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On May 5, 2025, TeraWulf Inc., a company specializing in finance services and cryptocurrency assets with a market capitalization of $1.2 billion, held its Annual Meeting of Shareholders where several key proposals were voted upon. According to InvestingPro data, the company has demonstrated remarkable revenue growth of 102% over the last twelve months, though it operates in a highly volatile market environment. The company, which is incorporated in Delaware and trades under the ticker (NASDAQ:WULF), saw its shareholders elect nine directors to serve until the 2026 Annual Meeting. The elected directors are Paul Prager, Nazar Khan, Kerri Langlais, Michael Bucella, Walter Carter, Amanda Fabiano, Catherine Motz, Steven Pincus, and Lisa Prager.
In addition to the election of directors, the shareholders cast their votes on three more proposals. The second proposal was a non-binding, advisory vote on the 2024 executive compensation, which received approval. The third proposal concerned the ratification of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the year 2025, which was also ratified by the shareholders. Finally, the fourth proposal, which was the approval of an amendment to the 2021 Omnibus Incentive Plan to increase the number of available shares, was approved.
The detailed voting results for each director and proposal were disclosed, including the number of votes for, against, withheld, and broker non-votes. For all proposals, the majority of votes were cast in favor. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 5.43, though it faces challenges with cash burn rates in the current market conditions. The results affirm the shareholders’ support for the company’s proposed governance and executive compensation plan, as well as their confidence in Deloitte & Touche LLP to continue as the independent auditor for the upcoming fiscal year.
The information provided in this article is based on a press release statement from TeraWulf Inc.’s SEC filing.
In other recent news, Terawulf Inc. reported its financial results for the fourth quarter of 2024, revealing a significant earnings miss. The company posted an earnings per share (EPS) of -$0.09, which was below the forecasted -$0.028, and its revenue of $34.95 million did not meet the expected $37.81 million. Despite the quarterly shortfall, Terawulf’s revenue grew 102% year-over-year, reaching $140.1 million in 2024. The company also reported a net loss of $29.2 million for the fourth quarter, up from $22.7 million in the previous quarter. Terawulf is working on strategic initiatives, such as launching new products and expanding its infrastructure. The company aims to contract and deploy 100-150 MW of HPC hosting capacity annually, with a target of 200-250 MW by the end of 2026. Analysts have noted that Terawulf is focusing on long-term strategic goals despite current challenges. The company is also exploring expansion opportunities in various locations, including Montana, Maryland, and Virginia.
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