TeraWulf Announces Continued Industry-Leading Cash Production and $30 Million Debt Repayment
April 08 2024 - 8:00AM
TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which
owns and operates vertically integrated, domestic Bitcoin mining
facilities powered by more than 95% zero-carbon energy, today
announced it has repaid an additional $30.1 million of its
Term Loan, thereby reducing the debt balance to $75.9 million.
Management Commentary
Patrick Fleury, Chief Financial Officer, remarked, “This $30
million payment follows our repayment of approximately $40 million
over the past six months. And there is more to come."
Fleury also stated, “At today's approximate $70,000 bitcoin
price, we expect our industry leading economics, resulting in a
fully loaded cost to mine a bitcoin of just $37,000 post halving,
to allow for continued rapid debt extinguishment. All of the inputs
used to determine our cost to mine a bitcoin can be found on our
recently updated cost-to-mine calculator on our website. As
previously indicated, once we've settled our outstanding debt, we
plan to allocate profits towards organic growth, potential
dividends or share buybacks to benefit our shareholders.”
TeraWulf’s proprietary cost-to-mine calculator can be found on
the Company’s website here:
https://investors.terawulf.com/financial-information/cost-to-mine-calculator.
About TeraWulf
TeraWulf owns and operates vertically integrated,
environmentally clean bitcoin mining facilities in the United
States. Led by an experienced group of energy entrepreneurs, the
Company currently has two Bitcoin mining facilities: the wholly
owned Lake Mariner facility in New York, and Nautilus Cryptomine
facility in Pennsylvania, a joint venture with Cumulus Coin, LLC.
TeraWulf generates domestically produced Bitcoin powered by 95%
zero carbon energy resources including nuclear, hydro, and solar
with a goal of utilizing 100% zero-carbon energy. With a core focus
on ESG that ties directly to its business success, TeraWulf expects
to provide industry leading mining economics at an industrial
scale.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended. Such
forward-looking statements include statements concerning
anticipated future events and expectations that are not historical
facts. All statements, other than statements of historical fact,
are statements that could be deemed forward-looking statements. In
addition, forward-looking statements are typically identified by
words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project,” “continue,” “could,” “may,” “might,” “possible,”
“potential,” “predict,” “should,” “would” and other similar words
and expressions, although the absence of these words or expressions
does not mean that a statement is not forward-looking.
Forward-looking statements are based on the current expectations
and beliefs of TeraWulf’s management and are inherently subject to
a number of factors, risks, uncertainties and assumptions and their
potential effects. There can be no assurance that future
developments will be those that have been anticipated. Actual
results may vary materially from those expressed or implied by
forward-looking statements based on a number of factors, risks,
uncertainties and assumptions, including, among others: (1)
conditions in the cryptocurrency mining industry, including
fluctuation in the market pricing of bitcoin and other
cryptocurrencies, and the economics of cryptocurrency mining,
including as to variables or factors affecting the cost, efficiency
and profitability of cryptocurrency mining; (2) competition among
the various providers of cryptocurrency mining services; (3)
changes in applicable laws, regulations and/or permits affecting
TeraWulf’s operations or the industries in which it operates,
including regulation regarding power generation, cryptocurrency
usage and/or cryptocurrency mining, and/or regulation regarding
safety, health, environmental and other matters, which could
require significant expenditures; (4) the ability to implement
certain business objectives and to timely and cost-effectively
execute integrated projects; (5) failure to obtain adequate
financing on a timely basis and/or on acceptable terms with regard
to growth strategies or operations; (6) loss of public confidence
in bitcoin or other cryptocurrencies and the potential for
cryptocurrency market manipulation; (7) adverse geopolitical or
economic conditions, including a high inflationary environment; (8)
the potential of cybercrime, money-laundering, malware infections
and phishing and/or loss and interference as a result of equipment
malfunction or break-down, physical disaster, data security breach,
computer malfunction or sabotage (and the costs associated with any
of the foregoing); (9) the availability, delivery schedule and cost
of equipment necessary to maintain and grow the business and
operations of TeraWulf, including mining equipment and
infrastructure equipment meeting the technical or other
specifications required to achieve its growth strategy; (10)
employment workforce factors, including the loss of key employees;
(11) litigation relating to TeraWulf and/or its business; and (12)
other risks and uncertainties detailed from time to time in the
Company’s filings with the Securities and Exchange Commission
(“SEC”). Potential investors, stockholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they were
made. TeraWulf does not assume any obligation to publicly update
any forward-looking statement after it was made, whether as a
result of new information, future events or otherwise, except as
required by law or regulation. Investors are referred to the full
discussion of risks and uncertainties associated with
forward-looking statements and the discussion of risk factors
contained in the Company’s filings with the SEC, which are
available at www.sec.gov.
Company Contact:Jason AssadDirector of
Corporate Communicationsassad@terawulf.com(678) 570-6791
TeraWulf (NASDAQ:WULF)
Historical Stock Chart
From Jul 2024 to Aug 2024
TeraWulf (NASDAQ:WULF)
Historical Stock Chart
From Aug 2023 to Aug 2024