TeraWulf Reports Record Growth Amid Strategic Expansion

EASTON, Md., Feb. 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) has announced impressive financial results for the fourth quarter and the full year ending December 31, 2024, showing significant growth despite challenging conditions in the cryptocurrency market.

The company’s annual revenue jumped 102% to $140.1 million, while its adjusted EBITDA increased by 89% to $60.4 million year-over-year. TeraWulf’s self-mining operating capacity rose by 94%, reaching 9.7 EH/s from 5.0 EH/s in 2023.

“In 2024, TeraWulf achieved significant financial and operational milestones,” said Paul Prager, Chief Executive Officer of TeraWulf. He noted that the company has fortified its position in sustainable digital infrastructure through key strategies, including the expansion of self-mining capacity and entering into long-term data center leases with Core42.

The data center lease agreements, which total 72.5 MW at the Lake Mariner facility in New York, are expected to generate $1 billion in cumulative revenue over the first ten years.

TeraWulf also recorded a robust balance sheet with $274.1 million in cash and bitcoin holdings. This positions the company favorably for future investments and operational sustainability.

The elimination of legacy term loan debt ahead of schedule and the acquisition of $500 million through a convertible note issuance at a 2.75% interest rate exemplify the company’s proactive financial strategies.

TeraWulf has initiated over $150 million in share repurchases from a $200 million authorization, reflecting investor confidence and commitment to shareholder value. As of February 26, 2025, the company had 383,137,722 common shares outstanding.

Patrick Fleury, Chief Financial Officer, highlighted that TeraWulf’s disciplined financial management is reflected in its strong liquidity and operational success. The recent adjustments in its business model focusing on HPC hosting boost its long-term growth prospects.

TeraWulf’s expansion into AI-driven high-performance computing hosting is notable. This diversification will position the company not only within the cryptocurrency mining sector but also within the emerging AI infrastructure marketplace, thereby enhancing revenue stability.

The company’s advanced infrastructure modifications at Lake Mariner, including improvements in cooling systems and operational redundancies, further bolster its attractiveness to hyperscale and enterprise clients. “We aim to scale our HPC hosting capacity by 100-150 MW annually,” said Prager, emphasizing the firm’s commitment to meet growing market demands.

Looking ahead, TeraWulf is focused on executing the initial phase of its HPC deployment set for 2025, with expectations to leverage its zero-carbon energy resources for sustainable growth in both mining and HPC operations.