TeraWulf FY2025 revenue $168.5M; adj. EBITDA loss $23.1M; 522 MW HPC contracted

TERAWULF INC.

2025-FY EPS reported -$1.66 revenue$168,455,000

Full year 2025 revenue $168.5M, non-GAAP adjusted EBITDA $(23.1)M; cash $3.72B as of Dec 31, 2025.
Contracted 522 critical IT MW with $12.8B total revenue; HPC lease Q4 rev $9.7M (vs $7.2M Q3).
Lake Mariner expansion: 39 MW online; CB2B due March 2026; CB3 mid-May; CB4 Q3; CB5 Q4 2026.
Post-year-end acquisitions in Kentucky (MISO) and Maryland (PJM) expand platform to ~2.9 GW gross.
Digital asset revenue Q4 $26.1M (down from $43.4M Q3) due to lower bitcoin production and price.

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