TeraWulf Inc.

Greetings, and welcome to the TerraWolf 2025 Third Quarter Earnings Conference Call. Currently, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Please note that this conference is being recorded. I will now turn the conference over to John Larkin, Senior Vice President, Director of Investor Relations. Thank you, Mr. Larkin. You may begin.

Good afternoon and welcome to Tara Wolf's 2025 Third Quarter Earnings Call. Joining me today are Chairman and CEO Paul Prager and CFO Patrick Fleury. 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 at sec.gov, and the investor section of our website at terawolf.com. We will also reference certain non-GAAP financial measures today. Please refer to our 10-K and 10-Q filings on our website for a full reconciliation of these non-GAAP measures to the most comparable GAAP measures. We will start today's call with prepared remarks from Paul and Patrick, followed by a Q&A session. Now, I'd like to turn the call over to our CEO, Paul Prager.

Good afternoon, and thank you for joining us today. The third quarter was truly transformational for Terrawolf, both operationally and financially. During the quarter, we executed one of the most significant steps in our company's evolution, signing approximately 360 megawatts of critical IT load with Fluidstack backstopped by Google at our Lake Mariner campus in upstate New York. This 10-year agreement representing average annual revenue of approximately $670 million and average annual net operating income of more than $565 million before extensions, firmly validates our high-performance computing hosting strategy, and establishes TerraWolf as a leader in designing, building, and operating low-carbon enterprise-scale compute infrastructure. In October, we reinforced that leadership by closing $3.2 billion in senior secured financing backed by the Google credit enhancement to fully fund the Lake Mariner high power compute build out. This transaction is a milestone For the broader industry, demonstrating a repeatable end-to-end development model that begins with design and site control, extends through customer contracting and construction, and culminates in long-term credit-enhanced lease revenue. The third quarter also marked an operational inflection point for TerraWolf. as we recorded our first HPC revenues with lease commencement at Wolf Den and CB1. We remain on track to deliver CB2 near year-end, subject of course to tenant fit-out requests, which will complete our delivery of 60 megawatts of critical IT for Core42. Across our platform, These early deployments are proof points that our strategy is working and our execution is disciplined. At Lake Mariner, our team continues to perform exceptionally well. In terms of executing for FluidStack in Google, the majority of long lead items have been contracted through CB5, and construction progress is both visible and measurable. CB3 is more than 50% directed, The final concrete pour is scheduled within two weeks, and the structure will be fully enclosed before year end. CB4 and CB5 are already well underway with underground work beginning next week, steel deliveries arriving in early December, and building erection expected to begin before Christmas. The progress our construction and operations teams have achieved, and with rigorous quality standards, reflects TerraWolf's deep experience in developing and delivering large-scale energy and data infrastructure. We also continue to expand our geographic footprint and customer base. Just two weeks ago, we expanded our partnership with Fluidstack and Google, announcing our joint venture to develop and operate the Abernathy HPC campus in Texas within the Southwest Power Pool market. This project adds 168 megawatts of new HPC capacity with expansion potential up to 600 megawatts and replicates the same credit enhanced structure proven at Lake Mariner. This joint venture with Fluidstack and Google leverages our collective expertise, incorporates hypertech as EPC partner, and includes two additional options to expand the joint venture. one for future phases at Abernathy and another for a separate site elsewhere in the United States. This partnership represents the next evolution of our growth model, scalable, capital efficient, and backed by world-class partners. And while we've made tremendous progress executing the business we have, what's equally important is how we're positioning Terawolf for the next wave of growth. Our approach remains disciplined, expanding only where we have clear structural advantages in power, permitting, and partnership, and our opportunity set continues to broaden. In August, we signed an 80-year lease at the Cayuga site in New York, laying the groundwork for large-scale, high-power compute deployment beginning in 2027. As just mentioned, the Abernathy Joint Venture offers meaningful, embedded expansion potential, both on campus and across future projects with FluidStack and Google. Meanwhile, our in-house development pipeline continues to mature, with several high-quality opportunities now approaching realization. Together, these initiatives form the very foundation for TerraWolf's next phase of growth, Executing today while methodically building the platform for tomorrow. Scalable, low carbon, and designed to meet the accelerating demand for high performance compute. Reflecting that confidence, we recently increased our annual target for new HPC signings from 100 to 150 megawatts per year to 250 to 500 megawatts per year. We did not make this decision lightly. It reflects the tangible progress we've made in advancing our development pipeline and the strength of customer demand. Over the past year, we've evaluated over 150 potential sites, narrowing that list to a select group that meets our strict criteria. Grid redundancy, minimum power threshold, attractive geographies for end customers, and time to power. To support this next phase, we've expanded our site acquisition and development teams, strengthening what is already the most capable organization in the sector. Our deep understanding of what hyperscale and AI customers need, combined with our access to scalable, low-cost power, positions TerraWolf at the forefront of the infrastructure transformation now underway. We are proud of what our team accomplished this quarter, but we are even more excited about what lies ahead. With that, I'll turn the call over to our CFO, Patrick Fleury, to discuss our financial results in more detail.