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Bitcoin (CRYPTO: BTC) mining company TeraWulf Inc (NASDAQ:WULF) reported second-quarter financial results after the market close on Monday. Here’s a look at the key metrics from the quarter.
Q2 Earnings: TeraWulf reported second-quarter revenue of $35.574 million, beating the consensus estimate of $35.439 million, according to Benzinga Pro. The company reported a quarterly loss of three cents per share, missing estimates for a loss of two cents per share.
Total revenue was up 130.2% on a year-over-year basis. TeraWulf said it mined 699 Bitcoin in the second quarter, down 21% year-over-year. The company’s operational self-mining hash rate at its Lake Mariner facility grew to 8.8 EH/s in the quarter, up 79.6% year-over-year.
TeraWulf’s total hash rate across its two sites was more than 10 EH/s at quarter’s end.
TeraWulf said power cost per self-mined Bitcoin increased to $22,954 per Bitcoin in the quarter, up from $6,688 per Bitcoin in the second quarter of 2023, due to an approximate doubling in network difficulty and the halving in April.
“TeraWulf’s second-quarter results reflect our unwavering commitment to operational excellence and strategic growth. By completing the construction of Building 4 at Lake Mariner, advancing our AI and high-performance computing initiatives, and streamlining our capital structure, we have solidified our position as a leader in the industry,” said Paul Prager, CEO of TeraWulf.
“Our focus on low-cost, predominantly zero-carbon energy and efficient management has enabled us to achieve industry-leading profitability while positioning us to capitalize on emerging opportunities in the rapidly growing data center market.”
See Also: Massive $650M Crypto Fraud Scheme Uncovered, SEC Files Charges
TeraWulf noted it began construction on Building 5 at its Lake Mariner Facility, which is expected to contribute an additional 50 MW of infrastructure capacity by the first quarter of 2025. The company had an additional 50 MW of expansion capacity at its Nautilus Cryptomine facility, which is expected to come online in 2025, potentially increasing the company’s Bitcoin mining operating capacity by up to 2.5 EH/s at the site.
TeraWulf said it repaid $30.2 million of debt in the second quarter and followed that up with an additional $75.8 million repayment in July to fully pay down the remaining balance on the company’s term loans ahead of maturity.
TeraWulf ended the quarter with $104.1 million in cash and cash equivalents.
TeraWulf’s management team will hold a conference call to discuss these results at 5 p.m. ET.
WULF Price Action: TeraWulf shares were flat in after hours at publication time, after closing the day down 5.8% at $3.57, according to Benzinga Pro.
Photo: Benjamin Nelan from Pixabay.
