TeraWulf reports Q1 EPS (3c), consensus 4c

Reports Q1 revenue $42.4M, consensus $51.09M…Q1 2024 Non-GAAP Adjusted EBITDA increases 95.4% over Q4 2023 to $32M…”During the first quarter, TeraWulf delivered outstanding results, setting a new benchmark for profitability among publicly traded bitcoin miners,” stated Paul Prager, CEO of TeraWulf. “During this period, we also further solidified our financial foundation by reducing debt and augmenting our cash reserves.” “Capital efficiency remains central to our strategic approach. Our focus on sustainable and prudent growth underscores our commitment to maximizing returns on invested capital,” Prager emphasized. “We take pride in outperforming our competitors in terms of profit generation per exahash while minimizing shareholder dilution. This quarter’s performance underscores our dedication to delivering tangible value.” “Our extensive 600 megawatts of owned and scalable digital infrastructure capacity form the cornerstone of our competitive edge. This infrastructure uniquely positions us, enabling the leveraging of our industry-leading bitcoin mining as the foundational element for developing an alternative compute hosting business. This move is perfectly aligned with the escalating demand for high-power data center capacity,” continued Prager. “We’re actively exploring opportunities with various stakeholders, ranging from hyperscalers to enterprise-level clients, to leverage our more than 300 megawatts of available infrastructure capacity,” Prager continued. “With access to low-cost, zero-carbon power, we are well-positioned to meet the escalating demand for sustainable computing solutions. As we near the completion of Building 4 and begin construction on Building 5 at Lake Mariner, we are strategically expanding our bitcoin mining hash rate while concurrently developing a robust high-performance computing offering. This dual-pronged approach positions us favorably to capitalize on emerging opportunities in both markets.”