TeraWulf Inc. reported its financial results for the second quarter of 2025, revealing a revenue of $47.6 million, a 34% increase from $35.6 million in the same period last year. For the first half of 2025, the company generated $82.0 million in revenue, up from $78.0 million in the first half of 2024. The growth in revenue was primarily attributed to higher average bitcoin prices, which averaged $98,434 during the quarter, compared to $65,771 in the prior year. However, the total bitcoin mined decreased to 485 bitcoins in the second quarter of 2025 from 699 bitcoins in the same quarter of 2024, reflecting the impact of the April 2024 halving and increased network difficulty.
The company's total costs and expenses for the second quarter of 2025 were $63.2 million, compared to $42.3 million in the same quarter of 2024. This increase was driven by higher power expenses due to expanded mining capacity and increased energy prices. TeraWulf reported an operating loss of $15.6 million for the quarter, compared to a loss of $6.8 million in the prior year. The net loss for the second quarter was $18.4 million, up from $10.9 million in the same period last year. The company’s accumulated deficit as of June 30, 2025, stood at $412.1 million.
In terms of strategic developments, TeraWulf completed the acquisition of Beowulf Electricity & Data LLC on May 21, 2025, for a total consideration of approximately $54.6 million, which included $3.0 million in cash and 5.0 million shares of common stock. This acquisition is expected to enhance TeraWulf's operational capabilities and support its long-term growth strategy. The company also transitioned 94 employees from Beowulf E&D as part of the acquisition, which is anticipated to bolster its operational efficiency.
Operationally, TeraWulf has made significant strides in expanding its infrastructure. As of June 30, 2025, the company had 245 MW of energized capacity at its Lake Mariner Facility, which is designed for both bitcoin mining and high-performance computing (HPC) workloads. The company is also on track to deliver 72.5 MW of HPC colocation capacity under its lease agreements, with revenue recognition expected in the second half of 2025. TeraWulf's total employee headcount increased to 94 following the acquisition, reflecting its commitment to scaling operations.
Looking ahead, TeraWulf remains focused on optimizing its operations and expanding its infrastructure to capitalize on the growing demand for both bitcoin mining and HPC services. The company is strategically positioned to leverage its low-cost, predominantly zero-carbon energy sources to enhance profitability and sustainability in the evolving digital infrastructure landscape.
About TERAWULF INC.
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