TeraWulf (WULF) missed its fourth-quarter 2025 earnings estimates as falling Bitcoin prices pushed mining revenue sharply lower.
$WULF (TeraWulf) #earnings are out: pic.twitter.com/89X0KT3LKS
— The Earnings Correspondent (@earnings_guy) February 26, 2026
The company reported a Q4 loss of $1.66 per share. That compares to a loss of $0.21 per share in the same quarter a year ago. Analysts had expected a loss of $0.16 per share.
Q4 revenue totalled $35.8 million, down from $50.6 million in Q3 2025. The analyst consensus had been $44.1 million.
Of that Q4 revenue, $26.1 million came from digital assets and $9.7 million from high-performance computing (HPC).
The numbers tell a clear story: Bitcoin’s price decline through late 2025 hit miners hard.
Bitcoin fell from around $125,000 in early October to near $60,000 by February 2026, according to TradingView. At the time of publication, BTC was trading at $67,982 — well below the estimated average cost to mine one coin, put at $87,310 by MacroMicro.
TeraWulf isn’t sitting still. The company has been aggressively shifting toward AI infrastructure and HPC leasing.
It has secured 522 MW of long-term IT leases, backing approximately $12.8 billion in contracted revenue and more than $6.5 billion in long-term financing.
“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.
For the full year 2025, revenue rose to $168.5 million from $140.1 million in 2024 — a positive trend even as Q4 disappointed.
CTO Nazar Khan added: “We are advancing build schedules and optimizing design to support next-generation AI workloads at scale.”
TeraWulf plans to add a site in Kentucky (MISO) and a site in Maryland (PJM) to its platform in 2026.
The two acquisitions are expected to add 1.5 GW of capacity, more than doubling what the company currently operates. Total owned platform capacity would reach approximately 2.8 GW across five sites.
The company says those sites support 250–500 MW of critical IT capacity annually, scaling alongside AI demand.
The market, though, isn’t fully convinced yet. WULF stock fell as investors weighed the execution risks of such a large-scale transformation.
The stock is down 0.22% at the time of writing, though its year-to-date performance still sits at a gain of roughly 55.96%.
Construction is progressing at TeraWulf’s Lake Mariner and Abernathy sites, with the company’s current market cap standing at $7.35 billion.
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