U.S.-based Bitcoin mining firm TeraWulf nearly doubled its third-quarter revenue year-over-year, driven by the sharp rise in Bitcoin prices, expanded mining capacity, and new income from its artificial intelligence operations.
According to its Q3 earnings report released Monday, TeraWulf posted revenue of $50.6 million, up 87% from the same period last year. Of that, $43.4 million came from digital asset mining.
The company, which reported a net loss in the first quarter and a 34% year-over-year revenue increase in the second, said the recent surge was “primarily due to higher average Bitcoin prices,” partially offset by a decline in total Bitcoin mined.
TeraWulf produced 377 Bitcoin in the three months ending Sept. 30, compared to 555 a year earlier. However, the average Bitcoin price during the quarter was $114,390, nearly double the $61,023 average in Q3 2024.
The miner also credited the jump in revenue to expanded mining capacity and the launch of high-performance computing lease income linked to its growing AI infrastructure.
Miners pivot toward AI and computing services
As Bitcoin miners continue redirecting portions of their capacity toward AI and high-performance computing following the April 2024 halving that reduced mining rewards, the latest results show that Bitcoin remains a key driver of industry revenues.
TeraWulf CEO Paul Prager said the transition period has been “remarkably busy” for the company as it shifts beyond Bitcoin mining.
“We’re squarely focused on execution while advancing the next phase of growth for 2027 and beyond,” Prager said.
He added that TeraWulf has expanded its partnerships with Fluidstack and Google at its Lake Mariner facility in New York and extended the collaboration to the Southwest Power Pool region through the Abernathy joint venture.
In October, TeraWulf announced a $3.2 billion senior secured notes offering to fund part of its data center expansion at Lake Mariner. The company also signed three 10-year lease agreements worth $6.7 billion with AI infrastructure provider Fluidstack.
Stock edges higher
Shares of TeraWulf (WULF) rose 6% on Monday, reaching $14.85 during the session, up from the previous close of $13.94.
However, by the end of the session, the miner’s share price had settled at $14.30 and gained 0.49% after the bell.
