TeraWulf Sees Preliminary FY23 Revenue $69M Vs $69.52M Est., Provides 2024 Outlook
Portfolio Pulse from Benzinga Newsdesk
TeraWulf Inc. (NASDAQ:WULF) announced preliminary FY23 financial results with revenue of $69M, up from $15M in FY22, and a gross profit of $41M, up from $4M in FY22. The company also reported significant debt reduction and cash increase. For FY24, TeraWulf projects strong growth, aiming for industry-leading bitcoin mining unit economics, and plans to expand its infrastructure capacity significantly. The company's strategy focuses on organic growth, debt reduction, and leveraging its zero-carbon energy-powered facilities.
March 06, 2024 | 1:09 pm
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TeraWulf Inc. reported a significant increase in FY23 revenue and gross profit, with plans for substantial infrastructure expansion and debt reduction in FY24. The company's focus on zero-carbon energy-powered facilities and industry-leading bitcoin mining unit economics positions it for potential growth.
The positive financial performance in FY23, coupled with ambitious plans for FY24, including infrastructure expansion and a focus on sustainability, positions TeraWulf positively. The company's strategy to reduce debt and leverage zero-carbon energy for bitcoin mining could attract investor interest, potentially impacting its stock price positively in the short term.
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IMPORTANCE 90
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