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TeraWulf Inc
(NASDAQ:WULF)
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
TeraWulf Inc Business Overview & Revenue Model
TeraWulf Inc Earnings Call Summary
TeraWulf Inc Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 167.60M | 140.05M | 69.23M | 15.03M | 0.00 | 13.43M |
| Gross Profit | 84.21M | 77.44M | 41.91M | 3.95M | -52.00K | 3.91M |
| EBITDA | -486.70M | -17.41M | 161.00K | -38.83M | -43.35M | 135.29K |
| Net Income | -564.03M | -72.42M | -73.42M | -90.79M | -95.68M | -439.32K |
Balance Sheet | ||||||
| Total Assets | 2.45B | 787.51M | 378.11M | 317.69M | 264.91M | 30.00M |
| Cash, Cash Equivalents and Short-Term Investments | 711.81M | 274.06M | 54.44M | 1.28M | 46.45M | 6.30M |
| Total Debt | 1.09B | 491.25M | 124.47M | 129.31M | 95.71M | 95.71M |
| Total Liabilities | 2.21B | 543.07M | 155.62M | 199.93M | 141.73M | 1.74M |
| Stockholders Equity | 247.34M | 244.44M | 222.49M | 117.75M | 123.18M | 28.27M |
Cash Flow | ||||||
| Free Cash Flow | -676.56M | -292.36M | -70.91M | -106.92M | -133.17M | -563.65K |
| Operating Cash Flow | -77.73M | -24.42M | 4.26M | -34.07M | -24.10M | -398.83K |
| Investing Cash Flow | -341.09M | -91.16M | -78.01M | -94.05M | -201.41M | 2.06M |
| Financing Cash Flow | 1.11B | 335.21M | 119.87M | 89.98M | 271.97M | 1.07M |
TeraWulf Inc Technical Analysis
TeraWulf Inc Risk Analysis
TeraWulf Inc Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $5.39B | 42.76 | 5.24% | ― | 103.62% | 49.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $3.85B | 5.61 | 23.13% | ― | 53.51% | 112.53% | |
64 Neutral | $721.79M | 5.70 | 22.44% | ― | 9.52% | 496.04% | |
56 Neutral | $6.40B | -85.77 | -9.69% | ― | 35.41% | -38.08% | |
50 Neutral | $5.25B | -8.80 | -181.95% | ― | 30.58% | -752.41% | |
39 Underperform | $1.65B | -2.60 | -2.75% | ― | ― | ― |
TeraWulf Inc Corporate Events
On December 18, 2025, TeraWulf Inc. announced that Flash Compute LLC, an entity majority-owned indirectly by TeraWulf through Big Country Wulf LLC, has increased and priced a private offering of senior secured notes to $1.3 billion in aggregate principal amount, up from a previously planned $1.275 billion, with the notes due in 2030 and bearing interest at 7.250%. The transaction, targeted at qualified institutional buyers under Rule 144A and certain non-U.S. investors under Regulation S, is expected to close on December 29, 2025, and underscores the substantial debt financing being put in place to support the operations and expansion of Flash Compute’s infrastructure platform, which could have meaningful implications for TeraWulf’s consolidated financial profile and its strategic positioning in the high-performance computing market.
On December 18, 2025, TeraWulf Inc. disclosed that its affiliate Flash Compute LLC will use updated investor presentation slides in connection with a planned financing offering, highlighting the development of a high-performance computing data center campus in Abernathy, Texas and the structure of the Flash Compute ownership between TeraWulf and Fluidstack. The materials include projected rent, operating expenses, debt service and cash flow for the Abernathy project through 2031, indicating expectations for high NOI margins and gradual deleveraging via mandatory amortization and excess cash flow sweeps, underscoring the company’s strategy to scale capital-intensive HPC infrastructure while managing financing risk and long-term returns for stakeholders.
On December 18, 2025, TeraWulf Inc. disclosed that its affiliated entity Flash Compute LLC had released selected slides from an investor presentation for use in meetings connected with a planned private debt offering. The company also announced Flash Compute’s intention, as of that date, to issue $1.275 billion in senior secured notes due 2030 in a private placement to qualified institutional buyers and certain non-U.S. investors, a capital-raising move that would significantly shape the financing of its Abernathy, Texas HPC campus and related data center operations, with implications for the group’s leverage profile and future cash flows as outlined in projected debt service and cash flow schedules.
On November 25, 2025, TeraWulf Inc. announced the mandatory conversion of all outstanding shares of its Series A Convertible Preferred Stock into common stock, effective December 9, 2025. This strategic move is aimed at simplifying the company’s capital structure, enhancing financial discipline, and supporting future growth, as stated by TeraWulf’s CFO, Patrick Fleury.
In the third quarter of 2025, TeraWulf Inc. achieved significant milestones in its operations and financial strategies, marking a transformational period for the company. The company commenced recurring HPC lease revenue, secured over $17 billion in long-term customer contracts, and completed more than $5 billion in long-term financings to support its expanding platform. TeraWulf’s Lake Mariner Campus in New York has energized substantial Bitcoin-mining and HPC capacities, and the company has formed a joint venture in Texas to further expand its footprint. The company’s financial results for the quarter showed an 87% increase in revenue year-over-year, driven by higher bitcoin prices and expanded mining capacity.
On October 31, 2025, TeraWulf Inc. completed a private offering of 0.00% Convertible Senior Notes due 2032, raising $1.025 billion. The net proceeds of approximately $999.7 million will be used to fund the construction of a data center campus in Abernathy, Texas, and for general corporate purposes. This strategic move is expected to enhance TeraWulf’s infrastructure capabilities, reinforcing its position in the digital infrastructure industry and potentially benefiting stakeholders through expanded operational capacity.
On October 29, 2025, TeraWulf Inc. announced an upsize and pricing of its $900 million private offering of 0.00% Convertible Senior Notes due 2032, aimed at qualified institutional buyers. The proceeds, estimated at $877.6 million, will fund part of a data center campus in Abernathy, Texas, and general corporate purposes. The offering is expected to close on October 31, 2025, and the notes will be convertible into cash or shares, with specific conditions for conversion and redemption. This move is significant for TeraWulf’s expansion in digital infrastructure and its commitment to sustainable operations, impacting its market positioning and stakeholder interests.
On October 29, 2025, TeraWulf Inc. announced its intention to offer $500 million in convertible senior notes due 2032 in a private offering to qualified institutional buyers, with an option for initial purchasers to buy an additional $75 million. The proceeds are intended to fund a data center campus in Abernathy, Texas, and for general corporate purposes, potentially impacting the company’s growth and market position in the digital infrastructure industry.
On October 28, 2025, TeraWulf Inc. announced a joint venture with Fluidstack to develop a 168 MW data center campus in Abernathy, Texas, with TeraWulf holding a 51% stake. The project, supported by a $1.3 billion Google backstop, is expected to generate $9.5 billion in revenue over a 25-year lease, enhancing TeraWulf’s growth strategy by expanding its contracted HPC platform to over 510 MW.
On October 23, 2025, WULF Compute LLC, a subsidiary of TeraWulf Inc., completed a private offering of $3.2 billion in 7.750% Senior Secured Notes due 2030. The proceeds will fund the expansion of its data center at the Lake Mariner campus. The notes have specific amortization and redemption terms, with TeraWulf providing guarantees to ensure the project’s completion. This financial move aims to bolster TeraWulf’s infrastructure and market position in the data center sector.
On October 16, 2025, TeraWulf Inc. announced that its subsidiary, WULF Compute LLC, has priced a $3.2 billion offering of 7.750% senior secured notes due 2030. The proceeds from this offering will be used to finance the expansion of its data center at the Lake Mariner campus in Barker, New York. The notes will be secured by first-priority liens on various assets and are expected to close on October 23, 2025, subject to market conditions. This move is significant for TeraWulf as it supports their growth strategy in the digital infrastructure sector and enhances their market positioning by expanding their data center capabilities.
TeraWulf Inc. announced that its subsidiary, WULF Compute LLC, plans to offer $3.2 billion in senior secured notes due in 2030. This move is part of the company’s strategy to fund the expansion of its Lake Mariner Facility and other strategic growth initiatives. However, the company faces significant risks related to construction delays, supply chain disruptions, and geopolitical uncertainties that could impact its financial condition and operations. The success of these initiatives is crucial for TeraWulf’s competitiveness and financial health, as failure to complete projects on time or within budget could adversely affect its business and market position.
On October 14, 2025, TeraWulf Inc. announced that its subsidiary, WULF Compute LLC, plans to offer $3.2 billion in senior secured notes due 2030 in a private offering to qualified institutional buyers. The proceeds from this offering are intended to finance the expansion of its data center at the Lake Mariner campus in Barker, New York. This move is expected to bolster TeraWulf’s position in the digital infrastructure market by supporting its growth and operational capabilities.
On October 6, 2025, TeraWulf Inc. released slides from an investor presentation intended for upcoming investor meetings. The presentation, which is not an offer to sell or buy securities, includes forward-looking statements about the company’s future operations and financial projections, emphasizing the inherent risks and uncertainties involved.