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Investing.com -- TeraWulf Inc. (NASDAQ:WULF), a vertically integrated digital infrastructure company, reported second-quarter earnings that significantly exceeded analyst expectations, driving its shares up 4.1% as investors responded positively to the company’s financial performance.
The bitcoin mining company posted adjusted earnings per share of $0.05 for the quarter ended June 30, 2025, substantially beating the analyst consensus estimate of -$0.06. Revenue reached $47.6 million, slightly above the consensus estimate of $46.97 million and representing a 34% increase compared to $35.6 million in the same quarter last year.
TeraWulf’s mining capacity grew 45.5% YoY to 12.8 EH/s, though the company self-mined 485 bitcoin during the quarter, down from 699 bitcoin in Q2 2024. The company attributed this decline to the April 2024 bitcoin halving event and the strategic divestiture of its Nautilus Cryptomine facility in October 2024. Despite mining fewer coins, the total value of self-mined bitcoin increased to $47.6 million from $46.1 million a year earlier, benefiting from higher bitcoin prices.
"TeraWulf continues to execute on its strategy to develop scalable, sustainable digital infrastructure to support both high-performance computing hosting and proprietary Bitcoin mining," said Paul Prager, Chief Executive Officer of TeraWulf. "During the second quarter, we made remarkable progress toward delivering Core42’s contracted 72.5 MW of HPC capacity."
The company reported Adjusted EBITDA of $14.5 million, compared to $19.5 million in Q2 2024. Power costs per bitcoin rose to $45,555 from $22,954 a year ago, reflecting the impact of the halving, rising network difficulty, and short-term power price volatility.
TeraWulf expects to begin recognizing revenue from high-performance computing hosting in the third quarter, which the company describes as a key inflection point in its financial profile. As of June 30, 2025, the company held $90 million in cash and bitcoin, with total outstanding debt of approximately $500 million.
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