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Sep 30, 2024
Terawulf Q3 2024 Earnings Report
Revenue increased and strategic activities were undertaken.
Key Takeaways
TeraWulf reported a revenue increase of 42.8% year-over-year, reaching $27.1 million for Q3 2024. The company's operational self-mining capacity grew by 100% to 10.0 EH/s. Strategic activities post-Q3 included the sale of Nautilus JV interest, a new Lake Mariner ground lease, a convertible note offering, and a share buyback program.
Revenue increased to $27.1 million in Q3 2024, a 42.8% increase compared to Q3 2023.
Cost of revenue (exclusive of depreciation) increased to $14.7 million in Q3 2024.
Self-mining hashrate capacity increased 100.0% year-over-year to 10.0 EH/s as of September 30, 2024.
Adjusted EBITDA was $6.0 million in Q3 2024.
Terawulf
Terawulf
Forward Guidance
TeraWulf is focused on scaling high-performance computing at Lake Mariner and expects to increase total self-mining hash rate to approximately 8.7 EH/s in the near term with the ongoing reinstallation of XP miners. CB-1, a 20 MW Tier 3-grade HPC hosting facility, is expected to be completed by Q1 2025, and preparations for CB-2, a 50 MW HPC hosting facility, are well advanced for a launch by the end of Q2 2025.
Positive Outlook
- Completed sale of 25% equity interest in the Nautilus joint venture.
- Completed construction of 2.5 MW HPC hosting proof-of-concept project at Lake Mariner.
- Entered into new, long-term ground lease agreement at Lake Mariner.
- Board approved $200.0 million share repurchase program.
- Completed $500.0 million convertible notes offering.
Challenges Ahead
- Conditions in the cryptocurrency mining industry.
- Competition among cryptocurrency mining services.
- Changes in applicable laws and regulations.
- Failure to obtain adequate financing.
- Potential of cybercrime.