增長。

At Wulf, our financial objectives remain clear and simple. Maximize profits, secure long-term high-quality customers in HPC and AI to minimize Wulf's future equity needs, and return value to shareholders while providing investors access through transparency and accountability.

在沃爾夫，我們的財務目標仍然明確而簡單。實現利潤最大化，確保 HPC 和 AI 領域的長期優質客戶，從而最大限度地減少 Wulf 未來的股權需求，為股東回報價值，同時透過透明度和問責制為投資者提供投資機會。

With that, I'll hand it over to the operator and look forward to answering your questions.

這樣，我會將其交給接線員，並期待回答您的問題。

(Operator Instructions) Mike Grondahl, Northland Securities.

（操作員指示）Mike Grondahl，北國證券。

How would you characterize the demand environment for the 2 megawatts, the 20 megawatts, and then sort of 50 plus going forward? Could you just give us a little bit of flavor of who you're talking to and what you're hearing?

您如何描述 2 兆瓦、20 兆瓦以及未來 50 兆瓦以上的需求環境？您能否向我們介紹一下您正在與誰交談以及您所聽到的內容？

Yes. Paul, I think you're aligned to me. Do you want to take that or do you want me to?

是的。保羅，我想你和我是一致的。你想接受還是希望我接受？

Sure. Mike, we're very active. Listen, I can tell you that we're talking to a range of customers and a variety of customer class, if you will. We're talking to a couple of the hyperscalers. We're talking to end users. We're talking to enterprise customers of our OEM. And I think that what's exciting to people is the immediacy that we're able to meet their goals. As you know, that we've advertised that we'll have megawatts available by year-end, and we've given a very, very programmatic schedule for folks in '25.

當然。麥克，我們非常活躍。聽著，如果您願意的話，我可以告訴您，我們正在與一系列客戶和各種客戶類別進行交談。我們正在與一些超大規模企業進行交談。我們正在與最終用戶交談。我們正在與我們的 OEM 的企業客戶進行交談。我認為讓人們興奮的是我們能夠立即實現他們的目標。如您所知，我們已經宣傳說我們將在年底前提供兆瓦電力，並且我們為 25 年的人們提供了一個非常非常有計劃的時間表。

So I think the interest is at the beginning, at the tip of the iceberg, not even close to sort of the end of it. I think that the market is continuing to evolve, and a lot of folks are talking to the hyperscalers about what their needs are. And a lot of people don't want to be working with hyperscalers, so they want direct access. But we are engaged daily on this, and for us, I think it's very, very important, Mike, that we make the right decision and have a customer that's the right credit quality. We don't want to go out there with -- if you will, somebody that isn't somebody that we could scale with over time or that we think won't be around in a year or two.

所以我認為興趣只是在開始，在冰山一角，甚至還沒接近結束。我認為市場正在不斷發展，很多人正在與超大規模企業討論他們的需求是什麼。許多人不想與超大規模提供者合作，因此他們希望直接訪問。但我們每天都在致力於解決這個問題，對我們來說，麥克，我認為我們做出正確的決定並擁有具有良好信用品質的客戶非常非常重要。如果你願意的話，我們不想和那些我們無法隨著時間的推移而擴大規模的人，或者我們認為一兩年內不會出現的人一起出去。

So I can only tell you that we're very excited about the prospects. We're very excited about the potential customers we're speaking to. But they're coming in all shapes and sizes. And again, our primary concern is credit quality and value, ultimately to our shareholders in the deal that we strike. I think most of all, that should be indicated by the fact that we're funding this $30 million here. I think that should indicate to you real confidence on our part.

所以我只能告訴你，我們對前景感到非常興奮。我們對正在交談的潛在客戶感到非常興奮。但它們有各種形狀和大小。再說一次，我們最關心的是信用品質和價值，最終是我們達成的交易中股東的信用品質和價值。我認為最重要的是，我們在這裡資助 3000 萬美元這一事實應該表明這一點。我認為這應該向您表明我們真正的信心。

No, that's great. And then just maybe as a follow-up to that, in the last 90 days, as you've taken part in a lot of these discussions, what have you maybe learned the most, or what's been surprising or interesting to you, Paul?

不，那太好了。然後也許作為後續行動，在過去的 90 天裡，當你參加了很多這樣的討論時，你可能學到最多的是什麼，或者什麼對你來說是令人驚訝或有趣的，保羅？

Patrick, I'm going to let you start, and I'll give my sort of closing remark on that though.

派崔克，我要讓你開始，不過我會就此發表我的結語。

Yes. Look, Mike, as you know, I always tend to answer things too honestly. So I would just say, look, I'm the CFO, right? My job is to get the numbers right and get things financed and financially engineered. I think for me, we have a -- I won't use the word, but we have a kick butt team. And I got to tell you, like being on the phone with some of the largest and most accomplished data center folks in the world and having our team impress those people, I mean, that to me has honestly surprised me the most.

是的。聽著，麥克，你知道，我總是傾向於過於誠實地回答問題。所以我只想說，看，我是財務官，對吧？我的工作是獲得正確的數字並為事情提供資金和財務工程。我認為對我來說，我們有一個——我不會用這個詞，但我們有一個強大的團隊。我必須告訴你，就像與世界上一些最大、最有成就的資料中心人員通電話並讓我們的團隊給他們留下深刻印像一樣，我的意思是，對我來說，這確實讓我感到最驚訝。

Because, again, I mean, we're really good at what we do, but we're getting into a bit of a new lane here, and we've been studying it extremely hard. So I think to add some fuel to Paul's fire in the customer side, I mean, the customer conversations are red hot, our phones are ringing off the hook, and I think our team is really doing an incredible job.

因為，我的意思是，我們真的很擅長我們所做的事情，但我們正在進入一條新的道路，我們一直在非常努力地研究它。因此，我認為要給保羅在客戶方面的火上加油，我的意思是，客戶的談話非常激烈，我們的電話響個不停，我認為我們的團隊確實做得非常出色。

I guess, for me, what I've learned most in terms of over the course of the last 90 days is how different the requirements are for each one of these customers. And yet the one uniform thing that's missing, as sophisticated as these customers are, is a lack of familiarity with power and energy infrastructure. And as we have these discussions and they've advanced, it's been great to watch these potential customers appreciate how important solving the energy infrastructure problem is, and the value of partnership in getting that endeavor completed.

我想，對我來說，在過去 90 天的時間裡，我學到最多的就是這些客戶的要求有多麼不同。然而，儘管這些客戶非常複雜，但他們缺少一件事，那就是對電力和能源基礎設施缺乏熟悉感。當我們進行這些討論並取得進展時，很高興看到這些潛在客戶認識到解決能源基礎設施問題的重要性，以及合作關係對於完成這項努力的價值。

So I think we're spending a lot of time educating these folks about energy infrastructure, how we do it, how we suggest they do it. They're teaching us a lot about their requirements. And so I think it's pretty fascinating. And for me, it's far more than -- it's not fascinating because so it's interesting. It's fascinating because I believe that it will jettison TeraWulf to be an important company, I think, as we continue to expand into HPC/AI, given the backbone of the energy infrastructure that we have.

所以我認為我們花了很多時間來教育這些人關於能源基礎設施、我們如何做、我們建議他們如何做。他們教給我們很多關於他們的要求的知識。所以我認為這非常有趣。對我來說，它遠不止——它並不令人著迷，因為它很有趣。這很令人著迷，因為我認為，鑑於我們擁有的能源基礎設施的支柱，隨著我們繼續向 HPC/AI 領域擴展，我認為它將拋棄 TeraWulf 成為一家重要的公司。

Joe Flynn, Compass Point Research & Trading.

Joe Flynn，Compass Point 研究與交易。

To kind of piggyback off the earlier question, I was wondering if would you expect to have a 20-megawatt customer by year-end, and with the forward guidance on the building build of co-location, Building 2 in future capacity, is this kind of a build it and they will come situation, or would you expect to have customers secured beforehand?

順便提一下之前的問題，我想知道您是否期望在年底前擁有 20 兆瓦的客戶，並且根據對未來容量中的主機代管 2 號樓建設的前瞻性指導，是這樣的嗎？的構建，他們就會出現這種情況，或者您希望事先確保客戶安全嗎？

Yes. Look, Brett, it's Patrick, I'll answer that. I mean, look, I would just say we put a slide in the deck that updates on timing and we're having constant discussions wherever folks are looking for hundreds and hundreds of megawatts of capacity. So I would say, as Paul echoed, we are really, every day, everyone on the team focused on making sure we've got the right customer or group of customers to achieve the maximum valuation multiple.

是的。聽著，布雷特，我是派崔克，我來回答。我的意思是，看，我只想說，我們在甲板上放了一張幻燈片，更新時間安排，無論人們在哪裡尋找數百兆瓦的容量，我們都會不斷進行討論。所以我想說，正如保羅所呼應的那樣，我們團隊中的每個人每天都專注於確保我們擁有合適的客戶或客戶群，以實現最大估值倍數。

And so if that takes a little bit longer than expected, then it does. But I think there's a balance here of, we know power is in short supply, we have it, and then we also know folks are scrambling for it. So I think, I'm not going to answer directly your timing question, but there is kind of a sweet spot, as we all know over the coming months, and that's what we're trying to align with.

因此，如果這需要比預期更長的時間，那麼它就會發生。但我認為這裡有一個平衡，我們知道電力供應短缺，我們擁有它，然後我們也知道人們正在爭奪它。所以我想，我不會直接回答你的時間安排問題，但正如我們都知道的，在接下來的幾個月裡，有一個最佳點，這就是我們正在努力調整的。

And then, I guess, as we look into the future in 2026 and 2027, you talked about like -- the hundreds of megawatts type deals. What kind of margin profile should we expect as like the time moves out? Thanks.

然後，我想，當我們展望 2026 年和 2027 年的未來時，您談到了數百兆瓦類型的交易。隨著時間的流逝，我們應該預期什麼樣的利潤率？謝謝。

Yes. Look, I think you can see on page 15, we did update that page around the edges if you kind of compare it to -- our page from the last deck. I think we've kind of stuck with 65%, 75% margins on this colocation business. I know some of our public, or one of our public peers has put out a higher number, we're going to stick with that sort of 70% for now. And once we have some operations under our belt, we'll update that. But that's what we're sticking with for today.

是的。看，我想你可以在第 15 頁上看到，如果你將它與我們上一張牌的頁面進行比較，我們確實更新了該頁面的邊緣。我認為我們在託管業務上的利潤率一直保持在 65%、75%。我知道我們的一些公眾，或者我們的一位公眾同行提出了更高的數字，我們現在將堅持 70%。一旦我們進行了一些操作，我們就會更新它。但這就是我們今天要堅持的。

Darren Aftahi, Roth Capital Partners.

達倫‧阿夫塔希 (Darren Aftahi)，羅斯資本合夥人。

Can you talk about how the WULF Den -- the sort of the role it plays relative to the 20-megawatt facility you're building? I guess, that's another way, is this something that you would showcase for clients that are potentially interested in the bigger capacity?

您能談談 WULF Den 相對於您正在建造的 20 兆瓦設施所扮演的角色嗎？我想，這是另一種方式，你會向那些可能對更大容量感興趣的客戶展示這個東西嗎？

Yes, that's exactly right, Darren. I think it's -- and again, on the -- as we talked about buying these GPUs, and you can see -- as we've kind of laid out on page 15, that is not our core business, but it is a show me story. And some of the folks that were in negotiations with want to come on-site, want to see that we can run the greatest and latest technology. And so that's our commitment there. But again, these are single-digit millions of dollars, right, that we're spending on that business -- on the sort of GPUs as a service business if you will. And our major and main focus remains colocation.

是的，完全正確，達倫。我認為，正如我們在討論購買這些 GPU 時，你可以看到的那樣，正如我們在第 15 頁上所闡述的那樣，這不是我們的核心業務，但它是一場表演我的故事。一些參與談判的人希望來到現場，希望看到我們能夠運作最先進、最新的技術。這就是我們的承諾。但同樣，我們在這項業務上的支出也只有數百萬美元，如果你願意的話，可以花在 GPU 即服務業務上。我們的主要焦點仍然是主機託管。

Great. And then just one more. I noticed in the release you guys talked about Building 5 is having optionality for either BTC or HPC. I guess, like, when it's complete, is it -- what's the calculus from your perspective that determines which way you go there? Thanks.

偉大的。然後還有一個。我注意到在新聞稿中你們談到 Building 5 可以選擇 BTC 或 HPC。我想，當它完成時，從你的角度來看，決定你去那裡的方式是什麼？謝謝。

Yes. Look, I think, as we've said before, there's other -- it's not just a capital allocation decision for us. So we have contractors and subs that have been on this site for three years and they've built Building 1, Building 2, Building 3, Building 4. Now they're moving to Building 5. So part of that is, we're competing with Buffalo Bills stadium, for example. So we need to keep those contractors and subs on-site working. So we're moving ahead with Building 5.

是的。我認為，正如我們之前所說，還有其他因素——這不僅僅是我們的資本配置決策。我們的承包商和分包商已經在這個工地上工作了三年，他們建造了 1 號樓、2 號樓、3 號樓、4 號樓。現在他們要搬到5號樓。例如，其中一部分是我們正在與布法羅比爾隊體育場競爭。因此，我們需要讓這些承包商和分包商繼續在現場工作。所以我們正在推進 5 號樓的建設。

Yes, Building 5 does have some optionality. You know, should we land a customer very, very soon where we could pivot that building, but just order a magnitude? Right, we're talking about call it around $25 million to build that whole building. And roughly 50% of that can be repositioned as high-power compute AI infrastructure.

是的，5號樓確實有一些選擇。你知道，我們是否應該很快找到一個客戶，我們可以在該建築上進行旋轉，但只需訂購一個量級？是的，我們正在談論大約 2500 萬美元來建造整棟大樓。其中約 50% 可以重新定位為高功率運算人工智慧基礎架構。

So, Darren, it's small dollars to kind of keep our people at the site, keep them working so that we've got runway for the next two, three years to build out hundreds of megawatts. So that kind of comes into the calculus as well. And again, to kind of pivot, you're talking about sort of 50% of that CapEx that's reusable. Does that make sense?

所以，達倫，讓我們的員工留在現場，讓他們繼續工作，這樣我們就有了在未來兩三年內建造數百兆瓦的跑道。因此，這種情況也被納入微積分中。再次強調一下，您所說的是 50% 的資本支出是可重複使用的。這樣有道理嗎？

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

This is Nick Giles on for Lucas. Guys, I appreciate all the color so far. Your CapEx on the CB-1, I believe it implies a CapEx per megawatt of $5 million. Should we think about this as a good go-forward target? And what levels of redundancy could influence this figure? I mean, Paul, you said it earlier that each customer has different needs. So just trying to think about how that figure could potentially flex.

我是盧卡斯的尼克吉爾斯。夥計們，到目前為止我很欣賞所有的顏色。我認為 CB-1 的資本支出意味著每兆瓦的資本支出為 500 萬美元。我們是否應該將其視為一個好的前進目標？什麼程度的冗餘會影響這個數字？我的意思是，保羅，你之前說過每個客戶都有不同的需求。所以只是想一下這個數字可能會如何改變。

Yes. Hi, Nick. So it's a good question. So, yes, it's roughly $5 million. As you can see on page 15, we did update our build cost per megawatt to $6 million to $8 million. Generally speaking, that's specific for our site. And what I mean by that is if you were to add, for example, backup diesel reciprocating generators, which we're not planning to do, that would cost you at least another $2 million per megawatt.

是的。嗨，尼克。所以這是一個好問題。所以，是的，大約是 500 萬美元。正如您在第 15 頁上看到的，我們確實將每兆瓦的建造成本更新為 600 萬至 800 萬美元。一般來說，這是我們網站特有的。我的意思是，如果您要添加備用柴油往復式發電機（我們不打算這樣做），那麼每兆瓦將至少再花費 200 萬美元。

And so again, our site is very unique in that it's a former pole plant, right, retired and reclamated. So we have grid infrastructure in place that you typically would not build for a data center. For example, we have two, three, 45 KV lines that come into our substation and multiple transformers. So what that means is unlike a sort of typical data center that has one line coming in, if we lose one of those lines because the transformer goes down, we just move to the other line.

再說一遍，我們的場地非常獨特，因為它以前是一個桿子工廠（右），現在已經退役並被改造。因此，我們擁有通常不會為資料中心建置的網格基礎架構。例如，我們有兩條、三條、45 KV 線路進入我們的變電站和多個變壓器。因此，這意味著與只有一條線路進入的典型資料中心不同，如果我們因為變壓器故障而失去其中一條線路，我們只需轉移到另一條線路。

And so when you think about that redundancy, I mean, really, you're talking about you're only going down in a blackout, which happened once in the last 60 years, right? And so that again makes our site very unique and our build cost unique to this specific location.

所以當你想到這種冗餘時，我的意思是，真的，你說的是你只是在停電中倒下，這種情況在過去 60 年裡發生過一次，對嗎？因此，這再次使我們的網站非常獨特，並且我們的建造成本對於這個特定位置來說是獨一無二的。

Patrick, that's super helpful. My next question, obviously, the team has really deep experience in power and infrastructure TeraWulf and even Beowulf included in that. Good to hear that potential customers are recognizing this. As it relates to data center design, are you using any third parties today? Or is there any appetite to bring in any partners on either the data center design or operations side.

派崔克，這非常有幫助。我的下一個問題顯然是，團隊在電力和基礎設施 TeraWulf 甚至 Beowulf 方面擁有非常豐富的經驗。很高興聽到潛在客戶認識到這一點。由於它與資料中心設計有關，您現在是否使用任何第三方？或是否有興趣在資料中心設計或營運方面引入任何合作夥伴。

Yes. So, Nick, we -- and I'm the wrong guy to answer that question, and I know my team is spread out all over the place, so I'm not exactly sure who is online, nor am I sure what we're willing to disclose. But the short answer is yes, yes, and yes. You know, we are partnered with a variety of different partners on all aspects of the HPC/AI, or what I would call, like the data center of the future build. And literally, that's everyone from NVIDIA, Supermicro, Dell, HP, like all the way down the line.

是的。所以，尼克，我們——我不適合回答這個問題，我知道我的團隊分散在各地，所以我不確定誰在線，也不確定我們在做什麼。但簡短的回答是，是的，是的。您知道，我們在 HPC/AI（或我所說的，例如未來建構的資料中心）的各個方面與各種不同的合作夥伴合作。從字面上看，這就是來自 NVIDIA、Supermicro、Dell、HP 的所有人。

So, yes, that is a collective effort led by Sean Farrell, SVP of Operations on our team, and Nazar Khan, COO, and Co-Founder, and their whole team, and augmented by multiple outside parties. So, yes, that is a big team effort. And like I said, been just really, really impressed with the team that Nazar and Paul have assembled there.

所以，是的，這是我們團隊營運高級副總裁 Sean Farrell 和首席營運長兼聯合創始人 Nazar Khan 及其整個團隊領導的集體努力，並得到多個外部各方的支持。所以，是的，這是一個巨大的團隊努力。就像我說的，納札爾和保羅在那裡組成的團隊給我留下了非常非常深刻的印象。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，康托·菲茨杰拉德。

Maybe to start for Lake Mariner, I know you guys have talked about that facility being able to go to 770, if you do an additional interconnect. Would that occur before you guys consider to drop down additional assets into TeraWulf from Beowulf? I guess, could you just help us understand, like the timing and what would happen between the two?

也許從 Lake Mariner 開始，我知道你們已經討論過如果你們進行額外的互連，該設施就能夠連接到 770。在你們考慮將額外資產從 Beowulf 投入 TeraWulf 之前，這會發生嗎？我想，你能幫助我們理解一下，例如時間安排以及兩者之間會發生什麼嗎？

I don't know if Paul wants to address that, but my answer is not necessarily, Brett, you know, some of the customers we're talking to, have demand. I mean, if you think about what we have, we have close to a gigawatt of low-cost, predominantly zero-carbon power, and that is extremely rare. And that's by the way in what's sitting, you know, effectively in the public company and what we have access to also in the private company.

我不知道保羅是否想解決這個問題，但我的答案不一定是，布雷特，你知道，我們正在交談的一些客戶有需求。我的意思是，如果你想想我們所擁有的，我們擁有接近一千兆瓦的低成本、主要是零碳的電力，這是極其罕見的。順便說一句，這就是上市公司中有效的內容以及我們在私人公司中也可以獲得的內容。

But I don't know, Paul, if you want to add any color to that.

但我不知道，保羅，你是否想為此添加任何色彩。

Yes, I think we've discussed this before, Brett. Hey, you know, the priority is absolutely terrible, and they have a call on the opportunity to expand, and obviously, processes are involved, right? You got to figure out what's fair. You got to go to your audit committee, you got to get a fairness opinion, you got to do all the stuff.

是的，我想我們之前已經討論過這個問題，布雷特。嘿，你知道，優先順序絕對是可怕的，他們呼籲擴大機會，顯然，涉及流程，對嗎？你必須弄清楚什麼是公平的。你必須去審計委員會，你必須得到公正的意見，你必須做所有的事情。

But at the end of the day, we're going to be most responsive to customer demand and not assume -- we don't want to assume a whole lot of risk here until we've decided the customer path, but we're not going to run out of the opportunity to access power anytime in the very near future or further out. I mean, TeraWulf has what it needs and obviously to take that site and to continue on at it makes sense because of scale, familiarity with the site, and familiarity with the stakeholders there, which includes some state agencies. So we're most excited about Lake Mariner and our build costs there and our continuing ability to grow the usefulness of that site.

但歸根結底，我們將對客戶需求做出最積極的回應，而不是假設——在我們決定客戶路徑之前，我們不想在這裡承擔很大的風險，但我們在不久的將來或更遠的將來，我們不會失去獲得電力的機會。我的意思是，TeraWulf 擁有它所需要的東西，顯然，由於規模、對該地點的熟悉程度以及對那裡的利益相關者（其中包括一些國家機構）的熟悉，佔領該地點並繼續留在該地點是有意義的。因此，我們對水手湖和我們在那裡的建造成本以及我們持續提高網站的實用性的能力感到最興奮。

Perfect. Appreciate it. And then maybe just one follow-up on, I guess, just how we should be thinking about the AI/HPC capacity coming online. I think I'm reading in the fine print of one of the slides that you expect the 20-megawatt building to be substantially complete by end of the year. I guess, first, should we expect by the end of this year, GPUs to be plugged in there?

完美的。欣賞它。我想，接下來可能只是我們應該如何考慮上線的人工智慧/高效能運算能力的後續行動。我想我在其中一張幻燈片的細則中讀到，您預計這座 20 兆瓦的建築將在今年年底前基本完工。我想，首先，我們是否應該期望到今年年底，GPU 將被插入其中？

And then secondly, I'm also seeing that you guys are expecting to have called 150 megawatts of maybe gross power capacity for AI/HPC in 2025. Which is, I guess, a bit more than I was expecting or thinking about before this call. So does that kind of assume that you'll have a couple of additional, maybe 50-megawatt buildings that you would look to construct in the back half of next year?

其次，我還看到你們預計 2025 年 AI/HPC 的總發電量可能達到 150 兆瓦。我想，這比我在這次電話會議之前的預期或考慮要多一些。那麼，這是否意味著您將在明年下半年建造幾座額外的、也許是 50 兆瓦的建築？

Yes. Hey, Brett. So I hate to do this, but I was persuaded by both our team and investors and analysts. But if you look in our deck on page 16, we did put together an illustrative development timeline to address exactly that question. And so I just want to point out, though that timeline can be fed up if we need to, based on customer demand, or it can be slowed down. So it's not absolute, but I think generally speaking, we feel pretty comfortable with what we put on page 16 from a timing perspective. But again, like I said, it's very dependent on customer demand.

是的。嘿，布雷特。所以我討厭這樣做，但我們的團隊、投資人和分析師都說服了我。但如果您查看第 16 頁的演示文稿，我們確實整理了一個說明性的開發時間表來準確解決這個問題。所以我只想指出，儘管如果我們需要的話，根據客戶需求，這個時間表可能會讓人厭倦，或者可以放慢。所以這不是絕對的，但我認為一般來說，從時間角度來看，我們對第 16 頁的內容感到非常滿意。但正如我所說，這很大程度上取決於客戶的需求。

(Operator Instructions) Bill Papanastasiou, Stifel.

（操作員說明）Bill Papanastasiou，Stifel。

Congrats on another quarter of solid unit economics. For my first question, just wanted to touch on that 150 megawatts of growth in 2025, part of your WULF Compute business. Can you give a breakdown in terms of the makeup of that 150 megawatts, how much of that could potentially be coming from WULF Den operations versus your CB-1?

祝賀單位經濟效益又實現了一個季度的穩健成長。對於我的第一個問題，我只想談談 2025 年 150 兆瓦的成長，這是 WULF 計算業務的一部分。您能否詳細說明這 150 兆瓦的組成，其中有多少可能來自 WULF Den 運營，而不是您的 CB-1？

Yes. Bill, so good question again. I'll point you to page 16 where we kind of laid it out in WULF Den Colocation Building 1, which is what we refer to as CB-1, CB-2, and then sort of additional colocation capacity. So it's all kind of laid out there in black and white. Take a look at it. I think if you have questions again, holler at us. But it's meant to at least provide a guideline of what we think is very, very achievable. And then, like I said, that could kind of be sped up or slowed down depending upon demand.

是的。比爾，又是一個好問題。我將向您指出第 16 頁，我們在 WULF Den 託管大樓 1 中進行了佈局，這就是我們所說的 CB-1、CB-2，以及其他託管容量。所以一切都是黑白分明的。看看它。我想如果您還有疑問，請向我們大喊。但它的目的至少是為我們認為非常非常可實現的目標提供一個指導方針。然後，就像我說的，這可能會根據需求加快或減慢。

Okay, awesome. I see that now. And just secondly, now that the term loans have been extinguished, how should we think about dilution going forward to fund bitcoin mining and their aggressive HPC/AI growth strategy?

好吧，太棒了。我現在明白了。其次，既然定期貸款已經取消，我們應該如何考慮未來的稀釋，以資助比特幣挖礦及其激進的 HPC/AI 成長策略？

Yes. Look, Paul, do you want me to answer that and then you can chime in after?

是的。聽著，保羅，你想讓我回答這個問題然後你再插話嗎？

Sure.

當然。

I mean, look, Bill, I think, there is a lot of different places to take that question. But as you know, I think we have among the largest, insider Board management team ownerships of the stock. So, we've always been very conscious about dilution. We've also been willing to use it when it makes sense. And so I think paying down the debt and then positioning us to really expand into high-power computing AI, our team's view was that is a very productive and accretive use of dilution.

我的意思是，比爾，我想，有很多不同的地方可以回答這個問題。但如您所知，我認為我們擁有最大的內部董事會管理團隊對該股票的所有權。因此，我們一直非常關注稀釋。當它有意義時，我們也願意使用它。因此，我認為償還債務，然後讓我們真正擴展到高效能運算人工智慧領域，我們團隊的觀點是，這是一種非常有成效和增值的稀釋方式。

But I think now, right, if we can get the financial engineering correct with the right customer, then we have a free cash flow positive bitcoin mining business, which by the way if you look on page 11, is among the most profitable of any of our peers. Then -- to put a nice quote in there, it's not the size of the dog in the fight, it's the size of the fight in the dog. I mean, we're small compared to these other folks that are trying to build exahash to the moon and we're generating more profit.

但我認為現在，如果我們能夠與正確的客戶一起進行正確的金融工程，那麼我們就有了自由現金流為正的比特幣挖礦業務，順便說一句，如果你看第11 頁，這是所有業務中利潤最高的業務之一。然後——引用一句好話，重要的不是打鬥中狗的大小，而是狗打架的大小。我的意思是，與其他試圖在月球上建立 exahash 的人相比，我們規模很小，我們正在創造更多利潤。

And that's important because if we can get the financial engineering correct, like one of our peers has done in the high-power computing AI business, then we have a business that's generating positive free cash flow while we build out a massive high-power computing AI business.

這很重要，因為如果我們能夠正確地進行金融工程，就像我們的一位同行在高功率運算人工智慧業務中所做的那樣，那麼我們的業務就可以在我們建立大規模高功率運算的同時產生正的自由現金流人工智慧業務。

So that is the goal. And if you kind of read between the lines, that would mean very little incremental dilution. So that's what we're trying to achieve whether we get there or not, and how quickly, I can't answer that today, but that is the goal.

這就是目標。如果你從字裡行間看出，那將意味著增量稀釋很少。因此，這就是我們正在努力實現的目標，無論我們是否能夠實現這一目標，以及實現的速度有多快，我今天無法回答這個問題，但這就是我們的目標。

Paul, do you want to add anything?

保羅，你想補充什麼嗎？

Yes, just two things. Listen, we made the decision to issue equity to pay down debt on the back of two things. One, we were uncomfortable how having the debt would affect our flexibility if we wanted to make a deal in the HPC/AI space. And we didn't want the tail to be wagging the dog. I mean, the value proposition from HPC/AI is, you know, it's just a whole different magnitude. So we felt it was critical to pay off the debt.

是的，只有兩件事。聽著，我們決定發行股票來償還債務是基於兩件事。第一，如果我們想在 HPC/AI 領域達成交易，債務會影響我們的靈活性，這讓我們感到不安。我們也不希望尾巴搖狗。我的意思是，HPC/AI 的價值主張是，你知道，它的大小完全不同。因此，我們認為償還債務至關重要。

In retrospect, we're delighted that we paid off the debt given the volatility that the mining space has gone through. But more importantly, given the opportunity set that we've become aware of in the HPC/AI world, and to have the time to thoroughly review each one of the HPC/AI customer candidates to review their credit, to be thoughtful about how long will they be in the business and what commitments we should expect from them and they could honor. I think that's a luxury that we would not have, had we still had the lenders sitting out there.

回想起來，考慮到採礦業經歷的波動，我們很高興我們還清了債務。但更重要的是，考慮到我們在 HPC/AI 領域已經意識到的機會集，並且有時間徹底審查每一位 HPC/AI 客戶候選人以審查他們的信用，並考慮需要多長時間他們會從事這個行業嗎？ 我們應該期望他們做出什麼承諾，他們可以兌現什麼承諾。我認為，如果我們仍然有貸款人坐在那裡，那麼我們就不會擁有這種奢侈。

So I get it. We had to dilute a little bit, but it was accretive, it was conscious, it was intentional. I think I'm so proud of the team for being committed to do that because I think having a company that's debt-free and the opportunity to have free cash flow at the levels that we do, and having the time to be able to come up with the right HPC/AI customer conclusion, as opposed to sort of just raise and marry the first girl who asked us out on a date. We ended up in a whole different place. So that was our thinking and I believe ultimately it was in the absolute best interest of our shareholders.

所以我明白了。我們必須稀釋一點，但它是增值的，是有意識的，是有意的。我認為我為團隊致力於做到這一點感到非常自豪，因為我認為擁有一家無債務的公司，並且有機會在我們現有的水平上擁有自由現金流，並且有時間能夠做到這一點得出正確的HPC/AI 客戶結論，而不是僅僅撫養並娶第一個約我們出去約會的女孩。我們最終來到了一個完全不同的地方。這就是我們的想法，我相信最終這符合我們股東的絕對最佳利益。

Appreciate the color. Congrats again on the quarter.

欣賞顏色。再次恭喜本季。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Just a question around, as you're building out the HPC/AI business with lead times on these GPUs are stretched out quite a bit. Do you have secure deliveries or some of your co-location your customers going to help you bring in the equipment?

只是一個問題，當您正在建立 HPC/AI 業務時，這些 GPU 的交付時間會被拉長很多。您是否有安全的交付或某些客戶的託管服務可以幫助您引進設備？

So again, that's part of the customer. As Paul likes to say, the sort of get-to-know-you process, right? I mean, a lot of customers, as you know are very well funded, but if they're not in the right queue with NVIDIA, then it doesn't matter.

再說一遍，這是客戶的一部分。正如保羅喜歡說的，這是一種了解你的過程，對嗎？我的意思是，如您所知，許多客戶資金都非常充足，但如果他們沒有與 NVIDIA 合作，那也沒關係。

So I think as part of that diligence process, for example, we are in touch with NVIDIA regularly because you think about, again what's in the public company, what's in the private company. Some other stuff we look at like -- we have close to 1,000 gigawatts of power -- so, excuse me -- 1,000 megawatts of power. So from a GPU perspective, I mean, that moves the needle for NVIDIA. That's $30 billion of GPUs. So, yes, I think that is certainly one very important aspect of the diligence process that we are in touch with when we're talking to customers.

因此，我認為，作為盡職調查過程的一部分，例如，我們會定期與 NVIDIA 保持聯繫，因為你會再次考慮上市公司的內容和私人公司的內容。我們也關注其他一些東西——我們擁有接近 1,000 吉瓦的電力——所以，對不起——1,000 兆瓦的電力。因此，從 GPU 的角度來看，我的意思是，這為 NVIDIA 帶來了推動。這相當於價值 300 億美元的 GPU。所以，是的，我認為這肯定是我們在與客戶交談時所接觸的盡職調查過程中非常重要的一個面向。

Yes, I would like to add just a little bit to that. I can't speak for NVIDIA, but it would appear to us talking to them and to their customers, it appears to us that they are keen to have allocations to customers other than the hyperscalers. And as such, and therefore diversify their customer base, right? So it makes sense. So I think that it won't be an issue to have a customer if it's not a hyperscaler, that if you will, has an allocation.

是的，我想補充一點。我不能代表 NVIDIA 發言，但在我們與他們及其客戶交談時，他們似乎熱衷於向超大規模企業以外的客戶進行分配。因此，他們的客戶群也因此多樣化，對嗎？所以這是有道理的。因此，我認為，如果不是超大規模企業，那麼擁有客戶不會成為問題，如果您願意的話，擁有分配。

I think the second thing is, and this is great for the team here, is that I think NVIDIA is basically telling people, hey, if you want your allocation, show me where you're going to put them. Show me that you have the power. And so that's creating some real energy on the part of potential customers to strike a deal, because they move up, if you will, in their supply queue on their side of the equation when they have access to megawatts. So I think that is a good healthy pressure that we can be the beneficiaries of -- as long as we think they're the right partner, have the right culture, and could ultimately scale with us.

我認為第二件事是，這對這裡的團隊來說很棒，我認為 NVIDIA 基本上是在告訴人們，嘿，如果你想要分配，請告訴我你要把它們放在哪裡。讓我看看你有這個力量。因此，這為潛在客戶創造了一些真正的能量來達成交易，因為如果你願意的話，當他們可以獲得兆瓦時，他們在等式一側的供應隊列中會上升。因此，我認為這是一種良好的健康壓力，我們可以成為受益者——只要我們認為他們是正確的合作夥伴，擁有正確的文化，並且最終可以與我們一起擴展。

Great. Yes, I understand that. That's good for the diversification. I'm sure NVIDIA doesn't want to have all of their GPUs going to companies that are just competing with each other. So great, thanks for that answer.

偉大的。是的，我明白。這有利於多元化。我確信 NVIDIA 不希望將所有 GPU 交給相互競爭的公司。太棒了，謝謝你的回答。

There are no further questions at this time. I would like to turn the floor back over to Paul Prager, CEO, for closing comments. Paul, you can go ahead.

目前沒有其他問題。我想請執行長保羅·普拉格 (Paul Prager) 發表結束評論。保羅，你可以繼續。

Sorry, figuring out my mute button. In closing, I want to thank you all for joining us today. TeraWulf continues to lead the industry with best-in-class assets, lowest unit economics, unmatched scalability of their owned infrastructure. We remain committed to consistent growth and profitability that aligns with investor interests.

抱歉，正在弄清楚我的靜音按鈕。最後，我要感謝大家今天加入我們。TeraWulf 以其一流的資產、最低的單位經濟效益以及自有基礎設施無與倫比的可擴展性繼續引領業界。我們仍然致力於符合投資者利益的持續成長和獲利能力。

I am personally and as a company, we are entirely optimistic about the future and confident in our ability to deliver sustainable growth and value. I want to thank you all again for your time, and we look forward to continuing to respond to you as you think about TeraWulf's investment and any questions you may have. Thank you.

我個人和作為一家公司，我們對未來完全樂觀，並對我們實現永續成長和價值的能力充滿信心。我想再次感謝大家抽出寶貴的時間，當您考慮 TeraWulf 的投資以及您可能提出的任何問題時，我們期待繼續回覆您。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。