TeraWulf Inc (WULF)

[TruckingAngler]

WULF First Quarter 2025 GAAP Operational & Financial Highlights:
- Revenue was $34.4 million, compared to $42.4 million in Q1 2024.
- Cost of revenue (excluding depreciation) was $24.6 million, compared to $14.4 million in Q1 2024.
- Self-mining capacity grew 52.5% year-over-year to 12.2 EH/s.
Key GAAP Metrics ($ in thousands) Three Months Ended Q1 2025 Three Months Ended Q1 2024
Revenue $ 34,405 $ 42,433
Cost of revenue (exclusive of depreciation) $ 24,553 $ 14,408
Cost of revenue as % of revenue 71.4 % 34.0 %

First Quarter 2025 Non-GAAP Operational and Financial Highlights

- Self-mined 372 bitcoin at the Lake Mariner Facility. As anticipated, the year-over-year change was primarily driven by the April 2024 halving and the strategic divestiture of the Nautilus Cryptomine facility in October 2024.
Total value of self-mined bitcoin1 was $34.4 million, compared to $56.5 million in Q1 2024.
Power cost per bitcoin was $66,084, compared to $15,501 in Q1 2024, reflecting the halving, rising network difficulty, and short-term power price volatility from the Polar Vortex.
Adjusted EBITDA was $(4.7) million, compared to $32.0 million in Q1 2024.