• TeraWulf Inc. (Nasdaq: WULF) announced its financial results for the fourth quarter and year ended December 31, 2022 and provided an operational update.
• Generated revenue of $15.0 million and self-mined 524 Bitcoin in 2022.
• Entered into a beneficial debt restructuring with existing lenders to eliminate principal payments and defer amortization to April 2024 with ability to extend cash flow sweep mechanism to maturity.
Fourth Quarter & Full Year Results
TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, announced its financial results for the fourth quarter and year ended December 31, 2022 and provided an operational update. The Company generated revenue of $15.0 million and self-mined 524 Bitcoin in 2022.
Mining Infrastructure
The Company commenced mining at the Company’s wholly owned Lake Mariner facility in March 2022, with operational capacity of 60 MW and a fleet of 18,000 miners, comprised of 13,000 self-miners and 5,000 hosted miners as of February 28, 2023. It also commenced mining at the Nautilus Cryptomine facility in February 2023 – a joint venture with Cumulus Coin LLC – which is powered by 100% nuclear power in the U.S., with operational capacity of 25 MW and a fleet of 8,000 self-miners as of February 28th 2023.. The total self-mining hash rate was 1.4 EH/s as of December 31st 2022 increasing to 2.6 EH/s as February 28th 2023 – representing an increase of 86%. The Company has built 110 MW worth infrastructure thus far with another 50 MW targeted for Q2 2023 while expecting to nearly triple their hash rate to 5.5 EH/s & 160 MW at existing sites during Q2 2083 as well targeting a blended cost power rate across two sites at $0.035 per kWhr
Debt Restructuring
The company entered into a beneficial debt restructuring with existing lenders to eliminate principal payments & defer amortization to April 2024 alongside extending cash flow sweep mechanism till maturity date if required additionally raising final amount growth capital needed achieve 160MW & 5EH/s across two facilities expected be energized by Q2 2023
Management Commentary
Despite macroeconomic backdrop TeraWulf termed it transformational year achieving significant progress on multiple fronts both financial & operationally .The CEO further added that they are excited towards prospect completing their ambitious expansion plan building upon strong foundation laid out last year allowing them capitalize growing demand globally for sustainable bitcoin solutions
Conclusion
In conclusion ,TeraWulf achieved significant milestones during FY2022 laying out roadmap going forward building upon infrastructure deployed so far targeting additional 50MW during Q1 20203 eventually reaching maximum capacity 160MW /5EH/s within coming months capitalizing on global demand sustainable bitcoin solution