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TeraWulf (WULF) investor relations material
TeraWulf Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved a transformational quarter with rapid expansion in high-performance computing (HPC), signing over $17B in long-term, credit-enhanced customer contracts and commencing recurring HPC lease revenue.
Closed $3.2B in senior secured financing and $1.025B in convertible notes, fully funding major HPC buildouts and supporting expansion at Lake Mariner, Abernathy, and other sites.
Revenue for Q3 2025 rose to $50.6M, up 87% year-over-year, with $7.2M from new HPC leasing and 377 Bitcoin mined.
Expanded partnerships with FluidStack and Google, including a JV for the Abernathy HPC Campus in Texas, and signed an 80-year lease at Cayuga for future deployment.
Increased annual target for new HPC signings to 250-500 MW, reflecting strong demand and a robust pipeline.
Financial highlights
Q3 2025 revenue reached $50.6M, up 6% quarter-over-quarter and 87% year-over-year, with $7.2M in HPC lease revenue.
Net loss for Q3 2025 was $455.1M, mainly due to a $424.6M non-cash loss from warrant and derivative liabilities.
Adjusted EBITDA improved to $18.1M, the strongest since the 2024 halving.
Cash and cash equivalents at quarter-end were $712.8M; total assets $2.5B, liabilities $2.2B.
Total outstanding debt was approximately $1.5B as of September 30, 2025.
Outlook and guidance
Reaffirmed annual target of 250-500 MW of new HPC lease signings, supported by a robust pipeline and accelerating demand for low-cost, low-carbon compute capacity.
Large-scale HPC deployment at Cayuga set to begin in 2027, with expansion potential at Abernathy JV.
Confident in ability to execute on increased growth targets, citing improved process visibility and strong demand.
Impact of Google credit enhancement on HPC leases
Future platform funding blueprint
Impact of warrant/derivative liabilities on net loss
How will HPC margins normalize in Q4?
Bitcoin mining strategy beyond 2026.
Strategy for securing new power capacity.
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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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