Business
TeraWulf Reports Second Quarter 2024 Financial Results
Q2 2024 Revenue of $35.6 million, gross profit (exclusive of depreciation) of $21.7 million and Non-GAAP Adjusted EBITDA of $19.5 million. Revenue growth of
About this update from Terawulf Inc.
[{"type":"text","content":"Q2 2024 Revenue of $35.6 million, gross profit (exclusive of depreciation) of $21.7 million and Non-GAAP Adjusted EBITDA of $19.5 million. Revenue growth of 130.2% year-over-year for the three-month period ended June 30, 2024. Paid down approximately $30.2 million of debt in Q2 2024, followed by a significant repayment of $75.8 million in July 2024, fully eliminating the Company’s debt ahead of maturity. Operational self-mining capacity as of June 30, 2024 increased 80% year-over-year to 8.8 EH/s. Continued advancements in AI and high-performance computing initiatives at Lake Mariner. EASTON, Md., Aug. 12, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by approximately 95% zero-carbon energy, today announced its unaudited interim financial results for the second quarter of fiscal year 2024 and provided an operational update. Second Quarter 2024 GAAP Operational and Financial Highlights Self-mined 539 bitcoin at the Lake Mariner Facility.Revenue increased to $35.6 million in Q2 2024 compared to $15.5 million in Q2 2023.Gross profit (exclusive of depreciation) increased to $21.7 million in Q2 2024 compared to $10.3 million in Q2 2023.Total self-mining hashrate capacity at the Lake Mariner Facility of 8.8 EH/s as of June 30, 2024, representing an increase of 79.6% relative to the same prior year period. Key GAAP Metrics ($ in thousands)Three Months Ended Q2 2024Three Months Ended Q2 2023% ChangeRevenue$35,574 $15,456 130.2%Gross profit (exclusive of depreciation)$21,656 $10,343 109.4%Gross profit margin 60.9% 66.9%(9.0)% Second Quarter 2024 Non-GAAP Operational and Financial Highlights Self-mined 699 bitcoin across the Lake Mariner and Nautilus Cryptomine facilities, which represented a 21.4% decrease relative to in Q2 2023.Total value of bitcoin self-mined1 of $46.1 million in Q2 2024 compared to $24.9 million in Q2 2023.Power cost per bitcoin self-mined increased year-over-year, to $22,954 per bitcoin in Q2 2024 from $6,688 per bitcoin in Q2 2023, due to an approximate doubling in network difficulty and the bitcoin reward halving in April 2024.Adjusted EBITDA of $19.5 million in Q2 2024, an increase of 156.4% from $7.6 million in Q2 2023. Key Non-GAAP Metrics2Three Months Ended Q2 2024Three Months Ended ...