TeraWulf, Inc. ( WULF ) shares are trading higher Wednesday amid a rise in the price of Bitcoin. The company also reported its fourth-quarter financial results Tuesday after the bell.

The Details:

TeraWulf ( WULF ) reported its self-mining operating capacity increased by 464% to 7.9 exahash per second ("EH/s") as of Dec. 31, 2023, as compared to 1.4 EH/s as of Dec. 31, 2022. The company reported its Bitcoin production increased 550% to 3,407 in 2023, as compared to 524 from the prior year.

The company reported quarterly losses of 3 cents per share which missed the analyst consensus estimate of losses of 2 cents per share.

Quarterly sales came in at $23.29 million, missing the analyst consensus estimate of $24.16 million and representing a 142.55% increase over sales of $9.6 million from the same period last year.

TeraWulf ( WULF ) also said it wants to deploy 550 MW, equivalent to approximately 28.3 EH/s, utilizing the current generation of miners by 2025, and the company is actively exploring potential applications of high-performance computing (HPC) and artificial intelligence (AI).

Cantor Fitzgerald analyst Josh Siegler reiterated his Overweight rating and maintained a $4 price target on the stock following the print.

The price of Bitcoin is rebounding on Wednesday and trading just over the $64,000 mark at the time of publication. 

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WULF Price Action: According to Benzinga Pro, TeraWulf ( WULF ) shares are up 20% at $2.06 at the time of publication.

Image: Eivind Pedersen from Pixabay