TeraWulf’s data-centre lease revenue rises to 63 million dollars
US data-centre operator TeraWulf increased third-quarter revenue as computing leases grew and digital-asset revenue declined. Its operating loss widened despite a large reported net profit that included noncash valuation gains. Construction continued at Lake Mariner, with substantial equipment and facility spending and management outlining the next rent commencement and delivery milestones.
Economics & Markets··Morning
Computing leases grow as digital assets shrink
TeraWulf, a US data-centre operator, increased third-quarter revenue from a year earlier. Total revenue rose to 76.2 million dollars from 50.6 million dollars. High-performance computing lease revenue climbed from 7.2 million dollars to 63.0 million dollars, while digital-asset revenue fell from 43.4 million dollars to 13.2 million dollars. The operating loss widened from 24.7 million dollars to 88.2 million dollars during the quarter ended in September.[1], [2]
Noncash gains enter the net result
Net income attributable to common shareholders was 709.9 million dollars. The income statement included a noncash gain of 728.4 million dollars from warrant and derivative liability valuations, plus a 95.0 million dollar gain from selling an investment. Quarterly interest expense was 53.6 million dollars. Adjusted earnings before interest, taxes, depreciation and amortisation were negative 12.8 million dollars, compared with positive 18.1 million dollars a year earlier.[1]
Construction continues at Lake Mariner
At its US Lake Mariner data-centre site, TeraWulf had 102 megawatts operating and another 336 megawatts under construction in two buildings. Management expected rent to begin in one building in the fourth quarter and phased delivery of the other in early 2027. In the first nine months, property and equipment purchases and associated deposits totalled 2.23 billion dollars. Operating activities used 178.9 million dollars of cash, while financing provided a net 1.01 billion dollars.[1]
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