Bitcoin mining company TeraWulf reported fourth-quarter earnings Friday morning, highlighted by a surge in revenue from 2023.
Full-year revenue increased 102% to $140.1 million compared to $69.2 million in 2023, driven by increased bitcoin production and higher average realized bitcoin prices. TeraWulf said its legacy term loan debt was eliminated in 2024, compared to $139.4 million at the end of 2023.
TeraWulf's on-GAAP adjusted EBITDA — earnings before taxes, depreciation and amortization expenses — nearly doubled from $31.9 million in 2023 to $60.4 million in 2024. The company reported cash and cash equivalents of $274.1 million as of Dec. 31, 2024.
As of Dec. 31, TeraWulf had $274.5 million in cash, cash equivalents, and bitcoin on its balance sheet. By the end of the year, the amount of digital assets held nearly quadrupled to 1,801 BTC.
"Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025," CFO Paul Prager said in a press release. "With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure."
Bitcoin's fourth halving in April 2024 cut miners' revenue in half, and most of these companies have tried to diversify their operations, moving toward hosting infrastructure for AI and high-performance compute (HPC) in addition to crypto mining.
Earlier this week, Riot Platforms reported a 34.2% year-on-year increase in total revenue. Bitdeer Technologies and Cipher Mining plummeted after their respective earnings showed continued headwinds to profitability. MARA's full-year revenue rose 69% to $656.4 million, while Core Scientific's stock jumped on its CoreWeave $1.2 billion data center expansion.
TeraWulf's stock was up 14% at publication time. The company has a $1.57 billion market cap, according to The Block's WULF price data.
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