TeraWulf (WULF) Soars: Q3 Revenue Up 87% as Bitcoin & AI Fuel Growth

TeraWulf just dropped a bombshell—87% revenue surge in Q3, and the crypto-mining play isn’t slowing down. Bitcoin’s rebound and an aggressive AI pivot are doing the heavy lifting. Wall Street’s scrambling to update its models—again.

Bitcoin’s Bullish Tailwind

WULF’s mining ops cashed in as BTC clawed back from 2024’s slump. No surprise—when Bitcoin rallies, miners print money. But this time, they’ve got a second act.

AI: The New Cash Cow

TeraWulf’s doubling down on AI infrastructure, repurposing mining rigs for GPU clusters. Smart move—turns out those energy-hungry data centers can do more than just solve SHA-256 puzzles.

The Street’s Dilemma

Analysts hate admitting crypto miners might actually be… profitable? Meanwhile, retail traders are piling in—because nothing screams 'rational market' like a 87% revenue pop on a Tuesday.

TLDR

• TeraWulf reported Q3 revenue of $50.6 million, an 87% increase from the same quarter last year
• The company mined 377 Bitcoin in Q3 compared to 555 Bitcoin in Q3 2024, but average Bitcoin prices nearly doubled to $114,390 from $61,023
• Digital asset revenue accounted for $43.4 million of total revenue, with additional income coming from new high-performance computing leases
• TeraWulf expanded partnerships with Fluidstack and Google, including a $6.7 billion lease agreement and a $3.2 billion financing plan for data center expansion
• Stock closed at $14.30 on Monday, up 3.8% for the day but down 2.5% in after-hours trading

TeraWulf posted Q3 revenue of $50.6 million, marking an 87% increase from the same period last year. The Maryland-based Bitcoin miner attributed the growth to higher Bitcoin prices and new revenue streams from AI computing services.

$WULF (TeraWulf) #earnings are out: pic.twitter.com/09ghx4NgrZ

— The Earnings Correspondent (@earnings_guy) November 10, 2025

Digital asset revenue made up $43.4 million of the total. This came despite mining fewer bitcoin than the previous year.

The company mined 377 Bitcoin in the three months ending September 30. That compares to 555 Bitcoin in Q3 2024.

TeraWulf Inc., WULF

However, Bitcoin’s average price during the quarter was $114,390. Last year’s Q3 average was just $61,023.

The price difference more than compensated for the lower mining output. TeraWulf also benefited from expanded mining capacity and new high-performance computing lease revenue.

In Q1, the company had reported a net loss. Q2 saw revenue increase 34% year-over-year to $47.6 million.

Partnerships Drive New Revenue Streams

CEO Paul Prager said the third and fourth quarters have been busy for TeraWulf. The company has been moving away from a pure Bitcoin mining focus.

TeraWulf expanded its partnership with Fluidstack and Google at its Lake Mariner facility. The company extended that relationship into the Southwest Power Pool through the Abernathy joint venture.

The miner announced a $3.2 billion senior secured notes offering in October. The funds will finance part of its data center expansion at the Lake Mariner campus in Barker, New York.

TeraWulf also signed three 10-year lease agreements with AI infrastructure provider Fluidstack. Those deals are worth $6.7 billion.

In August, TeraWulf struck a 10-year AI hosting deal with Fluidstack valued at $3.7 billion in contract revenues. Lease extensions could push that figure to $8.7 billion.

Google backed $1.8 billion of Fluidstack’s lease obligations. In exchange, Google received 41 million shares of TeraWulf common stock.

That represents about an 8% equity stake. The position makes Google the second-largest shareholder after CEO Prager, who controls 10.7% of shares.

Stock Performance and Trading Activity

TeraWulf stock initially ROSE to $14.85 on Monday during the trading session. That represented a 6% increase from the previous close of $13.94.

By the end of the session, shares settled at $14.30. That marked a 3.8% gain for the day.

After-hours trading saw shares fall 2.5%. The stock has climbed 7.6% over the past month.

Preliminary guidance issued in late October projected Q3 revenue between $48 million and $52 million. The actual figure of $50.6 million fell within that range.

The company went public through a merger with IKONICS in December 2021. At that time, it operated primarily as a Bitcoin mining company.

By late 2024, TeraWulf had started positioning itself as a builder of high-performance AI compute infrastructure. The shift reflects broader trends in the mining industry following the April 2024 halving event.

The halving cut mining rewards in half. Many miners have since moved capacity toward AI and high-power computing hosting services.

TeraWulf’s Q3 results show Bitcoin still drives a large portion of miner revenues. Other institutional investors include Stammtisch Investments, Bayshore Capital, and Revolve Capital.

Vanguard Group and BlackRock hold positions as passive index fund managers. The Q3 report showed TeraWulf made $43.4 million from digital asset revenue and additional income from high-performance computing leases during the quarter ending September 30.