TeraWulf shares rise as revenue doubles

Bitcoin mining company TeraWulf presented its fourth quarter report, showing significant growth in its financial performance. For the full year 2024, revenue reached $140.1 million, up 102% from $69.2 million in 2023. The main growth factors were an increase in cryptocurrency mining volumes and an increase in the average prices of sold coins.

The company's financial strength has also strengthened: term loan debt, which amounted to $139.4 million at the end of 2023, was completely eliminated. Adjusted GAAP EBITDA almost doubled - from $31.9 million in 2023 to $60.4 million in 2024. As of December 31, the company had $274.1 million in cash and cash equivalents, and total assets, including Bitcoin, amounted to $274.5 million. The digital asset reserves almost quadrupled, reaching 1,801 BTC.

TeraWulf is actively expanding its areas of activity, including high-performance computing (HPC). In 2025, the company plans to deploy 72.5 MW of capacity for HPC hosting, which will be a response to the high demand in the field of computing infrastructure, especially for tasks related to artificial intelligence. The company's CFO Paul Prager emphasized that the company continues to strengthen its position in the field of digital infrastructure, combining cryptocurrency mining with the provision of power for complex calculations.

The Bitcoin halving in April 2024 reduced miners' income, which forced many companies to look for new sources of profit. Many industry players, including TeraWulf, have reoriented themselves to providing infrastructure for artificial intelligence and HPC.

Other market participants also showed mixed dynamics: Riot Platforms increased revenue by 34.2% compared to the previous year, and MARA’s annual revenue increased by 69%, reaching $656.4 million. At the same time, Bitdeer Technologies and Cipher Mining faced profitability issues, which affected their stock prices. Core Scientific shares rose thanks to the $1.2 billion expansion of the CoreWeave data center.

TeraWulf shares are up 14% at the time of publication, and the company’s market cap has reached $1.57 billion.