Summary by Futu AI
On May 13, 2024, TeraWulf Inc., a Delaware-incorporated company listed on the Nasdaq Capital Market under the trading symbol WULF, filed a Form 8-K report with the SEC, announcing its financial results for the first quarter ended March 30, 2024. The company reported a significant increase in revenue and gross profit, with Q1 2024 revenue growing 82.2% over the previous quarter to $42.4 million and gross profit (exclusive of depreciation) rising 95.3% to $28.0 million. TeraWulf also achieved a 95.4% increase in Non-GAAP Adjusted EBITDA, reaching $32.0 million. The company's operational highlights included mining 1,057 bitcoin, an 8.9% increase from Q4 2023, and a total installed hashrate of 8.0 EH/s. TeraWulf is on track to expand its hashrate to approximately 10.2 EH/s in Q3 2024 and plans to grow to around 13.3 EH/s by Q1 2025. The company also made significant debt repayments, totaling approximately $63.6 million in 2024, demonstrating the strength of its low-cost, profitable operations. TeraWulf's CEO, Paul Prager, highlighted the company's strategic focus on capital efficiency and sustainable growth, emphasizing their competitive edge in the industry.
