TeraWulf Inc. (NASDAQ: WULF) shares tumbled 5.45% in pre-market trading following the release of its first-quarter 2025 financial results, which fell short of analyst expectations. The bitcoin mining and high-performance computing company reported a wider loss and a significant revenue decline compared to the same period last year.

For Q1 2025, TeraWulf posted a loss of $0.16 per share, considerably worse than the $0.07 loss per share analysts had predicted. This also represents a substantial increase from the $0.03 loss per share reported in Q1 2024. Revenue for the quarter came in at $34.4 million, missing the consensus estimate of $43.1 million and marking a 19% decrease from $42.4 million in the year-ago period.

The company attributed the disappointing results to several factors, including the impact of the April 2024 bitcoin halving, increased network difficulty, and elevated power prices due to extreme winter weather in Upstate New York. Despite these challenges, TeraWulf reported progress on its strategic initiatives, including the energization of Miner Building 5, bringing total capacity at its Lake Mariner facility to 245 MW. The company also remains on track to deliver contracted high-performance computing capacity and is exploring additional growth opportunities in this sector.