TeraWulf Inc. (NASDAQ:WULF), a cryptocurrency mining firm, reported first-quarter 2025 financial results that showed revenue fell 19% year-over-year, significantly missing analyst expectations. The company’s revenue and earnings per share both came in below consensus forecasts, signaling ongoing operational challenges in the digital asset sector.
First Quarter 2025 Financial Results
TeraWulf reported revenue of $34.4 million for Q1 2025, a 19% decline from $42.4 million in the same period last year [1][5]. Analyst consensus had expected revenue of $41.25 million, highlighting a notable shortfall [3].
Earnings and Expectations
The company's net loss per share (EPS) was -$0.16, $0.12 below analyst expectations, which stood at -$0.04 [2]. The shortfall in both revenue and earnings marked a quarter that fell substantially short of market forecasts.
Operational and Strategic Updates
Despite financial challenges, TeraWulf increased its self-mining capacity by 52.5% year-over-year to 12.2 exahashes per second (EH/s). The company also completed the build-out of Miner Building 5, bringing total operational capacity to 245 megawatts [5]. As of March 31, TeraWulf held $219.6 million in cash and bitcoin, and repurchased $33 million in common stock to date in 2025 [5].
Outlook and Industry Initiatives
TeraWulf has begun building dedicated high-performance computing (HPC) data halls and aims to deliver 72.5 MW of gross HPC hosting in 2025. The company is targeting 200-250 MW of operational HPC capacity by the end of 2026, signaling a push to diversify beyond traditional bitcoin mining [5].
Analysis
TeraWulf's weaker-than-expected quarterly results point to a difficult operating environment for cryptocurrency miners, driven by lower bitcoin prices and increased competition. Although the company expanded its mining capacity, these operational improvements did not offset revenue declines. Analyst consensus had anticipated a modest revenue drop, but the magnitude of the decline suggests persistent headwinds. The substantial cash holdings and stock repurchase program may provide some buffer, but financial pressures remain evident [1][2][3][5].
Outlook
Looking ahead, TeraWulf is focused on expanding its high-performance computing infrastructure, targeting significant growth in HPC capacity through 2026. The diversification strategy may help offset volatility in bitcoin mining revenues, but execution risk remains. Market observers will watch whether these initiatives can stabilize the company’s financial performance amid ongoing cryptocurrency sector uncertainty [5].
