TeraWulf, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue Growth: Q1 2024 GAAP revenue reached $42.4 million, an 82% increase from $23.3 million in Q4 2023.
  • Bitcoin Production: Self-mined 1,051 BTC in Q1 2024, up 10% from 959 BTC in Q4 2023. Includes 767 BTC from Lake Mariner and 284 BTC net from Nautilus.
  • Adjusted EBITDA: $32 million in Q1 2024, up 95% from $16.4 million in Q4 2023. EBITDA per exahash: ~$4,100.
  • Efficiency: Cost to mine a bitcoin estimated at ~$40,000 post-halving; marginal cost in Q1 2024 was approximately $29,000.
  • Gross Margin: GAAP gross margin at 66% (71% non-GAAP).
  • Operating & SG&A: Operating expenses stable at $1.7 million; non-GAAP SG&A at $7.9M (down from $8.5M YoY). GAAP SG&A rose due to $6.2M in stock-based compensation.
  • Debt Reduction: Reduced long-term debt by over $70 million since Q4 2023. Further debt repayment of $15–$20 million expected in July.
  • Infrastructure Expansion: Lake Mariner's Building 4 to complete by end of June; Building 5 to start soon. Capacity expanding from 8 EH/s to 10 EH/s mid-year, and to 13 EH/s thereafter.

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Operator: Greetings, and welcome to TeraWulf 2024 First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jason Assad, TeraWulf's Director of Corporate Communications. Thank you, Mr. Assad. You may begin. Jason Assad: Thank you, operator. Good afternoon, and welcome to TeraWulf's first quarter earnings call. With me today are Chairman and Chief Executive Officer, Paul Prager; Chief Operating Officer, Nazar Khan; and our Chief Financial Officer, Patrick Fleury. Before we get started, I'd like to remind everyone that our prepared remarks may contain forward-looking statements, which are subject to risks and uncertainties, and we may make additional forward-looking statements during the question-and-answer session. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to TeraWulf are such forward-looking statements. Investors are cautioned that forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those anticipated by TeraWulf at this time. In addition, other risks are more fully described in TeraWulf's public filings with the U.S. Securities and Exchange Commission, which may be viewed at sec.g

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