Loading...
•
Jun 30, 2024
Terawulf Q2 2024 Earnings Report
Reported revenue of $35.6 million and gross profit of $21.7 million.
Key Takeaways
TeraWulf reported a strong second quarter with a 130.2% increase in revenue year-over-year, driven by growth in operating hashrate and higher bitcoin prices. The company also made significant progress in expanding its infrastructure and advancing its AI initiatives.
Revenue increased by 130.2% year-over-year to $35.6 million.
Gross profit (exclusive of depreciation) increased by 109.4% year-over-year to $21.7 million.
Self-mining hashrate capacity at Lake Mariner Facility increased 79.6% year-over-year to 8.8 EH/s.
Paid down $30.2 million of debt in Q2 2024 and $75.8 million in July 2024.
Forward Guidance
TeraWulf is focused on expanding into alternative compute hosting, aligning with the increasing demand for high-power data center capacity.
Positive Outlook
- Completion of Building 4 at Lake Mariner Facility.
- Advancing AI and high-performance computing initiatives.
- Streamlining capital structure.
- Focus on low-cost, predominantly zero-carbon energy.
- Efficient management.
Challenges Ahead
- Conditions in the cryptocurrency mining industry
- Fluctuation in the market pricing of bitcoin and other cryptocurrencies
- Changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations
- Failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...