TeraWulf 2025 Q2 Earnings Worsening Losses Amid Strong Revenue Growth

TeraWulf (WULF) reported its fiscal 2025 Q2 earnings on August 8, 2025, showing a 33.9% revenue increase to $47.64 million compared to the same period in 2024, but its losses expanded significantly. The company posted a net loss of $-18.37 million, or $-0.05 per share, compared to a $-10.88 million, or $-0.03 per share, loss a year ago. Despite strong revenue performance, the company continues to operate at a loss, raising questions about its path to profitability.

Revenue
TeraWulf’s total revenue surged by 33.9% year-over-year to $47.64 million in 2025 Q2, compared to $35.57 million in 2024 Q2, marking a significant growth in its top line.

Earnings/Net Income
The company’s net loss expanded to $-18.37 million in 2025 Q2, or $-0.05 per share, from $-10.88 million, or $-0.03 per share, in the same period of 2024. This represented a 68.9% increase in the net loss and a 66.7% wider per-share loss, indicating deteriorating earnings performance despite rising revenue.

Price Action
TeraWulf’s stock price experienced mixed short-term performance, with a 2.90% decline during the latest trading day, but a 5.67% gain over the most recent full trading week and a 2.03% increase month-to-date.

Post-Earnings Price Action Review
A historical strategy of purchasing TeraWulf shares after a revenue growth quarter in its earnings report and holding for 30 days generated a 204.73% return over the past three years, outperforming the benchmark by 157.63%. The approach, despite a high maximum drawdown of 139.92%, delivered a Sharpe ratio of 0.33 and a CAGR of 46.83%, indicating strong risk-adjusted performance driven by positive earnings surprises.

CEO Commentary
Paul Prager, CEO of TeraWulf, highlighted the company’s progress on delivering 72.5 MW of high-performance computing (HPC) capacity to Core42, with revenue generation set to begin in July 2025 for WULF Den and continuing in Q3 and Q4 for CB-1 and CB-2, respectively. Prager emphasized strong demand for low-cost, zero-carbon compute infrastructure and interconnection approval for up to 750 MW at Lake Mariner, reinforcing confidence in TeraWulf’s long-term growth potential.

Guidance
TeraWulf expects to begin HPC hosting revenue in Q3 2025 and deliver the contracted 72.5 MW to Core42 by year-end. The company aims to scale its Lake Mariner platform and achieve 200–250 MW of operational HPC hosting by year-end 2026. Management remains committed to disciplined capital allocation and financing strategies to drive shareholder value.

Additional News
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