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Sep 30, 2025
Terawulf Q3 2025 Earnings Report
TeraWulf reported a net loss in Q3 2025 despite strong revenue growth and major HPC expansion deals.
Key Takeaways
TeraWulf delivered solid revenue growth in Q3 2025, driven by expanded bitcoin mining and new HPC lease income. Despite significant financing activity and infrastructure growth, the company reported a substantial net loss primarily due to large warrant and derivative revaluation charges.
Revenue reached $50.6M, including first-time HPC lease revenue.
Net loss totaled $455.1M, largely driven by a $424.6M change in warrant and derivative liabilities.
Secured over $17B in long-term HPC contracts backed by Google.
Closed more than $5B in financing to support expansion and liquidity.
Revenue by Segment
Forward Guidance
TeraWulf reaffirmed its annual HPC lease signings target of 250–500 MW and is focusing on expanding infrastructure with strategic partners.
Positive Outlook
- Signed 520+ MW in long-term HPC leases with enterprise and hyperscale customers.
- Executed three 10-year Fluidstack leases totaling $6.7B backed by Google.
- Formed Abernathy JV with Google for 240–600 MW campus expansion.
- Closed $3.2B senior secured notes to fund buildout and liquidity.
- Signed 80-year Cayuga lease for future HPC deployment starting in 2027.
Challenges Ahead
- Net loss driven by $424.6M change in warrant and derivative liabilities.
- Operating loss increased YoY due to higher SG&A and depreciation.
- No free cash flow reported despite increased cash reserves.
- Cost of revenue increased due to higher power usage and infrastructure.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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