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Galaxy Digital, Terawulf lean on data center business to cut losses in Q2 earnings
['Hannah Collymore', 'John Palmer', 'Glory Kaburu', 'Aamir Sheikh']
Cryptopolitan
Both firms’ relatively nascent AI data center businesses did a lot of the heavy lifting in the Q2 results, which were released before markets opened Wednesday.
That arrangement is supposed to open an $80 million quarterly lease revenue stream, starting with its next Q3 report.
TeraWulf rides HPC leasing, crossing 70% of revenueThe other half of the data center duo reporting around the same time, TeraWulf (NASDAQ: WULF), saw shares rise 1.64% to $19.19 in pre-market trading, according to Google Finance.
High-performance computing leases made up for $31.9 million of the $44.8 million revenue that Terawulf reported for the quarter.
TeraWulf reported another $3 billion in cash and restricted cash.