Summary by Moomoo AI
TeraWulf reported strong Q2 2024 financial results with revenue reaching $35.6 million, up 130% year-over-year, driven by increased mining capacity and higher bitcoin prices. The company achieved a total operational capacity of 8.8 EH/s across its Lake Mariner and Nautilus Cryptomine facilities, with 95% of operations powered by zero-carbon energy. Gross profit rose to $21.7 million from $10.3 million in Q2 2023.The company strengthened its financial position with cash and cash equivalents of $104.1 million as of June 30, 2024. During Q2, TeraWulf mined 699 bitcoin at an average cost of $22,994 per bitcoin, representing 34.8% of bitcoin value. The company also completed significant infrastructure expansion, with the Lake Mariner Facility now operating at 195 MW capacity.Looking ahead, TeraWulf plans to expand its Lake Mariner Facility and increase capacity at the Nautilus Cryptomine Facility by 50 MW in 2025. The company has established WULF Compute as its innovation center to diversify revenue streams through high-performance computing initiatives. In July 2024, TeraWulf fully repaid its remaining $75.8 million term loan balance, further strengthening its balance sheet.
