| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 50.58 | 6.2% | 86.9% |
| Total Income | 50.58 | 6.2% | 86.9% |
| Expenditure | 75.25 | 19.0% | 75.9% |
| PBT | -455.05 | 2377.1% | 2169.6% |
| Net Profit | -455.05 | 2377.1% | 1902.0% |
| OPM | -48.78% | 16.05pp | 9.28pp |
| NPM | — | ||
| EPS | -1.13 | 2160.0% | 1783.3% |
TeraWulf Reports Q3 2025 Revenue of $50.6 Million, Up 87% Y-o-Y
04 May 2026 · 4 May, 7:29 am
Summary
TeraWulf reported an 87% year-over-year increase in revenue for Q3 2025, reaching $50.6 million, driven by higher bitcoin prices, expanded mining capacity, and the commencement of HPC lease revenue. The company executed significant long-term HPC leases and secured substantial financing to support its growth. TeraWulf reaffirmed its target of 250–500 MW of new HPC lease signings annually. Management highlighted the strength of their platform and the trust that world-class technology partners place in their ability to execute.
Key Highlights
- 1
TeraWulf's Q3 2025 revenue increased by 87% year-over-year to $50.6 million.
- 2
The company commenced HPC lease revenue, contributing $7.2 million to the total revenue in Q3 2025.
- 3
TeraWulf executed three ten-year Fluidstack leases at Lake Mariner, totaling approximately $6.7 billion in contracted lease payments.
- 4
The company formed the Abernathy JV with Fluidstack and Google to develop 240 MW of HPC capacity, with potential expansion to 600 MW.
- 5
TeraWulf completed over $5 billion of long-term financings to fund Lake Mariner and provide equity for the Abernathy JV.
- 6
As of September 30, 2025, TeraWulf held $712.8 million in cash, cash equivalents, and restricted cash.
Management Comments
Paul Prager
The third quarter into the fourth has been remarkably busy for TeraWulf. We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture. These transactions demonstrate the strength of our platform and the trust that world-class technology partners place in our ability to execute. Our portfolio of scalable, low-carbon sites provides a powerful foundation to continue expanding in both existing and new markets. We are squarely focused on execution while advancing the next phase of growth for 2027 and beyond. The Cayuga lease, the expansion optionality embedded in Abernathy, and our in-house pipeline, where several projects are approaching realization, all underscore the depth of our opportunity set and the durability of our long-term strategy.
Sean Farrell
At Lake Mariner, execution remains our top priority. We delivered WULF Den and CB-1 in the third quarter, with CB-2 nearing completion. Construction at Akela continues to progress rapidly as we move through key HPC delivery milestones. Across the portfolio, our focus is on achieving efficient, de-risked execution for our tenants and building the reliability that defines our operating advantage.
Patrick Fleury
Over the past several months, we have completed more than $5 billion in capital formation, underscoring investor confidence in our business model and growth trajectory. The success of our recent secured note offering provides a blueprint for how we intend to fund and scale our platform going forward. We remain committed to disciplined capital allocation and creating long-term value for our shareholders.
Informational and educational content only. Not investment advice.