TeraWulf 1Q Loss Widens After Bitcoin Halving Cuts Revenue

By Dean SealTeraWulf said its loss in the first quarter widened as revenue sank due to rising power prices and the halving of Bitcoin last year.The bitcoin-mining company posted a loss of $61.4 million, compared with a loss of $9.6 million in the same quarter a year earlier.Per share, the loss was 16 cents. Analysts polled by FactSet had been expecting a loss of 7 cents a share.Revenue fell 19% to $34.4 million, below analyst projections for $41.3 million, according to FactSet.The decline was caused by headwinds from the April 2024 halving of Bitcoin, a change occurring every four years that halves the number of bitcoins released on average every 10 minutes.Increased network difficulty and rising power prices also cut into the top line, partially offset by a higher average bitcoin price and expanded mining capacity.TeraWulf also said Friday that its board has refreshed an authorization for a $200 million stock-repurchase program.Write to Dean Seal at [email protected]