Bitcoin miner Terawulf has posted mixed results for the first half of 2025, with revenue growth offset by a widening net loss.
The company reported $47.6 million in Q2 revenue, up from $34.4 million in Q1, yet its total net loss for the first six months climbed past $79 million.
Shares of WULF slipped nearly 4% to $4.71 after an initial post-earnings uptick, as markets reacted to the results. The firm recorded a Q2 loss of $0.05 per share, slightly better than analyst expectations of a $0.06 loss.
CEO Paul Prager highlighted ongoing investment in the company’s high-performance computing (HPC) and zero-carbon Bitcoin mining infrastructure, noting strong interest from large-scale enterprise clients. Terawulf is pressing ahead with its Lake Mariner facility in New York, powered by hydroelectric and nuclear energy, and is in advanced talks to expand HPC hosting capacity there.
CFO Patrick Fleury said revenue from HPC hosting is expected to begin in Q3 2025, marking what he described as a turning point for the company’s financial trajectory.
On the mining side, Terawulf produced 485 BTC in Q2 — a drop from 699 BTC a year earlier — but the higher market price of Bitcoin lifted the value of that output to $47.6 million. The average production cost per Bitcoin nearly doubled to $45,555, reflecting April’s halving and rising network difficulty. Adjusted EBITDA fell to $14.5 million from $19.5 million in the same period last year.
Despite the steeper losses, Terawulf is positioning itself for long-term growth, betting on both institutional HPC demand and the profitability of sustainable Bitcoin mining.
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Source: https://coindoo.com/bitcoin-miner-terawulf-reports-higher-revenue-but-deepens-losses-in-first-half-of-2025/