TeraWulf Inc. reported a total revenue of $168.5 million for the fiscal year ending December 31, 2025, marking a 20.4% increase from $140.1 million in 2024. The revenue growth was primarily driven by digital asset revenue, which rose to $151.6 million from $140.1 million, attributed to an increase in the average price of bitcoin, which reached $101,658 compared to $65,824 in the previous year. However, the total bitcoin mined decreased to 1,496 from 2,177 due to the halving event in April 2024 and an increase in network hashrate. Additionally, TeraWulf generated $16.9 million in HPC lease revenue after commencing its HPC leasing operations in July 2025.
The company's operational focus has shifted significantly towards high-performance computing (HPC) hosting, with a strategic transition away from bitcoin mining. This shift is reflected in the acquisition of Beowulf Electricity & Data LLC in May 2025, which expanded TeraWulf's capabilities in power infrastructure development and operations. The acquisition added approximately 94 employees to the company and was valued at $54.6 million, including cash and stock considerations. TeraWulf also entered into long-term lease agreements for its Lake Mariner Data Campus and the Abernathy HPC Campus, which is expected to support 168 MW of critical IT load, fully pre-leased to Fluidstack USA III.
As of December 31, 2025, TeraWulf operated 245 MW of bitcoin mining capacity and had energized 18 MW of HPC capacity at its Lake Mariner Data Campus. The company is positioned for future growth, targeting the contraction of 250 MW to 500 MW of new critical IT HPC capacity annually, contingent on customer demand and power availability. TeraWulf's employee headcount stood at 141, with all employees based in the United States. The company also reported a significant increase in total assets, which rose to $6.56 billion from $787.5 million in 2024, largely due to the financing of its HPC infrastructure.
Despite the revenue growth, TeraWulf reported a net loss of $661.4 million for 2025, compared to a loss of $72.4 million in 2024. This increase in losses was attributed to higher operating expenses, including a significant rise in selling, general, and administrative expenses, which totaled $147.8 million, up from $70.6 million in the previous year. The company also faced increased interest expenses, totaling $80.2 million, primarily due to the issuance of long-term debt and convertible notes. Looking ahead, TeraWulf anticipates that its future performance will increasingly depend on the successful development and operation of its HPC data center platform, with a continued focus on long-term lease agreements and disciplined capital allocation.
About TERAWULF INC.
TeraWulf Inc. develops and operates sustainable digital infrastructure, including high-performance data centers for bitcoin mining and HPC workloads. Powered predominantly by zero-carbon energy sources, the company leverages scalable, proprietary facilities to provide energy-efficient mining and colocation services. Its focus on renewable energy, operational control, and expanding high-capacity infrastructure positions it as a leader in environmentally responsible blockchain and AI compute markets.
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