Publicly traded bitcoin miner Terawulf (NASDAQ: WULF) reported a deeper net loss in the first half of the year as it accelerates investments in high-performance computing (HPC) infrastructure alongside its mining operations.
According to its latest financial results, Terawulf’s net loss reached over $79 million in the first six months of the year. Still, revenue climbed sharply — rising from $34.4 million in Q1 to $47.6 million in Q2 — as the company continued scaling its operations.
Terawulf Inc.Shares fell nearly 4% to $4.71 on Thursday, following a brief 3% bump after the market opened. The company posted a loss of $0.05 per share for the second quarter ended June 30, slightly better than Wall Street’s forecast of a $0.06 loss.
Costs Up, Output Down
Cost of revenue, excluding depreciation, came in at roughly $22 million — up from $13.9 million in the same period last year. Terawulf’s self-mined bitcoin production also declined, with 485 BTC mined in Q2 versus 699 BTC in Q2 2024.
Despite the drop in output, the higher market price of bitcoin meant the total value of mined coins ticked up to $47.6 million from $46.1 million a year earlier. The cost per bitcoin, however, more than doubled to $45,555, driven by April’s halving event and a tougher network mining environment.
Adjusted EBITDA fell to $14.5 million from $19.5 million in the prior-year period.
Betting Big on HPC
CEO Paul Prager said the company is making “remarkable progress” toward delivering Core42’s contracted 72.5 megawatts of HPC capacity, positioning Terawulf as a provider of “low-cost, zero-carbon compute infrastructure” for enterprise and hyperscale clients.
The company is focused on expanding its hydroelectric and nuclear-powered Lake Mariner facility in New York and is in advanced discussions to boost HPC hosting deployments there. Prager also signaled interest in acquiring new sites to support long-term growth.
CFO Patrick Fleury added that Terawulf expects to start recognizing HPC hosting revenue in the third quarter of 2025, calling it a “key inflection point” for the company’s financial trajectory.
Looking Ahead
While the company faces rising costs and lower bitcoin output, Terawulf’s strategic shift toward sustainable HPC services could open new revenue streams beyond crypto mining. Investors will be watching closely to see if the pivot pays off — and whether it can offset volatility in the bitcoin market.
