TeraWulf Misses Big on Q4 Earnings and Revenue

"Q4 HPC lease revenue hit $9.70 million, up 35% sequentially. Full-year 2025 revenue reached $168.46 million, up 20% year over year. The massive reported net loss of $661.42 million is largely an accounting artifact. A $429.79 million non-cash charge from changes in fair value of warrants and derivatives drove the bulk of that figure."

"A key operational metric from the quarter: $12.80 billion in total contracted long-term revenue across 522 contracted critical IT megawatts, with Google credit enhancement backing key leases."

"We enter 2026 with 522 critical IT MW of contracted HPC capacity and a gross 2.9-GW multi-regional platform designed for long-term expansion. The tone was consistent with what we flagged heading into the print: this is a company in aggressive build mode, not consolidation mode."

TeraWulf reported Q4 results with a wider-than-expected loss and revenue miss, yet shares gained 55.6% year-to-date as investors focus on the company's strategic shift toward high-performance computing infrastructure. While bitcoin mining revenue declined, HPC lease revenue grew 35% sequentially to $9.70 million. The reported $661.42 million net loss is primarily driven by non-cash accounting charges unrelated to operations. The company holds $12.80 billion in contracted long-term revenue across 522 critical IT megawatts with Google-backed leases. Management maintains a bullish outlook, emphasizing aggressive expansion with multiple capacity delivery milestones scheduled throughout 2026, positioning TeraWulf as an infrastructure-focused AI computing provider.

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