TeraWulf Inc. WULF reported its third-quarter results after Tuesday’s closing bell. Here’s a look at the details from the report.  

The Details: TeraWulf reported quarterly GAAP losses of six cents per share, which missed the analyst consensus estimate for losses of three cents. Quarterly revenue came in at $27.05 million, which missed the analyst consensus estimate of $34.27 million and is an increase over sales of $18.95 million from the same period last year.

• TeraWulf self-mined 555 Bitcoin BTC/USD across the Lake Mariner and Nautilus Cryptomine facilities, which represented a 43.4% decrease relative to the same quarter last year.
• Total value of Bitcoin self-mined was $33.9 million compared to $27.6 million in the prior year’s quarter.
• Power cost per Bitcoin self-mined increased year-over-year, to $30,448 per Bitcoin, up from $9,322 per Bitcoin in the third-quarter of 2023 due to an approximate doubling in network difficulty and the Bitcoin reward halving in April 2024.
• Total self-mining hashrate capacity of 10.0 EH/s as of Sept. 30, 2024, represents an increase of 100% relative to the same prior year period.

Read Next: Bitcoin Miners Hive Digital, Hut 8, Bitfarms To Report Earnings As Future Of Crypto ‘Has Never Been Brighter’

“The third quarter and the beginning of the fourth quarter marked a pivotal turning point for TeraWulf, as we delivered strong results across our strategic, financial, and operational objectives,” said Paul Prager, chairman and CEO of TeraWulf.

“The sale of our interest in the Nautilus joint venture not only generated a substantial return but also sharpened our focus on scaling high-performance computing at Lake Mariner. Securing an expanded ground lease with exclusive rights to 750 MW of infrastructure capacity is a significant milestone in our growth strategy. Combined with the success of our $500 million capital raise, we are exceptionally well-positioned to seize new opportunities in both Bitcoin mining and HPC hosting as we enter 2025,” Prager added.

WULF Price Action: According to Benzinga Pro, TeraWulf shares are down 3.51% after-hours at $8.23 at the time of publication Tuesday.

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Photo: Pete Linforth from Pixabay