Bitcoin mining company TeraWulf posted Q4 earnings on Thursday, echoing the same results in poor performance across the bitcoin mining industry, but also a shift to AI and HPC data centers to hopefully fill in for the losses in earnings.
The update comes alongside Mara Holdings’ Q4 earnings, another Bitcoin mining firm that is following and not bucking the trend of shifting to HPC infrastructure and data centers as its new growth strategy.
Digital asset revenue for the quarter was $26.1 million, down from Q3’s results of $43.4 million, primarily due to lowered BTC prices and a decrease in BTC production as well. While HPC revenue is estimated at $9.7 million, it reflects an increase in AI infrastructure-related revenues from $7.2 million in Q3 2025.
Revenue for 2025 was estimated at $168.5 million, and liquid assets such as cash, cash equivalents, and restricted cash at year’s end were $3.72 billion. Adjusted EBITDA on a non-GAAP basis was a negative $23.1 million for the full year.
Even though the company’s core business model is Bitcoin mining, TeraWulf’s Q4 report had more to say on HPC infrastructure and its future buildout as part of long term strategy. TeraWulf said it had $6.5 billion in capital planned for infrastructure buildout in multiple regions.
Similar to multiple industry players with expertise in Bitcoin mining, TeraWulf plans to cater to hyperscalers as clientele, either through JVs with companies that have relevant expertise or through investments in established energy firms.
Through contracting, TeraWulf now manages HPC data center campuses in Texas and New York, and plans to focus on HPC hosting as its new revenue model, calling it a “growth engine” in its official statement.
“These projects reflect disciplined construction execution and close coordination with our hyperscale stakeholder and customers,” said CTO Nazar Khan.
“Our teams are advancing build schedules, integrating tenant fit-out requirements, and optimizing cooling, electrical, and design architecture to support next-generation AI workloads at scale.”
At the time of writing, TeraWulf shares were priced at $16.09, down by 10.01%.