Terawulf Inc. (NASDAQ: WULF) has released its financial results for the first quarter 2025, showcasing key developments and setting ambitious future goals. Known for its sustainable digital infrastructure, the company highlighted performance metrics and provided guidance for upcoming quarters.
Terawulf Inc. reports its first quarter results and has not met expectations
In the first quarter of 2025, Terawulf Inc. reported revenue of $34.4 million, down from $42.4 million recorded in the same period last year. This decline was primarily due to half of April 2024, due to increased network difficulty and higher electricity prices. The company’s revenue costs, excluding depreciation, rose significantly to $24.6 million from $14.4 million in the first quarter of 2024.
Compared to expectations, the company’s first quarter 2025 performance was short on Terawulf. Analysts had predicted an EPS of -0.07, but the actual EPS was $ -0.16. Revenue expectations were set at $40.51 million, but the company only achieved $34.4 million. The company’s adjusted EBITDA was in stark contrast to the $32.0 million recorded in the first quarter of 2024, mainly due to the strategic sale of the Nautila Scriptmin facility.
Despite these challenges, Terawulf managed to increase by 52.5% year-on-year, reflecting the company’s commitment to expanding its mining capabilities. The company has held $219.6 million in cash and Bitcoin as of March 31, 2025, indicating a solid liquidity position. Additionally, Terawulf has repurchased $33 million in common stock, demonstrating confidence in its long-term value proposition.
Terawulf sets ambitious targets for the rest of 2025 and beyond
Looking ahead, Terawulf has set an ambitious target for the rest of 2025 and beyond. The company aims to provide Core42 with 72.5 MW of high performance computing (HPC) capacity by the end of the year. Additionally, Terawulf plans to protect additional HPC customers and expand its operational capacity to 200-250 MW by the end of 2026. The expansion will be supported by the company’s ongoing efforts to ensure funding for the build-out of its first HPC data center.
CEO Paul Prager highlighted the company’s strategic focus in developing scalable and sustainable infrastructures in both Bitcoin mining and HPC. He said Terrahulff made great strides in expanding the vitality of Minor Building 5, which increased the total capacity of Lake Mariner to 245 MW. The move is in line with the company’s goal of deploying an upgraded mining fleet and delivering contracted HPC capacity on schedule.
Financially, Terawulf is well located to fund its short-term growth initiatives. With $219.6 million in cash and Bitcoin holdings at the end of the first quarter of 2025, the company is properly capitalized. The expected start of HPC Hosting revenue for the second quarter of 2025 is expected to further strengthen the company’s financial position as data halls will be provided online.
Additionally, the board has approved a new $200 million ATM Common Equity offering program and a $200 million common stock repurchase program to ensure capital management and shareholder returns flexibility.
Disclaimer: The author does not or has the position of the securities discussed in the article. All stock prices were quoted at the time of writing.