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TeraWulf Inc (WULF)
NASDAQ:WULF
Earnings Data
Report Date
May 18, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.19Last Year’s EPS
-0.16Same Quarter Last Year
Strong Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized substantial strategic progress: large, credit-backed HPC contracts ($12.8B), successful financings ($6.5B), strengthened liquidity (>$3.7B cash & project-level funding), major site control and M&A (Beowulf acquisition, Cayuga, Fluidstack deal) and operational deliveries with design optimizations that add critical IT capacity and long-term revenue upside. These positives are balanced against transitional financial impacts: a Q4 revenue decline driven by mining volatility, a large GAAP loss primarily from a noncash $429.8M warrant valuation, a swing to negative adjusted EBITDA, and materially higher operating and SG&A spend as the company scales. Management framed many negatives as expected short-term consequences of an intentional transition from mining to credit-enhanced HPC leasing, and highlighted that project financing and cash cushions are in place. Overall, strategic execution, funding and site control are strong, while near-term profitability and GAAP metrics are impacted by noncash items and scale-up costs.Company Guidance
Large-Scale HPC Lease Agreements and Financing
Secured over $12.8 billion of HPC lease agreements and executed $6.5 billion of debt and equity-linked financing in 2H 2025, validating the company's credit-backed HPC platform and capital structure.
Strong Liquidity and Project-Level Funding
As of Dec 31, 2025, cash and restricted cash totaled $3.7 billion. WULF Compute held ~ $3.0 billion gross cash (~$2.6 billion net) with $850 million CapEx spent and $2.38 billion remaining; Abernathy JV held ~$1.5 billion gross (~$1.2 billion net) with $268 million CapEx spent and $1.1 billion remaining. Management stated they do not anticipate needing additional equity to fund currently contracted development.
Strategic M&A and Site Control
Acquired 100% of Beowulf Electricity & Data to integrate power generation expertise; secured long-duration site control at Cayuga (up to 400 MW brownfield); added ~1.5 GW of additional power-back capacity in Kentucky and Maryland since year-end.
Platform-Defining Fluidstack Lease with Google Credit
Signed a 450 MW lease with Fluidstack supported by Google's credit (including warrants), a deal described as platform-defining and validating the ability to contract AI capacity at scale; Google's warrants make it the company's largest shareholder.
Revenue Growth and HPC Ramp
Full-year 2025 revenue increased 20% year-over-year to $168.5 million from $140.1 million. HPC lease revenue is beginning to ramp: Q4 2025 HPC revenue was $9.7 million, up 35% quarter-over-quarter from $7.2 million in Q3. As of year-end, 18 MW of critical IT capacity were energized and producing revenue.
Design Optimization and Capacity Upside
Standardization and design optimization increased critical IT capacity from 162 MW to 168 MW per Fluidstack building (+3.7% per building). The incremental 12 MW across the campus is expected to generate approximately $200 million of additional lease revenue over the initial term and reduces expected debt maturities by ~ $45 million versus prior projections.
Operational Deliveries and Execution Progress
Delivered WULF Den and CB1 (revenue-generating in Q4), delivered CB2A for Core42 and expect CB2B online in March; CB3 expected mid-May; CB4 and CB5 designed as repeatable standardized buildings with lease commencement targeted Q3 and Q4 2026 respectively. Abernathy JV remains on track for Q4 2026 lease commencement under fixed EPC.
Power-Centric Differentiation and Large-Scale Development Pipeline
Reiterated differentiated strategy of controlling power and deploying integrated generation, storage and compute. Morgantown Phase 1 vision: ~500 MW of new dispatchable generation, ~250 MW of battery storage and ~500 MW of data center load (engineered to be a net generator). Company guidance targets contracting 250–500 MW of critical IT load per year through the end of the decade.
Improved Demand Response and Power Management
Demand response proceeds increased year-over-year from $8.6 million in 2024 to $17.7 million in 2025, demonstrating effective use of flexible mining load to manage power costs during the transition.
WULF Earnings History
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 |
|---|---|---|---|
Feb 26, 2026 | $17.88 | $16.22 | -9.28% |
Nov 10, 2025 | $14.30 | $12.37 | -13.50% |
Aug 08, 2025 | $4.94 | $5.03 | +1.82% |
May 09, 2025 | $3.30 | $3.01 | -8.79% |
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 May 18, 2026, TBA (Confirmed).
What is TeraWulf Inc (WULF) earnings time?
TeraWulf Inc (WULF) earnings time is at May 18, 2026, 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 2026 (Q1) is -0.19.