TeraWulf Doubles Quarterly Revenue as Bitcoin and AI Ventures Drive Growth

United States-based Bitcoin mining firm TeraWulf has reported a strong third quarter, nearly doubling its revenue compared to last year. The company credited the surge to rising Bitcoin prices, expanded mining operations, and growing income from its artificial intelligence (AI) initiatives.

According to its Q3 earnings report released on Monday, TeraWulf generated $50.6 million in revenue, marking an 87% year-over-year increase. Of that, $43.4 million came from its digital asset operations. The firm’s previous quarter had already shown signs of recovery, with a 34% annual increase in revenue to $47.6 million.

“These increases were primarily due to the rise in average Bitcoin prices during the period, partially offset by a decrease in total Bitcoin mined,” the company stated.

Although the miner produced fewer Bitcoin, 377 coins in Q3 2025 compared to 555 coins a year earlier, the higher market value more than compensated for the decline. The average Bitcoin price during the quarter was $114,390, almost double the $61,023 average seen in the same quarter of 2024.

Expanding Beyond Bitcoin Mining

TeraWulf has been steadily diversifying into AI and high-performance computing (HPC), a move that is beginning to pay off. The company reported new lease revenue from its HPC operations, marking the early stages of a broader business model that goes beyond traditional mining.

Following the April 2024 Bitcoin halving, which reduced mining rewards, several mining firms have started redirecting part of their infrastructure toward AI workloads. For TeraWulf, this strategy appears to be working.

Chief Executive Officer Paul Prager described the last two quarters as “remarkably busy” as the company transitions toward long-term expansion. “We are squarely focused on execution while advancing the next phase of growth for 2027 and beyond,” Prager said. He also noted TeraWulf’s strengthened partnerships with Fluidstack and Google at its Lake Mariner facility in New York and its new Abernathy joint venture in the Southwest Power Pool region.

Market Confidence Builds

To fund its ambitious expansion, TeraWulf announced a $3.2 billion senior secured notes offering in October, aimed at financing the continued buildout of its Lake Mariner data center campus. The company also signed three 10-year lease agreements worth $6.7 billion with Fluidstack, underscoring its deepening commitment to AI infrastructure.

Investor sentiment has remained positive. On Monday, TeraWulf’s stock (WULF) climbed to $14.85, up 6% from the previous close, before finishing the session at $14.30, a 0.49% gain after hours.

As TeraWulf continues to balance its Bitcoin operations with expanding AI ventures, the company’s third-quarter results suggest a strategic shift that could redefine the future of crypto mining businesses.