TeraWulf (WULF) Q4 2025 earnings summary

Executive summary

• Transitioned to a scaled, power-backed AI infrastructure platform, achieving 522 MW leased capacity and ~$13B in contracted revenue, with a 2.4 GW+ HPC portfolio across multiple sites.

• Acquired Beowulf Electricity & Data, secured major campuses, and built specialized teams for construction, origination, and cybersecurity.

• Signed significant long-term leases, including 450 MW with Fluidstack (Google-backed), 366 MW at Lake Mariner, and 168 MW at Abernathy JV.

• Delivered multiple data center projects, began recording HPC revenue, and established a repeatable project financing model.

• Built a specialized team to support rapid growth and operational rigor.

Financial highlights

• Secured over $12.8 billion in HPC lease agreements and executed $6.5 billion in debt and equity-linked financing in H2 2025.

• Q4 2025 revenue was $35.8 million, down from $50.6 million in Q3, mainly due to lower Bitcoin production and prices.

• HPC lease revenue increased to $9.7 million in Q4, up 35% from Q3.

• Full-year 2025 revenue rose 20% to $168.5 million, with digital asset revenue at $151.6 million and HPC lease revenue at $16.9 million.

• GAAP net loss for 2025 was $661.4 million, primarily due to non-cash fair value adjustments and depreciation.

Outlook and guidance

• Targeting 250–500 MW of contracted capacity annually through the end of the decade, supported by a 2.4–2.9 GW controlled platform.

• Confident in continued strong customer demand and disciplined delivery of contracted megawatts into energized capacity.

• Expecting all Core42 capacity to be energized and revenue-producing by end of Q1 2026.

• Kentucky campus targeting 480 MW online in H2 2027, with potential for expansion.

• Morgantown phase one positioned for end of 2028 or 2029, pending remediation and permitting.