TeraWulf reported Q3 revenue of $76.23 million, above analyst estimates of $61.79 million, while adjusted EBITDA of negative $12.80 million missed expectations. The company received $250 million in cash from the sale of its Abernathy joint venture stake.
TeraWulf said growth in high-performance computing lease revenue accounted for most of its Q3 revenue, which rose to $76.23 million from the year-earlier period and beat analyst estimates of $61.79 million. Adjusted EBITDA was negative $12.80 million, below the $12.84 million analysts expected.
The company said increased critical IT capacity at Lake Mariner contributed to revenue and that further expansion is underway. It completed the sale of its Abernathy joint venture stake, receiving $250 million in cash and recognizing a gain.
TeraWulf reaffirmed its target of contracting 250–500 megawatts of incremental critical IT capacity annually. It expects phased delivery and rent commencement at CB-4 in Q4, CB-5 in early 2027, and phased completions at Justified Data Campus from late 2027 through Q2 2028.
