TeraWulf, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Context: Second quarter ended June 30, 2023. Comparison primarily made against Q1 2023, and Q2 2022.

Operational Highlights

  • Achieved 5.5 EH/s and 160 MW of operating power capacity by end of Q2 2023.
  • Deployed 50 MW of zero-carbon capacity at the Nautilus facility and another 50 MW at the Lake Mariner facility.
  • Announced expansion including purchase of 18,500 S19j XP miners to further enhance fleet efficiency to 25.7 J/TH.
  • Planning further organic growth with an expansion of Lake Mariner by 43 MW and potential additional 50 MW at Nautilus.
  • Facilities strategically located in energy-rich regions with low-cost, zero-carbon power: 2¢/kWh at Nautilus and target ≤4.5¢/kWh annually at Lake Mariner.

Financial Highlights

  • Bitcoin Mined: 909 in Q2 (Lake Mariner: 506; Nautilus share: 403), up 70.5% from Q1 total (533).
  • Revenue: $15.55 million in Q2 2023 — up over 1,000% vs. Q2 2022.
  • Gross Profit: $10.3 million in Q2 2023 — up 1,200% vs. Q2 2022.
  • Power Cost per BTC: $7,200 in Q2, down 15% from $8,400 in Q1, aided by fixed-cost Nautilus energy.

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Operator: Ladies and gentlemen, good morning and welcome to the TeraWulf Inc. Second Quarter 2023 Earnings Conference Call. At this time, all participants are in the listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator instructions] It is now my pleasure to introduce your host Jason Assad, Director of Corporate Communications. Please go ahead, Mr. Harrison. Jason Assad: Thank you, operator. Good morning, and welcome to TeraWulf's second quarter 2023 earnings call. Thank you for joining us today for our call. With me on today's call are Chairman and Chief Executive Officer Paul Prager 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 risk and uncertainties and that we may make additional forward-looking statements during the question-and-answer session. These forward-looking statements are subject to risk 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 as such a forward-looking statement. Investors are cautioned that all forward-looking statements involve risk and uncertainties which may cause actual results to differ materially from those anticipated by TeraWulf at this time. In addition, other risks a

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