By Chris Wack

TeraWulf shares were down 9.6% to $2.03 after the company reported a first-quarter loss, when analysts were expecting earnings.

The bitcoin-mining company reported a first-quarter loss of $9.6 million, or 3 cents a share, compared with a loss of $26.3 million, or 16 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $10.7 million, or 3 cents a share.

Revenue for the quarter was $42.4 million, compared with last year's $11.5 million and the $45.2 million analysts were expecting.

TeraWulf said it self-mined 1,057 bitcoin during the quarter, and had a total value of bitcoin self-mined of $56.8 million in quarter, compared to $35.2 million in the fourth quarter.

The company said revenue was higher due to significant growth in operating self-mining hashrate, as well as a higher average bitcoin price relative to the fourth quarter of 2023.

Write to Chris Wack at

(END) Dow Jones Newswires

05-14-24 1041ET