TeraWulf’s Q3 earnings (NASDAQ: WULF) dropped on Monday, with TeraWulf reporting a quarterly revenue increase of 87% year over year to $50.6 million, driven by higher bitcoin output, increased mining capacity, and the company’s first reported revenue for its AI business line.
In Q3, TeraWulf pulled in $43.38 million from bitcoin mining and $7.2 million from its AI infrastructure service line. The comapny’s cost of revenue, excluding depreciation, rose 17% to $17.1 million. The company ended the quarter with $712.8 million in cash, cash equivalents, and restricted cash.
TeraWulf reported completing more than $5 billion in long-term financing during the quarter, including funding for its Lake Mariner campus and equity for the Abernathy joint venture with Fluidstack and Google. TeraWulf’s total outstanding debt stood at about $1.5 billion, consisting mainly of convertible notes due 2030 and 2031.
At its flagship Lake Mariner campus in Barker, New York, TeraWulf said it operates 245 megawatts (MW) of bitcoin-mining capacity and 22.5 MW of HPC capacity. Through subsidiaries La Lupa Data LLC and Akela Data LLC, the company manages more than 520 MW of long-term HPC leases. La Lupa’s Core42 leases will deliver 72.5 MW of GPU-optimized capacity, backed by $1.1 billion in contracted revenue.
During the quarter, TeraWulf executed three 10-year Fluidstack leases at Lake Mariner totaling approximately $6.7 billion in contracted lease payments, supported by a $3.2 billion Google credit enhancement. The company also formed the Abernathy joint venture in Texas to develop 240 MW of HPC capacity, with potential expansion to 600 MW, under a 25-year lease backed by $1.3 billion in Google credit support.
TeraWulf signed an 80-year lease for a future HPC campus in Lansing, New York, expected to begin deployment in 2027. It also secured a 51% ownership interest in a proposed 200 MW Fluidstack-led project.
Chief Executive Officer Paul Prager said in a statement that TeraWulf expanded its partnerships with Fluidstack and Google while preparing for the next phase of growth through 2027. Chief Operating Officer Sean Farrell said construction at the company’s Lake Mariner and Akela sites continues to progress toward key delivery milestones.
Regarding TeraWulf’s future AI data center sites, CEO Paul Prager said during TeraWulf’s Q3 earnings call that he”would not be surprised if by the end of the year [the company] announces one or two new sites.”
Chief Financial Officer Patrick Fleury said the company’s $5 billion in capital formation provides a blueprint for funding and scaling its platform.
TeraWulf reaffirmed its goal of adding 250 to 500 MW of new HPC lease signings annually, citing a growing customer base and accelerating demand for low-cost, low-carbon computing capacity.
TeraWulf is up 2.6% on the day at the time of publication.
