TeraWulf, a US-listed digital infrastructure firm, reported a fourth-quarter 2025 loss of $1.66 per share, significantly below analysts’ expectations of a $0.16 loss. Quarterly revenue totaled $35.8 million, including $26.1 million from digital asset mining and $9.7 million from high-performance computing (HPC), down from $50.6 million in Q3. The decline reflects the sharp fall in Bitcoin prices from roughly $125,000 in October 2025 to near $60,000 by February 2026, which pushed mining costs above market prices and pressured margins for mining operators.
Despite Q4 headwinds, TeraWulf reported full-year revenue growth from $140.1 million in 2024 to $168.5 million in 2025. The company has signed $12.8 billion in AI and HPC contracts, positioning it for substantial expansion in 2026. CTO Nazar Khan highlighted ongoing infrastructure optimization to support next-generation AI workloads, emphasizing scalability and efficiency. The shift toward HPC and AI workloads reflects broader industry trends as cryptocurrency miners diversify amid volatile digital asset markets.
TeraWulf plans to more than double its capacity with acquisitions in Kentucky and Maryland, adding 1.5 gigawatts (GW) to its platform and raising total capacity to approximately 2.8 GW across five sites. CEO Paul Prager noted that the multi-regional platform is designed to support 250-500 megawatts (MW) of critical IT capacity annually, ensuring growth alongside AI demand while maintaining disciplined capital deployment and credit-backed contracts. The company’s pivot highlights the intersection of crypto mining and digital infrastructure, with AI and HPC offering potential revenue diversification beyond the volatile cryptocurrency sector.
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