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TeraWulf
TeraWulf (WULF) investor relations material
TeraWulf Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
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.
Path to positive Adjusted EBITDA?
Lake Mariner construction timing impact on financials?
Funding strategy for 2.9 GW platform expansion?
Morgantown CapEx: Impact on tenant pricing?
Kentucky: What's the strategy for customer concentration?
What could drive upside to 250-500MW annual capacity?
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Next TeraWulf earnings date
Status update4 Mar, 2026
TeraWulf
Next TeraWulf earnings date
Status update4 Mar, 2026
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Frequently asked questions
TeraWulf Inc. is a digital asset technology company based in the United States, primarily engaged in the development, ownership, and operation of bitcoin mining facility sites. The company focuses on sustainable Bitcoin mining, leveraging more than 90% zero carbon energy to produce domestically mined Bitcoin. TeraWulf Inc. operates mining facilities in New York and Pennsylvania, emphasizing environmentally friendly practices and energy efficiency in its operations. The company is headquartered in Easton, Maryland, and its shares are listed on the NASDAQ.
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