TeraWulf Inc. ( WULF ) reported its first-quarter financial results after the bell Monday. Here's a look at the details. 

The Details: Bitcoin mining company, TeraWulf ( WULF ), reported quarterly losses of 3 cents per share which missed the analyst consensus estimate of earnings of 4 cents per share.

Quarterly revenue came in at $42.433 million, missing the analyst consensus estimate of $51.092 million by 16.95%.

TeraWulf ( WULF ) reported it mined 1,057 Bitcoin across the Lake Mariner and Nautilus Cryptomine facilities, inclusive of 6 Bitcoin earned from profit sharing associated with a hosting agreement, with a total value of self-mined Bitcoin of $56.8 million compared to $35.2 million from the fourth quarter 2023.

Power cost per self-mined Bitcoin increased quarter-over-quarter, to $15,501 per Bitcoin, up from $10,308 per Bitcoin in the fourth quarter of 2023, due to the 15.5% increase in network difficulty during the period and higher realized energy prices at the Lake Mariner Facility in New York.

“During the first quarter, TeraWulf ( WULF ) delivered outstanding results, setting a new benchmark for profitability among publicly traded Bitcoin miners,” stated Paul Prager, CEO of TeraWulf ( WULF ). “During this period, we also further solidified our financial foundation by reducing debt and augmenting our cash reserves.”

Outlook: TeraWulf ( WULF ) says the company is on track to reach approximately 10.2 EH/s in the third quarter of 2024 and approximately 13.3 EH/s by the first quarter of 2025.

“We’re actively exploring opportunities with various stakeholders, ranging from hyperscalers to enterprise-level clients, to leverage our more than 300 megawatts of available infrastructure capacity,” Prager said.

“With access to low-cost, zero-carbon power, we are well positioned to meet the escalating demand for sustainable computing solutions. As we near the completion of Building 4 and begin construction on Building 5 at Lake Mariner, we are strategically expanding our bitcoin mining hash rate while concurrently developing a robust high-performance computing offering. This dual-pronged approach positions us favorably to capitalize on emerging opportunities in both markets.”

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WULF Price Action: According to Benzinga Pro, TeraWulf ( WULF ) shares are down 1.79% after-hours at $2.20 at the time of publication Monday.