United States-based Bitcoin mining company TeraWulf nearly doubled its third-quarter revenue this year as the price of Bitcoin grew significantly from a year ago, along with expanded mining capacity and new income from its AI business.
Revenue for the third quarter increased 87% year-over-year to $50.6 million, with “digital asset revenue” making up $43.4 million, according to TeraWulf’s Q3 earnings report on Monday.
In Q1, the company had reported a net loss, and in Q2, the miner’s revenue increased 34% year-over-year to $47.6 million.
“These increases were primarily due to the increase in average Bitcoin prices during the periods, partially offset by a decrease in total Bitcoin mined during the periods,” the miner said.
TeraWulf mined 377 Bitcoin in the three months ending Sept. 30, compared to 555 in the same time frame last year, but made up for it as the average price of Bitcoin was $114,390 compared to just $61,023 in Q3 2024.
It also attributed the revenue surge to the expansion of mining capacity and the commencement of high-performance computing lease revenue.
Miners Diversifying Beyond Bitcoin Focus
While Bitcoin miners have been shifting some of their capacity toward AI and high-power computing hosting services following the April 2024 halving cut mining rewards, the results show that Bitcoin still has a large impact on miner revenues.
TeraWulf CEO, Paul Prager, said in a statement, “The third quarter into the fourth has been remarkably busy for TeraWulf,” as it moves away from a focus on Bitcoin mining, and is “squarely focused on execution while advancing the next phase of growth for 2027 and beyond.”
“We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture,” he added.
TeraWulf announced a $3.2 billion senior secured notes offering in October to finance a portion of its data center expansion at its Lake Mariner campus in Barker, New York. The miner also inked three ten-year lease agreements with AI infrastructure provider Fluidstack, worth $6.7 billion.
Stock Price Shows Upward Trend
In the Monday trading session, TeraWulf’s stock (WULF) initially rose to $14.85, representing a 6% increase over the previous close of $13.94.
However, by the end of the session, the miner’s share price had settled at $14.30 and gained 0.49% after the bell.