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TeraWulf (WULF) - 2024 Q4 - Annual Results
WULFTeraWulf (WULF)2025-02-28 12:02

Financial Performance - Annual revenue increased by 102% to 140.1millionin2024,comparedto140.1 million in 2024, compared to 69.2 million in 2023, driven by a 129% increase in the average price of bitcoin year-over-year[7] - Revenue for the year ended December 31, 2024, was 140,051,000,asignificantincreaseof102.4140,051,000, a significant increase of 102.4% compared to 69,229,000 in 2023 and a substantial rise from 15,033,000in2022[20]−Thenetlossfor2024was15,033,000 in 2022[20] - The net loss for 2024 was 72,418,000, slightly improved from a net loss of 73,421,000in2023,withalosspercommonshareof73,421,000 in 2023, with a loss per common share of 0.21 compared to 0.35inthepreviousyear[20]−Totalcostsandexpensesfor2024were0.35 in the previous year[20] - Total costs and expenses for 2024 were 216,267,000, up 119.5% from 98,650,000in2023,leadingtoanoperatinglossof98,650,000 in 2023, leading to an operating loss of 76,216,000 compared to a loss of 29,421,000in2023[20]−TheCompany′snetlossfortheyearendedDecember31,2024,was29,421,000 in 2023[20] - The Company's net loss for the year ended December 31, 2024, was 72,418,000, compared to a net loss of 73,421,000in2023,indicatingaslightimprovement[27]AdjustedEBITDA−Non−GAAPadjustedEBITDAfor2024was73,421,000 in 2023, indicating a slight improvement[27] Adjusted EBITDA - Non-GAAP adjusted EBITDA for 2024 was 60.4 million, up from 31.9millionin2023,reflectinga31.9 million in 2023, reflecting a 28.5 million increase[9] - Non-GAAP Adjusted EBITDA for 2024 was 60,377,000,significantlyupfrom60,377,000, significantly up from 31,864,000 in 2023, reflecting a growth of approximately 89.5%[27] - Adjusted EBITDA, a non-GAAP measure, is utilized by the company to provide a clearer picture of its operational performance, excluding certain non-cash and non-recurring items[24] Cash and Holdings - Cash and bitcoin holdings totaled 275millionasofDecember31,2024,significantlyupfrom275 million as of December 31, 2024, significantly up from 54.4 million at the end of 2023[11] - Cash and cash equivalents at the end of 2024 totaled 274,065,000,asignificantincreasefrom274,065,000, a significant increase from 54,439,000 at the end of 2023[23] - Net cash used in operating activities from continuing operations was (24,422,000)in2024,adeclinefromnetcashprovidedof(24,422,000) in 2024, a decline from net cash provided of 4,263,000 in 2023[22] - The company raised 188,715,000fromtheissuanceofcommonstockin2024,whichwasakeycomponentofitsfinancingactivities[22]MiningCapacityandOperations−Self−miningoperatingcapacityexpandedby94188,715,000 from the issuance of common stock in 2024, which was a key component of its financing activities[22] Mining Capacity and Operations - Self-mining operating capacity expanded by 94% year-over-year to 9.7 EH/s, compared to 5.0 EH/s in 2023[1] - TeraWulf's mining capacity at Lake Mariner increased to 195 MW as of December 31, 2024, compared to 110 MW in 2023[7] - TeraWulf signed long-term data center lease agreements for 72.5 MW of hosting capacity, with an option to expand by an additional 135 MW[5] - The company plans to deliver 72.5 MW of HPC hosting capacity in 2025, capitalizing on strong demand for AI-driven compute infrastructure[2] Expenses and Financial Adjustments - Cost of revenue increased by 129% to 62.6 million in 2024, driven by increased bitcoin mining capacity and higher power prices[8] - The company incurred 59,808,000indepreciationexpensesin2024,reflectingongoinginvestmentsinproperty,plant,andequipment[20]−Stock−basedcompensationexpenseincreasedsignificantlyfrom59,808,000 in depreciation expenses in 2024, reflecting ongoing investments in property, plant, and equipment[20] - Stock-based compensation expense increased significantly from 5,859,000 in 2023 to 30,927,000in2024,representingariseofover42630,927,000 in 2024, representing a rise of over 426%[27] - Depreciation expenses rose from 28,350,000 in 2023 to 59,808,000in2024,indicatinganincreaseofapproximately11159,808,000 in 2024, indicating an increase of approximately 111%[27] - Interest expense decreased from 34,812,000 in 2023 to 19,794,000in2024,showingareductionofapproximately4319,794,000 in 2024, showing a reduction of approximately 43%[27] Other Financial Activities - The company eliminated legacy term loan debt of 139.4 million in 2023, enhancing financial flexibility[10] - The company reported a gain on the sale of equity interest in an investee amounting to 22,602,000in2024,contributingpositivelytothefinancialresults[20]−TheCompanyrecognizedagainonthesaleofequityinterestininvesteeamountingto22,602,000 in 2024, contributing positively to the financial results[20] - The Company recognized a gain on the sale of equity interest in investee amounting to 22,602,000 in 2024, which was not present in 2023[27] - The Company had distributions from investee related to Nautilus amounting to 22,776,000in2024,comparedto22,776,000 in 2024, compared to 21,949,000 in 2023, showing a slight increase[27] - Loss on disposals of property, plant, and equipment, net, increased from 1,209,000in2023to1,209,000 in 2023 to 17,824,000 in 2024[27] - The Company did not report any income tax benefit for both years, maintaining a consistent position[27]