---
schema_version: "secwatch.filing_event.v1"
accession: "0001083301-24-000102"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2024-05-13T23:59:59+00:00"
generated_at: "2026-06-02T01:53:51.814144+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# TeraWulf Q1 2024: Revenue $42.4M (+82% QoQ), Adjusted EBITDA $32M (+95%), debt down $63.6M in 2024

## Summary
- Self-mined 1,057 BTC in Q1, up 8.9% from Q4; avg operating hash rate 6.8 EH/s.
- Revenue $42.4M (GAAP) vs $23.3M in Q4; gross profit margin improved to 66%.
- Non-GAAP Adjusted EBITDA $32.0M, up 95.4% QoQ; power cost per BTC $15,501.
- Debt reduced to $75.8M after repaying $63.6M in 2024 (including $30.2M in April).
- On track for ~10.2 EH/s by Q3 2024, ~13.3 EH/s by Q1 2025; expanded Bitmain miner deal.

## SEC filing metadata
- accession: 0001083301-24-000102
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2024-05-13T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000108330124000102/0001083301-24-000102-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000108330124000102/wulf-20240513.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001083301-24-000102
- JSON: https://secwatch.observer/filing/0001083301-24-000102.json
- Plain text: https://secwatch.observer/filing/0001083301-24-000102.txt

## Key facts
- Earnings Releases
  TERAWULF INC. reported first quarter ended March 30, 2024 results: revenue $42.4 million.
  - Period: first quarter ended March 30, 2024
  - Revenue: $42.4 million
  - Result: reported results
  source text: 2024 Financial Results Self-mined 1,057 bitcoin in Q1 2024, an 8.9% increase over Q4 2023, on a total installed hashrate of 8.0 EH/s. Q1 2024 revenue grows 82.2% over Q4 2023 to $42.4 million. Q1 2024 Non-GAAP Adjusted EBITDA increases 95.4% over Q4 2023 to $32.0 million. Paid down approximately $63.6 million of debt so far in 2024, demonstrating the power of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1083301/000108330124000102/0001083301-24-000102-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.