TeraWulf (WULF) GlobeNewswire News Room·2024-08-12 20:05Core Insights - TeraWulf Inc. reported significant financial growth in Q2 2024, with revenue reaching 21.7 million, up 109.4% from the previous year [1][3][13][14] - The company achieved an operational self-mining capacity of 8.8 EH/s, representing an 80% increase year-over-year [1][3] - TeraWulf successfully eliminated its debt by repaying approximately 75.8 million in July 2024 [1][15] Financial Performance - Revenue for Q2 2024 was 15.5 million in Q2 2023, driven by increased self-mining hashrate and higher average bitcoin prices [3][13] - Gross profit (exclusive of depreciation) was 19.5 million, a 156.4% increase from 46.1 million [5][6] - Power cost per bitcoin self-mined increased significantly to 6,688 in Q2 2023, attributed to increased network difficulty and the bitcoin reward halving [5][6] - The average operating hashrate increased by 105.6% year-over-year to 7.4 EH/s [6] Strategic Initiatives - TeraWulf is advancing AI and high-performance computing initiatives at its Lake Mariner Facility, which is powered by approximately 95% zero-carbon energy [2][7] - The completion of Building 4 at the Lake Mariner Facility has expanded the company's bitcoin mining infrastructure capacity to 245 MW and over 10.0 EH/s [10] - The company is also constructing Building 5, expected to add 50 MW of capacity by Q1 2025, which can be utilized for bitcoin mining or AI/HPC applications [10][11]