By Shares of TeraWulf have taken a hit as the company announced a bigger loss in the second quarter, falling short of analyst projections for revenue growth.
Stock Performance
In early trading, the stock was down 14%, currently trading at $2.19 per share. Despite this recent setback, shares have still managed to triple in value since the beginning of the year.
Financial Results
TeraWulf, a major player in the Bitcoin mining industry, reported a loss of $17.8 million for the quarter. This represents an increase from the $13.9 million loss recorded in the same quarter last year. On a per-share basis, the loss stood at 8 cents, compared to a loss of 14 cents per share in the year-ago period. It is worth noting that the number of shares outstanding this year is half of what it was last year.
Analyst Expectations
Analysts surveyed by FactSet had predicted a loss of 3 cents per share for TeraWulf. The actual results fell short of these expectations.
Revenue Growth
While revenue for the second quarter reached $15.5 million, a significant improvement from last year’s $1.39 million, it did not meet analyst forecasts of $19.2 million according to FactSet data.
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