Filing Flows › Terawulf (WULF) › Q1 2025
Terawulf (WULF) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Terawulf (WULF) reported revenue of $34.4M for the first quarter 2025 (Q1 2025), -19% from a year earlier and -2% from the quarter before. Operating margin was -173.3%, net loss $61.4M (178.5% of revenue).
Terawulf, Q1 2025: revenue $34.4M (-19% year over year), operating margin -173.3%, net loss $61.4M, operating cash flow $56.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.4M | -2% | -19% |
| Operating profit | −$59.6M | — | — |
| Net earnings | −$61.4M | — | — |
| Operating cash flow | $56.5M | — | +147% |
What changed
Revenue was $34.4M in Q1 2025, down 19% year over year and down 2% from the previous quarter.
Gross margin was 20.2%, down 45.8 points from a year earlier. Operating costs exceeded revenue by $59.6M, an operating margin of -173.3%. Operating expenses grew 119% against a revenue fall of 19%. The quarter ended with a net loss of $61.4M, wider than the previous quarter's $29.2M loss.
Operating cash flow was $56.5M (up 147% year over year). Non-cash charges added back $15.6M of depreciation and $38.7M of share-based compensation. Working capital and other items added $63.7M. Capital expenditures of $93.7M exceeded it, leaving free cash flow of −$37.2M.
Questions
What was Terawulf's revenue in the first quarter 2025?
Terawulf (WULF) reported revenue of $34.4M for the first quarter 2025 (Q1 2025), -19% from a year earlier and -2% from the quarter before.
Was Terawulf profitable in the first quarter 2025?
Operating loss was $59.6M (-173.3% of revenue) and net loss $61.4M.
Source: Terawulf 10-Q on SEC EDGAR.