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Dec 31, 2025
Terawulf Q4 2025 Earnings Report
TeraWulf reported fourth quarter 2025 results with growing HPC lease revenue and a significant net loss driven by non-cash charges.
Key Takeaways
For Q4 2025, TeraWulf generated total revenue of 35800000, reflecting increasing HPC lease revenue contribution, while reporting a net loss of 661416000 primarily driven by operating costs and fair value adjustments.
Total Q4 revenue was 35800000, composed of 26100000 digital asset revenue and 9700000 HPC lease revenue.
HPC lease revenue increased sequentially from 7200000 in Q3 to 9700000 in Q4.
Net loss for 2025 totaled 661416000, heavily impacted by 429793000 change in fair value of warrants and derivatives.
Non-GAAP adjusted EBITDA for 2025 was -23109000.
Revenue by Segment
Forward Guidance
The company expects continued expansion of its contracted HPC platform and multi-year infrastructure development pipeline.
Positive Outlook
- 522 critical IT MW contracted under long-term agreements.
- Over 12800000000 in long-term customer contracts signed.
- More than 6500000000 in committed capital secured.
- Targeted annual delivery of 250 to 500 critical IT MW through the end of the decade.
- Platform expansion to approximately 2900000000 watts gross capacity across five sites.
Challenges Ahead
- Exposure to bitcoin price volatility impacting digital asset revenue.
- Significant non-cash fair value adjustments affecting net income.
- High capital expenditures required for infrastructure buildout.
- Dependence on permitting and construction timelines.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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