TeraWulf Reports Second-Quarter Financial Results, Misses Estimates
TeraWulf Inc, a leading cryptocurrency mining company, reported its second-quarter financial results after the market close on Monday, revealing a revenue beat but a miss on earnings per share.
Q2 Earnings Overview
The company reported a quarterly loss of three cents per share, falling short of the consensus estimate of a two-cent loss. Total revenue for the quarter was $35.574 million, exceeding the consensus estimate of $35.439 million.
Key Metrics at a Glance
- Revenue: $35.574 million (up 130.2% year-over-year)
- Net Loss: 3 cents per share (missing estimates of 2 cents per share)
- Bitcoin Mined: 699 (down 21% year-over-year)
Operational Highlights and Future Outlook
TeraWulf highlighted its operational milestones during the quarter, including the growth of its operational self-mining hash rate at the Lake Mariner facility to 8.8 EH/s, an increase of 79.6% year-over-year. The company’s total hash rate across its two sites exceeded 10 EH/s at the end of the quarter.
The company also announced its focus on expanding its infrastructure capacity, including the construction of Building 5 at the Lake Mariner Facility, expected to contribute an additional 50 MW of capacity by the first quarter of 2025.
What Lies Ahead for TeraWulf
The company’s management team will hold a conference call to discuss the quarterly results and provide guidance on its future plans.
More to Come…
This is just the beginning. Stay tuned for our full analysis and insights on TeraWulf’s second-quarter financial results and what it means for the cryptocurrency mining industry.
