Terawulf Inc. ( (WULF) ) has released its Q1 earnings. Here is a breakdown of the information Terawulf Inc. presented to its investors.
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TeraWulf Inc. is a company that develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, focusing on bitcoin mining and hosting high-performance computing (HPC) workloads, primarily powered by zero-carbon energy sources.
In its first quarter of 2025, TeraWulf reported a decrease in revenue to $34.4 million, down from $42.4 million in the same quarter of the previous year. The company highlighted its progress in expanding its infrastructure, including the energizing of Miner Building 5, which increased its total capacity to 245 MW and its self-mining capacity by 52.5% year-over-year.
Key financial metrics showed a challenging quarter for TeraWulf. The cost of revenue increased significantly to $24.6 million, reflecting higher infrastructure utilization and temporary power cost increases. The company self-mined 372 bitcoins, a decrease from 1,051 in the previous year, with a power cost per bitcoin rising sharply due to various external factors. Adjusted EBITDA fell to a negative $4.7 million from a positive $32.0 million in Q1 2024.
Despite these challenges, TeraWulf remains focused on its strategic goals, including the buildout of HPC data halls and securing additional customers to expand its operational capacity. The company holds $219.6 million in cash and bitcoin holdings, providing a solid foundation for future growth.
Looking ahead, TeraWulf’s management is optimistic about the demand for energy-efficient digital infrastructure and is committed to scaling its operations to meet this demand while delivering long-term returns. The company plans to continue its disciplined capital allocation and infrastructure development to enhance its competitive position in the market.