TeraWulf posts higher revenue, wider loss in 2025 as AI, HPC pivot accelerates

Bitcoin miner TeraWulf reported higher revenue for full-year 2025, alongside a widened loss, as the company accelerated its shift toward high-performance computing (HPC) and artificial intelligence infrastructure.

The Nasdaq-listed firm said its total revenue reached $168.5 million in 2025, up 20.3% from the prior year, according to its latest earnings report released Thursday. Its 2025 figure included $16.9 million from newly launched HPC leasing operations.

The company posted a non-GAAP adjusted EBITDA loss of $23.1 million for the year, while net loss widened to $661.4 million from $72.4 million in 2024.

TeraWulf described 2025 as an "inflection point," highlighting long-term data-center lease agreements covering 522 megawatts of critical IT load and more than $12.8 billion in contracted customer revenue, supported by $6.5 billion in financing tied to its HPC platform build-out.

Meanwhile, its fourth-quarter revenue declined sequentially as bitcoin mining weakened. Digital asset revenue fell to $26.1 million in the fourth quarter from $43.4 million in the third quarter, "primarily driven by lower bitcoin production and price of bitcoin during the fourth quarter."

That decline was partly offset by growth in the company's hosting segment. HPC lease revenue rose to $9.7 million in the fourth quarter from $7.2 million in the third quarter.

AI, HPC pivot

The company's strategy increasingly centers on long-term AI and cloud compute customers anchored at its Lake Mariner campus in New York and the Abernathy HPC campus in Texas. 

"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,” said CEO Paul Prager in the earnings statement. "Our focus remains on disciplined execution, transparent capital allocation, and converting energy-advantaged infrastructure into durable, long-term cash flow."

Earlier this month, TeraWulf announced the acquisitions of brownfield infrastructure sites in Kentucky and Maryland, adding about 1.5 GW of capacity to its portfolio.

The shift mirrors a broader trend among U.S. miners seeking stable cash flows from AI infrastructure amid volatile crypto economics. MARA Holdings, for instance, reported a $1.7 billion net loss in the fourth quarter and has unveiled a joint venture with Starwood Capital Group to develop AI-focused data centers.

Shares of TeraWulf closed down 0.22% at $17.88 on Thursday, though the stock has climbed 29.66% over the past month.