TeraWulf Q4 Revenue of $35.8M, $0.29 EPS Loss; Secures 522MW HPC Leases Worth $12.8B
TeraWulf reported a Q4 loss of $0.29 vs $0.13 estimate and revenue of $35.8M vs $45.8M, with digital asset revenue down to $26.1M and HPC lease revenue rising to $9.7M. In 2025 the company secured 522 critical IT MW of data center leases worth $12.8B and closed $6.5B financing.
1. Q4 Financial Results
TeraWulf reported fourth-quarter revenue of $35.84 million, missing the $45.78 million consensus by 21.7%, and a net loss of $0.29 per share versus a $0.13 expected loss. Digital asset revenue declined to $26.1 million on lower Bitcoin production and prices, while HPC lease revenue grew to $9.7 million.
2. Fiscal Year 2025 Milestones
During fiscal 2025, TeraWulf executed long-term data center leases totaling 522 critical IT MW with a contract value of $12.8 billion, delivering multi-year revenue visibility. The company also raised $6.5 billion in project financing and closed the year with $3.72 billion in cash and equivalents.
3. HPC Infrastructure Development
TeraWulf’s Lake Mariner and Abernathy HPC campuses now support scalable deployments, including 39 MW online at Lake Mariner and upcoming 168 MW phases. These developments position the company to deliver 250–500 critical IT MW annually through 2030, backed by credit-enhanced tenant agreements.