We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
TeraWulf Q3 Loss Wider Than Expected, Revenues Increase Y/Y
Read MoreHide Full Article
Key Takeaways
TeraWulf posted a wider Q3 loss of 7 cents per share, with revenues rising 87% year over year.
HPC segment delivered first $7.2M in revenue, signaling diversification beyond Bitcoin mining.
Over $5B in long-term financings support expansion of HPC capacity and new Google-backed ventures.
TeraWulf Inc. (WULF - Free Report) reported third-quarter 2025 adjusted loss of 7 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents. The third-quarter loss was 40% wider than the loss of 5 cents incurred in the year-ago quarter.
Revenues of $50.6 million increased 87% year over year and missed the consensus mark by 1.26%. The year-over-year rise was driven by higher bitcoin output, expanded mining capacity, and the commencement of High-Performance Computing (HPC) lease revenues.
WULF's Quarterly Details
Revenues for the third quarter increased 87% year over year, driven by a higher average bitcoin price, expanded mining capacity, and the first-time recognition of HPC lease revenues. Non-GAAP adjusted EBITDA was $18.1 million compared with $6.0 million in the prior-year quarter, representing a 203% increase.
Digital asset revenues in the third quarter were $43.4 million, up 60% year over year from $27.1 million in third-quarter 2024. The increase was primarily driven by expanded Bitcoin mining capacity and higher average Bitcoin prices during the quarter.
As of Sept. 30, 2025, the Lake Mariner facility has energized 245 MW of Bitcoin-mining capacity. The company's mining operations continue to benefit from predominantly low-carbon energy sources, including nuclear and hydroelectric power.
During third-quarter 2025, TeraWulf mined Bitcoin with power costs averaging approximately 5 cents per kWh, maintaining competitive unit economics in the mining segment. Cost of revenues, exclusive of depreciation, rose 17% year over year to $17.1 million, reflecting increased utilization and modestly higher power costs in Upstate New York.
High-Performance Computing (HPC)
The HPC segment generated its first reported revenues of $7.2 million in third-quarter 2025, marking a critical operational inflection point for the company. This represented the beginning of TeraWulf's transformation from a pure-play Bitcoin miner to a diversified digital infrastructure provider.
As of Sept. 30, 2025, the Lake Mariner site has energized 22.5 MW of HPC capacity. Through subsidiaries La Lupa Data LLC and Akela Data LLC, the company executed more than 520 MW of long-term HPC leases across multiple enterprise and hyperscale customers.
Under the Core42 leases, La Lupa will deliver 72.5 MW of GPU-optimized capacity with approximately $1.1 billion in contracted revenues over 10 years. In August, Akela executed three 10-year Fluidstack leases, backed by Google, providing 450 MW of capacity and approximately $6.7 billion in contracted revenues. These leases, scheduled to be delivered in phases through 2026, are financed and benefit from Google credit enhancement, creating durable, infrastructure-style cash flows.
Strategic Partnerships and Expansions
TeraWulf expanded its national footprint with the formation of the Abernathy Joint Venture in Texas through its subsidiary Big Country Wulf LLC, partnering with Fluidstack and Google. The Abernathy Campus is initially designed for 240 MW of capacity with potential site expansion to 600 MW. The venture, in which TeraWulf holds up to a 51% controlling interest, includes a 25-year lease with Fluidstack, backed by a $1.3 billion Google credit enhancement.
The company also secured up to a 51% interest in a future approximately 200 MW Fluidstack-led project, further strengthening its long-term growth pipeline. In August, TeraWulf signed an 80-year lease at its Cayuga site in Lansing, New York, establishing the framework for large-scale HPC deployment beginning in 2027.
Capital and Financing
During third-quarter 2025 and into the fourth quarter, TeraWulf completed more than $5 billion in long-term financings to support its rapidly expanding platform. In August, the company completed a $1.0 billion offering of 1.00% Convertible Notes due 2031. Subsequent to quarter-end, TeraWulf closed a $3.2 billion private offering of 7.75% Senior Secured Notes due 2030 to finance the Lake Mariner HPC buildout. The company also completed a $1.025 billion offering of 0.00% Convertible Notes due 2032 to fund its equity contribution to the Abernathy JV and enhance parent-level liquidity.
These financings represent a transformational capital raise that provides long-term funding for the company's HPC expansion strategy and positions TeraWulf as a leader in sustainable digital infrastructure.
Other Financial Aspects
TeraWulf ended the third quarter with cash, cash equivalents, and restricted cash of $712.8 million compared with $274.1 million at the end of 2024.
Total outstanding debt was approximately $1.5 billion, consisting primarily of Convertible Notes due 2030 and 2031. As of Nov. 7, 2025, TeraWulf had 418.7 million shares of common stock outstanding.
Guidance
TeraWulf reaffirmed its growth strategy targeting 250-500 MW of new contracted HPC capacity annually, supported by significant pipeline visibility and accelerating demand for low-cost, low-carbon compute capacity.
The company is focused on execution while advancing the next phase of growth for 2027 and beyond. The 80-year Cayuga lease in Lansing, New York, establishes the framework for large-scale HPC deployment beginning in 2027. The Abernathy joint venture provides meaningful embedded expansion potential, both on campus and through additional projects with Fluidstack and Google.
The company is targeting 200-250 MW of HPC capacity operational by year-end 2026, with phased delivery of the 450 MW Akela capacity scheduled through 2026. The Core42 leases are on schedule and on budget to deliver 72.5 MW of gross HPC hosting infrastructure in 2025.
Image: Bigstock
TeraWulf Q3 Loss Wider Than Expected, Revenues Increase Y/Y
Key Takeaways
TeraWulf Inc. (WULF - Free Report) reported third-quarter 2025 adjusted loss of 7 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents. The third-quarter loss was 40% wider than the loss of 5 cents incurred in the year-ago quarter.
Revenues of $50.6 million increased 87% year over year and missed the consensus mark by 1.26%. The year-over-year rise was driven by higher bitcoin output, expanded mining capacity, and the commencement of High-Performance Computing (HPC) lease revenues.
WULF's Quarterly Details
Revenues for the third quarter increased 87% year over year, driven by a higher average bitcoin price, expanded mining capacity, and the first-time recognition of HPC lease revenues. Non-GAAP adjusted EBITDA was $18.1 million compared with $6.0 million in the prior-year quarter, representing a 203% increase.
TeraWulf Inc. Price, Consensus and EPS Surprise
TeraWulf Inc. price-consensus-eps-surprise-chart | TeraWulf Inc. Quote
WULF's Segment Details
Digital Asset Mining
Digital asset revenues in the third quarter were $43.4 million, up 60% year over year from $27.1 million in third-quarter 2024. The increase was primarily driven by expanded Bitcoin mining capacity and higher average Bitcoin prices during the quarter.
As of Sept. 30, 2025, the Lake Mariner facility has energized 245 MW of Bitcoin-mining capacity. The company's mining operations continue to benefit from predominantly low-carbon energy sources, including nuclear and hydroelectric power.
During third-quarter 2025, TeraWulf mined Bitcoin with power costs averaging approximately 5 cents per kWh, maintaining competitive unit economics in the mining segment. Cost of revenues, exclusive of depreciation, rose 17% year over year to $17.1 million, reflecting increased utilization and modestly higher power costs in Upstate New York.
High-Performance Computing (HPC)
The HPC segment generated its first reported revenues of $7.2 million in third-quarter 2025, marking a critical operational inflection point for the company. This represented the beginning of TeraWulf's transformation from a pure-play Bitcoin miner to a diversified digital infrastructure provider.
As of Sept. 30, 2025, the Lake Mariner site has energized 22.5 MW of HPC capacity. Through subsidiaries La Lupa Data LLC and Akela Data LLC, the company executed more than 520 MW of long-term HPC leases across multiple enterprise and hyperscale customers.
Under the Core42 leases, La Lupa will deliver 72.5 MW of GPU-optimized capacity with approximately $1.1 billion in contracted revenues over 10 years. In August, Akela executed three 10-year Fluidstack leases, backed by Google, providing 450 MW of capacity and approximately $6.7 billion in contracted revenues. These leases, scheduled to be delivered in phases through 2026, are financed and benefit from Google credit enhancement, creating durable, infrastructure-style cash flows.
Strategic Partnerships and Expansions
TeraWulf expanded its national footprint with the formation of the Abernathy Joint Venture in Texas through its subsidiary Big Country Wulf LLC, partnering with Fluidstack and Google. The Abernathy Campus is initially designed for 240 MW of capacity with potential site expansion to 600 MW. The venture, in which TeraWulf holds up to a 51% controlling interest, includes a 25-year lease with Fluidstack, backed by a $1.3 billion Google credit enhancement.
The company also secured up to a 51% interest in a future approximately 200 MW Fluidstack-led project, further strengthening its long-term growth pipeline. In August, TeraWulf signed an 80-year lease at its Cayuga site in Lansing, New York, establishing the framework for large-scale HPC deployment beginning in 2027.
Capital and Financing
During third-quarter 2025 and into the fourth quarter, TeraWulf completed more than $5 billion in long-term financings to support its rapidly expanding platform. In August, the company completed a $1.0 billion offering of 1.00% Convertible Notes due 2031. Subsequent to quarter-end, TeraWulf closed a $3.2 billion private offering of 7.75% Senior Secured Notes due 2030 to finance the Lake Mariner HPC buildout. The company also completed a $1.025 billion offering of 0.00% Convertible Notes due 2032 to fund its equity contribution to the Abernathy JV and enhance parent-level liquidity.
These financings represent a transformational capital raise that provides long-term funding for the company's HPC expansion strategy and positions TeraWulf as a leader in sustainable digital infrastructure.
Other Financial Aspects
TeraWulf ended the third quarter with cash, cash equivalents, and restricted cash of $712.8 million compared with $274.1 million at the end of 2024.
Total outstanding debt was approximately $1.5 billion, consisting primarily of Convertible Notes due 2030 and 2031. As of Nov. 7, 2025, TeraWulf had 418.7 million shares of common stock outstanding.
Guidance
TeraWulf reaffirmed its growth strategy targeting 250-500 MW of new contracted HPC capacity annually, supported by significant pipeline visibility and accelerating demand for low-cost, low-carbon compute capacity.
The company is focused on execution while advancing the next phase of growth for 2027 and beyond. The 80-year Cayuga lease in Lansing, New York, establishes the framework for large-scale HPC deployment beginning in 2027. The Abernathy joint venture provides meaningful embedded expansion potential, both on campus and through additional projects with Fluidstack and Google.
The company is targeting 200-250 MW of HPC capacity operational by year-end 2026, with phased delivery of the 450 MW Akela capacity scheduled through 2026. The Core42 leases are on schedule and on budget to deliver 72.5 MW of gross HPC hosting infrastructure in 2025.
NWSA’s Zacks Rank and Stocks to Consider
Currently, WULF carries a Zacks Rank #4 (Sell).
Some better-ranked stocks that investors can consider in the broader Zacks Finance sector are Accelerant Holdings (ARX - Free Report) , Credicorp (BAP - Free Report) and Bitcoin Depot Inc. (BTM - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Accelerant Holdings, Credicorp and Bitcoin Depot are set to report third-quarter 2025 results on Nov. 13 each.