Bitcoin Miner TeraWulf Shares Drop in After Hours Trading, Despite 87% Revenue Gain

Bitcoin miner and datacenter operator TeraWulf reported $50.6 million in revenue Monday, representing a 87% increase compared to the same period last year.

Easton, Maryland-based TeraWulf attributed the gain to Bitcoin’s rising price, expanded mining capacity, and the start of high performance performance computing lease revenue.

“The third quarter into the fourth has been remarkably busy for TeraWulf,” Paul Prager, TeraWulf chief executive officer, said in a statement, highlighting the a growing partnership with Fluidstack and Google. “These transactions demonstrate the strength of our platform and the trust that world-class technology partners place in our ability to execute.”

He added: “We are squarely focused on execution while advancing the next phase of growth for 2027 and beyond.”

Terawulf, which trades on the Nasdaq under the WULF ticker, was down 2.5% in after-hours trading Monday. WULF closed at $14.30, a 3.8% gain for the day. Over the past month, the company’s share price has climbed 7.6%.

Preliminary guidance from Terawulf issued in late October said the company expected to report between $48 million and $52 million in revenue for Q3, representing an approximate 84% increase compared to the $27 million reported in the third quarter of 2024.

TeraWulf went public through a merger with IKONICS in December 2021. At the time, it was more of a straightforward Bitcoin mining play. By late 2024, the company had started positioning itself to building “high-performance AI compute infrastructure.”

In August, Terawulf announced that it had struck a 10-year AI hosting deal with Fluidstack. The deal represents $3.7 billion in contract revenues, but could more than double to $8.7 billion through lease extensions.

As part of the deal, Google signed on to backstop $1.8 billion worth of the AI firm’s lease obligations. In return, the Silicon Valley giant received 41 million shares worth of TeraWulf common stock, representing approximately an 8% pro forma equity ownership stake.

“This is exactly the evolution we outlined: converting advantaged infrastructure positions into contracted megawatts with investment-grade counterparties and doing so at strategic scale,” Prager said about the deal at the time.

The deal gives Google a corporate stake that’s second only to Prager himself, who controls 10.7% of shares. The firm’s other institutional investors include Stammtisch Investments, Bayshore Capital, and Revolve Capital. Vanguard Group and BlackRock hold large positions too, but as passive index fund managers. The firms hold positions in nearly every U.S. publicly traded company.