The earnings call presents a largely positive outlook for TeraWulf with major partnerships and agreements that significantly enhance their credit profile and future revenue potential. The improvements in revenue, EBITDA, and bitcoin mining operations further contribute to a positive sentiment. However, increased SG&A expenses and high CapEx requirements pose challenges that the company will need to manage carefully.

Company Guidance

During the TeraWulf 2025 Second Quarter Earnings Conference Call, the company announced significant developments that underscore its strategic direction and financial outlook. TeraWulf secured a 10-year, 200-plus megawatt hyperscale AI hosting agreement with Fluidstack, potentially generating up to $8.7 billion in revenue if lease extensions are exercised. Fluidstack's lease could bring in over $350 million annually with net operating margins of approximately 85%. Google is providing a $1.8 billion backstop for Fluidstack's lease obligations, enhancing TeraWulf's credit profile and facilitating low-cost, scalable capital solutions. Additionally, TeraWulf executed an 80-year ground lease at Cayuga, preparing to develop up to 400 megawatts of digital infrastructure. The company's financial performance in Q2 2025 showed a 38% increase in GAAP revenues to $47.6 million, while non-GAAP adjusted EBITDA improved significantly to $14.5 million from a negative $4.7 million in the previous quarter. Looking forward, TeraWulf anticipates its mining operations to positively contribute to EBITDA in the second half of 2025, with updated annual SG&A guidance of $50 million to $55 million reflecting growth in its HPC business.

Major Hyperscale AI Hosting Agreement

TeraWulf signed a 10-year, 200-plus megawatt hyperscale AI hosting agreement with Fluidstack, representing approximately $3.7 billion in contracted revenue, with potential to exceed $8.7 billion if lease extensions are exercised.

Google Partnership and Financial Support

Google is providing a $1.8 billion backstop for Fluidstack's lease obligations and has acquired warrants representing about 8% of TeraWulf's equity, significantly enhancing TeraWulf's credit profile.

Record Self-Mined Bitcoin

TeraWulf self-mined 485 bitcoin in Q2, marking a 30% increase over the 372 bitcoin mined in Q1.

Revenue and Cost Improvements

GAAP revenues increased by 38% quarter-over-quarter to $47.6 million in Q2, while the cost of revenue (exclusive of depreciation) decreased by 10%.

Significant Improvement in EBITDA

Non-GAAP adjusted EBITDA showed significant improvement, totaling $14.5 million in Q2, up from a negative $4.7 million in Q1.

Cayuga Site Expansion

TeraWulf executed an 80-year ground lease with a purchase option at Cayuga, securing exclusive rights to develop up to 400 megawatts of digital infrastructure.

TeraWulf Inc (WULF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

WULF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 17, 2025	2025 (Q3)	-0.05 / -	-0.06	―	―	―
Aug 08, 2025	2025 (Q2)	-0.06 / -0.05	-0.03	-66.67% (-0.02)	―	―
May 09, 2025	2025 (Q1)	-0.07 / -0.16	-0.03	-433.33% (-0.13)
Feb 28, 2025	2024 (Q4)	-0.03 / -0.09	-0.02	-350.00% (-0.07)
Nov 12, 2024	2024 (Q3)	-0.03 / -0.06	-0.09	33.33% (+0.03)
Aug 12, 2024	2024 (Q2)	-0.02 / -0.03	-0.08	62.50% (+0.05)
May 13, 2024	2024 (Q1)	0.04 / -0.03	-0.16	81.25% (+0.13)
Mar 19, 2024	2023 (Q4)	-0.02 / -0.02	-0.11	81.82% (+0.09)
Nov 13, 2023	2023 (Q3)	-0.03 / -0.09	-0.32	71.88% (+0.23)	―
Aug 14, 2023	2023 (Q2)	-0.03 / -0.08	-0.134	40.30% (+0.05)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WULF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$4.94	$5.03	+1.82%
May 09, 2025	$3.30	$3.01	-8.79%
Feb 28, 2025	$3.61	$4.19	+16.07%
Nov 12, 2024	$8.53	$7.34	-13.95%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does TeraWulf Inc (WULF) report earnings?

TeraWulf Inc (WULF) is schdueled to report earning on Nov 17, 2025, TBA (Confirmed).

What is TeraWulf Inc (WULF) earnings time?

TeraWulf Inc (WULF) earnings time is at Nov 17, 2025, TBA (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is WULF EPS forecast?

WULF EPS forecast for the fiscal quarter 2025 (Q3) is -0.05.

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