Q2 25 EPS
$-0.05
BEAT +26.47%
Est. $-0.07
Q2 25 Revenue
$47.6M
MISS 2.97%
Est. $49.1M
vs S&P Since Q2 25
+449.7%
BEATING MARKET
WULF +464.8% vs S&P +15.1%
Market Reaction
Did WULF Beat Earnings? Q2 2025 Results
TeraWulf delivered a mixed second quarter for 2025, beating on the bottom line while falling just short on revenue, as the bitcoin miner's strategic pivot toward high-performance computing begins to reshape its financial story. The company posted a l… Read more TeraWulf delivered a mixed second quarter for 2025, beating on the bottom line while falling just short on revenue, as the bitcoin miner's strategic pivot toward high-performance computing begins to reshape its financial story. The company posted a loss of $0.05 per share, clearing the consensus estimate of $0.07 by 26.47%, though revenue of $47.64 million came in 2.97% below expectations despite climbing 33.9% year over year. The primary tension in the results reflects a company in transition: bitcoin self-mining fell to 485 coins from 699 a year ago following the April 2024 halving, while power costs per bitcoin nearly doubled to $45,555, squeezing margins even as capacity expanded 45.5% to 12.8 EH/s. The more consequential narrative, however, sits ahead, with HPC hosting revenue from its Core42 partnership set to begin in Q3 2025, a milestone management has called a key inflection point, and a longer-term target of 200 to 250 MW of operational HPC capacity by year-end 2026.
Key Takeaways
- • Higher average bitcoin price driving 34% YoY revenue growth
- • BTC mining capacity grew 45.5% year-over-year to 12.8 EH/s nameplate
- • Total value of self-mined bitcoin increased to $47.6 million from $46.1 million despite fewer coins mined
- • April 2024 halving and rising network difficulty reduced bitcoin production to 485 from 699
WULF YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
WULF Revenue by Segment
With YoY comparisons, source: SEC Filings
“TeraWulf continues to execute on its strategy to develop scalable, sustainable digital infrastructure to support both high-performance computing (HPC) hosting and proprietary Bitcoin mining. During the second quarter, we made remarkable progress toward delivering Core42's contracted 72.5 MW of HPC capacity. The Company commenced earning revenues in July with its delivery of WULF Den and expects delivery of and revenue generation for CB-1 this month and CB-2 in the fourth quarter, as previously guided. At the same time, we are in advanced discussions to expand HPC hosting deployments at Lake Mariner and are actively pursuing additional sites to support our long-term growth pipeline.”
— Paul Prager, Q2 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% |