TeraWulf Inc. reported fourth‑quarter 2025 revenue of $35.8 million, down 18% from $43.5 million in the prior quarter and below the consensus estimate of $43.6 million. The company posted a net loss of $1.66 per share, a widening miss of $1.53 per share against an estimated loss of $0.13. The full‑year 2025 revenue of $168.5 million represents a 20.3% increase from $140.5 million in 2024, but the company still recorded a net loss of $1.66 per share for the year.
The revenue shortfall was driven primarily by a sharp decline in Bitcoin‑mining income. Lower Bitcoin prices in late 2025 and reduced production volumes cut mining revenue, while the company’s transition to high‑performance computing (HPC) leasing has not yet generated sufficient top‑line growth to offset the loss. The company’s management noted that the mining segment is being phased out to free capital for the HPC platform.
Segment data show that HPC leasing contributed $12.8 billion in contracted revenue for the year, a backlog that provides long‑term visibility. Digital‑asset revenue, largely from Bitcoin mining, fell by 35% sequentially, reflecting the market downturn. The company’s operating expenses rose sharply as it invested in new HPC infrastructure and hired additional staff to support the growing demand.
In a statement, TeraWulf’s leadership emphasized the strategic pivot: “We view 2025 as a turning point, with a $12.8 billion backlog that positions us for sustained growth as we scale our HPC platform.” The company also highlighted that it has secured $6.5 billion in financing to support the expansion.
Investors reacted negatively to the earnings miss, citing the wider-than‑expected loss per share and the decline in mining revenue. The market’s response underscores concerns about the company’s current profitability and the execution risks associated with its transition to HPC, despite the strong backlog and financing in place.
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