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Jun 30, 2023
Terawulf Q2 2023 Earnings Report
Revenue and gross profit increased, driven by expanded hashrate capacity and higher Bitcoin prices.
Key Takeaways
TeraWulf reported a strong second quarter in 2023, marked by a 34% increase in revenue to $15.5 million and a 58% increase in gross profit to $10.3 million. The company expanded its hashrate capacity and achieved a higher average price of Bitcoin, contributing to the improved financial performance.
Increased hashrate capacity by 67% to 5.5 EH/s as of June 30, 2023.
Self-mined 908 Bitcoin, a 70% increase compared to Q1 2023.
Revenue per Bitcoin produced increased by 21%.
Power cost per Bitcoin declined by 15%.
Terawulf
Terawulf
Forward Guidance
TeraWulf is actively expanding its Lake Mariner facility by 60% with the addition of 43 MW of infrastructure and 18,500 of the latest generation S19j XPs to increase profit margins ahead of the next halving.
Positive Outlook
- Expanding Lake Mariner facility by 60% with 43 MW infrastructure addition.
- Deploying 18,500 Antminer S19j XP bitcoin mining machines.
- Aiming for a realized average cost of power of 3.5 cents per kilowatt hour.
- Targeting average availability in excess of 98%.
- Positioning the company for increased profit margins ahead of the next halving.
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, including as to variables or factors affecting the cost, efficiency and profitability 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, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining.
- The ability to implement certain business objectives and to timely and cost-effectively execute integrated projects.
- Failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations