BlockBeats News, February 27 — Nasdaq-listed Bitcoin mining company TeraWulf released its earnings report on Thursday. For the full year 2025, revenue reached $168.5 million, a 20.3% increase year-over-year, including $16.9 million from its newly launched HPC leasing business. Despite revenue growth, the company’s full-year net loss widened to $661.4 million, with an adjusted EBITDA loss of $23 million.
TeraWulf has defined 2025 as a “turning point year.” It has signed long-term data center leases covering 522 MW of critical IT load, with contract customer revenue exceeding $12.8 billion, and has secured $6.5 billion in financing to support its HPC platform development. In the fourth quarter, digital asset revenue declined quarter-over-quarter to $26.1 million due to decreases in Bitcoin production and price, while HPC leasing revenue increased to $9.7 million.
The company’s strategy is accelerating its focus on AI and cloud computing clients, with core deployments located in the Lake Mariner industrial park in New York and the Abernathy HPC park in Texas. Earlier this month, TeraWulf also acquired brownfield infrastructure in Kentucky and Maryland, adding approximately 1.5 GW of capacity.
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