Business
TeraWulf Reports Second Quarter 2023 Results Financial Results
Increased hashrate capacity by 67% in Q2 2023 to 5.5 EH/s as of June 30, 2023. Self-mined 908 Bitcoin in Q2 2023, an increase of 70% over the Bitcoin
About this update from Terawulf Inc.
[{"type":"text","content":"Increased hashrate capacity by 67% in Q2 2023 to 5.5 EH/s as of June 30, 2023. Self-mined 908 Bitcoin in Q2 2023, an increase of 70% over the Bitcoin self-mined in Q1 2023. Revenue per Bitcoin produced increased 21% in Q2 2023, while power cost per Bitcoin declined by 15%. EASTON, Md., Aug. 14, 2023 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced its unaudited financial results for the second quarter of fiscal year 2023 and provided an operational update. Second Quarter 2023 GAAP Operational and Financial Highlights Revenue increased to $15.5 million in 2Q23 compared to $11.5 million in 1Q23.Gross profit increased to $10.3 million in 2Q23 compared to $6.5 million in 1Q23, and gross profit margin expanded by 18% from 57% in 1Q23 to 67% in 2Q23.Achieved a total self-mining hashrate of 5.5 EH/s as of June 30, 2023, representing a quarterly increase of 67% relative to March 31, 2023. Key GAAP MetricsThree Months Ended Q1 2023 Three Months Ended Q2 2023 % Change Revenue$11,533 $15,456 34%Gross profit$6,531 $10,343 58%Gross profit margin57%67%18% Second Quarter 2023 Non-GAAP Operational and Financial Highlights Generated non-GAAP revenue equivalent of $25.3 million and self-mined 908 Bitcoin in Q2 2023.Power cost per Bitcoin declined 15% quarter-over-quarter, from $8,624 in 1Q23 to $7,197 in 2Q23Adjusted EBITDA increased to $7.6 million, compared to Adjusted EBITDA of $(7.1) from the same prior year period. Key Non-GAAP Metrics1Three Months Ended Q1 2023Three Months Ended Q2 2023% Change Bitcoin Self-Mined253390870%Revenue – Self-Mining Equivalent ($M)3$12.3$25.3106%Revenue – Hosting ($M)4$1.2$1.1(15)%Power Cost ($M)5$5.7$7.938%Avg. Operating Hashrate (EH/s) – Self-Mining1.93.691%Avg. Operating Hashrate (EH/s) – Hosted0.50.4(9%)Revenue Equivalent per Bitcoin$23,073$27,91321%Power Cost per Bitcoin$8,624$7,197(17%) Management Commentary “We continue to execute our stated goals, delivering strong results in Q2 2023. Based on the continued hard work and commitment of our people, we achieved our target of 5.5 EH/s of capacity in the second quarter,” stated Paul Prager, Chief Executive Officer of TeraWulf. “As we move into the third quarter, we are actively expanding o...