Key Takeaways
- The company recorded a Q4 loss of $1.66 per share, significantly worse than the projected $0.16 loss.
- Quarterly revenue reached $35.8 million, falling short of the $44.1 million analyst forecast.
- Mining income suffered as Bitcoin plummeted from approximately $125,000 to around $60,000.
- Annual 2025 revenue climbed to $168.5 million from $140.1 million the previous year.
- The firm locked in $12.8 billion worth of AI and HPC agreements, targeting 2.8 GW expansion.
TeraWulf (WULF) delivered disappointing fourth-quarter 2025 results, with Bitcoin’s dramatic price collapse severely impacting mining operations.
The mining company disclosed a loss of $1.66 per share for the quarter. This represents a substantial deterioration from the $0.21-per-share loss recorded in the comparable 2024 period. Wall Street analysts had anticipated a much smaller $0.16-per-share loss.
Quarterly revenue registered at $35.8 million, representing a decline from the $50.6 million generated in Q3 2025. Market expectations had called for $44.1 million.
Breaking down Q4 revenue, digital assets contributed $26.1 million while high-performance computing operations added $9.7 million.
The financial picture clearly reflects the damage caused by cryptocurrency market volatility throughout the period.
Bitcoin experienced a severe downturn, sliding from approximately $125,000 in early October to roughly $60,000 by February 2026, based on TradingView data. Currently, BTC trades at $67,982 — substantially beneath the estimated mining cost of $87,310 per coin calculated by MacroMicro.
Strategic Shift Toward AI Infrastructure
TeraWulf has responded to market challenges by accelerating its transition into artificial intelligence and high-performance computing services.
The organization has locked in 522 MW through long-term IT lease agreements, representing roughly $12.8 billion in contracted revenue alongside more than $6.5 billion in secured long-term capital.
“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.
Despite Q4’s underwhelming performance, full-year 2025 revenue improved to $168.5 million compared to $140.1 million in 2024 — demonstrating positive momentum over the longer term.
CTO Nazar Khan added: “We are advancing build schedules and optimizing design to support next-generation AI workloads at scale.”
Aggressive Growth Strategy
TeraWulf intends to incorporate two additional facilities during 2026: one Kentucky location (MISO region) and another Maryland property (PJM territory).
These strategic acquisitions are projected to deliver 1.5 GW of additional capacity, effectively more than doubling the company’s existing operational infrastructure. Combined platform capacity would approach approximately 2.8 GW distributed across five distinct locations.
Management indicates these facilities can accommodate 250–500 MW of critical IT capacity per year, providing flexibility to scale alongside growing artificial intelligence requirements.
Investor sentiment remains cautious, however. WULF shares declined as market participants evaluate the challenges inherent in executing such an ambitious business transformation.
The stock decreased 0.22% at publication time, although year-to-date performance maintains a healthy gain of approximately 55.96%.
Development continues at the company’s Lake Mariner and Abernathy locations, with TeraWulf’s current market capitalization reaching $7.35 billion.
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