Benzinga - TeraWulf Inc. (NASDAQ:WULF) reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details.
The Details: The company reported quarterly losses of 3 cents per share which missed the analyst consensus estimate of losses of 2 cents per share.
Quarterly sales came in at $23.29 million, missing the analyst consensus estimate of $24.16 million and representing a 142.55% increase over sales of $9.6 million from the same period last year.
TeraWulf reported its self-mining operating capacity increased by 464% to 7.9 exahash per second (“EH/s”) as of Dec. 31, 2023, as compared to 1.4 EH/s as of Dec. 31, 2022. The company reported its Bitcoin production increased 550% to 3,407 in 2023, as compared to 524 from the prior year.
“In addition to our outstanding financial achievements in 2023, attributable to the unwavering dedication and hard work of our team, TeraWulf has made significant strides towards our financial and operational objectives. These include proactive debt reduction, rapid expansion of our organic infrastructure, and a steadfast commitment to financial transparency,” said Paul Prager, CEO of TeraWulf.
Outlook: “Given the premium on available digital infrastructure, our current facilities offer substantial room for expansion, positioning us to deliver even greater value. Our strategic plan entails reaching operational capacity of 300 MW by the close of 2024 and scaling up to 550 MW by the conclusion of 2025,” said Prager.
TeraWulf said it wants to deploy 550 MW, equivalent to approximately 28.3 EH/s, utilizing the current generation of miners by 2025, and the company is actively exploring potential applications of high-performance computing (HPC) and artificial intelligence (AI).
WULF Price Action: According to Benzinga Pro, TeraWulf shares are trading up 0.60% after-hours at $1.73 at the time of publication Tuesday.
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