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TeraWulf (WULF) investor relations material
TeraWulf Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Finalized transformative agreements, including a 10-year, $3.7B, 200+ MW AI hosting deal with FluidStack and an 80-year ground lease at Cayuga, significantly expanding digital infrastructure capacity to 1,150 MW.
Google is providing a $1.8B backstop for FluidStack's lease, receiving warrants for about 8% equity, signaling strong industry confidence and enhancing credit profile.
WULF Den and CB-1 began generating revenue in Q3 2025, with CB-2 on track for Q4 delivery; all milestones met on time and budget.
Acquisition of Beowulf Electricity and Data for $54.6 million completed, integrating 94 employees and streamlining structure.
Strategic divestiture of Nautilus joint venture in October 2024 allowed capital reallocation to wholly owned infrastructure.
Financial highlights
Q2 2025 revenue was $47.6M, up 34% year-over-year from $35.6M in Q2 2024.
Adjusted EBITDA for Q2 2025 was $14.5M, a turnaround from negative $4.7M in Q1 2025 but down from $19.5M in Q2 2024.
Net loss for Q2 2025 was $18.4M, compared to $10.9M in Q2 2024.
485 BTC self-mined in Q2 2025, up 29% sequentially but down from 699 in Q2 2024 due to the halving and asset divestiture.
Cash and cash equivalents as of June 30, 2025 were $90M, with net debt of $410M including $500M in convertible notes.
Outlook and guidance
Targeting 150–200 MW annual expansion, with 72.5 MW of HPC colocation capacity expected online in H2 2025 and plans to reach 200–250 MW operational by year-end 2026.
Power prices in Upstate NY normalized; guidance at $0.05/kWh for H2 2025.
Annual SG&A guidance raised to $50–55M due to accelerated HPC growth; projected fixed operating costs for 2025 updated to $84–94M.
Mining operations expected to contribute positively to EBITDA in H2 2025 at current Bitcoin prices and network hash rate.
Revenue from HPC hosting to be recognized starting Q3 2025, marking a key inflection point.
Assess TeraWulf's HPC customer acquisition progress.
Explain the impact of interconnection approval.
Why did power cost per bitcoin increase so much?
Assess impact of Core42/Fluidstack deals on mining.
Quantify Google's backstop as lease protection.
Detail Cayuga acquisition's competitive bidding.
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Q3 202511 Nov, 2025
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Frequently asked questions
TeraWulf Inc. is a digital asset technology company based in the United States, primarily engaged in the development, ownership, and operation of bitcoin mining facility sites. The company focuses on sustainable Bitcoin mining, leveraging more than 90% zero carbon energy to produce domestically mined Bitcoin. TeraWulf Inc. operates mining facilities in New York and Pennsylvania, emphasizing environmentally friendly practices and energy efficiency in its operations. The company is headquartered in Easton, Maryland, and its shares are listed on the NASDAQ.
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