Terawulf Inc (WULF) 2024 Q3 法說會逐字稿

(Operator Instructions)

（操作員說明）

Good afternoon and welcome to TeraWulf's third quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加 TeraWulf 的 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, John Larkin, Senior Vice President, Director of Investor Relations. Please go ahead, sir.

現在我想將會議交給主持人、高級副總裁兼投資者關係總監約翰·拉金 (John Larkin)。請繼續，先生。

Thank you, operator. Good afternoon and welcome to TeraWulf's Third Quarter Earnings Call. Joining me today are Chairman and CEO, Paul Prager; and CFO, Patrick Fleury.

謝謝你，接線生。下午好，歡迎參加 TeraWulf 第三季財報電話會議。今天與我一起出席的有董事長兼執行長 Paul Prager；和財務長帕特里克·弗勒里。

Before we get started, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. During this call, we may use words like anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions which indicate forward-looking statements. For a more comprehensive discussion of these and other risks, please refer to our filings with the SEC, available on sec.gov and in the Investors section of our website at terawulf.com.

在我們開始之前，請注意，我們今天的言論可能包含前瞻性陳述。這些陳述存在風險和不確定性，實際結果可能存在重大差異。在這次電話會議中，我們可能會使用預期、能夠、啟用、估計、打算、期望、相信、潛力、意願、應該、項目等詞語以及表明前瞻性陳述的類似表達方式。有關這些風險和其他風險的更全面討論，請參閱我們向 SEC 提交的文件（可在 sec.gov 和我們網站 terawulf.com 的投資者部分取得）。

We will also reference certain non-GAAP financial measures today. Please refer to our 10-K and 10-Q filings and our website for full reconciliations to the most comparable GAAP measures. You can also find our updated investor deck on our website. We will start with prepared remarks from Paul and Patrick, followed by a Q&A session.

今天我們也將參考某些非公認會計準則財務指標。請參閱我們的 10-K 和 10-Q 文件以及我們的網站，以了解與最具可比性的 GAAP 衡量標準的全面對帳。您也可以在我們的網站上找到我們更新的投資者平台。我們將從保羅和派崔克準備好的演講開始，然後是問答環節。

I'll now turn the call over to Paul Prager, our CEO.

我現在將把電話轉給我們的執行長保羅·普拉格 (Paul Prager)。

Thank you, John, and good afternoon, everyone. We appreciate your joining us today as we discuss our third quarter results. For those new to TeraWulf, we are a leading energy and digital infrastructure company focused on utilizing predominantly zero carbon energy to power our operations.

謝謝約翰，大家下午好。感謝您今天加入我們討論我們的第三季業績。對於 TeraWulf 的新手來說，我們是一家領先的能源和數位基礎設施公司，專注於主要利用零碳能源來為我們的營運提供動力。

Our management team has over 30 years of experience in energy infrastructure, with a proven track record in financing, designing, building, and operating power and power infrastructure projects. Our flagship Lake Mariner facility, located in upstate New York Zone A, is a prime example of our strategy in action. We're situated only 35 miles from Niagara Falls, in a region where over 90% of the energy comes from zero carbon resources.

我們的管理團隊在能源基礎設施領域擁有超過 30 年的經驗，在融資、設計、建造和營運電力和電力基礎設施專案方面擁有良好的業績記錄。我們的旗艦 Lake Mariner 工廠位於紐約州北部 A 區，是我們實施策略的典型例子。我們距離尼加拉瀑布僅 35 英里，該地區 90% 以上的能源來自零碳資源。

This strategic location, combined with our access to scalable infrastructure and power, abundant land, and reliable water resources, positions us uniquely in the market. We believe this focus on clean, cost-effective energy bodes well for the future. As we look ahead, we're confident in our approach. We see the industry increasingly aligning with our core strengths, namely low-cost, sustainable energy and a commitment to operational excellence. The steps we took this quarter have set a strong foundation as we head into what we believe will be a pivotal year in 2025.

這個戰略位置，加上我們擁有可擴展的基礎設施和電力、豐富的土地和可靠的水資源，使我們在市場上處於獨特的地位。我們相信，對清潔、具成本效益的能源的關注預示著未來的美好前景。展望未來，我們對我們的方法充滿信心。我們看到該行業越來越符合我們的核心優勢，即低成本、永續能源和對卓越營運的承諾。我們本季採取的步驟為我們邁入我們認為將是關鍵的 2025 年奠定了堅實的基礎。

Let's talk about what we accomplished in the third quarter. We've been hard at work, making substantial progress across our strategic, financial, and operational priorities. To start, I want to highlight a major strategic transaction.

我們來談談第三季我們所取得的成績。我們一直在努力工作，在策略、財務和營運優先事項方面取得了實質進展。首先，我想強調一項重大戰略交易。

In early October, we sold our 25% stake in the Nautilus Cryptomine joint venture to Talen Energy. The transaction, valued at $92 million, delivered a 3.4 times return on our investment. More importantly, this sale has streamlined our operations and gives us the flexibility to focus on expanding our high-performance computing capabilities at Lake Mariner. It's a win-win that sets the stage for what's next.

10 月初，我們將合資企業 Nautilus Cryptomine 25% 的股份出售給 Talen Energy。這筆交易價值 9,200 萬美元，為我們帶來了 3.4 倍的投資回報。更重要的是，此次出售簡化了我們的運營，使我們能夠靈活地專注於擴展 Lake Mariner 的高效能運算能力。這是一種雙贏，為下一步奠定了基礎。

Building on that momentum, we also secured a new long-term ground lease at Lake Mariner. This isn't just a simple lease extension. It's a gamechanger. We increased our total acreage by nearly 50% from 107 to 157 acres, without any additional cost per acre.

在此勢頭的基礎上，我們還在水手湖獲得了新的長期土地租約。這不僅僅是簡單的續租。這是一個遊戲規則改變者。我們將總種植面積增加了近 50%，從 107 英畝增加到 157 英畝，每英畝沒有任何額外成本。

And crucially, we now have exclusive rights to up to 750 megawatts of infrastructure, capacity, and power, which positions us well to attract top-tier, high-speed compute clients, looking for scale and reliability, and it's with us now.

至關重要的是，我們現在擁有高達750 兆瓦的基礎設施、容量和電力的獨家權利，這使我們能夠很好地吸引尋求規模和可靠性的頂級高速計算客戶，而現在我們就擁有了這種權利。

On the financial side, we had a strong quarter as well. In July, we cleared out legacy debt, freeing up capital that we're now deploying into our WULF Compute business. This critical milestone comes at a perfect time as we gear for a significant expansion into the high-speed compute market in 2025. I'd also like to highlight a recent capital raise.

在財務方面，我們的季度也表現強勁。7 月，我們清理了遺留債務，釋放了我們現在部署到 WULF 計算業務的資本。這一重要里程碑的到來恰逢其時，我們正準備在 2025 年大幅拓展高速運算市場。我還想強調一下最近的融資。

In October, we successfully raised $500 million through an oversubscribed convertible bond offering. This influx of capital gives us the flexibility we needed to continue investing in both our bitcoin mining operations and our growing HPC initiatives. Timing is everything, and this capital positions us well to meet the demands of new tenants who need immediate access to power.

10 月份，我們透過超額認購的可轉換債券發行成功籌集了 5 億美元。這種資本的湧入為我們提供了繼續投資比特幣挖礦業務和不斷發展的 HPC 計劃所需的靈活性。時機就是一切，這筆資金使我們能夠很好地滿足需要立即獲得電力的新租戶的需求。

We also took steps to return value to our shareholders. Our Board approved a $200 million stock buyback program, and we've already repurchased $115 million worth of shares. We paired this with a capped call transaction in the convertible offering to protect against dilution up to a share price of $18.40, underscoring our commitment to driving shareholder value.

我們也採取措施向股東回報價值。我們的董事會批准了 2 億美元的股票回購計劃，我們已經回購了價值 1.15 億美元的股票。我們將其與可轉換發行中的上限認購交易相結合，以防止股價稀釋至 18.40 美元，這突顯了我們推動股東價值的承諾。

Operationally, we held our ground despite some tough market conditions, especially following the bitcoin halving. Our cost to mine came in at approximately $54,000 per bitcoin in the third quarter, keeping us among the industry's lowest cost producers. This level of efficiency is a key part of our strategy, something we're continually focusing on improving.

在營運方面，儘管市場條件嚴峻，特別是在比特幣減半之後，我們仍堅守陣地。第三季度，我們的開採成本約為每個比特幣 54,000 美元，使我們成為行業成本最低的生產商之一。這種效率水準是我們策略的關鍵部分，也是我們不斷致力於改進的部分。

We're also excited about the upgrades underway in our mining fleet. We've ordered the latest Bitmain S21 Pro miners, which are set to arrive through early Q1 2025. These state-of-the-art machines will boost our efficiency and take our fleet performance to the next level.

我們也對我們採礦隊正在進行的升級感到興奮。我們已經訂購了最新的比特大陸 S21 Pro 礦機，預計將於 2025 年第一季初到貨。這些最先進的機器將提高我們的效率，並將我們的機隊性能提升到一個新的水平。

On the high-speed compute hosting front, we're making steady progress with the construction of our new HPC facilities. We've completed construction of our 2.5-megawatt proof-of-concept project in the third quarter, and the 20 megawatt CB-1 and 50 megawatt CB-2 data centers are on schedule to be up and running in Q1 and Q2 of next year, respectively. We're in advanced discussions with potential tenants and expect to announce our first HPC hosting partner before the end of the year.

在高速運算託管方面，我們正在穩步推動新 HPC 設施的建設。我們已於第三季完成了 2.5 兆瓦概念驗證專案的建設，20 兆瓦 CB-1 和 50 兆瓦 CB-2 資料中心預計將於明年第一季和第二季投入運作。我們正在與潛在租戶進行深入討論，並預計在今年年底前宣布我們的第一個 HPC 託管合作夥伴。

Looking ahead, we're doubling down on our core strategy. By locating our operations in regions with abundant, low-cost, predominantly zero-carbon power, we're positioned to thrive in a market where securing clean energy is becoming increasingly challenging.

展望未來，我們將加倍努力實施我們的核心策略。透過將我們的業務設在擁有豐富、低成本、主要零碳電力的地區，我們能夠在確保清潔能源變得越來越具有挑戰性的市場中蓬勃發展。

The recent regulatory shifts around data centers at nuclear power plants have underscored just how tough it can be to lock down large-scale carbon-free power. This is why our Lake Mariner facility, with its direct grid connection and robust energy infrastructure, is peerless. We believe our energy assets are second to none, and we're laser focused on leveraging these strengths to continue delivering value for our shareholders.

最近圍繞核電廠資料中心的監管變化凸顯了鎖定大規模無碳電力的困難。這就是為什麼我們的水手湖工廠擁有直接電網連接和強大的能源基礎設施，是無與倫比的。我們相信我們的能源資產是首屈一指的，我們專注於利用這些優勢繼續為我們的股東創造價值。

I'll now turn it over to Patrick Fleury, who will walk you through the financials in more detail. Patrick.

我現在將其交給帕特里克·弗勒里 (Patrick Fleury)，他將帶您更詳細地了解財務狀況。派崔克.

Thank you, Paul. As Paul stated, the third quarter and beginning of the fourth quarter was a busy time for WULF with strong financial results even in a challenging business environment following the bitcoin reward halving in April. In the third quarter of 2024, we self-mined 442 bitcoin at Lake Mariner and our net share of bitcoin mined at Nautilus was 113, for a total of 555 bitcoin or about 6 bitcoin per day, a 21% decrease over the 699 bitcoin mined in 2Q '24.

謝謝你，保羅。正如 Paul 所說，第三季和第四季初對 WULF 來說是一個繁忙的時期，即使在 4 月份比特幣獎勵減半後充滿挑戰的商業環境中，其財務業績仍然強勁。2024 年第三季度，我們在Lake Mariner 自行開採了442 個比特幣，在Nautilus 開採的比特幣淨份額為113 個，總共開採了555 個比特幣，即每天約6 個比特幣，比開採的699個比特幣減少了21% 2024 年第二季。

Our GAAP revenues were down 24% quarter-over-quarter at $27.1 million in 3Q '24 from $35.6 million in 2Q '24. Our value per bitcoin self-mined this quarter, a non-GAAP metric that includes bitcoin mined at Nautilus, averaged $61,075 per bitcoin for a total of $33.9 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 年第二季的 3,560 萬美元下降到 2024 年第三季的 2,710 萬美元，季減 24%。我們本季自行開採的每枚比特幣的價值（一項非GAAP 指標，包括在Nautilus 開採的比特幣）平均每比特幣61,075 美元，總計3,390 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 and 2024 guidance. Due to our 25% historical ownership in Nautilus, the revenue, cost of revenue, operating expenses, depreciation and amortization at Nautilus are not consolidated into our GAAP financial statements.

提醒一下，我們的 GAAP 財務數據與每月營運報告和 2024 年指引之間存在重大差異。由於我們歷史上擁有 Nautilus 25% 的所有權，因此 Nautilus 的收入、收入成本、營運費用、折舊和攤銷未合併到我們的 GAAP 財務報表中。

Instead, the financial impact of the Nautilus joint venture is reflected in the equity and net income or loss of investee net of tax line item on the GAAP income statement. This is the last quarter I'll mention this difference, as we sold our 25% ownership in Nautilus for $85 million in cash effective October 2, 2024.

相反，鸚鵡螺合資企業的財務影響反映在 GAAP 損益表中的股權和被投資者扣除稅項後的淨利潤或虧損。這是我要提到這種差異的最後一個季度，因為我們在 2024 年 10 月 2 日起以 8500 萬美元現金出售了 Nautilus 25% 的所有權。

Our GAAP cost of revenue exclusive of depreciation for 3Q '24 was $14.7 million, a 5% increase over $13.9 million in 2Q '24. The quarter-over-quarter increase was due to a slight increase in realized power prices offset by demand response proceeds of $4.1 million in 3Q '24 versus $1.9 million in 2Q '24.

我們 24 年第 3 季的 GAAP 營收成本（不含折舊）為 1,470 萬美元，比 2024 年第 2 季的 1,390 萬美元成長了 5%。環比成長是由於已實現電價小幅上漲，但被需求響應收益 24 年第三季 410 萬美元（相較於 2024 年第二季 190 萬美元）所抵銷。

Our power cost, or cost of energy per bitcoin mined, a non-GAAP metric that includes bitcoin mined at Nautilus, was $30,448 in 3Q '24 compared to $22,954 in 2Q '24. 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. As previously mentioned, these expected proceeds totaled $4.1 million in 3Q '24 and $1.9 million in 2Q '24.

我們的電力成本，或每開採比特幣的能源成本（一種非公認會計準則指標，包括在Nautilus 開採的比特幣），在24 年第三季為30,448 美元，而在24 年第二季為22,954 美元。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。如前所述，24 年第三季的預期收益總額為 410 萬美元，24 年第二季的預期收益總額為 190 萬美元。

For 3Q '24, we achieved an average power cost of $0.038 per kilowatt-hour compared to $0.037 in 2Q '24. Operating expenses decreased 5% quarter-over-quarter, from $1.7 million in 2Q '24 to $1.6 million in 3Q '24. SG&A expenses decreased 4% quarter-over-quarter from $11.9 million in 2Q '24 to $11.5 million in 3Q '24. Adjusting for stock-based compensation, SG&A increased 28% quarter-over-quarter, from $7.1 million in 2Q '24 to $9.1 million in 3Q '24. For our updated 2024 guidance in our 2Q '24 slides, with our entry into high power compute hosting and need for more staff, we anticipate approximately $30 million of SG&A in 2024.

24 年第三季度，我們的平均電力成本為每千瓦時 0.038 美元，而 24 年第二季度為 0.037 美元。營運支出季減 5%，從 2024 年第二季的 170 萬美元降至 24 年第三季的 160 萬美元。SG&A 費用季減 4%，從 2024 年第二季的 1,190 萬美元降至 24 年第三季的 1,150 萬美元。調整股票薪酬後，SG&A 環比成長 28%，從 2024 年第二季的 710 萬美元增至 24 年第三季的 910 萬美元。對於我們在 2024 年第 2 季幻燈片中更新的 2024 年指南，隨著我們進入高功率運算託管領域並需要更多員工，我們預計 2024 年的 SG&A 約為 3000 萬美元。

Depreciation increased slightly quarter-over -quarter from $14.1 million in 2Q '24 to $15.6 million in 3Q '24, which is the result of our continued infrastructure buildout. Gain on fair value of digital currency in 3Q '24 was $0.9 million, whereas we incurred a loss of $0.7 million in 2Q '24. Impairment of PP&E in 3Q '24 was $0.4 million related to the expected sale of 1,200 miners for proceeds of $0.2 million.

折舊率較上季略有增加，從 2024 年第二季的 1,410 萬美元增至 24 年第三季的 1,560 萬美元，這是我們持續基礎建設的結果。2024 年第三季數位貨幣公允價值收益為 90 萬美元，而 2024 年第二季我們虧損 70 萬美元。2024 年第三季的財產、廠房和設備減值為 40 萬美元，與預期出售 1,200 台礦機以獲得 20 萬美元收益有關。

GAAP interest expense in 3Q '24 and 2Q '24 was $0.4 million and $5.3 million, respectively, which includes cash interest expense and amortization of debt issuance costs and debt discount related to the term loan financing.

2024 年第 3 季和 2024 年第 2 季的 GAAP 利息支出分別為 40 萬美元和 530 萬美元，其中包括現金利息支出以及與定期貸款融資相關的債務發行成本攤銷和債務貼現。

Cash interest paid during 3Q '24 was only $0.7 million, due to the full repayment of our debt on July 9 ahead of maturity. In connection with this voluntary prepayment of debt, the company incurred prepayment fees of $0.9 million, wrote off unamortized debt discount of $3.3 million associated with the principal repaid, and recorded a loss on extinguishment of debt of $4.3 million.

由於我們的債務已於 7 月 9 日提前到期，因此 24 年第三季支付的現金利息僅為 70 萬美元。由於自願提前償還債務，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 萬美元的未攤銷債務折扣，並記錄了 430 萬美元的債務清償損失。

Other income of $0.4 million in 3Q '24 reflects interest earned on cash held in our commercial banking accounts. In 3Q '24, we reported a loss of $2.7 million in equity of investee net of tax, as compared to income of $0.8 million in 2Q '24. These amounts represent TeraWulf's proportional share of net income or loss of the Nautilus joint venture. Our GAAP net loss attributable to common shareholders for the third quarter was $23.0 million, compared to a net loss of $11.2 million in 2Q '24. Our non-GAAP adjusted EBITDA for 3Q '24 was $6.0 million, compared to $19.5 million in 2Q '24.

2024 年第三季的其他收入 40 萬美元反映了我們商業銀行帳戶中持有的現金所賺取的利息。2024 年第三季度，我們報告被投資方淨稅後股權損失為 270 萬美元，而 2024 年第二季的收入為 80 萬美元。這些金額代表 TeraWulf 在 Nautilus 合資企業淨收入或虧損中所佔的比例份額。第三季歸屬於普通股股東的 GAAP 淨虧損為 2,300 萬美元，而 2024 年第二季的淨虧損為 1,120 萬美元。我們 24 年第三季的非 GAAP 調整後 EBITDA 為 600 萬美元，而 24 年第二季為 1,950 萬美元。

Turning our attention to the balance sheet. As of September 30, we held $24 million in cash, with total assets amounting to $405 million and total liabilities of $33 million. As disclosed on page 15 of our November Investor Deck, we achieved a marginal cost of production, including every cash cost in the company, of approximately $54,000 in 3Q '24 and expect to achieve approximately $59,000 in 4Q '24 and $47,000 in 1Q '25.

將我們的注意力轉向資產負債表。截至9月30日，我們持有現金2,400萬美元，總資產為4.05億美元，總負債為3,300萬美元。正如我們11 月投資者報告第15 頁所揭露的，我們在24 年第三季實現了約54,000 美元的邊際生產成本（包括公司的每項現金成本），預計在24 年第四季實現約59,000美元，在25 年第一季實現約47,000 美元。

Regarding our anticipated operating performance in 4Q '24, Lake Mariner will be taking a planned outage on miner buildings 1, 2, and 4, which will impact approximately 5.2 exahash of mining capacity for approximately one week commencing mid-November, as we connect our ultra-high-voltage redundant power feeds from the grid to support our high-power compute data center infrastructure. The scope of the outage is focused on the high voltage connection and electrical infrastructure to enable delivery of redundant power supply to CB-1 and CB-2 in 1Q '25 and 2Q '25, respectively.

關於我們24 年第4 季的預期營運表現，Lake Mariner 將按計劃對1、2 和4 號礦機大樓進行停電，這將從11 月中旬開始的大約一周內影響大約5.2 exahash 的採礦能力，因為我們將我們的來自電網的超高壓冗餘電源可支援我們的高功率運算資料中心基礎設施。停電範圍主要集中在高壓連接和電氣基礎設施上，以便分別在 2025 年第 1 季和 25 年第 2 季向 CB-1 和 CB-2 提供冗餘電源。

On pages 12 and 13 of the November Investor Deck, you'll find our anticipated capital sources and uses bridge for 4Q '24 and fiscal year 2025. Regarding our capital position and growth plans over this period, we are funded with over $380 million of unallocated excess cash in 2025. In October, we opportunistically executed a $500 million convertible financing utilizing $60 million of net proceeds to purchase a capped call and thereby neutralizing dilution from the offering until the stock price is 100% above the reference price of $6.40 per share, which is $12.80 per share. We also simultaneously repurchased $115 million of common stock, or approximately 18 million shares, the impact of which results in no effective dilution from the convertible offering until greater than $18 a share, a huge win for WULF shareholders.

在 11 月投資者平台的第 12 和 13 頁上，您將找到我們 2024 年第 4 季和 2025 財年的預期資本來源和用途。關於我們在此期間的資本狀況和成長計劃，到 2025 年，我們將獲得超過 3.8 億美元的未分配超額現金。10 月份，我們機會性地執行了5 億美元的可轉換融資，利用6,000 萬美元的淨收益購買了上限看漲期權，從而抵消了發行帶來的稀釋，直到股價比每股6.40 美元的參考價高出100%，即每股12.80 美元。我們也同時回購了1.15 億美元的普通股，約1,800 萬股，其影響是，在每股超過18 美元之前，可轉換發行不會產生有效稀釋，這對WULF 股東來說是一個巨大的勝利。

As discussed on prior earnings calls, we are targeting a high power compute customer contract with a one year revenue prepay and expect to execute project financing for approximately 70% of the total project cost. In 4Q '24 and into 2025, we expect the following approximate capital expenditures.

正如之前的財報電話會議中所討論的那樣，我們的目標是簽訂一份預付一年收入的高功率計算客戶合同，並預計將執行約佔項目總成本 70% 的項目融資。從 2024 年第四季到 2025 年，我們預計資本支出大致如下。

Number one, $400 million on WULF Compute and related electrical infrastructure and upgrades at the site, including CB-1 and CB-2, both liquid-cooled, redundant, and high-power-density infrastructure expected to be substantially complete in first half '25, bringing our high power compute colocation hosting capacity to 72.5 megawatts.

第一，4億美元用於 WULF 運算和相關電氣基礎設施以及現場升級，包括 CB-1 和 CB-2，這兩種液冷、冗餘和高功率密度基礎設施預計將在上半年基本完成。 25 日，我們的高功率運算主機託管容量達到72.5 兆瓦。

Number two, $23 million on construction of Building 5, a 50-megawatt bitcoin mining building expected to be operational in 1Q '25. And number three, $79 million on miner purchases for Building 5 and our fleet upgrade.

第二，耗資 2,300 萬美元建造 5 號大樓，這是一座 50 兆瓦的比特幣採礦大樓，預計將於 25 年第一季投入營運。第三，7,900 萬美元用於購買 5 號樓的礦機以及我們的車隊升級。

At WULF, our financial objectives remain clear and simple. Maximize profits, secure long-term, high-quality customers and high power compute hosting, and create value for our shareholders, all while providing investors access through transparency and accountability.

在 WULF，我們的財務目標仍然明確且簡單。實現利潤最大化，確保長期、高品質的客戶和高功率運算託管，並為我們的股東創造價值，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 turn it back over to the operator, and we look forward to answering your questions.

這樣，我會將其轉回給接線員，我們期待回答您的問題。

(Operator Instructions)

（操作員說明）

Lucas Pipes, B Riley Securities.

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

My first question is on slide 12, it shows the remaining spend at CB-1. And I wondered how much of this capital has been spent to date on a gross dollar and dollar-per-megawatt-hour basis? And how should we think about first half '25 outlays with CB-2 construction?

我的第一個問題在投影片 12 上，它顯示了 CB-1 的剩餘支出。我想知道到目前為止，按照總美元和每兆瓦時美元計算，這筆資本花了多少？我們該如何考慮 25 年上半年 CB-2 建設的支出？

Lucas, it's Patrick. Thanks for your question. So on CB-1, I guess, maybe let's just start from the beginning. So the Wulf Den of 2.5 megawatts, that build cost was approximately $10 million. The build cost for CB-1 total is about $100 million, right? So, that's a 20-megawatt building, so about $5 million per megawatt to build. And then the build cost for CB-2, which is a 50-megawatt building, is, call it, $250 million to $300 million.

盧卡斯，是派崔克。謝謝你的提問。所以在 CB-1 上，我想，也許我們可以從頭開始。因此，Wulf Den 的發電量為 2.5 兆瓦，建造成本約為 1,000 萬美元。CB-1 的總建造成本約為 1 億美元，對吧？這是一座 20 兆瓦的建築，每兆瓦的建造成本約為 500 萬美元。然後，CB-2（一座 50 兆瓦的建築）的建造成本為 2.5 億至 3 億美元。

And so, about $5.5 million-ish per megawatt. And so, as you can imagine, Wulf Den is operationally complete. CB-1 is going to be complete operationally at the end of the first quarter. So that money is going out the door very quickly these days. And then CB-2 will be operationally complete end of the second quarter. So there's a lot of capital moving out the door here over the next couple of months.

因此，每兆瓦約 550 萬美元左右。因此，正如您可以想像的那樣，Wulf Den 的運作已經完成。CB-1 將於第一季末完成營運。所以這些天這些錢很快就流失了。然後 CB-2 將在第二季末投入運作。因此，未來幾個月將有大量資本流出這裡。

And in terms of the first customer expected by year-end, I wondered if you could give us a sense for the magnitude in terms of megawatts. How should we think about contract structure? And are there multiple counterparties that you're in discussions with for an anchor position? Or have you mostly narrowed down here to maybe one party?

至於預計到年底的第一個客戶，我想知道您能否讓我們了解一下以兆瓦為單位的規模。我們應該如何考慮合約結構？您是否正在與多個交易對手討論錨定職位？或者您已經將範圍縮小到了一個聚會？

Paul, do you want to take that, or would you like me to?

保羅，你想接受這個，還是你希望我接受？

Why don't you start?

為什麼不開始呢？

So, Lucas, I think we will likely have one or two customers for the 72.5 megawatts. Those negotiations are very advanced. I think as we've said publicly, we will not announce an LOI. LOIs are nonbinding, and we will only announce a definitive lease agreement. So as we've said repeatedly, as Paul said in his remarks, we expect that announcement before year-end.

所以，盧卡斯，我認為我們可能會有一兩個客戶購買 72.5 兆瓦的電力。這些談判非常進展。我認為正如我們公開表示的那樣，我們不會宣布意向書。意向書不具約束力，我們只會宣布最終的租賃協議。正如我們一再說過的那樣，正如保羅在演講中所說，我們預計在年底之前宣布這一消息。

And that, like I said, will cover all of our initial capacity through the first half of next year, and that will be one or two customers. Beyond that, I think we're being very careful. As we're all seeing, the market is incredibly dynamic, particularly with the FERC ruling from a couple of weeks ago.

正如我所說，這將涵蓋我們明年上半年的所有初始產能，並將是一兩個客戶。除此之外，我認為我們非常小心。正如我們所見，市場異常活躍，特別是在聯邦能源監管委員會 (FERC) 幾週前做出裁決的情況下。

And we may have that same customer or customers will most likely have options for additional capacity, but that will be options that have to be exercised by a date certain, along with a one year revenue prepay that comes simultaneous with the option.

我們可能有相同的客戶或客戶很可能有額外容量的選擇，但這將是必須在特定日期之前行使的選擇，以及與該選擇同時發生的一年收入預付款。

So the option will not be a free options. We're not in the business of giving folks free options on WULF shareholders. So it will be an option with a hard date, with a hard payment, that will then allow us to go get that project financing because we'll have an actual lease, we'll have a one year revenue prepay. And then, obviously, we're going to have existing buildings operating at the site.

所以該選項不會是免費選項。我們的目的不是為人們提供 WULF 股東的免費選擇權。因此，這將是一個具有硬性日期和硬性付款的選擇，這將使我們能夠獲得該專案融資，因為我們將擁有實際的租賃，我們將擁有一年的收入預付款。然後，顯然，我們將在現場運營現有建築物。

And as you know, it's always easier to get a project financing done when you can point to existing infrastructure that is operating. So that's the intention. And like I said, I think we're just -- the scramble for power has only intensified since the FERC ruling. And so, we just want to make sure that all of our future capacity megawatts that we get the best deal. So I think that's where we stand. Paul, do you want to add anything?

如您所知，當您可以指出正在運行的現有基礎設施時，完成專案融資總是更容易。這就是目的。正如我所說，我認為自 FERC 裁決以來，權力爭奪只會愈演愈烈。因此，我們只是想確保我們未來所有的兆瓦容量都能得到最好的交易。所以我認為這就是我們的立場。保羅，你想補充什麼嗎？

No, I think that's right. And I think I would want to underscore what Patrick just said in closing, which is that as a result of the recent FERC ruling, it's not clear to us that one can't assume that there'll be better, more enhanced contract terms and values. So I don't think that we need to rush beyond the initial 72 megawatts. But of course, we're prepared to do that with the right customer as long as contract terms are in the interest of our shareholders.

不，我認為這是對的。我想我想強調帕特里克剛剛在結束語中所說的話，那就是，由於最近 FERC 的裁決，我們不清楚是否不能假設會有更好、更加強的合約條款和價值觀。所以我認為我們不需要急於超越最初的 72 兆瓦。當然，只要合約條款符合我們股東的利益，我們就準備好與合適的客戶合作。

Paul, Patrick, this was very comprehensive. I really appreciate all the color. And to you and the entire team, continued best of luck.

保羅、派崔克，這非常全面。我真的很欣賞所有的顏色。祝您和整個團隊繼續好運。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Patrick and Paul, on the demand environment, it sounds very robust, and it sounds to be intensifying. Any sense you can give us, just on maybe in the last 90 days, the benefit you've seen on the pricing side or the term side? How has it changed? Any order of magnitude?

派崔克和保羅，就需求環境而言，這聽起來非常強勁，而且聽起來正在加劇。您可以告訴我們，也許在過去 90 天內，您在定價方面或期限方面看到的好處嗎？怎麼變了？有什麼數量級嗎？

I think there's some private deals that have been done. And I think pricing per kilowatt-hour has increased on the margins. I think there were more parties prepared to meet the terms that Patrick outlined in response to Lucas. And there seems to be a greater interest to tie up as many megawatts as possible now with one party as opposed to look for multiple sites. So I think the FERC ruling has resulted in higher value sites and targets are going to see higher values.

我認為已經達成了一些私人交易。我認為每千瓦時的定價已經有所提高。我認為有更多的各方準備滿足帕特里克在回應盧卡斯時概述的條款。現在，人們似乎更願意將盡可能多的兆瓦電量與一方捆綁在一起，而不是尋找多個站點。因此，我認為 FERC 的裁決導致了更高價值的地點和目標將看到更高的價值。

Yes, Mike, I would just add to that, too. I think we've been talking for a long time about how not all sites are created equal, and how our site is a retired coal plant. So we're blessed with a lot of critical electrical infrastructure at the site, along with access to land, water. And the FERC ruling really puts a point on that because if you are in PJM or if you have behind-the-meter generation, then you have to deal with FERC.

是的，麥克，我也想補充一下。我想我們已經討論了很長時間，關於為什麼並非所有站點都是平等的，以及為什麼我們的站點是一個退役的燃煤電廠。因此，我們很榮幸在現場擁有許多重要的電力基礎設施，以及土地和水源。FERC 的裁決確實強調了這一點，因為如果您屬於 PJM 或您的用戶是用戶用戶，那麼您就必須與 FERC 打交道。

At a site like ours, we don't. At sites in Texas, for example, because ERCOT is an electric island, they don't. So I think what we're seeing is certainly even just post the ruling, sites that have access to a lot of power and land and water and are very sizable are moving up in the pecking order and getting a lot more attention.

在像我們這樣的網站上，我們不會這樣做。例如，在德克薩斯州的工廠，由於 ERCOT 是一座電氣島，因此他們沒有這樣做。因此，我認為我們所看到的肯定是，即使只是在裁決發布後，那些擁有大量電力、土地和水且規模非常大的地點的排名也在上升，並得到了更多的關注。

And then, Patrick, to you, I think it was on the last conference call, you began to outline how you guys were going to be able to do HPC without additional equity in terms of using the one year prepayments and roughly 75% project financing. Do you feel even better about that today? What have you learned through that process the last 90 days?

然後，派崔克，我想是在上次電話會議上，您開始概述您將如何在沒有額外股權的情況下使用一年預付款和大約 75% 的專案融資來進行 HPC 。今天你對此感覺更好嗎？在過去 90 天的過程中您學到了什麼？

Yes, look, I would say it's nice to not be on an island, saying that, Mike. I think if other people on this call, I'm sure listening to Novogratz on the Galaxy call talk about how project financing is readily available. And there's other peers of ours that are in that market now, too. So that market is getting much more developed. As you know, we've always been saying that. That's been our plan from day one. But it's nice to see that market get more robust.

是的，聽著，我想說，不在島上真好，麥克。我想，如果參加這次電話會議的其他人，我肯定會聽到諾沃格拉茨在銀河電話會議上談論如何輕鬆獲得專案融資。現在我們的其他同業也進入了這個市場。所以這個市場正在變得更加發達。如你所知，我們一直這麼說。從第一天起這就是我們的計劃。但很高興看到市場變得更加強勁。

But, yes, I think if you look on page 13 of our slide deck and we go through painstaking detail on pages 12 and 13 to show you. But I hope page 13 hits people right on the forehead. We have a lot of unallocated cash. And so if the market's not trading us at the right multiple, I think we've shown we've authorized the $200 million buyback. We bought back $115 million of stock. This management team, Board, and insiders own about 30% of the equity of the company.

但是，是的，我想如果您查看我們投影片的第 13 頁，我們會在第 12 和 13 頁上詳細介紹向您展示。但我希望第 13 頁能擊中人們的額頭。我們有很多未分配的現金。因此，如果市場沒有以正確的倍數交易我們，我認為我們已經表明我們已經授權了 2 億美元的回購。我們回購了 1.15 億美元的股票。該管理團隊、董事會和內部人士擁有公司約30%的股權。

So, yes, we're well on our way now with the convert and no effective dilutions under $18 a share. So yes, yes I'm really excited. I think for a long time, as you know, I've been talking about being the first bitcoin miner to go the other way, to buy back stock or pay a dividend and start returning cash to shareholders.

所以，是的，我們現在在轉換方面進展順利，並且沒有有效稀釋每股 18 美元。所以是的，是的，我真的很興奮。我想很長一段時間以來，正如你所知，我一直在談論成為第一個走另一條路的比特幣礦工，回購股票或支付股息並開始向股東返還現金。

And I would just add, I think I am extremely proud of this team, everyone from the site level folks that are operating to the management team, that we have broken that ceiling and are the first ones. And not only that, but you look at this quarter, we had a positive EBITDA quarter. I can name four or five of my peers that claim to be industry leaders that are, bigger and badder than we are that all lost money on the EBITDA line mining bitcoin this quarter. It's not a viable long-term business. And I get bitcoin flying now. I get it. But you've got to make money in your underlying business, and we do.

我想補充一點，我認為我為這個團隊感到非常自豪，從現場營運人員到​​管理團隊的每個人，我們都打破了這個上限，並且是第一個。不僅如此，看看本季度，我們的 EBITDA 季度為正值。我可以說出四、五個自稱是行業領導者的同行的名字，他們比我們更大、更糟糕，但他們在本季度開採比特幣的 EBITDA 線上都虧損了。這不是一個可行的長期業務。我現在讓比特幣飛起來。我得到它。但你必須在你的基礎業務中賺錢，我們也這樣做。

Mike, just to get back to where the question started, I want to emphasize on the project finance side. It is readily available, but it is heavily credit dependent. So that is why the company has taken the time it has to sift through all the customers to try and come up with what's the best possible determination from a credit and from contract terms so that we can enable that project financing. And so I think in the end, our investors will determine it was time well spent. But this is all about creating value for the shareholders and project finance of high-speed compute and AI is the way to do it.

麥克，回到問題開始的地方，我想強調專案融資方面。它很容易獲得，但它嚴重依賴信用。因此，該公司必須花時間篩選所有客戶，嘗試從信貸和合約條款中找出最好的決定，以便我們能夠實現該專案融資。所以我認為最終我們的投資者會認為這是值得的。但這一切都是為了為股東創造價值，高速運算的專案融資和人工智慧就是實現這一目標的方式。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe if we could start just on what you guys are currently expecting for the back half of next year? And I say this knowing you guys stop a lot on your place 20- and 50-megawatt building. But should you want to start building, call it, CB-3, I would assume a lot of those long lead items will need to be ordered somewhat shortly. Should we be penciling in anything for the back half of next year? Or how are you guys are thinking about that now?

或許我們可以從你們目前對明年下半年的期待開始？我這麼說是因為你們在 20 兆瓦和 50 兆瓦的建築上經常停下來。但如果你想開始建造，稱之為 CB-3，我認為許多長週期專案將需要在短期內訂購。我們是否應該為明年下半年制定一些計劃？或者你們現在怎麼想這個？

Yes, look, good question, Brett. I think we will provide '25 guidance I think when we file our 10-K in February. But for now, I would just say we have on page 17 what we're capable of delivering. But whether we do that will depend on our customers and how fast or slow they want to run. Because remember, it's not just what can we deliver. We can deliver that capacity, but it's a function of where is our customer with NVIDIA, where are they on their capital raise, where are they with their end market demand.

是的，聽著，好問題，布雷特。我認為當我們在 2 月提交 10-K 時，我們將提供 '25 指導。但現在，我只想說我們在第 17 頁上已經提供了我們有能力提供的內容。但我們是否這樣做將取決於我們的客戶以及他們想要運行的速度。因為請記住，這不僅僅是我們能提供什麼。我們可以提供這種能力，但這取決於我們的 NVIDIA 客戶的情況、他們的融資情況以及他們的最終市場需求。

So there's a lot of different factors that go into how fast or slow the customers want to put up capacity. But we can run as fast or as slow as they want. So I think page 17 shows what we're capable of doing. And I think we'll be able to provide you with more color once we announce the customer contract and then once we provide guidance in February.

因此，有許多不同的因素會影響客戶增加容量的速度。但我們可以隨心所欲地跑得快或慢。所以我認為第 17 頁展示了我們的能力。我認為，一旦我們宣布客戶合約並在二月提供指導，我們將能夠為您提供更多的資訊。

Okay. No, that's helpful. On the Wulf Den, what is the current gameplan for using that given it is operational today? Is this something that could be generating revenue in the current quarter?

好的。不，這很有幫助。在 Wulf Den 上，考慮到它今天已經投入使用，目前的使用計劃是什麼？這是否可以在本季產生收入？

Yes, it's operational today. But what we found is -- and if you remember, initially, we were contemplating for a hot second to buy GPUs and put them in there ourselves. And what we quickly garnered is all of our customers want all of our capacity. And we don't have the same cost of capital as Amazon or Microsoft or Meta or Google or any of the hyperscalers. So we don't want to be in the GPU as-a-service business. That's not what we know best. We know energy, power, infrastructure.

是的，今天已投入使用。但我們發現的是——如果你還記得的話，最初，我們正在考慮趁熱打鐵購買 GPU 並自行安裝。我們很快就發現所有客戶都想要我們的全部產能。我們的資本成本與亞馬遜、微軟、Meta、谷歌或任何超大規模企業不同。所以我們不想涉足 GPU 即服務業務。這不是我們最了解的。我們了解能源、電力、基礎建設。

And so, we didn't want to be competing with our customer, and they want all that capacity. And the highest and best use of that from a valuation perspective is to run it for our customers. So that's what we'll be doing. And I think you'll see that capacity go to the customer or customers that I referenced before.

因此，我們不想與客戶競爭，而他們想要所有這些容量。從估值的角度來看，它的最高和最佳用途就是為我們的客戶運行它。這就是我們要做的。我想你會看到我之前提到的一個或多個客戶的能力。

Maybe just one more. I know you guys are currently imminently awaiting another 250-megawatt approval from the utility. I guess any update on timing for that? And is that something that's needed before you can sign the customer contracts?

也許只剩下一個了。我知道你們目前正在等待公用事業公司再次批准 250 兆瓦的裝置容量。我想有關於時間的更新嗎？在簽署客戶合約之前需要這樣做嗎？

So the short answer to that is, no. The timing of that is end of fourth quarter, beginning of first quarter. And like I said, we expect that capacity when you're looking at what we're bringing online by the middle of next year, we expect to be able to start pulling that energy the middle of next year.

所以簡短的回答是，不。時間是第四季末、第一季初。就像我說的，當你看到我們在明年年中上線的內容時，我們預計我們將能夠在明年年中開始釋放這種能量。

Darren Aftahi, ROTH Capital Partners.

達倫‧阿夫塔希 (Darren Aftahi)，羅仕資本合夥人。

This is Dillon for Darren. To start, when you look at some of the timelines on HPC, how long is the delay between when you finish the construction of these next two buildings, and obviously, you plan on announcing a customer by year-end and when they can get GPUs in there and start generating revenue.

這是達倫的狄龍。首先，當您查看 HPC 上的一些時間表時，您完成接下來兩座建築物的施工之間的延遲有多長，顯然，您計劃在年底前宣布客戶以及他們何時可以獲得 GPU在那裡並開始產生收入。

Yes. So I think -- and I apologize if I'm missing the question. I think what you're asking is we're completing, Dillon, the Wulf Den is operationally complete. CB-1, the 20-megawatt building, will be operationally complete end of first quarter. So I think realistically -- and you can see this on page 13 of our deck, but the cash from operations, the cash flow from operations in 2025, we've assumed that CB-1 and CB-2 are operating for nine months and six months, respectively, like revenue generating.

是的。所以我想——如果我漏掉了這個問題，我深感抱歉。我想你問的是我們正在完成，狄龍，沃爾夫巢穴的運作已經完成。CB-1 這座 20 兆瓦的建築將於第一季末投入營運。所以我現實地認為- 你可以在我們的幻燈片第13 頁上看到這一點，但是來自運營的現金，來自2025 年運營的現金流，我們假設CB-1 和CB-2 運營了九個月，並且分別為六個月，就像創造收入一樣。

And then, considering the fleet upgrades you're doing on the 195 megawatts of bitcoin mining, how do you think about the long-term economics of bitcoin mining versus some of the negotiations you're having for HPC, especially if that might see more favorable contract terms for the next 100 megawatts or next 250 megawatts that you might have available long-term?

然後，考慮到您正在對195 兆瓦的比特幣挖礦進行的設備升級，您如何看待比特幣挖礦的長期經濟性與您正在進行的HPC 的一些談判，特別是如果這可能會帶來更多多影響您可能長期擁有的下一個 100 兆瓦或下一個 250 兆瓦的有利合約條款？

Yes. It's a great question. Look, we're power folks. So we think about everything on a dollar per megawatt-hour, right? And if you think about the midpoint of our data on page 16, that's roughly put, $1.5 million of revenue per megawatt is roughly equivalent to $150 a megawatt-hour. And so, that's, like we're saying, 70% margin business. So you're making a margin of about 100 bucks a megawatt hour.

是的。這是一個很好的問題。瞧，我們是有權力的人。所以我們考慮的是每兆瓦時一美元，對嗎？如果您考慮第 16 頁數據的中點，粗略地說，每兆瓦 150 萬美元的收入大致相當於每兆瓦時 150 美元。所以，就像我們所說的，利潤率為 70% 的業務。因此，每兆瓦時您可以獲得約 100 美元的利潤。

And so depending upon what type of miner you're mining with today, you can back into what your profit is on a dollar per megawatt-hour basis. And I think the tough part about that is people tend to look at bitcoin in isolation, but you can't do that. You have to look at network hash rate as well, which is why I think when you go look at whether people made money this quarter or not, a lot of our peers didn't make money.

因此，根據您今天使用的礦機類型，您可以以每兆瓦時一美元計算利潤。我認為最困難的部分是人們傾向於孤立地看待比特幣，但你不能這樣做。你還必須看看網路哈希率，這就是為什麼我認為當你去看看人們本季是否賺錢時，我們的許多同業都沒有賺錢。

And it's not just -- you need bitcoin price to increase at a higher rate than network hash rate. And so, I think that question is tough to answer just given the volatility of bitcoin price and network hash rate. But look, I think what we've said, certainly, the next 500 megawatts of expansion for us is in high-power compute and AI, and that will probably coincide with the next halving. So we've got plenty of running room and then time to decide whether we keep mining bitcoin or not. But we've got plenty of time to play that out.

這不僅僅是——你需要比特幣價格以高於網路哈希率的速度成長。因此，考慮到比特幣價格和網路哈希率的波動性，我認為這個問題很難回答。但是，我認為我們已經說過，我們下一個 500 兆瓦的擴張肯定是在高功率計算和人工智慧領域，這可能會與下一次減半同時發生。所以我們有足夠的運行空間，然後有時間決定是否要繼續開採比特幣。但我們有足夠的時間來解決這個問題。

Joe Flynn, Compass Point Research & Trading.

Joe Flynn，Compass Point 研究與交易。

And to payback off an earlier question. Following the 250 megawatts of New York ISO approvals, how early do you expect to be in the queue to request the additional 250 megawatts? And then it also looks like the Cayuga Lake requests have already been submitted. So if there's any color you could add there, that'd be very helpful.

並回答之前的問題。在紐約 ISO 批准 250 兆瓦之後，您預計多久才能申請額外的 250 兆瓦？然後看起來卡尤加湖的請求也已經提交了。因此，如果您可以在其中添加任何顏色，那將會非常有幫助。

Yes. Paul, I'll take that, and then maybe you can add some color. Joe, so the short answer is getting in the queue for the next 250 megawatts will depend upon, again, how fast or slow our customers want to run with expansion. But that's a process that we're very familiar with at this point. And so I don't know is the short answer yet.

是的。保羅，我會接受的，然後也許你可以添加一些顏色。喬，所以簡短的答案是，進入下一個 250 兆瓦的隊列將再次取決於我們的客戶希望擴展運行的速度有多快或多慢。但這是我們目前非常熟悉的過程。所以我還不知道簡短的答案。

But if I had to guess, my guess would be probably at some point next year we start that process again. Whether it's first half or second half, I'm not sure. It's just going to depend on the cadence of the buildout. And then with regard to Cayuga, look, it's a great asset, similar to Lake Mariner. It is owned in a private company. But I don't know, Paul, if there's any other color you want to add.

但如果我必須猜測的話，我的猜測可能是在明年的某個時候我們再次開始這個過程。不管是上半場還是下半場，我都不確定。這僅取決於擴建的節奏。然後關於卡尤加，你看，這是一筆巨大的資產，類似水手湖。它屬於一家私人公司所有。但我不知道，保羅，你是否還想添加任何其他顏色。

And Cayuga started this process to ensure that at some point, it can meet the needs of a company like TeraWulf. And if that's something that TeraWulf and their customers and shareholders think are in the best interest of our shareholders, then there'll be a process, an independent committee of the Board and valuations and contract terms reviews by independent counsel for the independent committee and all that good stuff.

Cayuga 啟動這個流程是為了確保在某個時候，它能夠滿足像 TeraWulf 這樣的公司的需求。如果 TeraWulf 及其客戶和股東認為這符合我們股東的最佳利益，那麼就會有一個流程、董事會的獨立委員會以及由獨立委員會的獨立顧問進行的估值和合約條款審查以及所有那個好東西。

But Cayuga is not sleeping, and they're doing what they need to do because time to power is the most critical thing for TeraWulf's customers, and TeraWulf wants to ensure that they can meet those needs by both the assets we currently have and the assets that we're looking at as part of our development pipeline.

但 Cayuga 並沒有睡覺，他們正在做他們需要做的事情，因為通電時間對於 TeraWulf 的客戶來說是最關鍵的事情，TeraWulf 希望確保他們能夠透過我們現有的資產和現有的資產來滿足這些需求我們正在將其視為我們開發管道的一部分。

And then maybe, Patrick, on figure 13, you talked about the $387 million of unallocated cash following the prepay and project financing. Do you see an opportunity to be opportunistic with the remaining buyback there?

派崔克，也許在圖 13 中，您談到了預付款和專案融資後的 3.87 億美元未分配現金。您是否認為有機會利用剩餘的回購來投機取巧？

And just go forward, do you expect the process of adding additional megawatts to be a CapEx component that you guys are going to take care of upfront? Or do you think the remaining, call it, 250 megawatts would be primarily project financed like first and then could lead to additional shareholder return opportunities?

繼續前進，您是否期望增加額外兆瓦的過程成為您們要預先處理的資本支出組件？或者您認為剩餘的 250 兆瓦將主要像最初那樣由專案融資，然後可能會帶來額外的股東回報機會？

Yes. Great question, Joe. So we're going to try in the future -- I guess, as I look at next year, I think what we'll probably do is middle of the year, we'll take ourselves out of effectively equity funding Wulf Den, CB-1, and CB-2. So that's on page 13, that's the big blue $260 million project financing bar. So that's financing those three buildings.

是的。好問題，喬。因此，我們將在未來嘗試 - 我想，正如我展望明年，我認為我們可能會在年中做，我們將擺脫有效的股權融資 Wulf Den，CB -1和CB-2。這就是第 13 頁的 2.6 億美元專案融資欄。這就是為那三棟建築提供資金的原因。

For the future, going forward, like I said, as customers execute options for additional capacity, the way we're setting that up is at the time of the execution of the option, they're required to make a one year revenue prepay, which will allow me to go do the project financing upfront, so I won't have to equity fund it. So that would mean that full $387 million is fully unallocated and available. That's the goal.

對於未來，正如我所說，當客戶執行額外容量的選項時，我們設定的方式是在執行選項時，他們需要預付一年的收入，這將使我能夠預先進行專案融資，這樣我就不必為其提供股權融資。因此，這意味著 3.87 億美元完全未分配且可用。這就是目標。

Brian Dodson, Clear Street.

布萊恩多德森，《清街》。

So your comments regarding continuing progress toward an HPC contract this year very encouraging. You mentioned that you were in advanced discussions. Were those parties able to view your Wulf Den proof-of-concept facility? And what was their feedback, if any?

因此，您對今年 HPC 合約持續進展的評論非常令人鼓舞。你提到你們正在進行深入討論。這些各方能夠檢視您的 Wulf Den 概念驗證設施嗎？他們的回饋是什麼（如果有的話）？

This is Paul. The customers that we have engaged with in advanced discussions have all been to the site, have all seen what we've done there, and have had advanced discussions on the operation and construction level with members of TeraWulf.

這是保羅。我們參與深入洽談的客戶都去過現場，都看到了我們在那裡所做的事情，並與TeraWulf成員就營運和建設層面進行了深入探討。

To be honest, they were uniformly pleased with what we've got there. It was a difference, I think, with one of the customers. It's all about where they want to put the cooling. Do they want to put it in the rack? Do they want to put it in the building? So that drives cost. So that led to more discussions. But people were really -- they loved the site, and they want as much of it as they could.

老實說，他們對我們所擁有的一切都很滿意。我認為，其中一位客戶的態度有所不同。這完全取決於他們想要將冷卻裝置放在哪裡。他們想把它放在架子上嗎？他們想把它放在大樓裡嗎？所以這會增加成本。這引發了更多討論。但人們真的很喜歡這個網站，並且想要盡可能多地使用它。

And I guess as a second question, there's been obviously a lot of discussion in the industry regarding the recent election and administration change in Washington. Is there anything that you'd like to add to that discussion? And what do you think -- regulation could do for the industry over the next several years?

我想作為第二個問題，業界顯然對華盛頓最近的選舉和政府變動進行了許多討論。您有什麼想加入該討論的嗎？您認為未來幾年監管可以為該行業帶來什麼？

I'll start, if that's okay, Patrick. Listen, I think the election, we want to think about it in two ways. The first, going back to the question just asked of Patrick about 3.5 years post halving, how do we think about bitcoin mining versus using those megawatts that are currently allocated to bitcoin mining to high-power compute? And the answer is, we still have plenty of runway, as Patrick said, before we have to make that conclusion.

如果可以的話，我就開始了，派崔克。聽著，我認為對於選舉，我們要從兩個方面來考慮。首先，回到減半後大約 3.5 年帕特里克剛剛問的問題，我們如何看待比特幣挖礦以及將目前分配給比特幣挖礦的兆瓦用於高功率計算？答案是，正如帕特里克所說，在我們做出這個結論之前，我們還有足夠的跑道。

For the meantime, bitcoin is really performing very well. And we'll just have to see where bitcoin goes as we think about it. But again, the higher the price, the higher the hash rate, the higher expense it is to buy machines out of Bitmain. So I think there are other questions that we'll want to consider at the time. I think we'll see a different valuation in the marketplace if we're a true HPC AI company as opposed to a company that also has bitcoin mining. Though now, under a new administration, investment in bitcoin miners may be perceived differently by both investors, banks, stuff like that.

同時，比特幣的表現確實非常好。當我們思考時，我們只需要看看比特幣會走向何方。但同樣，價格越高，算力越高，從比特大陸購買機器的費用就越高。所以我認為我們當時還需要考慮其他問題。我認為，如果我們是一家真正的 HPC 人工智慧公司，而不是一家也擁有比特幣挖礦業務的公司，我們會在市場上看到不同的估值。不過現在，在新政府的領導下，投資人、銀行等對比特幣礦商的投資可能會有不同的看法。

From a regulation perspective, listen, the last time President Trump was in office, there was a difference in the regulatory bodies and the time it took to get things done in the real estate and power side. We're energy infrastructure folks here, and we welcome regulation when it's sensible. When it becomes a way to just put up roadblock after roadblock, it's a bummer. So I think that we'll see a cleaner regulatory environment that will enable quality energy infrastructure projects to get up and running with greater agility and maybe with a little less operating burden.

從監管的角度來看，聽著，上一次川普總統執政時，監管機構以及房地產和電力的辦事時間都有所不同。我們是能源基礎設施人員，我們歡迎合理的監管。當它成為一種不斷設置路障的方式時，那就太糟糕了。因此，我認為我們將看到一個更清潔的監管環境，這將使優質能源基礎設施項目能夠以更大的靈活性啟動和運行，並可能減輕一點營運負擔。

But I think the important elements of regulation, with respect to the environment, they'll stay, because it's in the best interest of everybody. And it's why we've stayed focused on locating our facilities where there was 91% green energy as our resource, so I look forward. Certain things just won't change, though. It's still going to take four years to develop a new gas facility, right. And nuke is a ways off. And the time to power is everything right now for the customers that we're speaking to. So regulation is only part of the puzzle in terms of meeting the need for energy infrastructure.

但我認為，在環境方面的重要監管要素將保留，因為這符合每個人的最佳利益。這就是為什麼我們一直專注於將我們的設施選址在有 91% 綠色能源作為我們的資源的地方，所以我很期待。但有些事情不會改變。開發一個新的天然氣設施仍然需要四年的時間，對吧。核武還有很長的路要走。對於我們正在交談的客戶來說，現在通電時間就是一切。因此，在滿足能源基礎設施需求方面，監管只是難題的一部分。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Two questions for you around basically the lease that's coming up. First off, that slide that you've referenced where I think it's $1.3 million to $1.8 million per megawatt in the economics, I believe you've had that for a while. So just wondering if, given the demand we're hearing from you and peers, is there a potential to walk that up?

關於即將到來的租約，有兩個問題想問您。首先，您提到的那張幻燈片，我認為每兆瓦的經濟成本為 130 萬至 180 萬美元，我相信您已經了解這一點有一段時間了。因此，我想知道，考慮到我們從您和同行那裡聽到的需求，是否有可能實現這一目標？

And then second, are the key economics around this lease already agreed to? What are the sticking points if there are any? Are we in the home stretch? Just trying to get a little bit sense of timing around that.

其次，圍繞這項租約的關鍵經濟因素是否已經達成協議？如果有的話，癥結是什麼？我們已經進入最後衝刺階段了嗎？只是想對此有一點把握。

Yes, I'll address that first. So John, on page 16, we've had this page in our deck since May. We did make some small tweaks to it, you'll notice, if you look carefully. But anything that we didn't tweak means we didn't tweak it. So it exists on page 16 in its full glory. And then I'm not going to answer any of the second part of your question due to material nonpublic information concerns.

是的，我會先解決這個問題。約翰，在第 16 頁，我們從 5 月起就將這一頁放在我們的牌組中。如果您仔細觀察，您會發現我們確實對其進行了一些小調整。但任何我們沒有調整的東西都意味著我們沒有調整它。因此，它在第 16 頁上展現了它的全部輝煌。然後，由於重大非公開資訊問題，我不會回答你問題的第二部分。

But you guys are still, I guess, expecting before year-end, and is there just a degree of confidence we can get around that?

但我想你們仍然在期待年底前的到來，我們是否有一定程度的信心可以解決這個問題？

Yes, we're going to have a customer announced prior to year-end, and it will be in the form of a full-blown agreement. And I would tell you that terms and all that's fungible. But again, our focus is on a fantastic quality credit that will enable us to go out and project finance CB-1 and CB-2. And so while there may be a ton more people looking for power, I think we're limiting our focus to the customers that we think are real thoughtful, we think could provide the requisite guarantees, we think would be known to the market or quickly can educate the market as to their financial credibility.

是的，我們將在年底前宣布一位客戶，並將以全面協議的形式出現。我會告訴你這些術語和所有內容都是可替代的。但同樣，我們的重點是出色的優質信貸，這將使我們能夠走出去為 CB-1 和 CB-2 專案提供融資。因此，雖然可能有更多的人在尋求權力，但我認為我們將重點限制在我們認為真正周到的客戶上，我們認為可以提供必要的保證，我們認為市場會知道或很快可以教育市場了解其財務信譽。

And they can meet the potential scalability of our site, because while we may be able to have multiple customers on site, I think from a scale perspective and just in building the relationship with a data center customer, it'd be ideal if we could work with a couple, maybe two or three and not more. So I could take an easy shot here and tell you any time you have lawyers involved, things take longer than you hope, but we have lawyers involved, and we will have a customer by year-end.

他們可以滿足我們網站的潛在可擴展性，因為雖然我們可能能夠在現場擁有多個客戶，但我認為從規模角度來看，並且只是在與資料中心客戶建立關係時，如果我們能夠與一對夫婦一起工作，也許兩三個，而不是更多。所以我可以在這裡輕鬆地告訴你，任何時候你有律師參與，事情花費的時間比你希望的要長，但我們有律師參與，到年底我們就會有客戶。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes. Just for clarity, the redundant power that you're bringing in, is that only for the colocation areas?

是的。為清楚起見，您引入的冗餘電源是否僅適用於主機託管區域？

Yes. So Kevin, I'm going to answer that question, and then I'm going to double back with my operations team and make sure I got it right, but I'm fairly certain I do, which is the site -- yes, right now, we have redundant power, I believe for all 250 megawatts. But as the site expands, that redundant power, I think, will likely remain principally focused on the high-power compute hosting buildings, as we don't need necessarily redundant power for bitcoin mining.

是的。所以凱文，我將回答這個問題，然後我將與我的營運團隊一起回复並確保我做對了，但我相當確定我做對了，這就是網站 - 是的，現在，我們擁有冗餘電力，我相信所有電力都是250 兆瓦。但隨著網站的擴展，我認為冗餘電源可能仍然主要集中在高功率運算託管建築物上，因為我們不一定需要冗餘電源來進行比特幣挖礦。

Our site has literally only gone dark once in the last 45 years, in 2003, in the Great Blackout. So I'm not overly concerned about redundant power at the bitcoin mining facilities, but most certainly, our high-power compute customers are, which is understandable. So the redundant power will be principally focused on those operations.

事實上，我們的網站在過去 45 年裡只出現過一次停電，那是在 2003 年的大停電期間。因此，我並不太擔心比特幣挖礦設施的冗餘電力，但最肯定的是，我們的高功率計算客戶會擔心，這是可以理解的。因此，冗餘電源將主要集中在這些操作上。

And please remember that the principals, both on site and in management here at TeraWulf, operated that as a power plant for a real long time, prior to shutting down and mitigating in a deal with the state. So we're pretty familiar with how that site works.

請記住，TeraWulf 的現場和管理層負責人在很長一段時間內將其作為發電廠運營，然後與州政府達成了關閉和緩解措施。所以我們非常熟悉網站的運作方式。

And again, we think bitcoin is a really flexible load. High-speed compute and AI is not, and our customers don't want to be as flexible, though they're willing to be far more flexible than I think the data centers of old. So we'll have that redundancy there for them.

再說一次，我們認為比特幣是一種非常靈活的負載。高速運算和人工智慧則不然，我們的客戶不希望如此靈活，儘管他們願意比我認為的舊資料中心靈活得多。所以我們將為他們提供冗餘。

And then also, when you sold Nautilus, you got a lot of mining machines. Are those being installed at Lake Mariner, or are you going to sell those?

然後，當你賣掉鸚鵡螺時，你得到了很多礦機。這些是安裝在水手湖嗎，還是打算出售？

Yes. So both is the short answer, Kevin. So I think in our deck, we put on page 7, so we did sell the majority of the miners from Cumulus for about $10.5 million. That's been realized and sold. And then we did change out some of the XPs, and you can see the movement on page 8 of our deck, like what we took out, what we installed. But we just are trying to get a more efficient fleet. So the miners that were more efficient, we took. The miners that were less efficient, we sold and monetized for cash.

是的。所以兩者都是簡短的答案，凱文。所以我認為在我們的套牌中，我們放在第 7 頁，所以我們確實以大約 1050 萬美元的價格出售了 Cumulus 的大部分礦工。這已經被實現並出售了。然後我們確實更換了一些XP，你可以在我們的牌組第8頁上看到變化，例如我們取出了什麼，我們安裝了什麼。但我們只是想獲得一支更有效率的機隊。所以我們選擇了效率更高的礦工。我們將效率較低的礦工出售並變現。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Yes. Patrick, I appreciate the comparative analysis that you provided between bitcoin mining economics and the Core Scientific deal. Curious if you could share some general thoughts on how demand for power capacity has trended as your discussions with the hyperscaler become more and more advanced. How sustainable is this level of demand for power that's set to come online in 2026 and onwards? Can the engine keep running at the same cadence if you can provide some color there.

是的。派崔克，我很欣賞你提供的比特幣挖礦經濟學和 Core Scientific 交易之間的比較分析。隨著您與超大規模企業的討論變得越來越深入，您是否可以分享一些關於電力容量需求趨勢的一般想法。預計 2026 年及以後上線的電力需求水準的可持續性如何？如果您可以在那裡提供一些顏色，引擎能否保持以相同的節奏運行。

Yes, Paul, do you want me to take that or do you want to take it?

是的，保羅，你想要我接受還是你自己接受？

I'm happy to. Listen, there's significant growth expected. McKinsey said data center demand would triple by 2030, driven predominantly by the high-speed compute workloads, which are projected to grow from 40% to over 70% of our total power capacity by 2030. Historically, power demand has grown at 1% per year. I'm now seeing 5% annual growth.

我很高興。聽著，預計會有顯著的成長。麥肯錫表示，到 2030 年，資料中心需求將增加兩倍，主要由高速運算工作負載推動，預計到 2030 年，高速運算工作負載占我們總電力容量的比例將從 40% 成長到 70% 以上。從歷史上看，電力需求每年以 1% 的速度成長。我現在看到年增長率為 5%。

This highlights, if anything, the growing scarcity of power. As I said earlier, gas plants four years, if you think about it today, and you're ready to roll. Nuke's long ways off. So I think that the demand is real. I think it's the beginning, not the end. I think it's the tip of the iceberg, if you will, particularly as the enterprise customers choose to come online.

如果有什麼不同的話，這凸顯了電力日益稀缺。正如我之前所說，天然氣工廠四年，如果你今天考慮一下，你就準備好了。核武器還有很長的路要走。所以我認為這個需求是真的。我認為這只是開始，而不是結束。如果你願意的話，我認為這只是冰山一角，特別是當企業客戶選擇上網時。

So I think TeraWulf is very well positioned because of the site we have and the experience of the team as energy infrastructure developers. So I'm very constructive with respect to TeraWulf in this power-hungry environment.

因此，我認為 TeraWulf 處於非常有利的位置，因為我們擁有網站以及團隊作為能源基礎設施開發商的經驗。因此，在這個耗電的環境中，我對 TeraWulf 非常有建設性。

Ladies and gentlemen, we have reached the end of our question-and-answer session. I would now like to turn the call back to Paul Prager for closing comments. Please go ahead, sir.

女士們先生們，我們的問答環節已經結束了。我現在想將電話轉回保羅·普拉格以徵求結束意見。請繼續，先生。

Sure. Thank you, operator. Before we close today's call, I just want to leave you all with a few final thoughts. TeraWulf is clearly leading the charge with top-tier assets, industry-best unit economics, and unrivaled scalability in our owned infrastructure.

當然。謝謝你，接線生。在我們結束今天的電話會議之前，我只想向大家傳達一些最後的想法。TeraWulf 憑藉頂級資產、業界最佳的單位經濟效益以及我們自有基礎設施無與倫比的可擴展性，顯然處於領先地位。

As a significant shareholder myself, I am fully aligned with our commitment to accretive growth and maximizing value for our shareholders. We are optimistic about what lies ahead. We're confident in our strategy to deliver sustainable growth. I thank you all for participating this evening and for your continued trust.

身為重要股東，我完全贊同我們為股東實現增值成長和價值最大化的承諾。我們對未來感到樂觀。我們對實現永續成長的策略充滿信心。我感謝大家今晚的參與以及你們一直以來的信任。

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。