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TeraWulf | 8-K: Current report

SEC announcement ·  Mar 19 16:10
Summary by Moomoo AI
On March 19, 2024, TeraWulf Inc., a company specializing in environmentally clean bitcoin mining, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company, which is listed on the Nasdaq under the symbol WULF, announced significant growth in revenue and bitcoin production, with annual revenue increasing by 360% and self-mined bitcoin increasing by 550% to 3,407. TeraWulf also reported a realized cost of power at 3.2 cents per kilowatt-hour, outperforming its guidance of 3.5 cents. The company's self-mining operating capacity reached 8 EH/s, quadrupling since the beginning of 2023. As of February 29, 2024, TeraWulf held $49 million in cash and bitcoin holdings. The company's Chief Executive Officer, Paul Prager, highlighted the company's progress towards financial and operational objectives, including...Show More
On March 19, 2024, TeraWulf Inc., a company specializing in environmentally clean bitcoin mining, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company, which is listed on the Nasdaq under the symbol WULF, announced significant growth in revenue and bitcoin production, with annual revenue increasing by 360% and self-mined bitcoin increasing by 550% to 3,407. TeraWulf also reported a realized cost of power at 3.2 cents per kilowatt-hour, outperforming its guidance of 3.5 cents. The company's self-mining operating capacity reached 8 EH/s, quadrupling since the beginning of 2023. As of February 29, 2024, TeraWulf held $49 million in cash and bitcoin holdings. The company's Chief Executive Officer, Paul Prager, highlighted the company's progress towards financial and operational objectives, including debt reduction and expansion of infrastructure. Chief Financial Officer Patrick Fleury emphasized the company's strong financial position, with a significant reduction in debt and enhanced liquidity. TeraWulf's operational and financial highlights for 2023 included a gross profit increase of 960% to $41.9 million and a non-GAAP adjusted EBITDA increase of $64.9 million to $30.7 million. The company's hash rate growth saw a self-mining operating capacity increase of 464% to 7.9 EH/s by the end of 2023. TeraWulf plans to continue expanding its capacity, aiming for 300 MW by the end of 2024 and 550 MW by the end of 2025.

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