TeraWulf's third-quarter Bitcoin mining revenue decreased by 69%, while HPC leasing revenue increased by 774%

TeraWulf, a Bitcoin mining company listed on NASDAQ, announced its third-quarter financial report, revealing that its Bitcoin mining revenue dropped from $43.4 million in the same period last year to $13.2 million, a decrease of approximately 69%. During the same period, high-performance computing (HPC) leasing revenue reached $63 million, an increase of 774% compared to $7.2 million in the same period last year. Total revenue was $76.2 million, a year-on-year increase of 51%, with HPC leasing contributing 83%, compared to only 14% in the same period last year.

The company's net profit attributable to shareholders for the third quarter was $709.9 million, which included a non-cash gain of $728.4 million from the fair value changes of warrants and derivative liabilities; operating losses widened from $24.7 million in the same period last year to $88.2 million, with adjusted EBITDA at negative $12.8 million. As of the end of the quarter, the company held approximately $2.4 billion in cash, cash equivalents, and restricted cash.

TeraWulf previously signed a 20-year lease with Anthropic to provide approximately 401 megawatts of critical IT capacity for its Justified campus in Kentucky, with contract revenue of about $19 billion during the initial term. This week, the company announced it received credit backing from Google for project financing and signed an engineering, procurement, and construction agreement with Fluor Enterprises covering three data center buildings, with the first phase expected to be delivered by the end of 2027. As of September 30, its Lake Mariner campus in New York had already generated revenue from 102 megawatts of critical IT capacity, with an additional 336 megawatts under construction; the contracted power capacity at the Muskie campus in Kentucky has been increased from 500 megawatts to 1 gigawatt, pending regulatory approval.