TeraWulf Q1 loss widens amid rising costs, falling revenue

The mining company's losses mirror broader sector challenges, with tariffs, operating costs, and reduced block rewards weighing on profitability.

Mining firm TeraWulf reported a net loss of approximately $61.4 million in its earnings for the first quarter of 2025, further deteriorating from the same period last year.

Revenue fell to $34.4 million from $42.4 million in the same period of 2024, according to the company's earnings report, published May 9. Cost of revenue rose sharply to $24.5 million, up from $14.4 million a year earlier.

As a result, TeraWulf's cost of revenue accounted for 71.4% of total income from operations in Q1 2025, more than double the 34% recorded in the prior-year quarter. In Q1 2024, the company posted a net loss of $9.6 million.

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