Bitcoin Miner TeraWulf Shares Drop in After Hours Trading, Despite 87% Revenue Gain

TeraWulf, a Bitcoin mining company based in Maryland, reported a significant revenue increase of 87%, reaching $50.6 million compared to the previous year. This growth was aided by Bitcoin's rising price and an expanded mining capacity. CEO Paul Prager highlighted a growing partnership with Fluidstack and Google, signaling confidence in TeraWulf's operational execution. Although shares increased by 3.8% during the trading day, they fell 2.5% in after-hours trading, closing at $14.30. This follows a steady upward trend in the company's share price over the past month. In late October, TeraWulf had forecasted revenues between $48 million and $52 million for the same period, which aligns with actual results. The company had previously gone public through a merger in 2021 and has since focused on evolving its operational model to diversify revenue streams, including high-performance computing leases.

Source 🔗