TeraWulf Q3 revenue $50.6M (+87% YoY); signs $17B+ in HPC leases, $5B+ in financings

TERAWULF INC.

2025-Q3 EPS reported -$1.37 revenue$132,619,000

Revenue $50.6M (+87% YoY) includes $7.2M initial HPC lease revenue; cost of revenue $17.1M.
Executed 450 MW Fluidstack/Google leases (≈$6.7B) and 72.5 MW Core42 leases (≈$1.1B) at Lake Mariner.
Formed Abernathy JV (51% stake) for up to 600 MW HPC in Texas; 25-yr lease with $1.3B Google credit enhancement.
Completed $5B+ in financings: $1.0B 1% conv. notes due 2031, $3.2B 7.75% secured notes due 2030, $1.025B 0% conv. notes due 2032.
Ended Q3 with $712.8M cash; reaffirms target of 250–500 MW new HPC lease signings annually.

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