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TeraWulf Announces Preliminary Full Year 2023 Financial Highlights and Provides 2024 Guidance
Reports Strong Financial Performance, Reiterates Plan for Organic Growth and Continued Debt Reduction in 2024 Forecasts Industry-Leading Bitcoin Mining Unit
About this update from Terawulf Inc.
[{"type":"text","content":"Reports Strong Financial Performance, Reiterates Plan for Organic Growth and Continued Debt Reduction in 2024 Forecasts Industry-Leading Bitcoin Mining Unit Economics for 2024 Targets 300 MW of Infrastructure Capacity in Operation by Year-End 2024 and 550 MW in 2025 EASTON, Md., March 06, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), owners and operators of vertically integrated, domestic bitcoin mining facilities powered by more than 95% zero-carbon energy, today announced preliminary unaudited financial highlights for the fiscal year 2023 alongside projected financial metrics for 2024. TeraWulf plans to release financial results for the fourth quarter and full year 2023 on or about Tuesday, March 19, 2024. The unaudited results in this press release are preliminary and subject to the completion of accounting and annual audit procedures and are therefore subject to adjustment. Preliminary FY 2023 Financial Highlights (Unaudited) The Company expects the following preliminary and unaudited financial results for fiscal 2023: Revenue is expected to be approximately $69.0 million, compared to $15.0 million in fiscal 2022.Gross profit is expected to be approximately $41.0 million, compared to $4.0 million in fiscal 2022.Non-GAAP Adjusted EBITDA is expected to be approximately $30.0 million, compared to $(34.2) million in fiscal 2022.Cash and cash equivalents as of fiscal year-end 2023 is expected to be approximately $54.0 million, compared to $1.3 million at fiscal year-end 2022.Net debt at fiscal year-end is expected to be approximately $85.0 million, compared to $144.7 million at fiscal year-end 2022. Additional Non-GAAP metrics for fiscal year 2023, which include the financial impact of TeraWulf’s joint venture interest in the Nautilus Cryptomine facility1, include the following: Self-mined 3,407 bitcoin in 2023, comprised of 2,168 bitcoin at the Lake Mariner facility and 1,239 bitcoin at the Nautilus Cryptomine facility.Power cost averaged $8,676 per bitcoin self-mined, or approximately $0.032/kWh in 2023. Key Non-GAAP MetricsFY 2023Bitcoin Self-Mined – Lake Mariner 2 2,168Bitcoin Self-Mined – Nautilus 1,239Value per Bitcoin Self-Mined 3$29,645Power Cost per Bitcoin Self-Mined 4$8,676Avg. Operating Hash Rate (EH/s) 5 4.1 Management Commentary \"In 2023, we achieved significant milestones by ...