TeraWulf, a publicly listed US digital infrastructure company, missed fourth-quarter earnings estimates as its mining revenue dropped amid falling Bitcoin prices in late 2025.
TeraWulf (WULF) released 2025 earnings on Thursday, reporting a fourth-quarter loss of $1.66 per share, compared with a loss of $0.21 per share a year earlier. Analysts surveyed by Yahoo Finance had expected a $0.16 loss.
Revenue for the quarter ended Dec. 31 totaled $35.8 million, including $26.1 million from digital assets and $9.7 million from high-performance computing (HPC), down from $50.6 million in the third quarter. Analysts had expected an average of $44.1 million.
For the full year, Terawulf’s revenue rose from $140.1 million in 2024 to $168.5 million in 2025 and expects further growth in 2026, backed by $12.8 billion in signed AI and HPC contracts.
“We are advancing build schedules and optimizing design to support next‑generation AI workloads at scale,” TeraWulf’s chief technology officer Nazar Khan said.
TeraWulf plans to double total capacity with Kentucky and Maryland sites
TeraWulf plans to expand its infrastructure in 2026 with the acquisition of a site in Kentucky (MISO) and a planned acquisition in Maryland (PJM).
The company expects these acquisitions to add 1.5 gigawatts (GW) to its platform, more than doubling its current capacity and bringing total owned platform capacity to about 2.8 GW across five sites.
Together, the sites form a multi-year development path capable of supporting 250-500 megawatts (MW) of critical IT capacity annually, allowing TeraWulf to scale with growing AI demand while maintaining disciplined capital deployment and credit-backed contracts, the company said.
“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.
Related: Bitcoin miner MARA posts $1.7B quarterly loss on BTC slump
Bitcoin mining companies have struggled as the cryptocurrency’s price fell from about $125,000 in early October to near $60,000 by February 2026, according to TradingView.
At $67,982 at the time of publication, Bitcoin was trading well below the estimated average cost to mine one coin, $87,310, according to MacroMicro.
The decline has intensified pressure on miners to pivot into AI and HPC, fueling a broader rush into data center operations.
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