TERAWULF (WULF) Company Report

TeraWulf reported Q4 2025 revenue of $35.8 million and full-year 2025 revenue of $168.5 million, reflecting a strategic shift as High-Performance Computing (HPC) lease revenue increased 35% quarter-over-quarter to $9.7 million in Q4 2025, with an adjusted HPC segment profit margin of approximately 77% for 2025.
In the second half of 2025, the company secured over $12.8 billion in HPC lease agreements and executed $6.5 billion in debt and equity-linked financing to support its AI infrastructure platform expansion.
Key strategic developments included acquiring 100% of Beowulf Electricity & Data, securing up to 400 MW at Cayuga, signing a 450 MW lease with Fluidstack (backed by Google's credit), and adding approximately 1.5 GW of power-backed capacity in Kentucky and Maryland.
TeraWulf targets 250-500 megawatts of contracted capacity annually through the end of the decade, with the Kentucky site aiming for 480 MW online in the second half of 2027, and design optimizations for CB4 and CB5 expected to generate an additional $200 million in lease revenue.

1 day ago

Transcript

TeraWulf Reports Q4 2025 Results, Highlights Transition to AI Infrastructure and Significant Lease Agreements

WULF

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

TeraWulf is transitioning into a scaled, power-backed AI infrastructure platform, moving away from volatile Bitcoin mining revenue towards stable, contracted HPC revenue.
In the second half of 2025, the company secured over $12.8 billion of HPC lease agreements and executed $6.5 billion of debt and equity-linked financing.
For Q4 2025, total revenue was $35.8 million, with HPC lease revenue increasing 35% to $9.7 million from $7.2 million in Q3 2025. Full-year 2025 revenue increased 20% to $168.5 million.
The company added approximately 1.5 GW of additional power-backed capacity in Kentucky and Maryland since year-end, with key buildings like CB two A operational and CB two B expected online in March.

1 day ago

Transcript

TeraWulf Reports Q4 and Full-Year 2025 Results, Highlights Capacity Expansion

WULF

Earnings

New Projects/Investments

Debt Issuance

TeraWulf reported Q4 2025 revenue of $35.8 million and an Adjusted EBITDA of $(51.1) million, with full-year 2025 total revenue of $168,455 thousand and a net loss of $(661,416) thousand.
The company significantly scaled its platform, securing 522 MW of critical IT leased capacity, including 366 MW Fluidstack leases at Lake Mariner and 168 MW at Abernathy JV, projecting approximately $13 billion in contracted revenue and $815 million in average annualized NOI.
As of December 31, 2025, TeraWulf reported $3.7 billion in cash, cash equivalents, and restricted cash, with a net debt of $2.0 billion.
Looking ahead, TeraWulf aims for +250-500 MW of annual deployment through 2030 and plans to secure +250-500 MW new critical IT in 2026.

1 day ago

Presentation

TeraWulf Reports Q4 and Full-Year 2025 Results, Highlights AI Infrastructure Transition

WULF

Earnings

New Projects/Investments

Guidance Update

TeraWulf reported Q4 2025 revenue of $35.8 million, with HPC lease revenue increasing 35% to $9.7 million. Full-year 2025 revenue reached $168.5 million, but the company recorded a GAAP net loss of $661.4 million and non-GAAP adjusted EBITDA of negative $23.1 million, largely due to non-cash adjustments and investments in HPC.
The company is undergoing a strategic transition from Bitcoin mining to a power-backed AI infrastructure platform, marked by key 2025 achievements including the acquisition of Beowulf Electricity & Data and securing a 450 MW lease with Fluidstack, backed by Google's credit.
Since year-end 2025, TeraWulf has added approximately 1.5 GW of additional power-backed capacity in Kentucky and Maryland, with 480 MW targeted to be online in Kentucky by the second half of 2027.
TeraWulf is guiding for 250-500 megawatts of contracted capacity annually through the end of the decade, with major projects like WolfCompute and Abernathy fully funded, and no anticipated need for additional equity for currently contracted development.

1 day ago

Transcript

TeraWulf Reports Q4 and Full Year 2025 Results

WULF

Earnings

New Projects/Investments

Debt Issuance

TeraWulf reported $168.5 million in revenue and a Non-GAAP adjusted EBITDA of $(23.1) million for the full year ended December 31, 2025.
The company secured 522 critical IT MW in long-term data center lease agreements, representing over $12.8 billion in contracted revenue, and completed $6.5 billion in long-term financings during 2025.
Strategic developments in 2025 included securing lease commitments at Lake Mariner for 60 critical IT MW with Core42 and 380 critical IT MW with Fluidstack, and forming the Abernathy HPC Campus joint venture for 168 critical IT MW.
As of December 31, 2025, TeraWulf held $3,722.8 million in cash, cash equivalents, and restricted cash. Net debt as of January 31, 2026, was $2.0 billion.
TeraWulf enters 2026 with 522 critical IT MW of contracted HPC capacity and a multi-year development pipeline targeting 250-500 critical IT MW annually through the end of the decade, increasing total platform capacity to approximately 2.9 GW gross across five sites.

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8-K

TeraWulf expands digital and power infrastructure with strategic acquisitions in Kentucky and Maryland

WULF

New Projects/Investments

M&A

TeraWulf Inc. announced the acquisition of two brownfield infrastructure sites in Hawesville, Kentucky, and Charles County, Maryland, adding approximately 1.5 gigawatts (GW) of capacity to its digital and power infrastructure portfolio.
The Hawesville, Kentucky site, acquired on February 2, 2026, provides 480 MW of existing power availability with potential for further expansion.
The Morgantown Generating Station in Maryland, which has 210 MW of operational capacity and can expand to 1 GW, is subject to regulatory approvals for its acquisition.
These acquisitions increase TeraWulf's total infrastructure portfolio to approximately 2.8 GW across five sites, supporting a disciplined growth strategy targeting 250 to 500 MW of new contracted capacity annually.

Feb 2, 2026, 9:10 PM

8-K

TeraWulf expands digital and power infrastructure portfolio with strategic acquisitions

WULF

M&A

New Projects/Investments

TeraWulf Inc. (Nasdaq: WULF) has expanded its digital and power infrastructure portfolio through the acquisition of two brownfield infrastructure sites in Hawesville, Kentucky, and Charles County, Maryland.
These acquisitions add approximately 1.5 gigawatts (GW) of capacity, increasing TeraWulf's total platform to 2.8 GW across five sites.
The Kentucky site provides 480 MW of existing power availability with potential for further expansion, while the Maryland site, Morgantown Generating Station, currently has 210 MW of operational generation capacity and can expand to 1 GW.
This expansion supports TeraWulf's disciplined growth strategy, targeting 250 to 500 MW of new contracted capacity annually.

Feb 2, 2026, 9:05 PM

Press Release

TeraWulf's Subsidiary, Flash Compute, Completes $1.3 Billion Senior Secured Notes Offering

WULF

Debt Issuance

New Projects/Investments

On December 29, 2025, TeraWulf Inc.'s subsidiary, Flash Compute LLC, completed a private offering of $1.3 billion in 7.250% Senior Secured Notes due 2030.
The net proceeds from this offering are intended to finance a portion of the construction of the Abernathy HPC Campus in Texas, fund debt reserves, and provide $75 million in cash collateral.
The notes will mature on December 31, 2030, and bear an annual interest rate of 7.250%, payable semi-annually.
Principal amortization will occur semi-annually, but no amortization is payable prior to the completion of the Abernathy HPC Campus.
JV Partners Holdco, which is 50.1% owned by a TeraWulf subsidiary, provides a capped completion guarantee of up to $100 million for the Abernathy HPC Campus construction, which is separate from the notes.

Dec 29, 2025, 9:05 PM

8-K

TeraWulf Announces Successful Project Financing for 168 MW HPC Joint Venture

WULF

Debt Issuance

New Projects/Investments

Guidance Update

TeraWulf Inc. announced the successful pricing of project-level financing for its 168 MW high-performance computing (HPC) joint venture at the Abernathy, Texas campus.
The financing supports the development of a liquid-cooled AI data center delivering up to 240 MW of gross power capacity (168 MW critical IT load), with commissioning expected in the second half of 2026.
The project's credit profile is materially strengthened by long-term credit enhancement provided by a leading global hyperscale partner through Fluidstack's platform.
TeraWulf expects to deploy an incremental 250 MW – 500 MW of HPC capacity annually and has already secured more than 500 MW to date.

Dec 18, 2025, 10:17 PM

Press Release

TeraWulf Reports Transformational Q3 2025 with Major HPC Contracts, Financing, and Increased Growth Targets

WULF

Debt Issuance

New Projects/Investments

Guidance Update

TeraWulf signed a 10-year agreement with FluidStack, backed by Google, for approximately 360 megawatts of IT load at its Lake Mariner campus, projected to generate average annual revenue of about $670 million and net operating income exceeding $565 million.
The company secured $3.2 billion in senior secured financing for the Lake Mariner HPC buildout and, in October, closed over $4.2 billion in capital markets transactions, resulting in pro forma liquidity exceeding $1 billion.
TeraWulf announced a joint venture with FluidStack and Google to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new HPC capacity with expansion potential up to 600 megawatts, replicating the credit-enhanced structure.
The annual target for new HPC signings has been increased from 100-150 megawatts to 250-500 megawatts per year.
For Q3 2025, TeraWulf reported a GAAP net loss of $455 million, primarily due to a $424.6 million loss from the change in fair value of warrant and derivative liabilities, while non-GAAP adjusted EBITDA improved 25% quarter over quarter to $18.1 million.