Key Highlights
- TeraWulf posted a Q4 loss of $1.66 per share, vastly exceeding the anticipated $0.16 loss per share.
- Revenue came in at $35.8 million for the quarter, missing analyst expectations of $44.1 million.
- Bitcoin mining operations took a massive hit as BTC plunged from roughly $125,000 to approximately $60,000.
- Full-year 2025 revenue rose to $168.5 million versus $140.1 million in the prior year.
- TeraWulf secured $12.8 billion in AI and high-performance computing contracts, targeting 2.8 GW capacity growth.
TeraWulf (WULF) announced underwhelming fourth-quarter 2025 earnings as turbulent cryptocurrency markets decimated its Bitcoin mining business.
The cryptocurrency mining firm reported a loss of $1.66 per share during Q4. This figure represents a significant expansion from the $0.21 per share loss posted in the same quarter one year earlier. Analyst consensus had estimated a far narrower $0.16 per share loss.
Revenue totaled $35.8 million for the quarter, down from $50.6 million in Q3 2025. Wall Street had forecasted revenue to reach $44.1 million.
For the fourth quarter, digital asset mining operations generated $26.1 million in revenue, while high-performance computing (HPC) services contributed $9.7 million.
The disappointing numbers tell a clear story: the late-2025 cryptocurrency collapse devastated mining profitability.
Bitcoin tumbled from peaks near $125,000 in early October to approximately $60,000 by February 2026, according to TradingView charts. The digital asset currently trades at $67,982 — well below the estimated production cost of $87,310 per Bitcoin calculated by MacroMicro.
Pivoting Toward Artificial Intelligence
TeraWulf has actively transformed its business strategy. The organization is aggressively expanding into AI infrastructure and high-performance computing lease operations.
TeraWulf has secured 522 MW via long-term IT lease contracts, equating to approximately $12.8 billion in committed revenue along with over $6.5 billion in guaranteed long-term capital.
“We enter 2026 with 522 critical IT MW of contracted HPC capacity and a gross 2.9-GW multi-regional platform designed for long-term expansion,” CEO Paul Prager said.
Examining full-year 2025 performance, revenue increased to $168.5 million compared to $140.1 million in 2024 — illustrating upward trajectory despite Q4 headwinds.
CTO Nazar Khan added: “We are advancing build schedules and optimizing design to support next-generation AI workloads at scale.”
Ambitious Expansion Plans
TeraWulf has announced intentions to add a Kentucky facility (MISO) and a Maryland site (PJM) to its infrastructure network throughout 2026.
These two strategic additions are expected to contribute an extra 1.5 GW of capacity, essentially doubling the company’s current operational scale. Total owned platform capacity would reach approximately 2.8 GW spread across five separate locations.
Based on company projections, these facilities can support 250–500 MW of critical IT capacity annually, scaling alongside artificial intelligence market expansion.
Investor confidence remains mixed, though. WULF stock declined as traders weigh the execution risks tied to this ambitious strategic pivot.
Shares decreased 0.22% in recent trading, though the stock maintains approximately 55.96% gains year-to-date.
Construction progresses at TeraWulf’s Lake Mariner and Abernathy sites, with the company currently carrying a market capitalization of $7.35 billion.
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