TeraWulf Misses Q4 2025 Estimates as Mining Revenue Falls
TeraWulf, a publicly traded U.S. digital infrastructure firm, reported fourth-quarter results that missed analysts’ expectations as mining revenue declined amid weaker Bitcoin prices late in 2025.
The company (NASDAQ: WULF) released full-year 2025 earnings on Thursday, posting a fourth-quarter loss of $1.66 per share, compared with a loss of $0.21 per share in the prior-year period. Analysts polled by Yahoo Finance had forecast a $0.16 loss per share.
Revenue for the quarter ended Dec. 31 was $35.8 million, comprised of $26.1 million from digital assets and $9.7 million from high-performance computing (HPC), down from $50.6 million in the third quarter. The average analyst estimate was $44.1 million.
For the full year, revenue increased to $168.5 million in 2025 from $140.1 million in 2024. The company said it expects additional growth in 2026 supported by $12.8 billion in signed AI and HPC contracts. “We are advancing build schedules and optimizing design to support next‑generation AI workloads at scale,” said chief technology officer Nazar Khan.
TeraWulf to more than double capacity with Kentucky and Maryland developments
TeraWulf plans to expand its infrastructure in 2026 through the acquisition of a site in Kentucky (MISO) and a planned acquisition in Maryland (PJM).
The company expects these additions to contribute 1.5 gigawatts (GW) to its platform, more than doubling its current capacity and bringing total owned platform capacity to approximately 2.8 GW across five locations.
Together, the sites establish a multi-year development pipeline capable of supporting 250–500 megawatts (MW) of critical IT capacity annually, enabling TeraWulf to scale with AI demand while maintaining disciplined capital deployment and credit-backed contracts, the company said. “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,” CEO Paul Prager said.
Bitcoin mining operators have faced headwinds as the cryptocurrency’s price fell from about $125,000 in early October to near $60,000 by February 2026, according to TradingView.
At $67,982 at the time of publication, Bitcoin traded well below the estimated average cost to mine one coin, $87,310, according to MacroMicro. The decline has intensified pressure on miners to shift toward AI and HPC, accelerating a broader move into data center operations.
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