TLDR
- TeraWulf posted Q3 revenue of $50.6 million, marking an 87% increase from Q3 2024
- Bitcoin’s average price climbed to $114,390 from $61,023 year-over-year, offsetting lower mining output of 377 Bitcoin versus 555
- Digital asset operations generated $43.4 million while new AI computing leases added revenue
- Company finalized $6.7 billion in Fluidstack lease agreements and $3.2 billion financing for data center growth
- WULF shares ended Monday at $14.30, up 3.8% for the session before declining 2.5% after hours
TeraWulf reported third-quarter revenue of $50.6 million, representing an 87% increase from the same period in 2024. The Easton, Maryland-based Bitcoin miner attributed the growth to rising Bitcoin valuations and emerging AI infrastructure revenue.
Digital assets produced $43.4 million of total revenue. The figure came despite reduced Bitcoin production compared to last year.
TeraWulf mined 377 Bitcoin during the three months ending September 30. The company produced 555 Bitcoin in Q3 2024.
However, Bitcoin’s quarterly average price reached $114,390. Last year’s Q3 average stood at $61,023.
The price differential compensated for lower output. Expanded mining capacity and high-performance computing leases contributed additional revenue.
First-quarter results showed a net loss. Second-quarter revenue increased 34% year-over-year to $47.6 million.
Strategic Shift Toward AI Infrastructure
CEO Paul Prager characterized recent quarters as exceptionally active for TeraWulf. The company has been transitioning away from exclusive Bitcoin mining focus.
TeraWulf broadened its collaboration with Fluidstack and Google at its Lake Mariner location. The partnership extended into the Southwest Power Pool through the Abernathy joint venture.
October saw the company announce a $3.2 billion senior secured notes offering. The capital will finance part of its data center build-out at Lake Mariner in Barker, New York.
Three 10-year lease agreements with AI infrastructure provider Fluidstack total $6.7 billion. An August announcement detailed a separate 10-year AI hosting arrangement with Fluidstack valued at $3.7 billion in contract revenues, with potential expansion to $8.7 billion through extensions.
Google agreed to guarantee $1.8 billion of Fluidstack’s lease commitments. TeraWulf issued 41 million shares to Google, giving the tech giant approximately 8% ownership.
Google now ranks as the second-largest shareholder after CEO Prager, who controls 10.7% of shares. Stammtisch Investments, Bayshore Capital, and Revolve Capital comprise other institutional investors.
Trading Activity and Market Response
Monday’s trading saw WULF shares peak at $14.85, reflecting a 6% increase from Friday’s close of $13.94. The stock finished regular trading at $14.30, representing a 3.8% gain.
After-hours activity pushed shares down 2.5%. The stock has advanced 7.6% over the trailing 30 days.
Preliminary guidance issued in late October forecast Q3 revenue between $48 million and $52 million. Actual results of $50.6 million met projections.
The company completed its public listing through an IKONICS merger in December 2021. Initial operations focused primarily on Bitcoin mining.
By late 2024, TeraWulf began positioning itself as a builder of high-performance AI compute infrastructure. The evolution mirrors broader sector trends following the April 2024 halving event.
The halving reduced mining rewards by 50%. Multiple miners have reallocated capacity toward AI and high-power computing hosting services.
Q3 results indicate Bitcoin continues driving substantial portions of miner revenue streams. TeraWulf generated $43.4 million from digital assets and supplementary high-performance computing lease income during the September 30 quarter.
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