TeraWulf Inc (WULF) AI Stock Analysis

• Market Cap: $5.60B
• Dividend Yield: N/A
• Average Volume (3M): 20.31M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.21
• Revenue Growth: 30.58%
• EPS Growth: -752.41%
• Country: US
• Employees: 12
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -1.13
• Shares Outstanding: 418,681,900
• 10 Day Avg. Volume: 25,165,655
• 30 Day Avg. Volume: 20,311,365
• PEG Ratio: 0.69
• Price to Book (P/B): 8.13
• Price to Sales (P/S): 14.20
• P/FCF Ratio: -6.80
• Enterprise Value/Market Cap: 1.07
• Enterprise Value/Revenue: 35.63
• Enterprise Value/Gross Profit: 70.91
• Enterprise Value/Ebitda: -12.27
• 1Y Price Target: $21.57
• Price Target Upside: 61.34% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.44
• Revenue Forecast (FY): $380.49M

• Rating: 50 Neutral
• Price Target: $13.50 ▲(0.97% Upside)

The score is held down primarily by weak financial performance (large losses, negative operating cash flow, and high leverage). Offsetting this is a constructive earnings-call outlook driven by long-duration HPC contracting and major project financing, while technicals are neutral-to-mixed and valuation lacks support due to negative earnings and no dividend.

Positive Factors

Long-term contracted HPC revenue

A 10-year, 360MW IT-load contract creates a durable, predictable revenue stream and high NOI that materially diversifies TeraWulf from spot BTC mining. Such long-term contracted cash flows underpin capacity investment, improve cash visibility, and reduce exposure to crypto price cycles.

Major financing support for build-out

Securing $3.2B of project financing backed by a strategic partner materially reduces funding/execution risk for large-scale campus expansion. This enables timely capex deployment, helps convert contracted demand into revenue, and supports scaling without sole reliance on equity markets.

High-margin recurring HPC leases

Early HPC lease revenue at very high margins demonstrates a scalable, capital-efficient revenue mix. Recurring, contract-based HPC leasing enhances margin sustainability versus commodity mining, supports steady EBITDA generation, and strengthens the business model as capacity ramps.

Negative Factors

Substantial GAAP net losses

Large, persistent GAAP losses strain equity and limit reinvestment capacity. Even with project financings, continued sizable net losses can erode shareholder value, increase reliance on external capital, and hinder the company's ability to fund operations without dilutive or costly financing.

High leverage and thin equity base

Elevated leverage and a low equity ratio raise financial risk if revenue or margins underperform. High debt increases fixed servicing costs, restricts flexibility, and can amplify downside in cyclical crypto/HPC markets, making long-term capital structure repair a potential constraint.

Negative operating cash flow despite FCF gains

While FCF growth is notable, negative operating cash flow indicates core operations aren't yet cash-generative. Reliance on financing or non‑operational cash items to cover losses is unsustainable long-term; converting growth into consistent OCF is critical for durable financial health.

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 generates revenue primarily through the mining of Bitcoin and potentially other cryptocurrencies. The company employs a revenue model based on the production of new Bitcoins, which are earned through solving complex cryptographic puzzles in the mining process. Key revenue streams include the sale of mined Bitcoins at market prices, as well as transaction fees collected from the Bitcoin network. Additionally, TeraWulf may benefit from strategic partnerships with energy providers to secure low-cost, renewable energy, which enhances its profitability by reducing operating expenses. The company's focus on sustainability also aligns with growing market demand for eco-friendly mining practices, potentially attracting investors and customers who prioritize environmental responsibility.

TeraWulf Inc Financial Statement Overview

Summary

Strong revenue growth (16.32% TTM) and improved free cash flow growth (162.81% TTM) are outweighed by severe profitability weakness (net margin -91.42%, EBIT margin -97.52%), deteriorating gross margin (55.30% in 2024 to 43.83% TTM), high leverage (debt-to-equity 2.87), and negative operating cash flow.

Income Statement

TeraWulf Inc. shows a significant revenue growth rate of 16.32% TTM, indicating strong top-line expansion. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins, which are -91.42% and -97.52% respectively. The gross profit margin has decreased from 55.30% in 2024 to 43.83% TTM, reflecting increased cost pressures. Overall, while revenue growth is a positive sign, the lack of profitability is a major concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 2.87 TTM, indicating significant leverage and potential financial risk. The return on equity is negative at -269.71%, highlighting the company's inability to generate profits from shareholders' equity. The equity ratio stands at 10.08%, suggesting a low proportion of equity financing. Despite the high leverage, the company has managed to maintain some level of equity, but the overall financial stability is weak.

Cash Flow

TeraWulf Inc. has experienced a substantial increase in free cash flow growth at 162.81% TTM, which is a positive development. However, the operating cash flow remains negative, and the operating cash flow to net income ratio is -0.41, indicating cash flow challenges. The free cash flow to net income ratio is 2.84, suggesting some ability to cover net losses with free cash flow. Despite the improvement in free cash flow growth, the overall cash flow position remains precarious.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 13.37
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WULF, the sentiment is Neutral. The current price of 13.37 is below the 20-day moving average (MA) of 13.67, below the 50-day MA of 13.44, and above the 200-day MA of 9.03, indicating a neutral trend. The MACD of 0.32 indicates Negative momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 65.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for WULF.

TeraWulf Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RIOT	70 Outperform	$5.75B	45.93	5.24%	―	103.62%	49.48%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MARA	64 Neutral	$3.59B	5.26	23.13%	―	53.51%	112.53%
BTBT	64 Neutral	$657.06M	5.23	22.44%	―	9.52%	496.04%
CIFR	56 Neutral	$6.31B	-83.78	-9.69%	―	35.41%	-38.08%
WULF	50 Neutral	$5.60B	-9.44	-181.95%	―	30.58%	-752.41%
ABTC	42 Neutral	$1.40B	-2.02	-2.75%	―	―	―

TeraWulf Inc Corporate Events

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.

TeraWulf Inc Announces Mandatory Stock Conversion

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.

The most recent analyst rating on (WULF) stock is a Hold with a $12.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

TeraWulf Inc Reports 87% Revenue Growth in Q3 2025

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.

The most recent analyst rating on (WULF) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.