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Jun 30, 2025
Terawulf Q2 2025 Earnings Report
TeraWulf reported higher revenue but a wider net loss in Q2 2025 compared to the prior year.
Key Takeaways
TeraWulf’s Q2 2025 revenue rose 34% year-over-year to $47.6 million, driven by higher bitcoin prices and expanded mining capacity, but the company posted a net loss of $18.4 million due to increased costs and expenses. Adjusted EBITDA came in at $14.5 million, down from $19.5 million in the prior year, reflecting halving-related impacts and higher power costs.
Revenue increased to $47.6 million from $35.6 million a year ago.
Net loss widened to $18.4 million from $10.9 million in Q2 2024.
Self-mined bitcoin totaled 485, down from 699 in the prior year due to halving and asset divestiture.
BTC mining capacity grew 45.5% year-over-year to 12.8 EH/s.
Forward Guidance
The company expects to begin recognizing revenue from HPC hosting in Q3 2025 and aims to scale operations to 200–250 MW by year-end 2026.
Positive Outlook
- On schedule to deliver 72.5 MW HPC hosting to Core42 in 2025.
- Advanced discussions to expand HPC hosting deployments at Lake Mariner.
- Secured interconnection approval to draw 500 MW from the grid.
- Additional approvals pending to reach up to 750 MW capacity.
- Strong demand from enterprise and hyperscale customers for zero-carbon compute infrastructure.
Challenges Ahead
- Impacts from April 2024 bitcoin halving affecting production.
- Rising network difficulty impacting mining output.
- Higher power costs due to market volatility.
- Net losses continue despite revenue growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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