TeraWulf Q3 revenue hits $76.2M, HPC leasing accounts for 83%

The headline revenue beat is less telling than the mix: HPC leasing now dominates the top line, marking TeraWulf's shift from a pure bitcoin miner toward a hosting and infrastructure model. The gap between the large net income figure and negative adjusted EBITDA shows reported profit is being driven by warrant fair-value swings rather than operations, so cash generation remains the real question. The expanded Muskie power capacity, still pending Kentucky regulatory approval, is the pipeline item worth watching, along with whether construction converts to operational capacity on schedule.