Business
TeraWulf Reports Fourth Quarter and Full Year 2023 Results
Annual Revenue Grows 360% Year-Over-Year; Annual BTC Self-Mined Increases 550% to 3,407 Reports Realized Cost of Power of 3.2 Cents Per Kilowatt Hour in 2023,
About this update from Terawulf Inc.
[{"type":"text","content":"Annual Revenue Grows 360% Year-Over-Year; Annual BTC Self-Mined Increases 550% to 3,407 Reports Realized Cost of Power of 3.2 Cents Per Kilowatt Hour in 2023, Outperforming Company Guidance of 3.5 Cents Per Kilowatt Hour by 9% Self-Mining Operating Capacity Reaches 8 EH/s, More Than Quadrupling Capacity Since Beginning of 2023 Reports Current Cash and Bitcoin Holdings of $49 million as of February 29, 2024 EASTON, Md., March 19, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 95% zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2023. Management Commentary “In addition to our outstanding financial achievements in 2023, attributable to the unwavering dedication and hard work of our team, TeraWulf has made significant strides towards our financial and operational objectives. These include proactive debt reduction, rapid expansion of our organic infrastructure, and a steadfast commitment to financial transparency,\" commented Paul Prager, Founder and Chief Executive Officer of TeraWulf. \"Moreover, given the premium on available digital infrastructure, our current facilities offer substantial room for expansion, positioning us to deliver even greater value. Our strategic plan entails reaching operational capacity of 300 MW by the close of 2024 and scaling up to 550 MW by the conclusion of 2025.” Patrick Fleury, TeraWulf’s Chief Financial Officer added, “In 2023, TeraWulf demonstrated exceptional operational performance and expansive growth, resulting in record levels of revenue and profitability, as demonstrated by both GAAP and non-GAAP metrics. With an industry-leading 3.2 cents per kilowatt hour cost of power, we also achieved a substantial reduction in our debt of $40 million in the aggregate as of February 29, 2024, significantly bolstering our financial standing. As of the end of February, our balance sheet reflects a fortified financial foundation, with $49 million in cash and cash equivalents and bitcoin. This substantial reduction in debt and enhanced liquidity position underscores TeraWulf's resolute commitment to prudent financial management, positioning us even more securely to capitalize on future opportunities with co...