TeraWulf, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Company Overview: TeraWulf is an energy and digital infrastructure company operating data centers powered by predominantly zero-carbon energy. Facilities include Lake Mariner (NY) and Nautilus Cryptomine (PA).
  • Strategic Emphasis: Focus on zero-carbon energy, operational efficiency, and high-performance compute (HPC)/AI infrastructure to complement bitcoin mining.

Key Financial Highlights (Q2 2024 vs Q1 2024)

  • Bitcoin Mined: 699 BTC in Q2 2024, down 34% from 1,051 BTC in Q1 2024 (due to post-halving conditions).
  • GAAP Revenue: $35.6M, down 16% from $42.4M.
  • Adjusted EBITDA: $19.5M, down from $32M.
  • Gross Profit Margin: 61% in Q2 2024.
  • SG&A Expenses: $11.9M vs $14.9M; excluding stock-based compensation ($4.8M), SG&A was $7.1M, down 11% QoQ.
  • Debt-Free: Fully repaid $75.8M debt in July 2024 using $56M from ATM equity and strong cash flow.
  • Cash Position: $104M as of June 30; $28.4M pro forma cash & bitcoin post-debt repayment.
  • Cost of Power: Reduced to $0.037/kWh in Q2 from $0.041 in Q1.
  • Cost per Bitcoin (non-GAAP): $22,954 in Q2, up from $15,501 due to lower production post-halving.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Greetings and welcome to the TeraWulf 2024 Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Assad, Director of Corporate Communications. Thank you. You may begin. Jason Assad: Thank you, operator. Good afternoon. Welcome to TeraWulf 's Second Quarter Earnings Call. With me today 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 risks and uncertainties, and we may make additional forward-looking statements during the question-and-answer session. When used on this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to TeraWulf or such forward-looking statements. Investors are cautioned that results may differ materially from those anticipated by TeraWulf at this time. In addition, other risks are more fully described in our public filings with the U.S. Securities and Exchange Commission, which may be viewed at sec.gov and in the Investors section of our corporate website at terawulf.com. Finally, please note that today's call will refer to certain no

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional