Bitcoin miner and datacenter operator TeraWulf reported $50.6 million in income Monday, representing a 87% enhance in comparison with the identical interval final yr.
Easton, Maryland-based TeraWulf attributed the achieve to Bitcoin’s rising value, expanded mining capability, and the beginning of excessive efficiency efficiency computing lease income.
“The third quarter into the fourth has been remarkably busy for TeraWulf,” Paul Prager, TeraWulf chief govt officer, mentioned in a press release, highlighting the a rising partnership with Fluidstack and Google. “These transactions display the power of our platform and the belief that world-class expertise companions place in our potential to execute.”
He added: “We’re squarely centered on execution whereas advancing the following part of development for 2027 and past.”
Terawulf, which trades on the Nasdaq below the WULF ticker, was down 2.5% in after-hours buying and selling Monday. WULF closed at $14.30, a 3.8% achieve for the day. Over the previous month, the corporate’s share value has climbed 7.6%.
Preliminary steerage from Terawulf issued in late October mentioned the corporate anticipated to report between $48 million and $52 million in income for Q3, representing an approximate 84% enhance in comparison with the $27 million reported within the third quarter of 2024.
TeraWulf went public by means of a merger with IKONICS in December 2021. On the time, it was extra of an easy Bitcoin mining play. By late 2024, the corporate had began positioning itself to constructing “high-performance AI compute infrastructure.”
In August, Terawulf introduced that it had struck a 10-year AI internet hosting take care of Fluidstack. The deal represents $3.7 billion in contract revenues, however might greater than double to $8.7 billion by means of lease extensions.
As a part of the deal, Google signed on to backstop $1.8 billion price of the AI agency’s lease obligations. In return, the Silicon Valley large acquired 41 million shares price of TeraWulf frequent inventory, representing roughly an 8% professional forma fairness possession stake.
“That is precisely the evolution we outlined: changing advantaged infrastructure positions into contracted megawatts with investment-grade counterparties and doing so at strategic scale,” Prager mentioned concerning the deal on the time.
The deal offers Google a company stake that’s second solely to Prager himself, who controls 10.7% of shares. The agency’s different institutional buyers embrace Stammtisch Investments, Bayshore Capital, and Revolve Capital. Vanguard Group and BlackRock maintain giant positions too, however as passive index fund managers. The companies maintain positions in almost each U.S. publicly traded firm.
