Key Takeaways
- TeraWulf’s Q4 loss reached $1.66 per share, significantly exceeding the anticipated $0.16 loss.
- Quarterly revenue of $35.8 million fell short of the $44.1 million analyst forecast.
- The dramatic decline in Bitcoin prices from approximately $125,000 to around $60,000 severely impacted mining operations.
- Annual revenue for 2025 climbed to $168.5 million, marking an increase from $140.1 million the previous year.
- The company has locked in $12.8 billion worth of AI and high-performance computing agreements while planning to scale capacity to 2.8 GW.
TeraWulf (WULF) delivered disappointing fourth-quarter 2025 results as Bitcoin’s substantial price decline severely impacted the company’s mining operations.
The crypto mining company disclosed a quarterly loss of $1.66 per share. This represents a significant deterioration from the $0.21 per share loss recorded during the comparable period last year. Wall Street analysts had projected a more modest loss of $0.16 per share.
Quarterly revenue reached $35.8 million, representing a decline from the $50.6 million generated in Q3 2025. This figure fell considerably below the Street’s expectation of $44.1 million.
Breaking down the Q4 revenue, digital asset operations contributed $26.1 million while high-performance computing activities generated $9.7 million.
The financial results paint a vivid picture: the cryptocurrency market downturn through the latter part of 2025 dealt a substantial blow to mining operations.
Bitcoin plummeted from approximately $125,000 in early October to the $60,000 range by February 2026, based on TradingView data. Currently, BTC is changing hands at $67,982 — considerably beneath the estimated mining break-even point of $87,310 per coin, as calculated by MacroMicro.
Strategic Shift Toward AI Infrastructure
TeraWulf is actively repositioning itself. The firm has been making bold moves into artificial intelligence infrastructure and high-performance computing lease arrangements.
The company has locked down 522 MW worth of long-term IT lease agreements, representing roughly $12.8 billion in committed revenue streams and over $6.5 billion in secured long-term capital.
“We begin 2026 with 522 critical IT MW of committed HPC capacity and a gross 2.9-GW multi-regional infrastructure built for sustained growth,” stated CEO Paul Prager.
Looking at the full-year picture, 2025 revenue increased to $168.5 million compared to $140.1 million in 2024 — demonstrating underlying momentum despite the challenging fourth quarter.
CTO Nazar Khan commented: “We are accelerating construction timelines and refining architectural plans to accommodate next-generation artificial intelligence workloads at enterprise scale.”
Geographic Footprint Growth
TeraWulf intends to incorporate a Kentucky facility (MISO region) and a Maryland location (PJM region) into its operational network during 2026.
These two strategic purchases are projected to contribute 1.5 GW of additional capacity, effectively more than doubling the company’s existing infrastructure. Combined owned platform capacity would expand to roughly 2.8 GW spanning five facilities.
Management indicates these locations can accommodate 250–500 MW of critical IT capacity each year, expanding in tandem with artificial intelligence market requirements.
Investors, however, remain cautious. WULF shares declined as market participants evaluate the implementation challenges associated with this ambitious business transformation.
The stock is trading down 0.22% at press time, although it maintains a year-to-date advance of approximately 55.96%.
Development continues at TeraWulf’s Lake Mariner and Abernathy facilities, with the company currently commanding a market capitalization of $7.35 billion.
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