Filing Flows › Terawulf (WULF) › Q2 2025
Terawulf (WULF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Terawulf (WULF) reported revenue of $47.6M for the second quarter 2025 (Q2 2025), +34% from a year earlier and +38% from the quarter before. Operating margin was -32.7%, net loss $18.4M (38.6% of revenue).
Terawulf, Q2 2025: revenue $47.6M (+34% year over year), operating margin -32.7%, net loss $18.4M, operating cash flow −$54.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.6M | +38% | +34% |
| Operating profit | −$15.6M | — | — |
| Net earnings | −$18.4M | — | — |
| Operating cash flow | −$54.8M | -197% | — |
What changed
Revenue was $47.6M in Q2 2025, up 34% year over year and up 38% from the previous quarter.
Gross margin was 46.2%, down 14.6 points from a year earlier. Operating costs exceeded revenue by $15.6M, an operating margin of -32.7%. Operating expenses grew 32% against revenue growth of 34%. The quarter ended with a net loss of $18.4M, narrower than the previous quarter's $61.4M loss.
Operating cash flow was −$54.8M. Non-cash charges added back $18.8M of depreciation and $1.3M of share-based compensation. Working capital and other items used $56.5M. Capital expenditures of $119.9M exceeded it, leaving free cash flow of −$174.8M.
Questions
What was Terawulf's revenue in the second quarter 2025?
Terawulf (WULF) reported revenue of $47.6M for the second quarter 2025 (Q2 2025), +34% from a year earlier and +38% from the quarter before.
Was Terawulf profitable in the second quarter 2025?
Operating loss was $15.6M (-32.7% of revenue) and net loss $18.4M.
Source: Terawulf 10-Q on SEC EDGAR.