Business
TeraWulf Reports First Quarter 2025 Results
Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025. Initiated process
About this update from Terawulf Inc.
[{"type":"text","content":"Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025. Initiated process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026. Energized Miner Building 5, bringing total capacity to 245 MW and increasing hashrate to 12.2 EH/s, up 52.5% year-over-year. Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s. Held $219.6 million in cash and bitcoin holdings as of March 31, 2025. Repurchased $33 million of Common Stock to date in 2025. EASTON, Md., May 09, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the first quarter ended March 31, 2025. First Quarter 2025 GAAP Operational & Financial Highlights Revenue was $34.4 million, compared to $42.4 million in Q1 2024.Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024.Self-mining capacity grew 52.5% year-over-year to 12.2 EH/s. Key GAAP Metrics ($ in thousands)Three Months Ended Q1 2025Three Months Ended Q1 2024 Revenue$34,405 $42,433 Cost of revenue (exclusive of depreciation)$24,553 $14,408 Cost of revenue as % of revenue 71.4% 34.0% First Quarter 2025 Non-GAAP Operational and Financial Highlights Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024.Total value of self-mined bitcoin1 was $34.4 million, compared to $56.5 million in Q1 2024.Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex.Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024. Key Non-GAAP Metrics2Three Months Ended Q1 2025Three Months Ended Q1 2024 Bitcoin Self-Mined3 372 1,051 Value per Bitcoin Self-Mined4$92,600 $53,750 Power Cost per Bitcoin Self-Mined$66,084 $15,501 Avg. Operating Hash Rate (EH/s)5 7.3 8.0 Management Commentary “TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both...