TeraWulf (US:WULF) Globenewswireยท2025-05-09 11:00Core Insights - TeraWulf Inc. reported a decrease in revenue for Q1 2025, totaling $34.4 million, down 19% from $42.4 million in Q1 2024, primarily due to the April 2024 halving, increased network difficulty, and elevated power prices [4][11] - The company achieved a self-mining capacity of 12.2 EH/s, reflecting a 52.5% year-over-year increase, and self-mined 372 bitcoins during the quarter [6][8] - TeraWulf held $219.6 million in cash and bitcoin as of March 31, 2025, and repurchased $33 million of common stock in 2025 [10][2] Financial Performance - Revenue for Q1 2025 was $34,405,000 compared to $42,433,000 in Q1 2024 [21] - Cost of revenue (excluding depreciation) increased to $24,553,000, representing 71.4% of revenue, compared to $14,408,000 or 34.0% in Q1 2024 [4][11] - The net loss for Q1 2025 was $61,418,000, compared to a net loss of $9,613,000 in Q1 2024 [21] Operational Highlights - The company energized Miner Building 5, increasing total capacity to 245 MW and enhancing hashrate to 12.2 EH/s [1][10] - TeraWulf aims to secure additional HPC customers, targeting 200-250 MW operational by year-end 2026 [1][9] - The average operating hash rate decreased to 7.3 EH/s in Q1 2025 from 8.0 EH/s in Q1 2024 [6] Strategic Initiatives - TeraWulf is focused on developing scalable, sustainable infrastructure for Bitcoin mining and high-performance computing [7][10] - The company plans to begin HPC hosting revenue in Q2 2025 as data halls come online [10] - Management emphasized the importance of disciplined capital allocation, as evidenced by the share repurchase program [10][15]