TeraWulf Inc (WULF) AI Stock Analysis

• Market Cap: $6.49B
• Dividend Yield: N/A
• Average Volume (3M): 35.11M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.17
• Revenue Growth: 30.58%
• EPS Growth: -752.41%
• Country: US
• Employees: 12
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -0.30
• Shares Outstanding: 424,068,100
• 10 Day Avg. Volume: 29,560,264
• 30 Day Avg. Volume: 35,109,601
• PEG Ratio: -0.01
• Price to Book (P/B): 32.53
• Price to Sales (P/S): 27.12
• P/FCF Ratio: -3.86
• Enterprise Value/Market Cap: 1.30
• Enterprise Value/Revenue: 50.11
• Enterprise Value/Gross Profit: 98.39
• Enterprise Value/Ebitda: -109.26
• 1Y Price Target: $24.86
• Price Target Upside: 62.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.7
• Revenue Forecast (FY): $383.96M

• Rating: 50 Neutral
• Price Target: $16.50 ▲(7.84% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held down primarily by weak financial performance—persistent losses, negative cash generation, and extremely high leverage—despite improving scale. Offsetting factors include a technically positive longer-term price trend and a constructive earnings-call outlook driven by large contracted HPC agreements and financing progress, while traditional valuation support is limited due to negative earnings and no dividend.

Positive Factors

Large contracted HPC leases

A $12.8B contracted lease book creates multi-year revenue visibility and de-risks reliance on volatile bitcoin mining. Credit-backed, long-term contracts support repeatable cash flows, improve bankability for project financing, and underpin the company’s strategic shift to stable HPC leasing.

Strong liquidity and project funding

Having ~$3.7B of cash and project-level funding provides a durable capex runway to complete contracted builds without immediate equity raises. This liquidity reduces short-term execution risk, supports staged financing of large campuses, and strengthens the company’s ability to meet covenant and build milestones.

Power-centric site control and scale

Control of generation, brownfield sites and grid-connected assets creates a structural advantage for energy-intensive HPC customers. Onsite generation plus storage can lower power costs, improve resiliency, and differentiate TeraWulf versus colo peers, enabling higher margins and faster contracting at scale.

Negative Factors

Extreme leverage

Debt levels ~37x equity leave the balance sheet highly stressed and sensitive to cashflow timing. Heavy leverage increases refinancing and covenant risk, limits strategic flexibility, and amplifies downside if project revenues or HPC ramp timelines slip, raising long-term financial vulnerability.

Consistent negative cash generation

Persistent negative operating and free cash flow forces ongoing reliance on external capital to fund development. That dependence heightens exposure to market funding cycles, can delay project completion if financing tightens, and slows the path to self-sustaining, cash-generative operations.

Ongoing GAAP losses and negative adjusted EBITDA

Large GAAP losses and a swing to negative adjusted EBITDA show the company is not yet converting scale into operating profit. Ramp costs, SG&A and financing charges could persist during the multi-year buildout, delaying margin normalization and lengthening the timeframe to positive operating cash flow.

TeraWulf Inc Business Overview & Revenue Model

Company Description

TeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States. It develops, owns, and operates bitcoin mining facility sites. The company operates two bitcoin mining facility sites located in New York and Pennsylvania. TeraWulf Inc. is based in Easton, Maryland.

How the Company Makes Money

TeraWulf primarily makes money by mining Bitcoin for its own account (self-mining). In this model, the company operates fleets of application-specific integrated circuit (ASIC) miners at its facilities; these machines perform cryptographic computations that secure the Bitcoin network and, in return, earn Bitcoin block rewards and transaction fees. Revenue is recognized based on the Bitcoin earned from mining, measured at the fair value of Bitcoin at the time it is received (accounting treatment may vary by period and adopted standards). The company’s earnings are therefore driven by (1) the quantity of Bitcoin produced (a function of deployed hash rate, uptime, and the network difficulty), and (2) the market price of Bitcoin at the time mined and/or when sold. Key cost and margin drivers that influence profitability include electricity prices (a major operating expense), hosting/data center operating costs, mining pool fees (if applicable), and capital expenditures for miners and facility buildouts/expansions. Significant external factors affecting revenue and cash flow include changes to the Bitcoin protocol economics (e.g., periodic halving of block rewards), fluctuations in global network hash rate and difficulty, volatility in Bitcoin prices, and the company’s ability to secure and maintain favorable power arrangements and reliable site operations. null

TeraWulf Inc Financial Statement Overview

Summary

Despite rapid revenue growth and healthy gross margin, the company shows persistent and very large net losses, consistently negative operating/free cash flow, and a highly stressed balance sheet with extreme leverage (debt-to-equity ~37x in 2025), materially elevating downside risk.

Income Statement

Revenue has scaled rapidly from 2022–2024, with 2025 revenue up ~51% year-over-year, and gross margin remains healthy (~51% in 2025). However, profitability is the core issue: net losses persist across the period and 2025 shows an extremely large loss versus revenue (net margin deeply negative), indicating costs/charges that overwhelm the otherwise solid gross profit profile. Overall, strong top-line trajectory is outweighed by the inability to convert revenue into earnings.

Balance Sheet

Leverage is the major red flag. Total debt is very high relative to equity in 2025 (debt-to-equity ~37x), a sharp deterioration versus prior years, and equity remains comparatively small versus the asset base. Returns on equity are consistently negative, and the 2025 loss drives an especially weak return profile. The balance sheet looks highly stressed and dependent on debt financing, which materially raises financial risk.

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow is negative in most years (including 2024 and 2025), and free cash flow is negative throughout the series, with 2024 showing a particularly large cash burn. While 2025 free cash outflow is smaller than 2024, the business is still not self-funding and remains reliant on external capital to cover ongoing cash needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	168.46M	140.05M	69.23M	15.03M	0.00
Gross Profit	85.79M	77.44M	41.91M	3.95M	-52.00K
EBITDA	-75.76M	-17.41M	161.00K	-38.83M	-43.35M
Net Income	-661.42M	-72.42M	-73.42M	-90.79M	-95.68M
Balance Sheet
Total Assets	6.56B	787.51M	378.11M	317.69M	264.91M
Cash, Cash Equivalents and Short-Term Investments	3.27B	274.06M	54.44M	1.28M	46.45M
Total Debt	5.20B	491.25M	124.47M	129.31M	95.71M
Total Liabilities	6.42B	543.07M	155.62M	199.93M	141.73M
Stockholders Equity	140.44M	244.44M	222.49M	117.75M	123.18M
Cash Flow
Free Cash Flow	-1.18B	-292.36M	-70.91M	-106.92M	-133.17M
Operating Cash Flow	-123.18M	-24.42M	4.26M	-34.07M	-24.10M
Investing Cash Flow	-1.37B	-91.16M	-78.01M	-94.05M	-201.41M
Financing Cash Flow	4.94B	335.21M	119.87M	89.98M	271.97M

TeraWulf Inc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WULF, the sentiment is Positive. The current price of 15.3 is below the 20-day moving average (MA) of 15.57, above the 50-day MA of 14.80, and above the 200-day MA of 10.97, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 50.36 is Neutral, neither overbought nor oversold. The STOCH value of 76.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WULF.

TeraWulf Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	61 Neutral	$524.35M	1.58	22.65%	―	9.52%	496.04%
RIOT	54 Neutral	$5.35B	-6.51	-21.05%	―	103.62%	49.48%
CIFR	54 Neutral	$5.94B	―	-107.05%	―	35.41%	-38.08%
WULF	50 Neutral	$6.49B	-9.02	-361.19%	―	30.58%	-752.41%
MARA	47 Neutral	$3.39B	-2.43	-30.59%	―	53.51%	112.53%
ABTC	43 Neutral	$955.43M	-9,981.68	-2.75%	―	―	―

TeraWulf Inc Corporate Events

TeraWulf Secures $500 Million Bridge Facility Financing

On March 13, 2026, TeraWulf Inc. entered into a 364-day, $500 million delayed-draw senior secured bridge credit facility led by Morgan Stanley, providing financing for construction and development of the company’s Hawesville, Kentucky data center, subject to customary covenants, collateral arrangements and a $100 million minimum liquidity requirement. Separately, to comply with its 7.750% senior secured notes due 2030, TeraWulf’s subsidiary WULF Compute LLC furnished unaudited consolidating schedules for the year ended December 31, 2025, reconciling financial information between the parent and the issuer group and offering noteholders greater transparency into the capital structure and segment-level assets and liabilities.

The most recent analyst rating on (WULF) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Highlights 2025 Results and HPC Transition Strategy

On February 26, 2026, TeraWulf reported fourth-quarter and full-year 2025 results, highlighting a pivot toward high-performance computing leasing as its primary growth engine while continuing legacy bitcoin mining opportunistically. The company secured long-term data center lease agreements for 522 critical IT MW, underpinning more than $12.8 billion in contracted revenue and supporting a multi-year development pipeline.

For 2025, TeraWulf generated $168.5 million in revenue, a non-GAAP adjusted EBITDA loss of $23.1 million, and ended the year with $3.72 billion in cash and restricted cash. Digital asset revenue fell sequentially in the fourth quarter to $26.1 million due to weaker bitcoin production and prices, while HPC lease revenue rose to $9.7 million, underscoring the transition toward contracted AI and HPC workloads.

The flagship Lake Mariner campus in New York and the Abernathy HPC Campus joint venture in Texas anchor the 522 MW contracted platform, with Google credit enhancement supporting major leases and more than $6.5 billion in long-term financing secured in 2025. Lake Mariner’s phased buildout, targeting up to 750 MW of gross HPC capacity, achieved key construction milestones, with additional buildings scheduled for energization through late 2026.

TeraWulf is also expanding geographically, controlling the Cayuga site in New York and, subsequent to year-end, moving to add brownfield sites in Kentucky and Maryland, bringing gross platform capacity to about 2.9 GW across five locations. Management framed 2025 as an inflection year that establishes revenue visibility, enhances counterparty credit quality, and positions the company as a leading provider of sustainable AI and HPC infrastructure with a pathway to deliver 250–500 critical IT MW annually through the end of the decade.

The most recent analyst rating on (WULF) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Expands Data Center Capacity with New Site Acquisitions

On February 2, 2026, TeraWulf announced the acquisition of two strategically located brownfield infrastructure sites in Hawesville, Kentucky, and Charles County, Maryland, adding about 1.5 GW of capacity and more than doubling its infrastructure platform to roughly 2.8 GW across five sites. The Hawesville transaction, which closed on February 2, 2026, provides over 250 buildable acres, immediate access to power infrastructure, and roughly 480 MW of existing power availability for phased development of a high-performance computing and AI-focused data center, while granting the seller a minority stake in the development vehicle. In Maryland, the company agreed to acquire the Morgantown Generating Station, a 210 MW grid-connected power plant with expansion potential up to 1 GW, pending regulatory approvals, enhancing TeraWulf’s presence in the PJM market and supporting plans to pair future onsite load with incremental generation and storage. Collectively, these moves deepen TeraWulf’s regional diversification, expand its pipeline of energy-advantaged sites to support 250–500 MW of new contracted capacity per year, and are positioned to bolster grid reliability, local economic development, and the company’s role in repurposing legacy industrial and energy assets for modern compute-intensive demand.

The most recent analyst rating on (WULF) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Secures Major Financing for Abernathy HPC Campus

On December 29, 2025, TeraWulf Inc. announced that its joint venture vehicle Flash Compute LLC completed a $1.3 billion private offering of 7.250% senior secured notes due 2030, issued at par and sold primarily to institutional investors under Rule 144A and Regulation S. The proceeds are earmarked to fund a substantial portion of the construction costs for the Abernathy HPC Campus in Texas, establish debt reserves, provide $75 million in cash collateral for a related letter of credit, and cover associated fees, effectively securing long-term, project-linked financing for TeraWulf’s major new data center development. The notes, which are senior secured obligations of Flash Compute, carry semi-annual interest payments beginning June 30, 2026, include scheduled principal amortization after project completion, and are governed by an indenture imposing restrictive covenants on additional indebtedness, liens, asset sales, affiliate transactions, and non-core operations. The financing package also features a capped completion guarantee from JV Partners Holdco of up to $100 million, secured by a first-priority lien on its reserve account, providing additional assurance that the Abernathy HPC Campus can be completed even if note proceeds and existing equity contributions fall short, thereby strengthening the project’s credit profile and risk mitigation for stakeholders.

The most recent analyst rating on (WULF) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Subsidiary Upsizes $1.3 Billion Note Offering

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.

The most recent analyst rating on (WULF) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Highlights Financing Plans for Texas HPC Campus

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.

The most recent analyst rating on (WULF) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Plans Major Senior Notes Private Offering

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.

The most recent analyst rating on (WULF) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.