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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