TeraWulf, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Hash Rate and Capacity Expansion: TeraWulf reported a total self-mining hash rate of 5.5 EH/s as of September 30, 2023—more than triple the EH/s from the same period last year. The company's infrastructure expansion is on track, with a third building at Lake Mariner nearing completion. This 43 MW expansion will boost self-mining capacity to 7.9 EH/s by year-end, representing a 58% increase from Q2 2023.
  • Bitcoin Mined: 994 BTC were mined in Q3 2023, a 10% increase from 908 BTC mined in Q2 2023. This includes 624 BTC from Lake Mariner and 370 BTC (company share) from the Nautilus joint venture.
  • Financial Performance:
    • GAAP Revenue: $19 million in Q3 2023, up 23% from $15.5 million in Q2 2023.
    • Gross Profit: $10.6 million, a 3% increase from $10.3 million in Q2.
    • Adjusted EBITDA: $9 million, up 18.5% from $7.6 million in Q2.
    • Net Loss: $19.4 million in Q3 vs. $17.8 million in Q2 due in part to higher depreciation and SG&A expenses driven by performance-based stock compensation.
    • Cash Interest Paid: $4.3 million in Q3; $15.5 million for the year-to-date period.

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 Inc. 2023 Third Quarter Earnings Call. At this time, all participants are in listen-only mode. 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, Mr. Assad. You may begin. Jason Assad: Thank you, operator. Good afternoon, and welcome to TeraWulf's third 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 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 different 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 risk and uncertainties which may cause actual results to differ materially from those anticipated by TeraWulf at this time. In addition, ot

Continue Reading

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

Upgrade to Professional