U.S.-based Bitcoin mining company TeraWulf Inc. reported an 87% year-over-year increase in third-quarter revenue, driven by rising Bitcoin prices, expanded mining capacity, and new income from its developing artificial intelligence (AI) business.
According to the firm’s Q3 earnings report released on Monday, revenue climbed to $50.6 million, up from $27 million in the same period last year. Of that total, digital asset revenue contributed approximately $43.4 million, demonstrating Bitcoin’s continued importance to the company’s bottom line despite growing diversification.
Bitcoin price growth drives revenue gains
TeraWulf mined 377 Bitcoin in the three months ending Sept. 30, compared with 555 BTC during the same timeframe in 2024. While production fell, the company benefited from much stronger prices, with the average Bitcoin price hitting $114,390 in Q3, nearly double the $61,023 average from last year.
The surge in Bitcoin’s price helped offset lower production rates following the April 2024 halving, which reduced block rewards for miners globally. In addition, TeraWulf cited the expansion of mining capacity and the start of high-performance computing (HPC) lease revenue as key contributors to its strong quarterly performance.
This diversification marks a continuing trend across the mining sector, as several large operators shift part of their infrastructure toward AI-related services to boost income and adapt to tighter mining economics.
Good morning, everyone. Reminder that tonight, at 4:30 pm ET, $WULF will host its Third Quarter Earnings Conference Call.
— TeraWulf (@TeraWulfInc) November 10, 2025
See you there 🐺
Link to join here: https://t.co/QcTe3lPbYy
Miners shift from Bitcoin to AI business
According to analysts, the recent halving event and competition for hash power have prompted many miners to explore AI computing, data hosting, and cloud service partnerships. TeraWulf has followed this trajectory while maintaining a substantial Bitcoin operation.
Chief Executive Officer Paul Prager said the company’s focus is now on execution and long-term growth.
“The third quarter into the fourth has been remarkably busy for TeraWulf,” he said, describing the firm’s shift toward a more diverse business model. “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.”
TeraWulf’s collaboration with Fluidstack and Google forms part of its strategic shift from being a pure Bitcoin miner to a broader data infrastructure company. The firm recently announced a $3.2 billion senior secured notes offering to help finance data center expansion at its Lake Mariner campus in Barker, New York.
Additionally, it signed three 10-year lease agreements with Fluidstack, valued at $6.7 billion, to advance high-performance computing operations and capture AI-driven demand.
Stock market reaction and investor outlook
TeraWulf’s stock (NASDAQ: WULF) saw a positive response following the announcement. During Monday’s trading session, shares initially rose to $14.85, representing a 6% increase from the previous close of $13.94. The stock later settled at $14.30 by the end of the session, posting a modest 0.49% gain after the bell, according to data from Google Finance.
The company’s strong quarterly performance follows a challenging start to the year, when TeraWulf reported a net loss in Q1. In the second quarter, revenue had grown 34% year-over-year to $47.6 million, setting the stage for its record-breaking third-quarter results.
Growth strategy and outlook for 2027 and beyond
With Bitcoin prices holding steady at higher levels and AI demand continuing to rise, TeraWulf’s dual-focus business model positions it to capture opportunities across both industries. The company’s leadership has emphasized its goal of balancing Bitcoin mining with cutting-edge computing services as part of a long-term transformation.
CEO Paul Prager described this transition as central to the company’s future: TeraWulf is “squarely focused on execution while advancing the next phase of growth for 2027 and beyond.”
As the miner invests heavily in new infrastructure, markets are watching whether its diversification strategy will stabilize revenues and reduce exposure to Bitcoin’s volatility. For now, the firm’s latest earnings demonstrate a strong rebound driven by price momentum and strategic partnerships.
Gunel Ismayilova
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