Bitcoin miners are bleeding, and that’s a warning sign. After TeraWulf missed Q4 estimates as mining revenue slid, it’s clear that relying on block rewards alone is getting tougher in this market.
TeraWulf misses Q4 estimates as mining revenue slides
TeraWulf reported weaker-than-expected fourth-quarter 2025 results as declining Bitcoin prices weighed on its mining business. The company posted a loss of $1.66 per share, far wider than the $0.16 loss analysts had projected and significantly below the prior year’s $0.21 loss.
Quarterly revenue came in at $35.8 million, missing expectations of $44.1 million and falling from $50.6 million in the previous quarter. Of that total, $26.1 million came from digital asset mining and $9.7 million from high-performance computing (HPC).
Despite short-term pressure, TeraWulf’s full-year revenue rose to $168.5 million in 2025, up from $140.1 million in 2024. The company is positioning itself for long-term growth through $12.8 billion in signed AI and HPC contracts and plans major infrastructure expansion.
Proposed acquisitions in Kentucky and Maryland are expected to add 1.5 gigawatts of capacity, bringing its total platform to roughly 2.8 GW. With Bitcoin trading below estimated mining costs, TeraWulf and peers are increasingly pivoting toward AI-driven data center operations to diversify revenue streams.
