TeraWulf reported FY 2025 revenue of USD 168.5 million, including digital asset revenue of USD 151.6 million and HPC lease revenue of USD 16.9 million. The company posted a FY 2025 net loss of USD 661.4 million and non-GAAP adjusted EBITDA of USD -23.1 million, and ended the year with cash, cash equivalents and restricted cash of USD 3.7 billion. In Q4 2025, TeraWulf recorded digital asset revenue of USD 26.1 million and HPC lease revenue of USD 9.7 million. For business updates, TeraWulf said it executed long-term data center lease agreements totaling 522 critical IT MW, representing over USD 12.8 billion of contracted revenue, and completed USD 6.5 billion of long-term financings to support buildout. At its Lake Mariner campus, it reported 39 critical IT MW of HPC capacity online and provided construction milestones for additional buildings, including CB2B expected in March 2026, CB3 energization expected mid-May 2026, CB4 expected Q3 2026, and CB5 expected Q4 2026. The company also highlighted its Abernathy HPC campus joint venture in Texas, designed to support 168 critical IT MW under a 25-year lease, with delivery targeted for the second half of 2026.

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