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TeraWulf Inc. (NASDAQ: WULF), a pioneer in zero-carbon Bitcoin mining, unveiled blockbuster Q3 results, with revenue rocketing 87% year-over-year to $50.6 million—powered by Bitcoin’s average price soaring to $114,390 from $61,023, despite a 32% drop in mined output to 377 BTC. The haul breaks down to $43.4 million from digital assets and a milestone $7.2 million debut from AI/high-performance computing (HPC) leases, underscoring diversification amid the April halving’s reward slash.
Cost of revenue, excluding depreciation, climbed 17% to $17.1 million on higher utilization and New York power rates, yielding $18.1 million adjusted EBITDA—a 60.2% YoY digital asset revenue spike. At Lake Mariner, the flagship site energized 245 MW for mining and 22.5 MW for HPC, backed by over $17 billion in long-term contracts and $5 billion in financings, including $3.2 billion senior secured notes and $1.025 billion convertibles. Subsidiaries La Lupa and Akela locked 520 MW HPC leases, with Core42’s 72.5 MW GPU deal securing $1.1 billion over a decade.
“Our Q3 reflects Bitcoin’s boom and AI efficiencies,” CEO Paul Prager stated, highlighting a $3.7 billion, 10-year Fluidstack pact (expandable to $8.7 billion) backed by Google—elevating annual HPC targets to 250-500 MW. Renewable nuclear power at 92% uptime slashed emissions, aligning with ESG mandates and drawing institutional flows—cash reserves hit $712.8 million.
Bitcoin Mining News 2025 Drivers: Price tailwinds offset halving woes, while AI analytics optimized energy (5.2 J/TH efficiency) and repurposed rigs for hyperscale clients like Core42. Shares dipped 0.49% to $14.30 post-earnings, but analysts eye $16.50 targets amid 162% YTD gains.
AI in Crypto Outlook: Q4 could top $60 million with new sites and $670 million annual Google revenue; op-ex rose 28% on staffing, but net loss widened to $455 million GAAP. “TeraWulf’s hybrid model thrives in volatility,” a strategist noted. As cryptocurrency earnings 2025 heat up, TeraWulf’s green-AI fusion cements its edge—watch for Abernathy JV catalysts.
