TeraWulf (WULF) Q4 2024 earnings summary

Executive summary

• Achieved 102% year-over-year revenue growth to $140.1 million and nearly doubled adjusted EBITDA to $60.4 million in 2024, driven by higher Bitcoin production, favorable pricing, and a strategic pivot to HPC/AI hosting with a 10-year, 72.5 MW data center lease with Core42 and options for further expansion.

• Expanded self-mining capacity by 94% to 9.7 EH/s, increased Lake Mariner mining capacity to 195 MW, and initiated integration of the Cayuga site targeting 150 MW in 2026 and scalable to 400 MW by 2028.

• Sale of Nautilus JV delivered a 3.4x return and $85 million in proceeds, freeing capital for HPC build-out and miner fleet upgrades.

• Strengthened liquidity with $274 million in cash at year-end, eliminated legacy term loan debt, and raised $500 million via convertible notes to fund HPC expansion.

• Executed $150 million in share repurchases under a $200 million authorization, the first such return of capital by a public Bitcoin miner.

Financial highlights

• Revenue rose 102% to $140.1 million in 2024, with Q4 revenue at $35 million; adjusted EBITDA reached $60.4 million, up from $31.9 million in 2023.

• GAAP net loss for 2024 was $72.4 million, nearly flat versus $73.4 million in 2023; net loss per share improved to $(0.21) from $(0.35).

• Cash and cash equivalents at year-end were $274.1 million, with total assets of $787 million and liabilities of $543 million.

• Cost of revenue (excluding depreciation) increased 129% to $62.6 million due to expanded mining capacity and bitcoin halving impacts.

• Weighted average opening price per BTC on Dec 31, 2024, was $93,354; value per Bitcoin self-mined in Q4 2024 averaged $82,739.

Outlook and guidance

• Targeting 100–150 MW of new HPC hosting contracts annually over the next three years, aiming to exit 2026 with 200–250 MW of revenue-generating HPC compute capacity.

• Plans to deliver 72.5 MW of HPC hosting capacity in 2025, with an option to expand by 135 MW; 2025 guidance pending Core42's decision.

• Pro forma fleet efficiency expected to improve to 18.0 J/TH in 1H 2025, with unit economics anticipated to improve with MB-5 completion and miner fleet upgrade.