TeraWulf Q2 2025 revenue rises to $47.6 million as HPC takes shape
Cost of revenue, excluding depreciation, rose 59% to $22.1 million, pushing costs to 46.4% of revenue compared to 39.1% in Q2 2024. Adjusted EBITDA fell to $14.5 million from $19.5 million.
The company self-mined 485 bitcoin, down from 699 last year due to the April 2024 halving and the sale of its Nautilus facility, while operational hashrate increased to 12.2 EH/s from 8.0 EH/s. Power cost per bitcoin doubled to $45,555, reflecting the halving, higher network difficulty, and energy price volatility.
TeraWulf expects to begin recognizing revenue from HPC hosting in Q3, starting with its 'WULF Den' deployment, followed by 'CB-1' in August and 'CB-2' in Q4. It also received interconnection approval for 500 MW at its Lake Mariner site, with additional capacity of up to 750 MW pending.
At quarter-end, the company held $90 million in cash and bitcoin, against about $500 million in 2.75% convertible debt due 2030.
At time of publication, WULF is up 3.6% during pre-market hours.
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