Terawulf Inc. (WULF)
NASDAQ:WULF
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TeraWulf Inc
(NASDAQ:WULF)
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Rating:56Neutral
Price Target:
$23.50
▲(13.86% Upside)
Action:Reiterated
Date:05/27/26
The score is held down primarily by weak financial performance (large ongoing losses, heavy cash burn, and balance-sheet volatility including negative equity). These risks are partially offset by constructive technical momentum and an earnings-call narrative focused on improving business quality via large, credit-backed contracted HPC growth and substantial financing/liquidity to support the buildout. Valuation provides limited support given losses and no dividend.
Positive Factors
Credit-backed HPC lease backlog
A $12.8B pipeline of credit-backed HPC leases plus $6.5B of executed financing gives multi-year contracted revenue visibility and de-risks earnings relative to volatile bitcoin mining. These contracts support predictable cash flows, underwriting for nonrecourse project finance and easier access to capital for buildout.
Negative Factors
Persistent negative cash generation
Sustained large negative operating and free cash flow means the core business does not self-fund and will remain dependent on external capital until HPC portfolio scales and stabilizes. Continued cash burn elevates refinancing, dilution and execution risk if project timelines slip or capital market conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Credit-backed HPC lease backlog
A $12.8B pipeline of credit-backed HPC leases plus $6.5B of executed financing gives multi-year contracted revenue visibility and de-risks earnings relative to volatile bitcoin mining. These contracts support predictable cash flows, underwriting for nonrecourse project finance and easier access to capital for buildout.
Read all positive factors
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.08B
Dividend YieldN/A
Average Volume (3M)31.42M
Price to Earnings (P/E)―
Beta (1Y)3.12
Revenue Growth27.30%
EPS Growth-663.17%
CountryUS
Employees12
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-2.51
Shares Outstanding495,532,650
10 Day Avg. Volume26,662,938
30 Day Avg. Volume31,415,275
Financial Highlights & Ratios
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 Cap1.19
Enterprise Value/Revenue92.63
Enterprise Value/Gross Profit2.56K
Enterprise Value/Ebitda-112.24
Forecast
1Y Price Target
$34.07Price Target Upside65.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)-1.31
Revenue Forecast (FY)$342.51M
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 Ne...
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 computa...
TeraWulf Inc Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
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.Positive Updates
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.
Negative Updates
Q4 Revenue Decline and Bitcoin Mining Volatility
Quarterly revenue declined to $35.8 million in Q4 2025 from $50.6 million in Q3 2025 (a decrease of ~29.3%), primarily driven by lower Bitcoin production. Digital asset (mining) revenue still comprised the majority of 2025 revenue ($151.6 million) while HPC revenue remains early-stage ($16.9 million for full year).
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided that TeraWulf will target signing and delivering 250–500 MW of contracted critical IT capacity per year through the end of the decade; Morgantown Phase 1 is scoped for ~500 MW new dispatchable generation, 250 MW battery storage and 500 MW data center load (Phase 2 similar), and Kentucky is targeted for 480 MW online in H2 2027. They reiterated a long‑run HPC segment profit margin of ~85% (2025 adjusted to ~77% after $1.2M tenant fit‑out revenue, $4.1M development/pre‑revenue costs and partial‑period ramps), adjusted SG&A of about $47M in 2025 (vs prior $50–55M guide), and no expected need for additional equity to fund currently contracted development. Financial and liquidity metrics called out include $3.7B cash & restricted cash (12/31/25), HoldCo ≈$500M available cash (~$300M pro forma for Kentucky), WULF Compute gross cash ≈$3.0B ($2.6B net) with $850M CapEx spent and ~$2.38B remaining (≈$200M cushion), Abernathy gross ≈$1.5B ($1.2B net) with $268M spent and ~$1.1B remaining (≈$70M cushion + $100M JV reserve), plus $12.8B of HPC lease agreements secured and $6.5B of debt/equity‑linked financing executed. Key operational milestones: 18 MW energized at year‑end, Core42 fully energized by end‑Q1, CB2B online in March, CB3 mid‑May, CB4/CB5 lease commencements targeted Q3/Q4 2026, and WULF Compute and Abernathy fully funded through substantial completion with long‑term fixed‑rate financing.TeraWulf Inc Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 168.06M | 168.46M | 140.05M | 69.23M | 15.03M | 0.00 |
| Gross Profit | 6.09M | -2.80M | 77.44M | 41.91M | 3.95M | -52.00K |
| EBITDA | -138.70M | -75.76M | -17.41M | 161.00K | -38.83M | -43.35M |
| Net Income | -1.03B | -661.42M | -72.42M | -73.42M | -90.79M | -95.68M |
Balance Sheet | ||||||
| Total Assets | 7.01B | 6.56B | 787.51M | 378.11M | 317.69M | 264.91M |
| Cash, Cash Equivalents and Short-Term Investments | 2.83B | 3.27B | 274.06M | 54.44M | 1.28M | 46.45M |
| Total Debt | 5.31B | 5.20B | 491.25M | 124.47M | 129.31M | 95.71M |
| Total Liabilities | 7.09B | 6.42B | 543.07M | 155.62M | 199.93M | 141.73M |
| Stockholders Equity | -78.77M | 140.44M | 244.44M | 222.49M | 117.75M | 123.18M |
Cash Flow | ||||||
| Free Cash Flow | -1.69B | -1.18B | -292.36M | -70.91M | -106.92M | -133.17M |
| Operating Cash Flow | -197.26M | -123.18M | -24.42M | 4.26M | -34.07M | -24.10M |
| Investing Cash Flow | -2.02B | -1.37B | -91.16M | -78.01M | -94.05M | -201.41M |
| Financing Cash Flow | 5.09B | 4.94B | 335.21M | 119.87M | 89.98M | 271.97M |
TeraWulf Inc Technical Analysis
Positive
20.64
Price Trends
20.22
Positive
17.51
Positive
14.86
Positive
Market Momentum
1.37
Negative
61.97
Neutral
88.33
Negative
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 20.64 is below the 20-day moving average (MA) of 23.49, above the 50-day MA of 20.22, and above the 200-day MA of 14.86, indicating a bullish trend. The MACD of 1.37 indicates Negative momentum. The RSI at 61.97 is Neutral, neither overbought nor oversold. The STOCH value of 88.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WULF.
TeraWulf Inc Risk Analysis
TeraWulf Inc disclosed 42 risk factors in its most recent earnings report. TeraWulf Inc reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TeraWulf Inc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
58 Neutral | $10.49B | -10.87 | -28.78% | ― | 42.40% | -72.16% | |
57 Neutral | $10.06B | -10.67 | -117.65% | ― | 37.96% | -506.10% | |
56 Neutral | $13.08B | -10.52 | -850.44% | ― | 27.30% | -663.17% | |
50 Neutral | $5.36B | -2.68 | -52.07% | ― | 23.08% | -291.74% | |
49 Neutral | $1.12B | -8.04 | -29.72% | ― | 1310.53% | 70.57% | |
48 Neutral | $708.86M | -3.89 | -0.14% | ― | 13.14% | 4.89% |
* Financial Sector Average
WULF
TeraWulf Inc
25.56
21.95
608.03%
RIOT
Riot Platforms
27.11
18.63
219.69%
MARA
MARA Holdings
14.38
0.02
0.14%
ABTC
American Bitcoin Corp
1.13
-4.22
-78.88%
BTBT
Bit Digital
2.02
-0.36
-15.13%
CIFR
Cipher Mining
23.65
20.40
627.69%
TeraWulf Inc Corporate Events
Business Operations and StrategyM&A Transactions
TeraWulf Expands AI Data Center Footprint in Kentucky
Positive
May 26, 2026
On May 22, 2026, TeraWulf Inc. closed the acquisition of the Muskie Data Campus, a hyperscale high-performance computing development site in Eastern Kentucky that can support more than 1 gigawatt of AI and HPC data center capacity over time. The 2...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
TeraWulf Highlights Q1 2026 Results and HPC Shift
Positive
May 8, 2026
On May 8, 2026, TeraWulf reported first-quarter 2026 results, highlighting $34.0 million in revenue, including $21.0 million from HPC lease income, and a strong liquidity position of approximately $3.1 billion in cash and restricted cash as of Mar...
Business Operations and StrategyPrivate Placements and Financing
TeraWulf Raises $1 Billion to Expand AI Infrastructure
Positive
Apr 16, 2026
On April 16, 2026, TeraWulf closed a public offering of 54,510,000 shares of common stock at $19.00 per share, including the full exercise of underwriters’ option to purchase an additional 7,110,000 shares, generating approximately $1.0 bill...
Business Operations and StrategyPrivate Placements and Financing
TeraWulf Upsizes Equity Offering to Fund Data Centers
Positive
Apr 15, 2026
On April 14, 2026, TeraWulf Inc. announced it had priced a public offering of 47,400,000 common shares at $19.00 each, for gross proceeds of about $900 million, increased from an initially planned $800 million deal. The offering, expected to close...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
TeraWulf Announces Large Equity Offering and Credit Facility
Positive
Apr 14, 2026
On April 14, 2026, TeraWulf said it plans to sell $800 million of common stock to the public, with underwriters offered a 30-day option to buy up to an additional $120 million, in a move that would significantly bolster its equity base. The same d...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
TeraWulf Secures $500 Million Bridge Facility Financing
Positive
Mar 16, 2026
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 c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.