TeraWulf Inc. (NASDAQ:WULF) Q4 2022 Earnings Call Transcript

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Sandy Harrison: Thank you, Bow. I will now move to questions that we may have gotten from participants on the webcast. As a reminder, you can enter your questions on the webinar portal, and we will get to as many as we potentially can. I have one here right now to the team. As a shareholder, I love that you and your team have invested millions of your own money in the company. It really aligns our goals in my mind. Can you speak to the size and financial commitment insiders have made and any reasons or drivers, why?

Paul Prager: Patrick, do you want to address that? I mean, I think you have the most accurate capital. But, yes, as the CEO, I can tell you that we invested a significant amount in 2022 and as recently as 2023. And the bulk of managers and insider shareholding is sitting at the transfer agent and I certainly know that’s the case for me now at a brokerage shop. I haven’t sold a share. But Patrick, you want to give the specific numbers. And the reason why by the way we invest, it was because we believe in the mission of TeraWulf. I mean, I truly believe TeraWulf is peerless for all the reasons I enunciated earlier in my remarks. I believe in the team, and our agility to respond to increased questions from a regulatory perspective or from a fuel sourcing perspective, and from our own ability to operate both power plants and Bitcoin mining facilities. Patrick?

Patrick Fleury : Yes, sure. And I don’t have all these on my fingertips. So Kerri, correct me if you think I’m wrong. But I think the management team alone in the last year, including March of this year has invested I believe, $15 million to $20 million of capital alone. And then if you include management insiders, the Board and friendly investors, that group controls over 50% of the shares of the company, which is unparalleled. When you look at the public miner space, there’s only one other public minor that I know of that group has — kind of that group has double-digit percentage. So we are truly unparalleled in that regard. And I think that’s why certainly as a CFO, I take it to heart when Paul in his remarks and says, we are done. I mean, we have zero interest in diluting folks further and we will run the company for profit and to maximize value and return to shareholders.

Sandy Harrison: Bow, that looks like all the questions I’ve got on the webcast portal. Why don’t you go ahead and close this out?

Operator: Certainly, Mr. Harrison. Ladies and gentlemen, we’d like to thank you so much for joining the TeraWulf Q4 and calendar year 2022 results and business update call. This will bring us to the conclusion of the call. And we wish you all a great remainder of your day. Goodbye.

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