TeraWulf has released its second quarter results, which showed a mix of positives and negatives. Revenues have increased, but the loss per share was higher than forecasted.
Financial Results
For the second quarter, TeraWulf's revenue came in at $35.6M, slightly above the projected $35.4M. The loss per share stood at $0.03, worse than the analysts' forecast of $0.02.
Production Metrics
TeraWulf's Bitcoin production decreased by 21% compared to the same period last year, amounting to 699 BTC across its Lake Mariner and Nautilus Cryptomine facilities. The cost of mining Bitcoin also rose significantly, from $6,688 per BTC in Q2 2023 to $22,954 per BTC in the same period in 2024.
AI Project
Following the Bitcoin Halving in April and the subsequent reduced mining rewards, the company shifted its focus to an AI project. At its Lake Mariner facility, 2 MW of power was allocated for high-performance GPUs. By the end of Q2, a 128-GPU cluster from NVIDIA had been acquired, funded by a well-known OEM. To support this initiative, Lake Mariner also implemented a liquid cooling system, power redundancy, and enhanced internet connectivity.
TeraWulf's second-quarter results highlight both positive and negative aspects of the company's performance. Despite increased revenue, the loss per share grew, and Bitcoin mining costs surged. The new AI project could be a significant milestone in the company's future development.
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