The following is a summary of the TeraWulf Inc. (WULF) Q1 2024 Earnings Call Transcript:
Financial Performance:
TeraWulf announced GAAP gross margin of 66% (increased to 71% inclusive of [Dauntless]) and non-GAAP adjusted EBITDA of $32 million in Q1 2024.
TeraWulf mined 1051 Bitcoin, a 10% increase from the last quarter- GAAP revenues of $42.4 million show an 82% growth quarter-over-quarter.
Cost of revenue for Q1 was $14.4 million, a 61% increase from the previous quarter.
Gross profit saw an increase of 95% from Q4 2023 to $28 million in Q1 2024
Operating expenses remained stable at $1.7 million while SG&A expenses increased to $14.9 million due mainly to $6.2 million of stock-based compensation expense incurred in Q1.
GAAP net loss was slightly less than that of the previous quarter, being recorded at $9.9 million
Non-GAAP adjusted EBITDA for Q1 was $32 million, a 95% improvement over Q4 2023.
Business Progress:
TeraWulf intends to focus on expanding their facilities, aiming for a 300-megawatt infrastructure capacity by year-end 2024, with a long-term goal to expand to 600 megawatts in 2025.
A new miner purchase agreement with Bitmain has been secured for S21 and S21 Pro miners, aligning with expansion objectives.
Within the company's AI division, a two-megawatt pilot and 10-megawatt building are underway.
Future business ventures include growing their high-speed compute division and further Bitcoin mining activities.
Debt management will be prioritized through the free cash flow in 2024.
The team will continue prioritizing partnerships that support their green initiatives.
Deployment of capital will require 45-50 million in the next 6-7 months, placing great emphasis on using equity prudently to grow.
Lastly, the promotion of the company to both institutions and private investors is part of their future endeavors, with a focus on maximizing profit through the appreciation of their shares.
More details: TeraWulf IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.