TeraWulf (NASDAQ: WULF) released its full-year 2025 earnings on Thursday, reporting $168.5 million in revenue, up 20% from $140.1 million in 2024. The annual results included the company’s first full year of HPC lease revenue, which contributed $16.9 million to the total. TeraWulf posted a net loss of $661.4 million for the year, compared to a net loss of $72.4 million in 2024, driven largely by a $429.8 million swing in the fair value of warrant and derivative liabilities. Non-GAAP adjusted EBITDA came i ...