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Company profile

TeraWulf Inc. is a digital asset technology company, which is engaged in the business of sustainable bitcoin mining. The Company is focused on developing, constructing and operating bitcoin mining facilities in the United States that are powered by clean, low-cost and reliable power sources. The Company is developing two mining facilities, Lake Mariner in New York and the Nautilus Cryptomine Facility in Pennsylvania. The Company's bitcoin mining facility sites are focused on reaching an aggregate 800 megawatts (MW) of net bitcoin mining capacity. The Company also offer over 23 exahash per second (EH/s) of computational power. It generates domestically produced bitcoin powered by nuclear, hydro, and solar energy. The Company’s subsidiaries include lake Mariner Data LLC and Kyalami Data LLC.

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Novavax stock rallies, even as company offers a dimmer sales forecast for vaccines

8:09 am ET November 9, 2022 (MarketWatch)

By Bill Peters

Management says it expects full-year sales at the low end of previous outlook, after others report waning vaccine demand

Novavax Inc. on Tuesday tweaked its full-year sales outlook to the low end of its expected range and reported a surprise quarterly loss, but sales for the the COVID-19 vaccine maker were far better than expected.

The company reported a net loss of $168.6 million, or $2.15 a share, compared with a loss of $322.4 million, or $4.31 a share, in the same quarter a year ago. Sales were $735 million, compared with $178.8 million in the prior-year quarter.

Analysts polled by FactSet expected Novavax (NVAX) to earn $1.57 a share, on revenue of $586 million.

Management for the company said they expected roughly $2 billion in sales for this year, the low end of an earlier forecast for between $2 billion to $2.3 billion.

Shares rose 2.6% after hours.

The company reported its results after other COVID-19 vaccine and drug makers reported a decline in demand, as people grow more relaxed about the pandemic and resistance to vaccinations endures. The U.S. Food and Drug Administration over the summer authorized the use of Novavax's COVID vaccine.

But in August, Novavax slashed its full-year sales forecast, citing "several evolving market dynamics," sending shares plummeting. Executives, during the company's earnings call then, said "we will have no new revenues in 2022 from the U.S. and COVAX," a worldwide program dedicated to broadening and speeding vaccine distribution.

Novavax executives at that time also cited issues related to shipment timing, oversupply and distribution into nations with lower wealth. Chief Executive Stanley Erck added that the company arrived late to the U.S. COVID vaccine market.

Meanwhile, rival vaccine-maker Moderna Inc. (MRNA) last week cut its full-year sales outlook. Its management also cited falling sales of its COVID vaccine during the third quarter, as well as lower sales volume due to the timing of authorizations for its bivalent COVID booster and the related manufacturing ramp-up.

Pfizer Inc. (PFE) last week reported a dip in third-quarter operating revenue. But excluding Comirnaty, the vaccine it developed with BioNTech SE (BNTX), and its COVID pill Paxlovid, those sales rose 2%. Drug maker Gilead Sciences Inc. (GILD) last month said sales of its COVID drug Veklury, also known as remdesivir, fell 52% to $925 million in the third quarter.

Novavax stock has plunged 87% so far this year. By comparison, the S&P 500 Index is down 20%.

-Bill Peters


(END) Dow Jones Newswires

November 09, 2022 08:09 ET (13:09 GMT)

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