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01/09 20:07
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Despite some positive elements like the share repurchase program and potential long-term benefits from partnerships, the overall sentiment is negative due to the significant EPS miss, increased costs, and a substantial net loss. The Q&A revealed uncertainties and lack of clarity in management's responses, especially regarding cost savings and tenant sign-ups, which may increase investor concerns. The company's market cap suggests a moderate reaction, but the negative financial metrics and unclear guidance lead to a predicted stock price decline in the -2% to -8% range over the next two weeks.
EPS Reported EPS is $-0.16, missing expectations of $-0.07.
Bitcoin Mined Self-mined 372 bitcoin, a 12% decrease from 423 bitcoin mined in 4Q '24.
GAAP Revenue GAAP revenues were flat at $34.4 million in 1Q '25, compared to $35 million in 4Q '24.
Value per Bitcoin Mined Average value per bitcoin self-mined was $92,600 in 1Q '25, up from $82,739 in 4Q '24.
Cost of Revenue GAAP cost of revenue was $24.5 million, a 25% increase from $19.6 million in 4Q '24.
Power Cost per Bitcoin Mined Cost of energy per bitcoin mined was $66,084 in 1Q '25, compared to $46,328 in 4Q '24.
Operating Expenses Operating expenses increased 6% from $2.7 million in 4Q '24 to $2.9 million in 1Q '25.
SG&A Expenses SG&A expenses increased from $32.3 million in 4Q '24 to $50.1 million in 1Q '25, primarily due to stock-based compensation.
Net Loss GAAP net loss was $61.4 million in 1Q '25, compared to a net loss of $29.2 million in 4Q '24.
Non-GAAP Adjusted EBITDA Non-GAAP adjusted EBITDA was negative $4.7 million, down from positive $2.5 million in 4Q '24.
Cash Position Held $218 million in cash as of March 31, 2025.
Total Assets Total assets amounted to $841 million.
Total Liabilities Total liabilities were $670 million.
Capital Expenditures Spent approximately $130 million on capital expenditures for WULF Den and CB-1 and CB-2.
BTC Segment Cost of Production BTC segment cost of production was approximately $72,000 in 1Q '25.
Debt Raise Anticipated approximately $300 million debt raise in the middle of 2025.
Share Repurchase Program Authorized a new $200 million share repurchase program.
New Product Launch: The WULF Den is operational and will begin generating revenues in Q2 2025. Additionally, CB-1 is expected to go live in Q3 and CB-2 in Q4 2025.
Market Expansion: Approval from NYISO for an additional 250 megawatts of capacity at Lake Mariner, bringing the total to 500 megawatts, with plans to request an additional 250 megawatts.
New Partnerships: Active discussions with prospective partners for HPC hosting, with a focus on securing new commitments as capacity is built out.
Operational Efficiency: Successfully energized Miner Building 5, increasing operational capacity to 245 megawatts and achieving a self-mining hash rate of 12.2 exahash.
Cost Management: Monitoring tariff impacts estimated at 5% to 10% on build costs, with a commitment to maintain mid-teens unlevered returns.
Strategic Shift: Pursuing full integration of Beowulf Electricity & Data to streamline operations and eliminate related party disclosures.
Earnings Expectations: TeraWulf Inc. missed earnings expectations with a reported EPS of $-0.16, compared to expectations of $-0.07.
Power Pricing: Extreme weather in January and February temporarily impacted power pricing, resulting in a historic spike in New York ISO Zone A West average energy prices.
Operational Costs: Increased operational costs due to expansion into High Power Compute hosting without current revenue contribution.
Tariff Implications: Monitoring evolving tariff landscape with an estimated 5% to 10% impact on build costs.
Market Conditions: Challenging market conditions for Bitcoin Mining operations due to temporary spike in power prices and increasing network difficulty.
Project Financing: Anticipated mid-year execution of project financing for the 72.5 megawatt Core42 buildout, with early positive feedback from potential lenders.
Capital Expenditures: Increase in total capital expenditures from $365 million to $430 million due to refined data center designs.
Employee Costs: Significant increases in staffing levels necessary to support mining expansion and HPC hosting activities.
Stock Volatility: Historical realized stock volatility of approximately 130, indicating potential risks in stock performance.
Operational Capacity: Successfully energized Miner Building 5, bringing total operational capacity to 245 megawatts.
Self-Mining Hash Rate: Exited the quarter with a self-mining hash rate of 12.2 exahash and fleet efficiency of 18 joules per terahash.
HPC Hosting Expansion: Focused on scaling liquid-cooled infrastructure for AI and compute intensive workloads, with three dedicated buildings for Core42.
Capacity Approval: Received approval for an additional 250 megawatts at Lake Mariner, totaling 500 megawatts, with plans for an additional 250 megawatts.
Integration of Beowulf: Pursuing full integration of Beowulf Electricity & Data to streamline operations and align incentives.
Revenue Expectations: Expecting revenues from the WULF Den to begin in Q2 2025, with CB-1 and CB-2 expected to go live in Q3 and Q4 respectively.
Power Pricing Guidance: Guidance of $0.05 per kilowatt hour for Q2 through Q4 2025, aligning with historical pricing.
CapEx Projections: Total capital expenditures increased to approximately $430 million, with CapEx per critical megawatt at $7.2 million.
Debt Raise: Confident in executing approximately $300 million debt raise in mid-2025.
Share Repurchase Program: Authorized a new $200 million share repurchase program.
Cost of Production: Guidance for BTC segment cost of production to be approximately $47,500 for Q2 through Q4 2025.
Share Repurchase Program: The Board has authorized a new $200 million share repurchase program, adding approximately $150 million to the remaining $50 million on the pre-existing program.
The earnings call summary and Q&A section reveal strong financial performance and optimistic guidance, particularly with the Fluidstack agreement and high margins. Despite some concerns about margins and project timelines, management's strategic partnerships and strong demand outlook for HPC instill confidence. The market cap suggests moderate stock price sensitivity, leading to a positive prediction.
The earnings call highlights a significant improvement in financial performance with a positive EBITDA turnaround, strategic partnerships with Google and Fluidstack, and a new share repurchase program. Despite some withheld details, the strategic partnerships and infrastructure expansion suggest growth potential. The market cap indicates moderate sensitivity to news, and the positive elements, such as the Google partnership and share repurchase, likely outweigh concerns, suggesting a positive stock price movement of 2% to 8%.
Despite some positive elements like the share repurchase program and potential long-term benefits from partnerships, the overall sentiment is negative due to the significant EPS miss, increased costs, and a substantial net loss. The Q&A revealed uncertainties and lack of clarity in management's responses, especially regarding cost savings and tenant sign-ups, which may increase investor concerns. The company's market cap suggests a moderate reaction, but the negative financial metrics and unclear guidance lead to a predicted stock price decline in the -2% to -8% range over the next two weeks.
The earnings call presents mixed signals. Financial performance shows increased operating expenses and a significant net loss, but Bitcoin mined increased. The Q&A revealed uncertainties about cost savings and contract milestones, but also confidence in operational efficiencies and demand. The strategic plan includes promising partnerships and expansions, with a new share repurchase program. Considering the small market cap, these factors suggest a neutral sentiment with potential for slight positive movement if strategic plans materialize effectively.
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