Bitcoin miner and data center operator TeraWulf reported revenue of $50.6 million on Monday, representing an 87% increase compared to the same period last year.
Easton, Maryland-based TeraWulf attributes its profits to rising Bitcoin prices, expanding mining capacity and the start of high-performance computing lease revenues.
“The third and fourth quarters have been extremely busy for TeraWulf,” TeraWulf CEO Paul Prager said in a statement, highlighting the company’s growing partnerships with Fluidstack and Google. “These deals demonstrate the strength of our platform and the confidence our world-class technology partners have in our ability to execute.”
He added: “We remain fully focused on execution as we advance our next phase of growth into 2027 and beyond.”
Terrawolf, which trades on the Nasdaq under the ticker WULF, fell 2.5% in after-hours trading on Monday. Wolf closed the day at $14.30, up 3.8%. The company’s stock price has increased by 7.6% over the past month.
According to preliminary guidance released by Terrawolf in late October, the company is expected to report revenue of $48 million to $52 million in the third quarter, representing an increase of approximately 84% compared to the $27 million reported in the third quarter of 2024.
TeraWulf went public in December 2021 through a merger with IKONICS. Back then, it was a simpler Bitcoin mining play. By late 2024, the company has begun positioning itself to build a “high-performance AI computing infrastructure.”
In August, Terawulf announced that it had signed a 10-year AI hosting agreement with Fluidstack. The deal is worth $3.7 billion in contract revenue, which could more than double to $8.7 billion with the lease extension.
As part of the deal, Google agreed to backstop $1.8 billion worth of the AI company’s lease obligations. In return, the Silicon Valley giant received 41 million shares of TeraWulf common stock, representing a preliminary equity ownership of approximately 8%.
“This is exactly the evolution we outlined: converting a favorable infrastructure position into contracted megawatts with investment-grade accounts and doing it at a strategic scale,” Prager said of the deal at the time.
The deal gives Google the second largest stake in the company after Mr. Prager himself, who controls 10.7% of the company. Other institutional investors in the company include Stamtisch Investments, Bayshore Capital, and Revolve Capital. Vanguard Group and BlackRock also hold large positions, but as passive index fund managers. These companies hold positions in nearly every U.S. public company.
