TeraWulf Inc.’s Preliminary 2023 Financial’s

The TDR Three Key Takeaways on TeraWulf Inc.’s Preliminary Earnings:

  1. TeraWulf’s revenue jumps to $69M in 2023 from $15M in 2022.
  2. Plans to increase infrastructure capacity to 300 MW by the end of 2024.
  3. Targets low bitcoin production cost pre and post 2024 halving.

TeraWulf Inc. (WULF), based in Easton, Maryland specializing in environmentally clean bitcoin mining, announced its preliminary unaudited financial highlights for the fiscal year 2023, along with its outlook for 2024. The financial report, subject to adjustment, demonstrates significant growth in revenue, gross profit, and operational efficiency, showcasing TeraWulf’s commitment to sustainable and profitable operations.

The company expects to report revenue of approximately $69 million for 2023, a substantial increase from $15 million in 2022. This growth in revenue is accompanied by a predicted gross profit of around $41 million, up from $4 million the previous year. The substantial increase in these financial metrics highlights TeraWulf’s effective operational strategies and its success in expanding its mining capabilities while maintaining cost efficiency.

TeraWulf’s management highlighted the company’s focus on organic growth, infrastructure scalability, and debt reduction. CEO Paul Prager emphasized the significance of infrastructure scalability as the backbone of their strategy, enabling them to optimize efficiency and profitability. CFO Patrick Fleury pointed out the company’s proactive approach to debt reduction and financial transparency, underlying the commitment to lead in the bitcoin mining space with robust unit economics.

Looking ahead to 2024, TeraWulf provides guidance on maintaining its trajectory towards industry-leading unit economics. The company estimates one of the lowest production costs among publicly listed bitcoin mining companies, at approximately $25,000 per bitcoin pre-halving and $37,000 post-halving. These estimates reflect TeraWulf’s strategic investments in technology and operational efficiency, aiming to bolster its competitive position in the industry.

Operational capacity at the Lake Mariner facility has reached 160 MW, with plans to expand to 300 MW by the end of 2024. This expansion supports the company’s goal to scale its mining operations and enhance its infrastructure capacity. Additionally, TeraWulf’s focus on reducing its debt further strengthens its financial position. The company anticipates reducing its debt balance to $76 million after a planned repayment in April, with the potential for further reductions throughout the year.

TeraWulf’s preliminary results and forward-looking statements underscore its strong performance in 2023 but we caution readers that these results have not been audited yet. Want to keep up to date with all of TDR’s research, subscribe to our daily Baked In newsletter.    

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