TeraWulf Q2 revenue up 34% to $47.6M; HPC hosting begins in Q3 but bitcoin self-mined down 31%

TERAWULF INC.

2025-Q2 EPS reported -$0.21 revenue$82,041,000

Revenue $47.6M (+34% YoY); cost of revenue (excl dep) $22.1M (+59%); adjusted EBITDA $14.5M vs $19.5M.
Self-mined 485 bitcoin vs 699 in Q2 2024; power cost per bitcoin $45,555 (up from $22,954).
BTC mining capacity 12.8 EH/s (+45.5% YoY).
HPC hosting: delivering 72.5 MW to Core42; revenue began in July; targeting 200-250 MW by year-end 2026.
Cash and equivalents $90M; debt $500M convertible notes; 391.9M shares outstanding.

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