TeraWulf Inc. (NASDAQ:WULF) shares climbed 4.1% in Friday trading after the digital infrastructure and bitcoin mining firm delivered second-quarter earnings that dramatically surpassed Wall Street expectations.

The company posted adjusted earnings of $0.05 per share for the quarter ending June 30, 2025, crushing the consensus forecast of a -$0.06 loss. Revenue reached $47.6 million, slightly above the expected $46.97 million and up 34% from $35.6 million a year ago.

TeraWulf’s mining capacity expanded by 45.5% year-over-year to 12.8 EH/s. However, the company self-mined 485 bitcoin during the quarter, down from 699 in Q2 2024—a decline attributed to the April 2024 bitcoin halving and the October 2024 sale of its Nautilus Cryptomine facility. Despite the drop in volume, higher bitcoin prices pushed the value of mined coins up slightly to $47.6 million from $46.1 million last year.

“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 CEO Paul Prager. “During the second quarter, we made remarkable progress toward delivering Core42’s contracted 72.5 MW of HPC capacity.”

Adjusted EBITDA came in at $14.5 million, down from $19.5 million in the same quarter last year. The company cited a steep rise in power costs per bitcoin—$45,555 compared to $22,954 in Q2 2024—due to the halving event, increased network difficulty, and short-term energy price volatility.

TeraWulf expects to begin generating revenue from its high-performance computing (HPC) hosting operations in Q3, marking a key shift in its revenue base. As of June 30, the company held $90 million in cash and bitcoin, with total debt around $500 million.

TeraWulf stock price

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