TeraWulf Inc. reported a sharp strategic pivot in its second-quarter results, with high-performance computing (HPC) leasing revenue soaring 52% quarter-over-quarter to $31.9 million, now representing 71% of total revenue. The company’s total quarterly revenue reached $44.8 million, while legacy digital asset revenue held steady near $12.8 million—a steep year-over-year decline that underscored the accelerated migration from bitcoin mining to contracted data center leasing.
CFO Patrick Fleury emphasized that the financial profile is now anchored by long-term HPC contracts, insulating TeraWulf from crypto market volatility. Despite a $940 million net loss—largely driven by a $755.7 million non-cash charge on Google warrants as the stock price rose—the company ended June with approximately $3 billion in cash and restricted cash, providing ample liquidity for ongoing construction and expansion.
Operational capacity at the Lake Mariner site reached 102 MW after completing the CB-3 building in early July, activating $600 million in Google credit support for Fluidstack’s lease obligations. Construction of CB-4 and CB-5 will add up to 336 MW, with the first CB-4 data hall expected to generate rent before year‑end 2026. Project costs per critical megawatt rose to about $9.1 million, still within management’s target range of $8–$10 million.
Post‑quarter, TeraWulf sealed a 20‑year lease with AI company Anthropic on a 401 MW campus in Kentucky, carrying roughly $19 billion in initial contracted revenue and extension options that could lift the total to $33 billion. The company also acquired the Muskie Data Campus, secured power for up to 1 GW, and agreed to sell its 50.1% Abernathy interest for around $530 million. Annual contracted capacity goals remain at 250–500 MW.
The stock fell 1.91% to $18.52 on the day, but the results confirm that TeraWulf’s future is firmly tied to AI infrastructure rather than cryptocurrency mining.
