TeraWulf Q1 loss widens amid rising costs, falling revenue
TeraWulf reported a net loss of approximately $61.4 million in Q1 2025, worsening from a $9.6 million loss in Q1 2024. Revenue decreased to $34.4 million from $42.4 million year-over-year, while the cost of revenue surged to $24.5 million, accounting for 71.4% of total income from operations. The decline in revenue is attributed to Bitcoin's post-halving economics, increased network difficulty, and severe weather affecting mining operations in New York. The mining industry faces challenges from reduced block rewards and macroeconomic uncertainties due to geopolitical trade tensions. Tariffs on mining hardware have raised concerns about increased costs for US miners, leading to a sell-off of 40% of mined BTC in March 2025, marking the highest liquidation since October 2024.
