Bitcoin mining firm TeraWulf reported a 102% increase in annual revenue for 2024, reaching US$140.1 million, up from US$69.2 million in 2023.

The growth was driven by higher bitcoin production and improved prices.

Its non-GAAP adjusted EBITDA nearly doubled to US$60.4 million from US$31.9 million. By year-end, the company held US$274.5 million in cash and digital assets, including 1,801 BTC.

TeraWulf eliminated its US$139.4 million legacy term loan debt and plans to add 72.5 megawatts of hosting capacity for high-performance computing (HPC) in 2025, responding to AI infrastructure demand.

The shift follows bitcoin’s April 2024 halving, which cut miners’ revenue.

After the earnings report, TeraWulf’s stock rose 14%, bringing its market valuation to US$1.57 billion.