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Mar 31, 2024
Terawulf Q1 2024 Earnings Report
TeraWulf's financial performance increased, driven by growth in operating hashrate and higher bitcoin prices.
Key Takeaways
TeraWulf reported strong Q1 2024 results, with revenue increasing by 82.2% compared to Q4 2023, reaching $42.4 million. The company also saw a significant increase in gross profit and a substantial rise in Non-GAAP Adjusted EBITDA. Additionally, TeraWulf reduced its debt by approximately $63.6 million in 2024.
Self-mined 1,057 bitcoin in Q1 2024, an 8.9% increase over Q4 2023.
Q1 2024 revenue grew 82.2% over Q4 2023 to $42.4 million.
Q1 2024 Non-GAAP Adjusted EBITDA increased 95.4% over Q4 2023 to $32.0 million.
Paid down approximately $63.6 million of debt so far in 2024.
Terawulf
Terawulf
Forward Guidance
TeraWulf is on track to reach ~10.2 EH/s in Q3 2024 and plans to grow to ~13.3 EH/s by Q1 2025.
Positive Outlook
- On track to reach ~10.2 EH/s in Q3 2024.
- Plans to grow to ~13.3 EH/s by Q1 2025.
- Expanding mining operations at the Lake Mariner Facility.
- Initiated construction activities for Building 5 at the Lake Mariner Facility.
- Finalizing the design for a large-scale, high-performance computing (HPC) / AI project at the Lake Mariner Facility.
Challenges Ahead
- Conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining.
- Competition among the various providers of cryptocurrency mining services.
- Changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates.
- Failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations.
- The availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy