What's Going On With Bitcoin-Miner TeraWulf Stock After Earnings?

Zinger Key Points
  • TeraWulf reports its Bitcoin production increased 550% to 3,407 in 2023, as compared to 524 from the prior year.
  • The company is actively exploring potential applications of high-performance computing (HPC) and artificial intelligence (AI).

TeraWulf, Inc. WULF shares are trading higher Wednesday amid a rise in the price of Bitcoin. The company also reported its fourth-quarter financial results Tuesday after the bell.

The Details:

TeraWulf reported its self-mining operating capacity increased by 464% to 7.9 exahash per second ("EH/s") as of Dec. 31, 2023, as compared to 1.4 EH/s as of Dec. 31, 2022. The company reported its Bitcoin production increased 550% to 3,407 in 2023, as compared to 524 from the prior year.

The company reported quarterly losses of 3 cents per share which missed the analyst consensus estimate of losses of 2 cents per share.

Quarterly sales came in at $23.29 million, missing the analyst consensus estimate of $24.16 million and representing a 142.55% increase over sales of $9.6 million from the same period last year.

TeraWulf also said it wants to deploy 550 MW, equivalent to approximately 28.3 EH/s, utilizing the current generation of miners by 2025, and the company is actively exploring potential applications of high-performance computing (HPC) and artificial intelligence (AI).

Cantor Fitzgerald analyst Josh Siegler reiterated his Overweight rating and maintained a $4 price target on the stock following the print.

The price of Bitcoin is rebounding on Wednesday and trading just over the $64,000 mark at the time of publication. 

Related News: Taysha Gene Therapies Stock Soars On FY23 Results: Here’s Why

WULF Price Action: According to Benzinga Pro, TeraWulf shares are up 20% at $2.06 at the time of publication.

Image: Eivind Pedersen from Pixabay

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: CryptocurrencyEarningsNewsMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!