Bitcoin miner Terawulf’s net losses continue to rise as it invests deeper in high-performance computing

Terawulf (ticker WULF), the public bitcoin mining firm, saw its net loss expand to over $79 million in the first six months of the year, according to its latest financial report. Revenue is up to $47.6 million in the second quarter from $34.4 million in the first quarter, as the company continues to invest in its high-performance computing and mining operations.

Shares are down nearly 4% to $4.71 after nearly a 3% jump after market open, according to The Block's price page, as investors digest the mixed news. Notably, Terawulf’s earnings came in at a loss of $0.05 per share, slightly better than analysts’ predictions of a $0.06 loss in the second quarter ended June 30.

Cost of revenue, minus depreciation, came in at about $22 million, an increase from $13.9 million in the prior-year period.

"TeraWulf continues to execute on its strategy to develop scalable, sustainable digital infrastructure to support both high-performance computing hosting and proprietary Bitcoin mining," CEO Paul Prager said. "During the second quarter, we made remarkable progress toward delivering Core42’s contracted 72.5 MW of HPC capacity."

Prager noted the firm is beginning to see interest from “enterprise and hyperscale customers” looking for “low-cost, zero-carbon compute infrastructure.” The firm intends to continue developing its hydroelectric and nuclear Lake Mariner facility in New York, and is reportedly in advanced talks to "expand HPC hosting deployments at Lake Mariner.”

Prager noted Terawulf is in talks to "expand HPC hosting deployments at Lake Mariner,” and is actively pursuing additional sites to support our long-term growth pipeline.”

It’s a point echoed by CFO Patrick Fleury, who said the firm "will begin recognizing revenue from HPC hosting in the third quarter of 2025, marking a key inflection point in our financial profile."

That said, the firm self-mined just 485 BTC in Q2 at Lake Mariner, down from 699 BTC in Q2 2024. Due to the increase in bitcoin’s price, the total value of those bitcoins increased to $47.6 million, compared to $46.1 million in Q2 2024, while the cost per bitcoin rose to $45,555, compared to $22,954 in Q2 2024, largely due to the 2024 halving and rising hashpower of the Bitcoin network difficulty.

Terawulf’s adjusted EBITDA was $14.5 million, compared to $19.5 million in last year's period.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.