**TeraWulf Inc.** reported a fourth-quarter 2025 adjusted loss of 28 cents per share, significantly wider than the Zacks Consensus Estimate of a loss of 13 cents, and up from a loss of 8 cents in the same quarter last year. Revenues totaled **$35.8 million**, marking a 2.3% increase year-over-year, though this figure fell short of expectations by 17.71% and decreased from **$50.6 million** in the preceding quarter due to reduced Bitcoin production and lower market prices.
In Q4, TeraWulf’s digital asset revenues were **$26.1 million**, down from **$43.4 million** in Q3, while HPC lease revenues rose to **$9.7 million**, up from **$7.2 million** quarter-over-quarter, demonstrating growth in high-performance computing capacity. By the end of 2025, the company had cash reserves of **$3.72 billion** and total assets of **$6.56 billion**, compared to cash of **$712.8 million** and total assets of **$2.45 billion** at the end of Q3 2025.
TeraWulf is planning to expand its infrastructure with acquisitions in Kentucky and Maryland, targeting an overall capacity increase to approximately **2.9 gigawatts** across five sites. The company is focused on generating between **250 to 500 megawatts** of critical IT capacity annually to meet growing AI infrastructure demand.
