Catenaa, Thursday, March 05, 2026- TeraWulf reported higher full-year revenue in 2025 as it accelerated a shift toward artificial intelligence and high-performance computing infrastructure, even as losses expanded sharply.
The Nasdaq-listed miner said revenue rose 20.3 percent to $168.5 million, including $16.9 million from new HPC leasing operations.
Net loss widened to $661.4 million from $72.4 million a year earlier, while adjusted EBITDA showed a loss of $23.1 million.
Fourth-quarter digital asset revenue declined to $26.1 million from $43.4 million in the prior quarter, reflecting lower bitcoin production and weaker prices.
Growth in hosting operations partially offset the drop, with HPC lease revenue rising to $9.7 million.
The company has increasingly focused on long-term AI and cloud computing clients tied to its Lake Mariner campus in New York and Abernathy HPC campus in Texas.
It reported 522 megawatts of contracted HPC capacity supported by $6.5 billion in financing.
Recent acquisitions of infrastructure sites in Kentucky and Maryland added about 1.5 gigawatts of potential capacity.
The strategy aligns with a broader shift among miners seeking steadier income streams from AI infrastructure amid volatile crypto markets.
MARA Holdings recently announced a joint venture with Starwood Capital Group to develop AI-focused data centers.
Shares of TeraWulf closed slightly lower on Thursday but have gained nearly 30 percent over the past month.
