Digital asset revenue comprised $43.4 million of the total quarterly revenue, according to TeraWulf's third-quarter earnings report released Monday.
Bitcoin News
United States-based Bitcoin mining company TeraWulf nearly doubled its third-quarter revenue to $50.6 million, driven by Bitcoin price growth, expanded mining capacity, and new income from artificial intelligence business operations.
Digital asset revenue comprised $43.4 million of the total quarterly revenue, according to TeraWulf's third-quarter earnings report released Monday. The 87% year-over-year increase marks significant growth compared to the company's second-quarter performance, when revenue rose 34% to $47.6 million.
The average Bitcoin price during the third quarter reached $114,390, compared to just $61,023 for the same period last year. This price appreciation more than compensated for reduced mining output, as TeraWulf mined 377 Bitcoin in the three months ending Sept. 30 versus 555 Bitcoin during the same timeframe in 2024.
TeraWulf attributed revenue increases primarily to higher average Bitcoin prices during the period, partially offset by decreased total Bitcoin mined. The company also credited the expansion of mining capacity and commencement of high-performance computing lease revenue for contributing to the strong quarterly results.
CEO Paul Prager said in a statement that the "third quarter into the fourth has been remarkably busy for TeraWulf" as the company moves away from a singular focus on Bitcoin mining. The miner remains "squarely focused on execution while advancing the next phase of growth for 2027 and beyond," according to Prager.
"We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture," he added. The partnerships represent the company's strategic pivot toward diversified revenue streams beyond traditional cryptocurrency mining.
TeraWulf announced a $3.2 billion senior secured notes offering in October to finance a portion of its data center expansion at its Lake Mariner campus in Barker, New York. The miner also inked three 10-year lease agreements with AI infrastructure provider Fluidstack, worth $6.7 billion in total contract value.
While Bitcoin miners have been shifting some capacity toward AI and high-power computing hosting services following the April 2024 halving that cut mining rewards, the quarterly results demonstrate that Bitcoin price movements still heavily impact miner revenues.
In the Monday trading session, TeraWulf's stock initially rose to $14.85, representing a 6% increase over the previous close of $13.94. However, by the end of the session, the miner's share price settled at $14.30 and gained an additional 0.49% in after-hours trading.
The company reported a net loss in the first quarter of this year before demonstrating improved financial performance in subsequent quarters. The third-quarter results reflect TeraWulf's successful navigation of post-halving challenges through diversification and strategic partnerships in the artificial intelligence sector.
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