On March 6, 2024, TeraWulf Inc., a Delaware-incorporated company listed on the Nasdaq Stock Market under the symbol WULF, released preliminary financial results for the full year of 2023 and provided financial guidance for 2024. The company, which operates environmentally clean bitcoin mining facilities in the United States, expects to report significant growth in revenue, gross profit, and adjusted EBITDA for 2023 compared to the previous fiscal year. Revenue is anticipated to be around $69.0 million, a substantial increase from $15.0 million in 2022. Gross profit is projected to be approximately $41.0 million, up from $4.0 million, and non-GAAP Adjusted EBITDA is expected to be around $30.0 million, a positive shift from a $(34.2) million loss in 2022. The company also reported a strong liquidity position with cash and cash equivalents...Show More

On March 6, 2024, TeraWulf Inc., a Delaware-incorporated company listed on the Nasdaq Stock Market under the symbol WULF, released preliminary financial results for the full year of 2023 and provided financial guidance for 2024. The company, which operates environmentally clean bitcoin mining facilities in the United States, expects to report significant growth in revenue, gross profit, and adjusted EBITDA for 2023 compared to the previous fiscal year. Revenue is anticipated to be around $69.0 million, a substantial increase from $15.0 million in 2022. Gross profit is projected to be approximately $41.0 million, up from $4.0 million, and non-GAAP Adjusted EBITDA is expected to be around $30.0 million, a positive shift from a $(34.2) million loss in 2022. The company also reported a strong liquidity position with cash and cash equivalents of about $54.0 million and a significant reduction in net debt from $144.7 million to $85.0 million by the end of 2023. TeraWulf mined 3,407 bitcoins in 2023, with an average power cost of $8,676 per bitcoin. For 2024, TeraWulf forecasts continued growth and efficiency improvements, targeting 300 MW of operational infrastructure capacity by year-end and 550 MW by 2025. The company also plans to further reduce its debt while maintaining a focus on environmentally sustainable bitcoin mining, powered by over 95% zero-carbon energy. The official financial results for the fourth quarter and full year 2023 are expected to be released on March 19, 2024, following the completion of annual audit procedures.