TeraWulf Inc. (WULF) has announced impressive financial results for the third quarter of 2025, marked by significant revenue growth and strategic advancements in the high-performance computing (HPC) sector. The company's revenue surged to $50.6 million, an 87% increase compared to the same period last year. This substantial growth is attributed to several factors, including higher average Bitcoin prices, expanded mining capacity, and the commencement of HPC lease revenue.
A notable highlight of the quarter was the $7.2 million contribution from TeraWulf's new AI/HPC service line, demonstrating the company's successful diversification into high-growth areas. This move aligns with the broader industry trend of major Bitcoin mining firms repositioning themselves as providers of digital infrastructure, bridging Bitcoin mining with AI-driven high-performance computing.
TeraWulf's strategic focus on HPC is further underscored by its execution of over 520 megawatts of long-term HPC leases with enterprise and hyperscale customers, representing more than $17 billion in contracted revenue. Key developments include the formation of the Abernathy Joint Venture in Texas, designed for 240 MW of capacity with potential expansion to 600 MW, and the execution of three ten-year Fluidstack leases at its Lake Mariner campus, backed by Google.
Despite the impressive revenue growth, TeraWulf reported a GAAP earnings per share (EPS) loss of -$1.13, which was below analyst expectations. The company's stock, however, rose 3.8% in after-hours trading, signaling investor optimism about the company's strategic direction and partnership expansions. The market's positive reaction suggests that investors are focusing on the company's operational milestones and long-term growth trajectory, rather than the slight earnings miss.
TeraWulf has also made significant strides in securing long-term financing to support its expansion. The company completed over $5 billion in long-term financing during the quarter, including funding for its Lake Mariner facility and equity investments tied to the Abernathy joint venture with Fluidstack and Google. This financial strength is reflected in the company's strong liquidity position, with $712.8 million in cash, cash equivalents, and restricted cash as of September 30, 2025. Total outstanding debt was approximately $1.5 billion, consisting primarily of Convertible Notes due 2030 and 2031.
Operationally, TeraWulf continues to build out its flagship Lake Mariner Campus in New York, which has energized 245 MW of Bitcoin-mining capacity and 22.5 MW of HPC capacity as of September 30, 2025. The company's mining capacity reached 12.8 EH/s as of Q2 2025, up 45.5% year-over-year. However, the number of self-mined Bitcoins decreased by 22% from the previous quarter to 377, impacting overall profitability. This decrease is attributed to the Bitcoin halving in April 2024 and rising network difficulty.
Looking ahead, TeraWulf is targeting 250-500 MW of new contracted HPC capacity annually, demonstrating its commitment to long-term growth in the high-performance computing sector. The company's strategic partnerships, strong financial position, and expanding infrastructure position it as a key player in the evolving landscape of digital infrastructure.
