TeraWulf Inc. (NASDAQ: WULF) reported preliminary financial results for the third quarter ended September 30, 2025, with expected revenue between $48 million and $52 million.

The projected revenue represents an 84% increase compared to $27 million reported in the third quarter of 2024. The company also expects adjusted EBITDA between $15 million and $19 million, compared to $6 million in the same period last year.

"Our preliminary results reflect continued strength in our operating performance and the early benefits of repositioning Lake Mariner for high-performance compute workloads," said Patrick Fleury, Chief Financial Officer of TeraWulf.

The company reported securing more than 510 MW of contracted critical IT load, including a new joint venture announced the same day. TeraWulf operates data center infrastructure for high-performance computing hosting and bitcoin mining.

The preliminary results are unaudited and subject to completion, with potential changes as management continues its review. TeraWulf expects to release full third quarter results in November 2025.

The company noted that preliminary financial results represent management estimates and may differ materially from actual results when completed. The results should not substitute for full financial statements and do not present all information necessary for understanding financial performance.

TeraWulf develops and operates data center infrastructure in the United States for high-performance computing and bitcoin mining operations.