TeraWulf revenue climbs as AI pivot expands
TeraWulf said 2025 revenue increased 20% to $168.5 million as it began generating recurring high-performance computing (HPC) lease revenue and accelerated its shift from Bitcoin mining toward AI and data center infrastructure, but the company posted a much wider net loss of $661.4 million for the year.
The company, which operates digital infrastructure built for HPC and AI workloads, said it signed more than $12.8 billion in long-term customer contracts in 2025 and completed $6.5 billion in long-term financings to support data center construction and tenant deployments.
In its earnings release and filing, TeraWulf said the revenue mix now includes a new HPC leasing line that contributed $16.9 million in 2025, alongside $151.6 million in digital asset revenue. The company reported non-GAAP adjusted EBITDA of negative $23.1 million for the year and said it ended 2025 with $3.72 billion in cash, cash equivalents, and restricted cash.
TeraWulf tied the buildout to its Lake Mariner campus in New York, which it described as “hyperscale-ready” and anchored by long-dated contracted revenue. The company said it has more than 500 MW of near-term contracted campus capacity and approximately 250 MW of incremental expansion potential, positioning the site to support 750 MW of gross HPC leasing capacity upon buildout.
The company also highlighted geographic diversification via an October 2025 joint venture with Fluidstack to develop the Abernathy HPC campus in Texas, designed to support 168 critical IT MW under a 25-year lease with annual escalators, with delivery targeted for the second half of 2026.
Quarterly results underscored the transition underway. In the fourth quarter, TeraWulf reported $9.7 million of HPC lease revenue, up from $7.2 million in the third quarter, while digital asset revenue fell to $26.1 million from $43.4 million, which it attributed to lower Bitcoin production and a lower Bitcoin price in the period.
The larger annual loss reflected heavy costs and accounting impacts alongside the infrastructure pivot. TeraWulf reported operating costs and expenses of $354.7 million in 2025, including $139.5 million of selling, general and administrative expenses and $88.6 million of depreciation, and it recorded a $429.8 million change in fair value of warrants and derivatives, contributing to the net loss.
TeraWulf said construction sequencing at Lake Mariner incorporated additional tenant fit-out enhancements beyond original lease specifications, with timing impacts reflected in its financial plan. It provided a build schedule showing multiple buildings expected to energize through 2026, including CB2B in March, CB3 in mid-May, and larger phases targeted for the second half of the year.
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