TeraWulf (WULF) Stock: Q3 Revenue Surges 87% as Bitcoin Prices Nearly Double

TLDR

• TeraWulf Q3 revenue reached $50.6 million, up 87% year-over-year as Bitcoin prices nearly doubled
• Company mined 377 Bitcoin versus 555 in Q3 2024, but average Bitcoin price jumped from $61,023 to $114,390
• Digital asset revenue totaled $43.4 million with new income from high-performance computing leases
• TeraWulf secured $6.7 billion in AI infrastructure deals with Fluidstack and Google partnership
• WULF shares closed at $14.30, gaining 3.8% but dropped 2.5% in after-hours trading

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TeraWulf delivered Q3 revenue of $50.6 million, an 87% jump from last year’s third quarter. The Maryland-based Bitcoin miner credited the growth to soaring Bitcoin prices and fresh revenue from AI computing services.

Digital asset revenue comprised $43.4 million of the total. This happened even though the company mined fewer Bitcoin compared to Q3 2024.

The miner produced 377 Bitcoin in the quarter ending September 30. Last year’s Q3 output was 555 Bitcoin.

TeraWulf Inc., WULF

But Bitcoin’s average price during the period hit $114,390. The year-ago average was only $61,023.

That price increase more than offset the lower mining volume. The company also benefited from expanded mining operations and new high-performance computing lease revenue.

TeraWulf reported a net loss in Q1. Q2 revenue climbed 34% year-over-year to $47.6 million.

AI Deals Reshape Business Model

CEO Paul Prager described recent quarters as exceptionally busy for TeraWulf. The company has been pivoting from pure Bitcoin mining.

TeraWulf grew its partnership with Fluidstack and Google at the Lake Mariner facility. The relationship expanded into the Southwest Power Pool via the Abernathy joint venture.

The company announced a $3.2 billion senior secured notes offering in October. Those proceeds will fund data center expansion at Lake Mariner in Barker, New York.

TeraWulf inked three 10-year lease agreements with AI infrastructure provider Fluidstack worth $6.7 billion. An August deal with Fluidstack carries $3.7 billion in contract revenues, potentially reaching $8.7 billion with extensions.

Google backstopped $1.8 billion of Fluidstack’s lease obligations. Google received 41 million TeraWulf shares in return, representing roughly 8% equity ownership.

That makes Google the second-largest shareholder behind CEO Prager, who holds 10.7%. Other institutional investors include Stammtisch Investments, Bayshore Capital, and Revolve Capital.

Stock Moves After Earnings Release

WULF shares initially jumped to $14.85 on Monday, a 6% gain from the prior close of $13.94. By session end, the stock settled at $14.30 for a 3.8% daily gain.

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

Late October guidance projected Q3 revenue between $48 million and $52 million. The actual $50.6 million result landed within expectations.

TeraWulf went public through an IKONICS merger in December 2021 as primarily a Bitcoin mining operation. By late 2024, the company repositioned itself as a high-performance AI compute infrastructure builder.

The transition reflects industry trends following April 2024’s halving event, which cut mining rewards in half. Many miners shifted capacity toward AI and high-power computing hosting.

TeraWulf’s results demonstrate Bitcoin still drives substantial miner revenues. The Q3 report showed $43.4 million from digital assets and additional high-performance computing lease income for the quarter ending September 30.

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