TeraWulf released its third‑quarter results on November 6, showing a total revenue of $76.2 million for the period ending September 30. High‑performance computing (HPC) lease revenue amounted to $63 million, representing roughly 83% of the quarter’s revenue.
Shift in revenue mix
The company continues to operate mining equipment at its Lake Mariner campus but is repurposing part of the site for contracted computing workloads. At quarter‑end, 102 megawatts of revenue‑generating IT capacity were online at Lake Mariner, with an additional 336 megawatts under construction.
Financial highlights
TeraWulf reported net income of approximately $709.9 million for the quarter, driven largely by a non‑cash adjustment to the fair value of warrants. Adjusted EBITDA was negative around $12.8 million, indicating that the headline profit does not reflect recurring operating performance.
Key contracts and projects
The company disclosed a 20‑year lease with Anthropic covering about 401 megawatts at its Justified development in Kentucky, tied to roughly $19 billion in contracted revenue over the lease term. A Google credit backstop and an engineering, procurement and construction agreement with Fluor were also mentioned. Service availability at Justified is expected to begin in late 2027 and continue into 2028.
At the Muskie site, contracted power capacity has expanded toward one gigawatt, pending regulatory approval.
Implications
The transition from Bitcoin mining to AI‑focused leasing reduces TeraWulf’s exposure to mining economics such as difficulty adjustments, coin price fluctuations, and power costs. The company’s future performance will depend on the completion of megawatt‑scale projects, the start of rental services, capital spending versus guidance, and cash generation.
