TeraWulf Secures 522MW Leases, $12.8B Contracts and $6.5B Financing
FY25 marked a fundamental inflection point as TeraWulf executed 522MW of long-term data center leases, signed over $12.8B in credit-enhanced contracts and secured $6.5B in financings. The company reported $168.5M in revenue, $23.1M of non-GAAP EBITDA and ended the year with $3.72B in cash.
1. FY25 Inflection via Data Center Leases
TeraWulf executed long-term data center lease agreements totaling 522 critical IT megawatts in fiscal 2025, providing stable cash-flow characteristics, multi-year revenue visibility and scalable development capacity through the end of the decade.
2. Fiscal 2025 Financial Performance
For the full year 2025, TeraWulf reported $168.5 million in revenue and $23.1 million in non-GAAP adjusted EBITDA, while completing $6.5 billion in long-term financings and closing the year with $3.72 billion in cash, cash equivalents and restricted cash.
3. Q4 Digital Asset Revenue Decline
Digital asset revenue for the three months ended December 31, 2025, fell to $26.1 million from $43.4 million in the prior quarter, driven primarily by lower bitcoin production rates and a decline in bitcoin prices during the period.
4. Sustainable Mining Model and Growth Outlook
The company’s operations leverage environmentally sustainable, zero-carbon energy sources such as hydroelectric and nuclear power for bitcoin mining and high-performance computing, backed by over $12.8 billion in credit-enhanced customer contracts to support long-term platform expansion.