Q1 25 EPS
$-0.16
MISS 84.54%
Est. $-0.09
Q1 25 Revenue
$34.4M
MISS 17.82%
Est. $41.9M
vs S&P Since Q1 25
+725.7%
BEATING MARKET
WULF +755.8% vs S&P +30.1%
Market Reaction
Did WULF Beat Earnings? Q1 2025 Results
TeraWulf delivered a sharply disappointing first quarter, missing on both the top and bottom lines as the cumulative weight of the April 2024 Bitcoin halving and a Polar Vortex-driven power cost spike in Upstate New York took a severe toll on results… Read more TeraWulf delivered a sharply disappointing first quarter, missing on both the top and bottom lines as the cumulative weight of the April 2024 Bitcoin halving and a Polar Vortex-driven power cost spike in Upstate New York took a severe toll on results. The bitcoin miner posted revenue of $34.41 million, falling 18.9% year-over-year and coming in 17.82% below the $41.87 million consensus, while its loss per share of $0.16 missed the $0.09 estimate by 84.54%. The operational damage was stark: self-mined bitcoin collapsed to 372 coins from 1,051 a year ago, power cost per bitcoin surged to $66,084 from $15,501, and adjusted EBITDA swung to negative $4.70 million from positive $31.98 million. Analysts have since cut their full-year EPS forecasts substantially in response. Still, management is pivoting aggressively toward high-performance computing hosting, with HPC revenue expected to begin in Q2 2025 as its 72.5 MW buildout for anchor tenant Core42 ramps, targeting 200 to 250 MW of contracted HPC capacity by year-end 2026.
Key Takeaways
- • April 2024 Bitcoin halving reduced block rewards by 50%
- • Rising network difficulty compressed mining economics
- • Polar Vortex extreme winter weather caused temporary power price spike to $0.081/kWh in Q1 2025
- • Higher average bitcoin price partially offset volume declines (weighted-average ~$92,600 vs ~$53,750 in Q1 2024)
- • Strategic divestiture of Nautilus Cryptomine facility in October 2024 reduced mining capacity
- • Stock-based compensation expense of $38.7 million significantly impacted SG&A
WULF YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
WULF Revenue by Segment
With YoY comparisons, source: SEC Filings
“TeraWulf continues to advance its strategy of developing scalable, sustainable infrastructure for both Bitcoin mining and high-performance computing. As outlined during our fourth quarter 2024 earnings call, our key priorities for 2025 include energizing Miner Building 5 and deploying our upgraded mining fleet, delivering Core42's contracted 72.5 MW of HPC capacity on schedule, securing financing for our initial HPC data center buildout, and signing additional customers to reach between 200 and 250 megawatts of contracted HPC capacity by the end of 2026.”
— Paul Prager, Q1 2025 Earnings Press Release
WULF Earnings Trends
WULF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WULF EPS Trend
Earnings per share: estimate vs actual
WULF Revenue Trend
Quarterly revenue: estimate vs actual
WULF Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $-0.20 | $-1.01 | -415.31% | $34.0M | +4.39% |
| Q4 25 MISS FY | $-0.16 | $-1.66 | -937.50% | $35.8M | -18.82% |
| FY Full Year | $-1.46 | $-1.66 | -13.96% | $168.5M | -4.06% |
| Q3 25 MISS | $-0.05 | $-1.13 | -2,278.95% | $50.6M | -0.13% |
| Q2 25 BEAT | $-0.07 | $-0.05 | +26.47% | $47.6M | -2.97% |
| Q1 25 MISS | $-0.09 | $-0.16 | -84.54% | $34.4M | -17.82% |