‍TeraWulf Reports $168.5M Revenue in 2025, Pivots to HPC Amid Net Loss

TeraWulf has announced its 2025 fiscal year results, revealing a 20.3% revenue increase to $168.5 million. This growth occurred alongside a significant expansion of net losses, reaching $661.4 million. The company is actively shifting its infrastructure towards high-performance computing (HPC) and artificial intelligence workloads.

The HPC leasing business contributed $16.9 million to revenue, with TeraWulf securing long-term leases for 522 MW of IT load and amassing over $12.8 billion in contracted revenue. Despite these strategic moves and substantial financing secured for its HPC platform, the company reported a non-GAAP adjusted EBITDA loss of $23.1 million, underscoring the high capital expenditures involved in this business transition.

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