Key Highlights from TeraWulf's Financial Report
In 2025, TeraWulf achieved annual revenue of $168.5 million, representing a 20.3% year-over-year increase. This growth was primarily driven by its newly launched HPC leasing business, which contributed $16.9 million in revenue.
Despite strong revenue performance, TeraWulf's annual net loss widened to $661.4 million, with an adjusted EBITDA loss of $23.1 million. This loss was largely attributed to declining Bitcoin production and prices, which caused digital asset revenue to drop to $26.1 million in the fourth quarter.
Accelerating Strategic Transformation
The company has labeled 2025 as a 'turning point' year. It has already signed long-term data center leases covering 522 megawatts of critical IT load, with customer contracts valued at over $12.8 billion, supported by $6.5 billion in financing for its HPC platform construction.
- Accelerating shift toward AI and cloud computing clients
- Core developments centered at the Lake Mariner campus in New York and the Abernathy HPC campus in Texas
- Earlier this month, acquired brownfield infrastructure in Kentucky and Maryland, adding approximately 1.5 gigawatts of capacity
Outlook and Challenges
While TeraWulf saw growth in HPC leasing revenue, reaching $9.7 million, balancing resource allocation between traditional Bitcoin mining and emerging cloud computing businesses remains a key challenge moving forward.