Companies /Financial Services

TeraWulf Inc

NASDAQ: WULF Capital Markets
$16.49
â–² $0.52 (+3.26%) today
Markets closed · 8:09pm ET

Q2 2025 Earnings

Reported Aug 8, 2025, 7:02am ET · SEC source
$-0.05
Beat +26.47%
EPS · est. $-0.07
$47.6M
Miss −2.97%
Revenue · est. $49.1M
+107.4%
Beating market
WULF vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−6%−3%0+3%Aug 8Aug 8report 7:02am ETearnings+0.7%+1.0%
−6%−3%0+3%Aug 8Aug 8earnings+0.7%+1.0%
WULF +1.0%S&P 500 +0.7%
−4%0+4%Aug 8Aug 8report 7:02am ETearnings+0.9%+1.0%
−4%0+4%Aug 8Aug 8earnings+0.9%+1.0%
WULF +1.0%NASDAQ +0.9%
0+30%+60%Aug 7Aug 15report 7:02am ETearnings+1.4%+74.0%
0+30%+60%Aug 7Aug 15earnings+1.4%+74.0%
WULF +74.0%S&P 500 +1.4%
0+30%+60%Aug 7Aug 15report 7:02am ETearnings+1.0%+74.0%
0+30%+60%Aug 7Aug 15earnings+1.0%+74.0%
WULF +74.0%NASDAQ +1.0%
+1.82%
Day of report
+7.36%
Next session
+78.33%
One week
+109.74%
30 days

S&P 500 over the same 30 days: +2.36%.

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 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

“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.”

Terawulf CEO, on the earnings call

Forward Guidance & Outlook

TeraWulf expects to begin recognizing HPC hosting revenue in Q3 2025, marking a key inflection point in its financial profile. The company is on schedule and on budget to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025, with CB-1 expected to generate revenue in August 2025 and CB-2 in Q4 2025. TeraWulf is targeting 200–250 MW of operational HPC capacity by year-end 2026 and is in advanced discussions with additional HPC customers to expand deployments at Lake Mariner and additional sites.

WULF YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-40,000,000$0$40.0M$35.6M$47.6MRevenue$-59,067,524$-18,370,000Net Income
$-40,000,000$0$40.0MRevenueNet Income

WULF Revenue by Segment

Digital Asset Mining$47.6M+34.0%
HPC Leasing

Figures from SEC filings and company reports. Not investment advice.