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Mar 31, 2025
Terawulf Q1 2025 Earnings Report
TeraWulf reported a net loss amid higher operating costs and power expenses driven by the Bitcoin halving and weather volatility.
Key Takeaways
TeraWulf experienced a challenging quarter with a net loss of $61.4M, impacted by decreased revenue and increased power costs post-halving. Despite the setback, the company expanded its mining capacity and is progressing in HPC infrastructure deployment.
Forward Guidance
TeraWulf plans to expand HPC hosting capacity and customer base, while managing infrastructure buildouts and capital allocation.
Positive Outlook
- On track to deliver 72.5 MW of HPC capacity to Core42 in 2025
- Initiated process to onboard more HPC customers
- Energized Miner Building 5, expanding to 245 MW capacity
- Well-capitalized with $219.6M in cash and bitcoin holdings
- Repurchased $33M in common stock year-to-date
Challenges Ahead
- Revenue impacted by Bitcoin halving and network difficulty
- Significant increase in power costs due to winter volatility
- Adjusted EBITDA turned negative after strong prior year
- Decline in number of bitcoins mined year-over-year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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