Mining company TeraWulf's revenue increased by 102% year-on-year in 2024, reaching $140 million

According to the latest Q4 2024 earnings report released by Bitcoin mining company TeraWulf, the company's annual revenue surged by 102% from $69.2 million in 2023 to $140.1 million in 2024, driven by increased Bitcoin production and a rise in the average realized Bitcoin price. TeraWulf stated that its legacy term loan debt was fully eliminated in 2024, compared to $139.4 million at the end of 2023.

The company's GAAP-adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) nearly doubled, rising from $31.9 million in 2023 to $60.4 million in 2024. As of December 31, 2024, TeraWulf reported $274.1 million in cash and cash equivalents. The company’s balance sheet showed $274.5 million in cash, cash equivalents, and Bitcoin holdings, with its BTC holdings nearly quadrupling to 1,801 BTC.