EASTON, Md., July 09, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by 95% zero-carbon energy, today announced the full repayment of its term loan ahead of schedule, eliminating all outstanding debt.
The final payment, totaling $77.5 million, which includes pre-payment fees and accrued interest, underscores TeraWulf’s commitment to financial prudence and resiliency. After paying off the term loan, the Company has no outstanding debt and has thereby maximized financial flexibility to scale and deploy its valuable and low-cost energy infrastructure for bitcoin mining and high-performance computing (HPC)/AI applications.
Management Commentary
Patrick Fleury, Chief Financial Officer, stated, “Our business’s profitability and strong cash generation has allowed us to successfully retire the remaining debt ahead of schedule, significantly bolstering our financial position.”
“Achieving a debt-free capital structure strategically positions us to promptly capitalize on the escalating demand for our highly valuable energy infrastructure,” Fleury continued. “Moving forward, we intend to remain steadfast in our commitment to enhancing shareholder value and allocate future profits towards organic growth, potential dividends, or share buybacks.”
Paul Prager, Chief Executive Officer, added, “As an energy infrastructure company, we are dedicated to continuously developing and identifying optimal applications for our substantial energy capacity, be it in bitcoin mining or other high-performance computing ventures. We have immediate access to hundreds of megawatts of sustainable and scalable energy infrastructure – a vital and increasingly scarce asset for those operating within the energy and technology industries.”
Prager concluded, “This year, we plan to expand our operational infrastructure capacity from 210 MW to 295 MW, with the ability to further increase our capacity by an additional 300 MW in the near-term. Given our significant infrastructure capacity to deploy, we believe that paying off our debt early and eliminating any associated growth constraints is in the best interest of our shareholders.”
About TeraWulf
TeraWulf owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company currently has two bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by 95% zero carbon energy resources including nuclear, hydro, and solar with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to provide industry leading mining economics at an industrial scale.
