2024 Q1 Form 10-K Financial Statement

#000108330124000072 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $42.43M $23.29M $69.23M
YoY Change 267.93% 143.39% 360.51%
Cost Of Revenue $14.41M $8.932M $27.32M
YoY Change 188.04% 69.2% 146.46%
Gross Profit $28.03M $14.35M $41.91M
YoY Change 329.11% 234.72% 961.11%
Gross Profit Margin 66.05% 61.64% 60.54%
Selling, General & Admin $14.91M $8.788M $37.02M
YoY Change 129.65% -24.31% 62.57%
% of Gross Profit 53.2% 61.23% 88.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.09M $8.265M $28.35M
YoY Change 177.71% 67.04% 325.23%
% of Gross Profit 53.84% 57.58% 67.64%
Operating Expenses $30.34M $18.71M $71.34M
YoY Change 92.62% 7.88% 49.56%
Operating Profit -$2.316M -$4.356M -$29.42M
YoY Change -74.88% -66.63% -32.74%
Interest Expense $11.05M -$9.277M $34.81M
YoY Change 61.62% 16.14% 41.06%
% of Operating Profit
Other Income/Expense, Net $500.0K $118.0K $231.0K
YoY Change
Pretax Income -$14.89M -$13.83M -$73.42M
YoY Change -7.27% -40.99% -14.82%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.613M -$10.80M -$73.42M
YoY Change -63.39% -57.14% -19.13%
Net Earnings / Revenue -22.65% -46.39% -106.06%
Basic Earnings Per Share -$0.03 -$0.35
Diluted Earnings Per Share -$0.03 -$0.04 -$0.35
COMMON SHARES
Basic Shares Outstanding 302.2M shares 238.2M shares 210.0M shares
Diluted Shares Outstanding 290.6M shares 210.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.82M $54.44M $54.44M
YoY Change 169.79% 4156.37% 4156.37%
Cash & Equivalents $45.82M $54.44M $54.44M
Short-Term Investments
Other Short-Term Assets $873.0K $806.0K $7.147M
YoY Change 18.13% 48.43% -44.45%
Inventory
Prepaid Expenses $3.973M $4.540M
Receivables
Other Receivables
Total Short-Term Assets $54.36M $62.59M $62.59M
YoY Change 144.63% 342.5% 342.5%
LONG-TERM ASSETS
Property, Plant & Equipment $237.9M $205.3M $216.2M
YoY Change 49.23% 7.19% 6.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $91.87M $98.61M $98.61M
YoY Change -24.72% -0.13%
Other Assets $586.0K $679.0K $99.29M
YoY Change -58.65% -49.21% -0.79%
Total Long-Term Assets $341.0M $315.5M $315.5M
YoY Change 15.78% 3.95% 3.95%
TOTAL ASSETS
Total Short-Term Assets $54.36M $62.59M $62.59M
Total Long-Term Assets $341.0M $315.5M $315.5M
Total Assets $395.4M $378.1M $378.1M
YoY Change 24.81% 19.02% 19.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.31M $15.17M $15.17M
YoY Change -24.53% -30.61% -30.61%
Accrued Expenses $6.481M $10.75M $10.75M
YoY Change -34.48% -39.95% -39.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $99.36M $123.5M $123.5M
YoY Change 137.72% 137.72%
Total Short-Term Liabilities $122.1M $154.7M $154.7M
YoY Change 117.59% 22.73% 22.73%
LONG-TERM LIABILITIES
Long-Term Debt $47.00K $56.00K $56.00K
YoY Change -99.96% -99.92% -99.92%
Other Long-Term Liabilities $886.0K $899.0K $899.0K
YoY Change -5.34% -5.07% -5.07%
Total Long-Term Liabilities $47.00K $56.00K $955.0K
YoY Change -99.96% -99.92% -98.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.1M $154.7M $154.7M
Total Long-Term Liabilities $47.00K $56.00K $955.0K
Total Liabilities $123.0M $155.6M $155.6M
YoY Change -27.82% -22.17% -22.17%
SHAREHOLDERS EQUITY
Retained Earnings -$269.5M -$259.9M
YoY Change 26.7% 39.36%
Common Stock $303.0K $277.0K
YoY Change 62.9% 91.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $272.3M $222.5M $222.5M
YoY Change
Total Liabilities & Shareholders Equity $395.4M $378.1M $378.1M
YoY Change 24.81% 19.02% 19.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$9.613M -$10.80M -$73.42M
YoY Change -63.39% -57.14% -19.13%
Depreciation, Depletion And Amortization $15.09M $8.265M $28.35M
YoY Change 177.71% 67.04% 325.23%
Cash From Operating Activities $22.85M $10.90M $4.263M
YoY Change -362.21% -1128.8% -112.51%
INVESTING ACTIVITIES
Capital Expenditures $46.98M $33.78M $75.17M
YoY Change 370.45% 219.64% 22.99%
Acquisitions
YoY Change
Other Investing Activities $9.598M -$2.845M
YoY Change -214.14% -91.36%
Cash From Investing Activities -$46.98M -$24.18M -$78.01M
YoY Change 190.53% 27.41% -17.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $135.9M
YoY Change 187.32%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $15.52M 61.13M $119.9M
YoY Change -53.74% 267.64% 33.21%
NET CHANGE
Cash From Operating Activities $22.85M 10.90M $4.263M
Cash From Investing Activities -$46.98M -24.18M -$78.01M
Cash From Financing Activities $15.52M 61.13M $119.9M
Net Change In Cash -$8.615M 47.84M $46.12M
YoY Change -199.45% -1503.87% -220.94%
FREE CASH FLOW
Cash From Operating Activities $22.85M $10.90M $4.263M
Capital Expenditures $46.98M $33.78M $75.17M
Free Cash Flow -$24.13M -$22.88M -$70.91M
YoY Change 29.06% 96.81% -25.51%

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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Use of Estimates in the Financial Statements</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for (but are not limited to) such items as the fair value of contingent consideration issued in a business combination, the establishment of useful lives for property, plant and equipment and intangible assets, the impairment of held for sale assets, the fair value of equity securities or warrants to purchase common stock issued individually or as a component of a debt or equity offering, the fair value of changes to the conversion terms of embedded conversion features, the fair value and requisite service periods of stock-based compensation, the fair value of assets received in nonmonetary transactions, the establishment of right-of-use assets and lease liabilities that arise from leasing arrangements, the timing of commencement of capitalization for plant and equipment, impairment of indefinite-lived intangible assets, impairment of long-lived assets, recoverability of deferred tax assets, amortization of deferred issuance costs and debt discount, and the recording of various accruals. These estimates are made after considering past and current events and assumptions about future events. Actual results could differ from those estimates.</span></div>
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21949000 usd
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1591000 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Concentrations</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company and its joint venture have contracted with two suppliers for the provision of bitcoin miners and one mining pool operator. The Company does not believe that these counterparties represent a significant performance risk. Revenue from one data center hosting customer represents 10.9% and 20.8% of consolidated revenue for the years ended December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, the Company only operated bitcoin mining facilities; however, the Company has made an initial commitment by allocating a 2 MW power block at the Lake Mariner Facility intended to support a broader HPC initiative. While the Company may choose to mine other digital currencies or pursue other data center services in the future, it has no plans to do so currently. If the market value of bitcoin declines significantly, the consolidated financial condition and results of operations of the Company may be adversely affected.</span></div>
CY2023Q4 wulf Number Of Suppliers
NumberOfSuppliers
2 supplier
CY2023Q4 wulf Number Of Mining Pool Operators
NumberOfMiningPoolOperators
1 miningpooloperator
CY2023Q4 wulf Bitcoin Mining Facility Power Block Allocated To Facility
BitcoinMiningFacilityPowerBlockAllocatedToFacility
2 mw
CY2023 wulf Deposits On Miners
DepositsOnMiners
36500000 usd
CY2022 wulf Deposits On Miners
DepositsOnMiners
57600000 usd
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
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PercentageOfChangesInDebtValueAndNetPresentsValueOfFutureCashFlowsForDebtModification
0.10
CY2023 wulf Percentage Of Changes In Debt Value And Net Presents Value Of Future Cash Flows For Debt Modification
PercentageOfChangesInDebtValueAndNetPresentsValueOfFutureCashFlowsForDebtModification
0.10
CY2023 wulf Percentage Of Changes In Debt Value And Net Presents Value Of Future Cash Flows For Debt Modification
PercentageOfChangesInDebtValueAndNetPresentsValueOfFutureCashFlowsForDebtModification
0.10
CY2023 wulf Percentage Of Changes In Debt Value And Net Presents Value Of Future Cash Flows For Debt Modification
PercentageOfChangesInDebtValueAndNetPresentsValueOfFutureCashFlowsForDebtModification
0.10
CY2023 us-gaap Other Income
OtherIncome
39000 usd
CY2022 us-gaap Other Income
OtherIncome
0 usd
CY2023Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1100000 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
49120642 shares
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0.58
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NumberOfOperatingSegments
1 operatingsegment
CY2023 wulf Disposal Group Including Discontinued Operation Loss On Cvr Remeasurement
DisposalGroupIncludingDiscontinuedOperationLossOnCVRRemeasurement
-100000 usd
CY2022 wulf Disposal Group Including Discontinued Operation Loss On Cvr Remeasurement
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1100000 usd
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128900000 usd
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0
CY2023 wulf Indefinite Lived Intangible Assets Exchanged For Goods Or Services
IndefiniteLivedIntangibleAssetsExchangedForGoodsOrServices
437000 usd
CY2022 wulf Indefinite Lived Intangible Assets Exchanged For Goods Or Services
IndefiniteLivedIntangibleAssetsExchangedForGoodsOrServices
0 usd
CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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1801000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
183000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
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240268000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
198188000 usd
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34984000 usd
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6667000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
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205284000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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191521000 usd
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InterestCostsCapitalized
2200000 usd
CY2022 us-gaap Interest Costs Capitalized
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5300000 usd
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28400000 usd
CY2022 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
6700000 usd
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LesseeOperatingLeaseTermOfContract
P5Y
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P5Y
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CommonStockIssuedForLeaseLiability
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CY2022Q3 wulf Shares Issued Towards Lease Liability
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11500000 usd
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0.126
CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
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163000 usd
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163000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
163000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
163000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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163000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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882000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1697000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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1697000 usd
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750000 usd
CY2023Q4 us-gaap Operating Lease Liability
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899000 usd
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CY2022 us-gaap Current Income Tax Expense Benefit
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0 usd
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DeferredIncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023 us-gaap Income Tax Expense Benefit
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0.008
CY2022 wulf Effective Income Tax Rate Reconciliation Permanent Differences Percent
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0
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0
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0.009
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EffectiveIncomeTaxRateContinuingOperations
0
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0.003
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1632000 usd
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0 usd
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458000 usd
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206000 usd
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259000 usd
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2075000 usd
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1520000 usd
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656000 usd
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410000 usd
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42392000 usd
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29689000 usd
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40948000 usd
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29464000 usd
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1444000 usd
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225000 usd
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1444000 usd
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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21095000 usd
CY2023Q4 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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600 minervaminer
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CY2022Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5100000 usd
CY2022Q4 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
4300000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
40764706 shares
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
26600000 usd
CY2023 wulf Stock Issued During Period Number Warrants Exercised
StockIssuedDuringPeriodNumberWarrantsExercised
2740587 shares
CY2023 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
27000 usd
CY2022 wulf Stock Issued During Period Number Warrants Exercised
StockIssuedDuringPeriodNumberWarrantsExercised
5714823 shares
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
58000 usd
CY2023 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2022 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5900000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000 usd
CY2023 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
1578056 shares
CY2023Q4 wulf Number Of Consecutive Trading Days
NumberOfConsecutiveTradingDays
P45D
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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exhibit211-listofsubsidi.htm Edgar Link pending
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