TeraWulfs HPC leasing revenue jumps 52%, widening lead over bitcoin mining
Quick TakeTeraWulf entered the third quarter with 102 MW of revenue-generating capacity online at Lake Mariner.The company said New Yorks data center executive order will not disrupt its Lake Mariner or Lake Hawkeye timelines. TeraWulfs high-performance computing lease revenue jumped 52% quarter-over-quarter to $31.9 million as the segment extended its lead over the companys legacy bitcoin mining business. HPC leasing accounted for roughly 71% of TeraWulfs $44.8 million in Q2 revenue, up from 62% in the prior quarter. Digital asset revenue was relatively flat quarter-over-quarter at $12.8 million but down sharply compared to $47.6 million a year earlier. “The second quarter reflects a financial profile increasingly driven by long-term, contracted HPC revenue,” CFO Patrick Fleury said during the companys earnings call Wednesday. TeraWulf (WULF) reported a net loss attributable to shareholders of nearly $940 million, widening from $427.6 million in the first quarter. The loss was mostly driven by a $755.7 million adjustment tied to the increased value of warrants issued to Google as TeraWulfs stock price rose. TeraWulf shares (WULF) were down less than 1% following the earnings release, though the stock is up roughly 47% year-to-date. TeraWulf (WULF) stock price chart. Source: The Block/TradingView TeraWulf operated 81 MW of revenue-generating IT capacity at its Lake