TeraWulf Shares Drop 9.6% After 1Q Loss
By Chris Wack
TeraWulf shares were down 9.6% to $2.03 after the company reported a first-quarter loss, when analysts were expecting earnings.
The bitcoin-mining company reported a first-quarter loss of $9.6 million, or 3 cents a share, compared with a loss of $26.3 million, or 16 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $10.7 million, or 3 cents a share.
Revenue for the quarter was $42.4 million, compared with last year's $11.5 million and the $45.2 million analysts were expecting.
TeraWulf said it self-mined 1,057 bitcoin during the quarter, and had a total value of bitcoin self-mined of $56.8 million in quarter, compared to $35.2 million in the fourth quarter.
The company said revenue was higher due to significant growth in operating self-mining hashrate, as well as a higher average bitcoin price relative to the fourth quarter of 2023.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 14, 2024 10:41 ET (14:41 GMT)
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