TeraWulf Reports First Quarter 2025 Results

Rhea-AI Summary

TeraWulf (WULF) reported mixed Q1 2025 results, with revenue declining 19% year-over-year to $34.4 million. The company's self-mining capacity increased 52.5% to 12.2 EH/s, but bitcoin production decreased to 372 BTC from 1,051 BTC in Q1 2024, primarily due to the April 2024 halving. Power costs per bitcoin rose significantly to $66,084 from $15,501. The company held $219.6 million in cash and bitcoin holdings and completed a $33 million stock buyback. TeraWulf is expanding into HPC hosting, targeting 200-250 MW operational capacity by end-2026, with 72.5 MW dedicated to Core42 in 2025. The company also approved a new $200 million ATM offering and a $200 million stock repurchase program.

Positive

• Self-mining capacity increased 52.5% year-over-year to 12.2 EH/s
• Strong liquidity position with $219.6 million in cash and bitcoin holdings
• Completed $33 million in share repurchases during Q1 2025
• Expanded total capacity to 245 MW with Miner Building 5 energization
• Secured 72.5 MW HPC hosting contract with Core42

Negative

• Revenue decreased 19% year-over-year to $34.4 million
• Bitcoin production declined to 372 BTC from 1,051 BTC year-over-year
• Power cost per bitcoin increased significantly to $66,084 from $15,501
• Cost of revenue increased 70% year-over-year to $24.6 million
• Adjusted EBITDA declined to -$4.7 million from $32.0 million in Q1 2024

Insights

Cryptocurrency Mining Analyst

TeraWulf's Q1 shows revenue decline and higher costs post-halving, but strategic expansion into HPC hosting signals diversification despite challenging quarter.

TeraWulf's Q1 2025 results present a challenging quarter for their core bitcoin mining operation while highlighting their strategic pivot toward high-performance computing (HPC) infrastructure. Revenue dropped 19% year-over-year to $34.4 million, while cost of revenue surged 70% to $24.6 million, significantly deteriorating their margins from 34.0% to 71.4%.

The negative performance largely stems from three expected factors: the Bitcoin halving event of April 2024 (which cut mining rewards in half), increased network difficulty, and elevated power costs from extreme weather in New York. This trifecta raised their power cost per bitcoin mined dramatically from $15,501 to $66,084 - an unsustainable 326% increase.

The figures show the harsh economic realities of bitcoin mining post-halving, with TeraWulf mining only 372 bitcoin compared to 1,051 in Q1 2024 - a 64.6% reduction despite expanding their total hashrate capacity by 52.5% to 12.2 EH/s. This indicates they're running more equipment to produce fewer bitcoins, though the higher bitcoin price ($92,600 vs $53,750) partially offset this impact.

The company's pivot to HPC hosting represents a rational diversification strategy. With $219.6 million in cash and bitcoin, they appear well-capitalized to execute their plan to deliver 72.5 MW to Core42 this year and target 200-250 MW of HPC capacity by end-2026. This transition leverages their existing power infrastructure for a potentially more stable revenue stream through hosting contracts rather than direct bitcoin exposure.

The negative Adjusted EBITDA of $(4.7) million versus $32.0 million a year ago underscores the financial pressure they're under, even as they repurchased $33 million in common stock. The authorization of both a new $200 million ATM offering and $200 million share repurchase program suggests they're keeping all capital structure options open as they navigate this transition period.

Data Center Infrastructure Specialist

TeraWulf's strategic pivot toward high-performance computing (HPC) represents a compelling evolution of their business model. The buildout of dedicated HPC data halls for Core42's 72.5 MW deployment marks their initial foray into this high-growth market, with ambitious plans to scale to 200-250 MW by year-end 2026.

This transition leverages several distinct advantages in TeraWulf's infrastructure profile. Their vertically integrated energy platform provides a competitive edge in the power-intensive HPC sector, particularly as AI workloads drive demand for high-density computing environments. The company's existing power distribution infrastructure, originally built for cryptocurrency mining, can be efficiently repurposed for HPC with appropriate cooling and rack configuration adjustments.

Financially, this pivot offers potential stabilization via contractual hosting revenue that should begin materializing in Q2 2025. Unlike the volatile economics of cryptocurrency mining — starkly illustrated by their power cost per bitcoin increasing 326% year-over-year — HPC hosting typically provides predictable, contracted revenue streams based on power delivery rather than digital asset values.

The timing of this transition appears strategically sound, coinciding with both the post-halving compression in mining economics and the surge in AI computing infrastructure demand. By targeting high-density computing customers, TeraWulf is positioning itself in a higher-margin segment of the data center market where power availability and sustainable energy sources command premium pricing.

With $219.6 million in liquidity and initiated financing processes for further expansion, the company has the capital resources to execute this transition while maintaining operational flexibility. Their dual focus on both mining operations and HPC infrastructure during this transition period allows them to optimize capital allocation based on market conditions while establishing a more diversified and resilient revenue model for future growth.

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 2025			Three 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 Metrics2	Three Months Ended Q1 2025			Three 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 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,” said Paul Prager, Chief Executive Officer of TeraWulf.

“We’ve made meaningful progress on each of these fronts. In late Q1 and early Q2, we energized Miner Building 5, bringing total capacity at Lake Mariner to 245 MW. We remain on track to deliver the Core42 deployment this year and have initiated the financing process to support our next phase of HPC growth.”

Prager added, “We continue to see robust medium- and long-term demand for high-density, energy-efficient digital infrastructure. In this environment, TeraWulf’s vertically integrated energy platform provides a distinct competitive advantage. We are focused on building a high-value, durable business that is designed to scale with demand and deliver long-term returns.”

Patrick Fleury, Chief Financial Officer, commented, “With $219.6 million in cash and bitcoin holdings at quarter-end, we are well-capitalized to fund our near-term growth. HPC hosting revenue is expected to begin in the second quarter of 2025 as our data halls come online. We also returned $33 million to shareholders during the quarter through share repurchases, reflecting our continued commitment to disciplined capital allocation.”

First Quarter 2025 GAAP Financial Results

Revenue for the first quarter decreased 19% year-over-year to $34.4 million, reflecting anticipated headwinds from the April 2024 halving, increased network difficulty, and elevated power prices, partially offset by a higher average bitcoin price and expanded mining capacity.

Cost of revenue, exclusive of depreciation, increased 70%  year-over-year to $24.6 million, driven by greater infrastructure utilization and temporary increases in power costs due to extreme winter weather in Upstate New York.

Liquidity and Capital Resources

As of March 31, 2025, the Company held $219.6 million in cash and cash equivalents and bitcoin. Total outstanding debt was approximately $500.0 million, consisting of the Company's 2.75% convertible senior notes due 2030. As of May 7, 2025, TeraWulf had 384,584,010 shares of common stock outstanding.

As part of the Company's regular review of its capital management activities, our Board of Directors recently approved:

• A new $200 million At-the-Market (ATM) common equity offering program, to replace the existing ATM facility.
• A refreshed authorization for a $200 million common stock repurchase program, providing continued flexibility to return capital to shareholders when appropriate.

These programs are intended to preserve flexibility in managing the Company's capital structure and liquidity position.

Investor Conference Call and Webcast

As previously announced, TeraWulf will host its Q1 2025 earnings conference call today, Friday, May 9, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). The call will include prepared remarks followed by a live Q&A with management.

The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Non-GAAP Measures

We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

Investors: 
Investors@terawulf.com

Media: 
media@terawulf.com

CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(In thousands, except number of shares, per share amounts and par value)

	March 31, 2025				December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	218,162			$	274,065
Digital currency		1,400				476
Prepaid expenses		4,799				2,493
Other receivables		5,101				3,799
Other current assets		585				598
Total current assets		230,047				281,431
Property, plant and equipment, net		509,888				411,869
Operating lease right-of-use asset		85,299				85,898
Finance lease right-of-use asset		7,200				7,285
Other assets		8,728				1,028
TOTAL ASSETS		841,162				787,511
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable		54,901				24,382
Accrued construction liabilities		19,526				16,520
Accrued compensation		1,512				4,552
Accrued interest		5,997				2,559
Other accrued liabilities		6,432				2,414
Other amounts due to related parties		571				1,391
Current portion of deferred rent liability		31,960				—
Current portion of operating lease liability		26				25
Current portion of finance lease liability		2				2
Total current liabilities		120,927				51,845
Deferred rent liability, net of current portion		58,040				—
Operating lease liability, net of current portion		3,420				3,427
Finance lease liability, net of current portion		291				292
Convertible notes		488,109				487,502
TOTAL LIABILITIES		670,787				543,066
Commitments and Contingencies (See Note 10)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2025 and December 31, 2024; 9,566 issued and outstanding at March 31, 2025 and December 31, 2024; aggregate liquidation preference of $12,924 and $12,609 at March 31, 2025 and December 31, 2024, respectively		9,273				9,273
Common stock, $0.001 par value, 600,000,000 authorized at March 31, 2025 and December 31, 2024, respectively; 408,198,263 and 404,223,028 issued and outstanding at March 31, 2025 and December 31, 2024, respectively		408				404
Additional paid-in capital		705,897				685,261
Treasury stock at cost, 24,468,750 and 18,568,750 at March 31, 2025 and December 31, 2024, respectively		(151,509	)			(118,217	)
Accumulated deficit		(393,694	)			(332,276	)
Total stockholders' equity		170,375				244,445
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	841,162			$	787,511

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
(In thousands, except number of shares and loss per common share)

	Three Months Ended March 31,
	2025				2024
Revenue	$	34,405			$	42,433
Costs and expenses:
Cost of revenue (exclusive of depreciation shown below)		24,553				14,408
Operating expenses		1,144				785
Operating expenses – related party		1,748				888
Selling, general and administrative expenses		46,573				12,289
Selling, general and administrative expenses – related party		3,571				2,620
Depreciation		15,574				15,088
Loss (gain) on fair value of digital currency, net		870				(1,329	)
Total costs and expenses		94,033				44,749
Operating loss		(59,628	)			(2,316	)
Interest expense		(4,049	)			(11,045	)
Loss on extinguishment of debt		—				(2,027	)
Interest income		2,259				500
Loss before income tax and equity in net income of investee		(61,418	)			(14,888	)
Income tax benefit		—				—
Equity in net income of investee, net of tax		—				5,275
Net loss	$	(61,418	)		$	(9,613	)
Loss per common share:
Basic and diluted	$	(0.16	)		$	(0.03	)
Weighted average common shares outstanding:
Basic and diluted		383,149,511				290,602,725

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2025, AND 2024
(In thousands)

	Three Months Ended March 31,
	2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(61,418	)		$	(9,613	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of debt issuance costs, commitment fees and accretion of debt discount		607				7,593
Stock-based compensation expense		38,674				6,931
Depreciation		15,574				15,088
Amortization of right-of-use asset		685				252
Revenue recognized from digital currency mined and hosting services		(34,417	)			(41,537	)
Loss (gain) on fair value of digital currency, net		870				(1,329	)
Proceeds from sale of digital currency		—				54,391
Loss on extinguishment of debt		—				2,027
Equity in net income of investee, net of tax		—				(5,275	)
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses		(2,306	)			567
Increase in other receivables		(1,302	)			(667	)
Decrease (increase) in other current assets		13				(67	)
(Increase) decrease in other assets		(7,700	)			22
Increase (decrease) in accounts payable		13,844				(1,686	)
Increase (decrease) in other accrued liabilities		4,359				(3,906	)
(Decrease) increase in other amounts due to related parties		(990	)			67
Increase in deferred rent liability		90,000				—
Decrease in operating lease liability		(6	)			(12	)
Net cash provided by operating activities		56,487				22,846
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and deposits on plant and equipment		(93,687	)			(46,979	)
Proceeds from sale of digital currency		32,623				—
Net cash used in investing activities		(61,064	)			(46,979	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt		—				(33,412	)
Payments of prepayment fees associated with early extinguishment of long-term debt		—				(314	)
Principal payments on insurance premium and property, plant and equipment financing		—				(827	)
Proceeds from issuance of common stock, net of issuance costs paid of $0 and $0		—				50,722
Purchase of treasury stock		(33,292	)			—
Payments of tax withholding related to net share settlements of stock-based compensation awards		(18,034	)			(651	)
Net cash (used in) provided by financing activities		(51,326	)			15,518
Net change in cash and cash equivalents		(55,903	)			(8,615	)
Cash and cash equivalents at beginning of period		274,065				54,439
Cash and cash equivalents at end of period	$	218,162			$	45,824
Cash paid during the period for:
Interest	$	5			$	3,726
Income taxes	$	—			$	—

Non-GAAP Measure

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense and amortization of right-of-use asset, which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net income of investee, net of tax, related to Nautilus; (iv) interest income which management believes is not reflective of the Company’s ongoing operating activities; and (v) loss on extinguishment of debt, which is not reflective of the Company's general business performance. The Company’s Adjusted EBITDA also included the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

	Three Months Ended March 31,
	2025				2024
Net loss	$	(61,418	)		$	(9,613	)
Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:
Equity in net (income) loss of investee, net of tax		—				(5,275	)
Distributions from investee, related to Nautilus		—				12,022
Income tax benefit		—				—
Interest income		(2,259	)			(500	)
Loss on extinguishment of debt		—				2,027
Interest expense		4,049				11,045
Depreciation		15,574				15,088
Amortization of right-of-use asset		685				252
Stock-based compensation expense		38,674				6,931
Non-GAAP Adjusted EBITDA	$	(4,695	)		$	31,977

---

¹ Excludes bitcoin earned from profit sharing associated with a hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf's net share of bitcoin produced at the Nautilus Cryptomine Facility in Q1 2024.

² The Company's share of the earnings or losses of operating results at the Nautilus Cryptomine Facility in Q1 2024 is reflected within "Equity in net income (loss) of investee, net of tax" in the condensed consolidated statements of operations. Accordingly, operating results of the Nautilus Cryptomine Facility are not reflected in revenue, cost of revenue or cost of operations lines in TeraWulf's condensed consolidated statements of operations. The Company uses these metrics as indicators of operational progress and effectiveness and believes they are useful to investors for the same purposes and to provide comparisons to peer companies. All figures except Bitcoin Self-Mined are estimates.

³ Excludes bitcoin earned from profit sharing associated with a bitcoin miner hosting agreement that expired in February 2024 at the Lake Mariner Facility and includes TeraWulf’s net share of bitcoin mined at the Nautilus Cryptomine Facility, based on the hashrate share attributed to the Company.

⁴ Computed as the weighted-average opening price of bitcoin on each respective day the self-mined bitcoin is earned.

⁵ While nameplate inventory for the Lake Mariner Facility was 12.2 EH/s and 8.0 EH/s as of Q1 2025 and Q1 2024, respectively, actual monthly hash rate performance depends on a variety of factors, including (but not limited to) performance tuning to increase efficiency and maximize margin, scheduled outages (scopes to improve reliability or performance), unscheduled outages, curtailment due to participation in various cash generating demand response programs, derate of ASICS due to adverse weather and ASIC maintenance and repair. Note the 8.0 EH/s in the table in Q1 2024 is nameplate capacity and average operating hashrate was 6.8 EH/s.

FAQ

What were TeraWulf's (WULF) key financial results for Q1 2025?

TeraWulf reported Q1 2025 revenue of $34.4 million (down 19% YoY), mined 372 bitcoin, and had $219.6 million in cash and bitcoin holdings. The company posted negative Adjusted EBITDA of $4.7 million.

How many bitcoin did WULF mine in Q1 2025 and what were the mining costs?

TeraWulf mined 372 bitcoin in Q1 2025, down from 1,051 BTC in Q1 2024. The power cost per bitcoin increased to $66,084 from $15,501 year-over-year due to the halving and power price volatility.

What is TeraWulf's expansion plan for HPC hosting capacity?

TeraWulf plans to deliver 72.5 MW of HPC hosting infrastructure to Core42 in 2025 and targets reaching 200-250 MW of operational capacity by year-end 2026.

How much cash and bitcoin does TeraWulf (WULF) hold as of Q1 2025?

As of March 31, 2025, TeraWulf held $219.6 million in cash and bitcoin holdings.

What capital management programs did WULF announce in Q1 2025?

TeraWulf approved a new $200 million ATM common equity offering program and a $200 million common stock repurchase program to manage capital structure and liquidity.