$WULF
TERAWULF INC.

2024 Q3 Form 10-Q Financial Statement

#000108330124000124 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $27.06M $35.57M
YoY Change 42.75% 130.16%
Cost Of Revenue $14.66M $13.92M
YoY Change 77.31% 172.21%
Gross Profit $12.40M $21.66M
YoY Change 16.02% 109.38%
Gross Profit Margin 45.82% 60.88%
Selling, General & Admin $11.48M $11.92M
YoY Change 99.03% 102.72%
% of Gross Profit 92.57% 55.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.64M $14.13M
YoY Change 90.21% 119.87%
% of Gross Profit 126.16% 65.26%
Operating Expenses $27.75M $28.42M
YoY Change 36.21% 75.57%
Operating Profit -$15.71M -$6.765M
YoY Change 62.15% 15.74%
Interest Expense -$409.0K -$5.325M
YoY Change -103.99% -163.02%
% of Operating Profit
Other Income/Expense, Net $339.0K $447.0K
YoY Change 474.58% 727.78%
Pretax Income -$20.05M -$11.64M
YoY Change 0.87% -18.24%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$22.73M -$10.88M
YoY Change 19.03% -37.99%
Net Earnings / Revenue -84.01% -30.57%
Basic Earnings Per Share -$0.06 -$0.03
Diluted Earnings Per Share -$0.06 -$0.03
COMMON SHARES
Basic Shares Outstanding 382.6M shares 333.2M shares
Diluted Shares Outstanding 382.1M shares 340.7M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.94M $104.1M
YoY Change 262.97% 1163.31%
Cash & Equivalents $23.94M $104.1M
Short-Term Investments
Other Short-Term Assets $706.0K $505.0K
YoY Change 2.62% -73.94%
Inventory
Prepaid Expenses $3.091M $2.850M
Receivables
Other Receivables
Total Short-Term Assets $32.42M $111.0M
YoY Change 149.73% 672.78%
LONG-TERM ASSETS
Property, Plant & Equipment $283.1M $272.0M
YoY Change 56.15% 68.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.49M $85.57M
YoY Change -24.69% -23.22%
Other Assets $710.0K $547.0K
YoY Change -7.55% -31.45%
Total Long-Term Assets $373.5M $368.6M
YoY Change 24.99% 29.12%
TOTAL ASSETS
Total Short-Term Assets $32.42M $111.0M
Total Long-Term Assets $373.5M $368.6M
Total Assets $405.9M $479.6M
YoY Change 30.18% 59.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.77M $8.398M
YoY Change 1.79% -51.47%
Accrued Expenses $12.17M $10.84M
YoY Change 62.03% 35.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $72.30M
YoY Change -100.0% 97.91%
Total Short-Term Liabilities $32.42M $92.42M
YoY Change -70.12% 13.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $38.00K
YoY Change -100.0% -99.95%
Other Long-Term Liabilities $859.0K $873.0K
YoY Change -5.81% -5.52%
Total Long-Term Liabilities $0.00 $38.00K
YoY Change -100.0% -99.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.42M $92.42M
Total Long-Term Liabilities $0.00 $38.00K
Total Liabilities $33.27M $93.33M
YoY Change -78.92% -43.44%
SHAREHOLDERS EQUITY
Retained Earnings -$303.1M -$280.3M
YoY Change 21.52% 21.71%
Common Stock $383.0K $374.0K
YoY Change 65.09% 73.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $372.6M $386.2M
YoY Change
Total Liabilities & Shareholders Equity $405.9M $479.6M
YoY Change 30.18% 59.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$22.73M -$10.88M
YoY Change 19.03% -37.99%
Depreciation, Depletion And Amortization $15.64M $14.13M
YoY Change 90.21% 119.87%
Cash From Operating Activities -$20.92M $16.38M
YoY Change -979.94% -5615.49%
INVESTING ACTIVITIES
Capital Expenditures $20.73M $46.60M
YoY Change -18.4% 676.15%
Acquisitions
YoY Change
Other Investing Activities $31.91M $0.00
YoY Change -1063800.0% -100.0%
Cash From Investing Activities $11.18M -$46.60M
YoY Change -144.02% 280.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.43M 88.50M
YoY Change -429.43% 2219.9%
NET CHANGE
Cash From Operating Activities -20.92M 16.38M
Cash From Investing Activities 11.18M -46.60M
Cash From Financing Activities -70.43M 88.50M
Net Change In Cash -80.17M 58.28M
YoY Change 4764.75% -766.5%
FREE CASH FLOW
Cash From Operating Activities -$20.92M $16.38M
Capital Expenditures $20.73M $46.60M
Free Cash Flow -$41.65M -$30.22M
YoY Change 80.91% 379.59%

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39227000 usd
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PaymentsToAcquireInterestInJointVenture
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PaymentsToAcquirePropertyPlantAndEquipment
93579000 usd
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314000 usd
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1570000 usd
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1901000 usd
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ProceedsFromIssuanceOfWarrants
2500000 usd
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104109000 usd
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8241000 usd
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11252000 usd
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CY2024Q2 us-gaap Number Of Real Estate Properties
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CY2024Q2 wulf Bitcoin Mining Facility Operating Capacity
BitcoinMiningFacilityOperatingCapacity
195 mw
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104100000 usd
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386200000 usd
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wulf Mining Activity Operating Capacity Exa Hash Per Second
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8.8 exa_hash_power
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175100000 usd
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<div style="margin-bottom:12pt;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-bottom: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 values of contingent consideration issued in a business combination, the establishment of useful lives for property, plant and equipment and intangible 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>
CY2024Q2 wulf Crypto Asset Mining Pool Contract Term
CryptoAssetMiningPoolContractTerm
24 h
CY2024Q2 wulf Crypto Asset Mining Pool Contract Term
CryptoAssetMiningPoolContractTerm
24 h
CY2024Q2 wulf Crypto Asset Mining Pool Contract Term
CryptoAssetMiningPoolContractTerm
24 h
CY2024Q2 wulf Quoted Price Of Bitcoin
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38000 usd
CY2024Q2 wulf Hosting Revenue
HostingRevenue
0 usd
wulf Hosting Revenue
HostingRevenue
800000 usd
CY2023Q2 wulf Hosting Revenue
HostingRevenue
1700000 usd
wulf Hosting Revenue
HostingRevenue
4000000.0 usd
CY2024Q2 wulf Power Curtailment Credit
PowerCurtailmentCredit
1900000 usd
wulf Power Curtailment Credit
PowerCurtailmentCredit
3200000 usd
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PowerCurtailmentCredit
600000 usd
wulf Power Curtailment Credit
PowerCurtailmentCredit
700000 usd
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104100000 usd
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54400000 usd
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ChangeInAccountingPrincipleAccountingStandardsUpdate
37000 usd
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ChangeInAccountingPrincipleAccountingStandardsUpdate
0 usd
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DepositsOnPlantsAndEquipmentToJointVenture
0 usd
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DepositsOnPlantsAndEquipmentToJointVenture
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CommonStockIssuanceCostsInAccountsPayable
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CommonStockIssuanceCostsInAccountsPayable
250000 usd
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6077000 usd
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ChangeInCapitalExpendituresIncurredButNotYetPaid
3590000 usd
wulf Purchases And Deposits On Plant And Equipment With Digital Currency
PurchasesAndDepositsOnPlantAndEquipmentWithDigitalCurrency
316000 usd
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PurchasesAndDepositsOnPlantAndEquipmentWithDigitalCurrency
0 usd
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0 usd
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PaymentsToAcquireInterestsInJointVentureAccruedLiabilitiesOtherAmountsDueToRelatedParties
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4666000 usd
wulf Common Stock Value Issued For Share Based Liabilities Due To Related Parties
CommonStockValueIssuedForShareBasedLiabilitiesDueToRelatedParties
2500000 usd
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CommonStockValueIssuedForShareBasedLiabilitiesDueToRelatedParties
0 usd
wulf Warrants Issued Towards Long Term Debt Discount
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wulf Decrease To Investment In Joint Venture And Increase In Plant And Equipment For Distribution Or Transfer Of Nonmonetary Assets
DecreaseToInvestmentInJointVentureAndIncreaseInPlantAndEquipmentForDistributionOrTransferOfNonmonetaryAssets
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6867000 usd
wulf Decrease To Investment In Joint Venture Due To Bitcoin Received As Distribution From Investee
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19087000 usd
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4943000 usd
wulf Stock Reacquired And Exchanged For Warrants
StockReacquiredAndExchangedForWarrants
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StockReacquiredAndExchangedForWarrants
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CryptoAssetRealizedAndUnrealizedGainLossOperating
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CryptoAssetRealizedAndUnrealizedGainLossOperating
600000 usd
CY2023Q2 wulf Crypto Asset Impairment
CryptoAssetImpairment
-700000 usd
wulf Crypto Asset Impairment
CryptoAssetImpairment
-1300000 usd
CY2024Q2 wulf Number Of Suppliers
NumberOfSuppliers
2 bitcoinminer
CY2024Q2 wulf Number Of Mining Pool Operators
NumberOfMiningPoolOperators
1 miningpooloperator
wulf Bitcoin Mining Facility Power Block Allocated To Facility
BitcoinMiningFacilityPowerBlockAllocatedToFacility
2 mw
wulf Bitcoin Mining Facility Power Block Allocated To Facility
BitcoinMiningFacilityPowerBlockAllocatedToFacility
2 mw
CY2024Q2 wulf Bitcoin Mining Facility Power Block Allocated To Facility
BitcoinMiningFacilityPowerBlockAllocatedToFacility
2 mw
CY2023Q2 wulf Bitcoin Mining Facility Power Block Allocated To Facility
BitcoinMiningFacilityPowerBlockAllocatedToFacility
2 mw
wulf Bitcoin Mining Facility Colocation Pilot Program
BitcoinMiningFacilityColocationPilotProgram
20 mw
wulf Bitcoin Mining Facility Critical It Load With Liquid Cooling And Redundancy Requirements
BitcoinMiningFacilityCriticalITLoadWithLiquidCoolingAndRedundancyRequirements
16 mw
wulf Other Income Short Swing Profits Arising From Trades
OtherIncomeShortSwingProfitsArisingFromTrades
39000 usd
CY2023Q2 wulf Other Income Short Swing Profits Arising From Trades
OtherIncomeShortSwingProfitsArisingFromTrades
39000 usd
CY2024Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1200000 shares
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19877981 shares
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1.34
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LongTermDebtFairValue
71700000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
336254000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
240268000 usd
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
64205000 usd
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34984000 usd
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272049000 usd
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205284000 usd
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1200000 usd
us-gaap Interest Costs Capitalized
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2200000 usd
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CostOfGoodsAndServicesSoldDepreciation
14100000 usd
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CostOfGoodsAndServicesSoldDepreciation
29200000 usd
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CostOfGoodsAndServicesSoldDepreciation
6400000 usd
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CostOfGoodsAndServicesSoldDepreciation
11900000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
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AssetImpairmentCharges
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AssetImpairmentCharges
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CY2021Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P8Y
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LesseeOperatingLeaseRenewalTerm
P5Y
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OperatingLeaseWeightedAverageDiscountRatePercent
0.126
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LesseeOperatingLeaseRemainingLeaseTerm
P9Y10M24D
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
82000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
163000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
163000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
163000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
163000 usd
CY2024Q2 wulf Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
882000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1616000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1616000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
692000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
924000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
51000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
873000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3567000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
15970000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
72340000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
123521000 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
72302000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
123465000 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
38000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
56000 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8455410 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
wulf Stock Issued During Period Number Warrants Exercised
StockIssuedDuringPeriodNumberWarrantsExercised
1130403 shares
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
11000 usd
CY2024Q2 wulf Stock Issued During Period Number Warrants Exercised
StockIssuedDuringPeriodNumberWarrantsExercised
29242661 shares
wulf Stock Issued During Period Number Warrants Exercised
StockIssuedDuringPeriodNumberWarrantsExercised
29242661 shares
CY2021Q4 wulf Debt Instrument Fee Amount Considered As Discount
DebtInstrumentFeeAmountConsideredAsDiscount
29800000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
75851000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
36000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
20000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
75907000 usd
CY2023Q2 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
0 usd
CY2023Q2 wulf Fair Value Of Miners Contributed
FairValueOfMinersContributed
36700000 usd
wulf Increase In Equity In Net Assets Of Investee Due To Miner Contribution
IncreaseInEquityInNetAssetsOfInvesteeDueToMinerContribution
36700000 usd
CY2022Q1 wulf Preferred Stock Convertible Threshold Trading Days
PreferredStockConvertibleThresholdTradingDays
5 d
CY2022Q1 wulf Preferred Stock Convertible Threshold Consecutive Trading Days
PreferredStockConvertibleThresholdConsecutiveTradingDays
15 d
CY2022Q1 wulf Preferred Stock Liquidation Amount Denomination For Conversion Into Common Stock
PreferredStockLiquidationAmountDenominationForConversionIntoCommonStock
1000 usd
us-gaap Preferred Stock Dividends Per Share Declared
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0
us-gaap Preferred Stock Dividends Per Share Declared
PreferredStockDividendsPerShareDeclared
0
CY2024Q2 us-gaap Cumulative Dividends
CumulativeDividends
2400000 usd
CY2024Q2 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
12000000.0 usd
CY2024Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1200000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
600000000 shares
CY2024Q2 wulf Shares Authorized
SharesAuthorized
700000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
600000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q2 wulf Common Stock Number Of Votes
CommonStockNumberOfVotes
1 vote
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7481747 shares
CY2022Q4 wulf Number Of Shares In Each Unit
NumberOfSharesInEachUnit
1 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.93
CY2022Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9400000 usd
CY2022Q4 wulf Sale Of Stock Aggregate Purchase Price Investments Held By Entities Controlled By Company Management
SaleOfStockAggregatePurchasePriceInvestmentsHeldByEntitiesControlledByCompanyManagement
3500000 usd
CY2022Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5100000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11800000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1700000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2600000 usd
CY2024Q2 wulf Number Of Consecutive Trading Days
NumberOfConsecutiveTradingDays
P45D

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