TeraWulf Q2 Earnings: Revenue Beat, EPS Miss, Bitcoin Mining Down 21% And More
Portfolio Pulse from Adam Eckert
TeraWulf Inc (NASDAQ:WULF) reported Q2 earnings with revenue beating estimates but EPS missing expectations. The company saw a 21% decline in Bitcoin mining year-over-year and increased power costs per Bitcoin. Despite these challenges, TeraWulf's operational hash rate grew significantly, and the company repaid substantial debt. The stock was flat in after-hours trading.
August 12, 2024 | 8:38 pm
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TeraWulf reported Q2 revenue of $35.574 million, beating estimates, but missed EPS expectations with a loss of three cents per share. Bitcoin mining was down 21% year-over-year, and power costs per Bitcoin increased significantly. The company repaid $106 million in debt and ended the quarter with $104.1 million in cash.
The mixed results, with a revenue beat but EPS miss, along with a significant decline in Bitcoin mining and increased power costs, create a neutral short-term outlook. The substantial debt repayment and strong cash position are positive but may not immediately impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100