“If you don't control power, you don't control your destiny. We do.”（CEO）
“We are not just consuming capacity. We are adding it in constrained markets. That is the only sustainable model at scale.”（CEO）
“Execution risk declines as design standardizes. CB4 and CB5 reflect a mature optimized build.”（CTO）
“Mining is not a long-term growth focus, but it has enabled the transition.”（CFO）
“We do not build on speculation.”（CFO）
Prepared Metrics
Metric
Value
Speaker/Context
Q4 2025总收入
3580万美元
环比下降，主因比特币产量下降（CFO）
Q4 2025 HPC租赁收入
970万美元
环比增长35%（CFO）
FY2025总收入
1.685亿美元
同比增长20%（CFO）
FY2025 HPC租赁收入
1690万美元
自2025年7月开始计租（CFO）
2025年调整后SG&A
约4700万美元
此前指引5000-5500万美元（CFO）
FY2025调整后EBITDA
负2310万美元
2024年为正6040万美元（CFO）
FY2025 GAAP净亏损
6.614亿美元
主要反映谷歌认股权证非现金公允价值调整（CFO）
截至2025年12月31日现金及受限现金
37亿美元
（CFO）
WULF Compute已完成资本支出
8.5亿美元
截至2026年1月31日（CFO）
Abernathy JV已完成资本支出
2.68亿美元
截至2026年1月31日（CFO）
CB4/CB5设计优化增量收入
约2亿美元
初始租期内（CTO）
Q&A Batch (1-5 of 9)
Q1 — Mike Grondahl
Topic: Kentucky site demand and Maryland site strategy
Key points:
Kentucky site: former smelter, transmission superhighway, multiple utilities can service; data room open, every major hyperscaler and several large AI compute platforms doing diligence; written term sheets received; meeting with Governor Beshear and state leadership; community info session and job fair held, auditorium filled.
Maryland site (Chesapeake Data): 1+ GW data center load capability, 500 MW battery storage; former coal generation campus in Northern Virginia corridor; designed as net contributor to Maryland grid; supported by Governor Moore and MDE.
Market context: Alphabet bought Intersect for ~$5B (Dec); Microsoft raised dedicated generation as part of 5-point infrastructure strategy (Jan); President Trump floated PJM emergency auctions for new generation; Morgan Stanley estimates 47 GW power shortfall 2025-2028.
Mgmt stance: Bullish — strong demand, substantive discussions, world-class credit expected for 10-15 year deal "pretty soon"; core competency in generation development (25 years, 6 GW experience).
Q2 — Timothy Horan
Topic: Kentucky pricing, construction schedule, labor, and permits
Key points:
EPC partner Fluor brought in; procurement ahead of curve; proven design liked by hyperscaler customers; construction timeline for second half of 2027 reflects ongoing discussions with EPC.
Labor: Kentucky has construction and trades expertise; efforts underway for mechanical, electrical, and civil scopes.
Economics: projects evaluated on unlevered yield basis; expected to be in historical ZIP code or better over time.
Mgmt stance: Bullish — confident in timeline and labor availability; pricing competitive due to immediate available power and robust customer conversations.
Q3 — Christopher Brendler
Topic: PUE efficiency and battery storage at Morgantown
Key points:
PUE of 1.25 at Lake Mariner and Cayuga due to northern geographic location (ambient conditions) and heavy investment in cooling design; Abernathy site at 1.4 PUE due to location.
Brownfield sites provide built-in redundancy (e.g., 5 independent power lines at Kentucky smelter site) eliminating need for on-site diesel generators.
Morgantown: 0.5 MW battery storage per MW of load for peak demand shaving; site designed as net supplier of energy back to grid.
Mgmt will report "critical IT capacity" as key metric (monetized execution) vs. gross megawatts.
Mgmt stance: Bullish — PUE is best-in-class; battery storage makes loads assets to grid; execution story emphasized.
Q4 — Nick Giles
Topic: CapEx breakdown for Morgantown and FERC approval timeline
Key points:
CapEx per MW: data center $8M-$10M; power generation (dispatchable gas-fired) $2M-$3M; battery storage ~$1M; total fully loaded ~$13M-$14M per MW.
Customer will pay capacity payment covering all CapEx; net cost of power expected to be meaningfully lower than grid-only solution due to generation value offset.
FERC approval: pro forma process, no monopoly concerns; expected within 3-6 months.
Mgmt stance: Bullish — strong position for tenant with quicker scale and lower net power cost; FERC approval routine.
Q5 — Stephen Glagola
Topic: Zoning and permitting for Kentucky (Hawesville) and Cayuga
Key points:
Cayuga: first informal session with planning board went well; final application in ~1 month; conditions include water draw, noise levels, beautification; zoning board approval already obtained.
Kentucky (Hawesville): building permits needed; town hall and workforce session held; Judge Executive, Economic Development Director fully on board; site includes decommissioning old aluminum smelter (cleanup welcomed by town).
Cayuga site: 400 acres, ability to host own power generation if needed; former power site can be repowered.
Mgmt stance: Neutral to bullish — process is ordinary course; supportive local environment; smooth approvals expected once lease signed.
Q&A Batch (6-9 of 9)
Q6 — Darren Aftahi
Topic: Hawesville竞争环境、客户数量及年度产能指引范围
Key points:
Hawesville 384 MW 的潜在容量，目标与 1–2 个客户签约（Nazar Khan 明确“targeting 1, maybe 2 customers for the entire site”）。
年度新增 IT 负载指引上调至 250–500 MW，对应每年 $2.5B–$5B 增量资本支出；1.5 年前指引为 100–150 MW。