TeraWulf reported third-quarter revenue of $76.23 million, up 50.7% from a year earlier, as high-performance computing (HPC) leases became its largest sales stream and digital-asset receipts declined year over year.
HPC leases generated $62.99 million, up from $7.2 million a year earlier, and accounted for about 83% of total sales. Revenue from digital assets was $13.24 million, down 69.5% from a year earlier. The figures place leases ahead of Bitcoin (BTC) mining and other digital assets in TeraWulf’s revenue mix, with overall revenue rising as the digital-asset business contracted.
Net income was about $710 million, compared with a $455 million loss in the year-earlier quarter. A change in warrant valuations produced a noncash gain of about $728 million. Adjusted EBITDA shifted from positive $18.13 million a year earlier to a $12.8 million deficit, contrasting with net income.
At quarter-end, 102 MW of critical IT capacity was operating at Lake Mariner; another 336 MW remained under construction.
The leasing mix echoes Ionic Digital’s third-quarter results, where leasing accounted for nearly 90% of revenue as mining income fell to $5.1 million.
TeraWulf’s Justified campus lease covers roughly 401 MW over 20 years and has about $19 billion in contracted revenue. The company expects deliveries to start in stages in late 2027.
