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TeraWulf Inc
(NASDAQ:WULF)
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Rating:52Neutral
Price Target:
$23.50
▲(13.86% Upside)
Action:Reiterated
Date:07/07/26
The score is held down primarily by very weak financial performance (deep losses, heavy cash burn, and balance-sheet instability/negative equity). Offsetting factors include a constructive earnings outlook tied to the pivot toward contracted HPC leasing (improving adjusted EBITDA and strong early HPC revenue growth) and positive corporate developments that improve long-term revenue visibility, while technicals remain weak but oversold.
Positive Factors
Large 20-year Anthropic Lease
A secured 20-year, 401 MW Anthropic lease yielding ~$19B of contracted revenue materially increases long-term revenue visibility. As a decade-plus anchor agreement it de-risks project economics, supports financing for phased buildouts, and anchors customer demand for years ahead.
Negative Factors
Persistent Cash Burn and Negative Free Cash Flow
Sustained negative operating cash flow (-$197M TTM) and deeply negative free cash flow (~-$1.16B TTM) show the core business is not yet self-funding. Over the next 2–6 months this elevates reliance on external capital and increases dilution or leverage risk if execution slips or markets tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Large 20-year Anthropic Lease
A secured 20-year, 401 MW Anthropic lease yielding ~$19B of contracted revenue materially increases long-term revenue visibility. As a decade-plus anchor agreement it de-risks project economics, supports financing for phased buildouts, and anchors customer demand for years ahead.
Read all positive factors
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.31B
Dividend YieldN/A
Average Volume (3M)30.42M
Price to Earnings (P/E)―
Beta (1Y)2.92
Revenue Growth27.30%
EPS Growth-663.17%
CountryUS
Employees141
SectorFinancial
Sector Strength70
IndustrySoftware - Application
Share Statistics
EPS (TTM)-2.51
Shares Outstanding495,532,650
10 Day Avg. Volume35,857,429
30 Day Avg. Volume30,420,409
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 Cap1.44
Enterprise Value/Revenue96.95
Enterprise Value/Gross Profit151.44
Enterprise Value/Ebitda-21.40
Forecast
1Y Price Target
$38.27Price Target Upside85.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)-1.33
Revenue Forecast (FY)$311.09M
TeraWulf Inc Business Overview & Revenue Model
Company Description
TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging cl...
How the Company Makes Money
TeraWulf primarily makes money by mining Bitcoin. It operates large-scale mining facilities where it deploys and runs application-specific integrated circuit (ASIC) miners that perform computational work on the Bitcoin network. In exchange, the ne...
TeraWulf Inc Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call highlights a clear operational transition from Bitcoin mining toward contracted HPC leasing with strong early execution: energized capacity at Lake Mariner, a 117% QoQ increase in HPC revenue, meaningful liquidity ($3.1B cash/restricted cash), an improved adjusted EBITDA trajectory and an adjusted HPC segment margin consistent with long-term guidance (~85%). Offsetting these positives are sizable GAAP losses driven by noncash warrant fair value volatility ($216.3M), impairment charges ($25.7M), higher headline SG&A and transitional mining revenue declines. Most of the headline negatives are noncash or transitional while core operating metrics and liquidity are demonstrably strengthening, supporting constructive execution and growth outlook.Positive Updates
Sharp Ramp in HPC Leasing Revenue
HPC leasing contributed $21.0M in Q1, the first meaningful quarter of HPC leasing revenue, up 117% from $9.7M in Q4 2025, signaling early conversion to stable, contracted revenue.
Negative Updates
Large GAAP Net Loss Driven by Noncash Adjustments
GAAP net loss was $427.6M in Q1 vs. $126.6M in Q4, primarily driven by a noncash change in fair value of warrant liabilities of a $216.3M loss related to Google warrants and noncash stock-based compensation.
Read all updates
Q1-2026 Updates
Positive
Negative
Sharp Ramp in HPC Leasing Revenue
HPC leasing contributed $21.0M in Q1, the first meaningful quarter of HPC leasing revenue, up 117% from $9.7M in Q4 2025, signaling early conversion to stable, contracted revenue.
Read all positive updates
Company Guidance
The company guided that execution and capacity delivery remain the focus, targeting 480 MW online in H2 2027 and expecting a FERC decision on the Morgantown acquisition in mid‑summer; they noted CB‑3 scope completion by end of May with CB‑4 and CB‑5 on track for 3Q and 4Q 2026 and an incremental 250 MW interconnect update from the ISO due midyear. Liquidity and funding posture: $3.1 billion of cash and restricted cash at 3/31/26 (parent ~ $300 million unrestricted, rising to ~ $1.5 billion after April equity), WULF Compute ~ $2.8 billion gross cash ($2.3B net) with $1.5B CapEx spent and $2.2B remaining, Abernathy JV ~$1.4B gross ($1.0B net) with $0.4B CapEx spent and $0.9B remaining, repayment/termination of a $100M bridge draw, and roughly $1.2B of equity raised year‑to‑date earmarked in part for Kentucky. Financial and operating metrics/guidance highlighted Q1 revenue of $34M (Digital Assets ~$13M; HPC leasing $21M, +117% QoQ), 60 MW of critical IT energized at Lake Mariner contributing $21M of lease revenue, cost of revenue excl. depreciation down 88% QoQ to $2.4M, demand response proceeds $14.1M, adjusted EBITDA of negative $4.1M (improved from -$50.9M), GAAP net loss $427.6M (including a $216.3M noncash warrant loss), SG&A 2026 target $75–100M, and long‑term HPC segment profit margin target of ~85% (versus an as‑reported ~50% in Q1 after one‑time items).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 | 107.59M | 85.79M | 77.44M | 41.91M | 3.95M | -52.00K |
| EBITDA | -761.51M | -483.91M | -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
Negative
20.64
Price Trends
24.40
Negative
20.62
Positive
17.06
Positive
Market Momentum
-0.78
Positive
42.30
Neutral
44.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WULF, the sentiment is Negative. The current price of 20.64 is below the 20-day moving average (MA) of 25.29, below the 50-day MA of 24.40, and above the 200-day MA of 17.06, indicating a neutral trend. The MACD of -0.78 indicates Positive momentum. The RSI at 42.30 is Neutral, neither overbought nor oversold. The STOCH value of 44.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
59 Neutral | $8.94B | -9.95 | -117.65% | ― | 37.96% | -506.10% | |
56 Neutral | $7.98B | -9.15 | -28.78% | ― | 42.40% | -72.16% | |
52 Neutral | $11.31B | -9.25 | -850.44% | ― | 27.30% | -663.17% | |
46 Neutral | $4.58B | -2.40 | -52.07% | ― | 23.08% | -291.74% | |
45 Neutral | $426.72M | -0.82 | -29.72% | ― | 1310.53% | 70.57% | |
44 Neutral | $583.15M | -3.51 | -0.14% | ― | 13.14% | 4.89% |
* Financial Sector Average
WULF
TeraWulf Inc
21.97
17.08
349.28%
RIOT
Riot Platforms
20.97
8.55
68.80%
MARA
MARA Holdings
12.60
-6.54
-34.17%
ABTC
American Bitcoin Corp
6.13
-100.37
-94.24%
BTBT
Bit Digital
1.69
-1.64
-49.25%
CIFR
Cipher Mining
22.11
16.24
276.66%
TeraWulf Inc Corporate Events
Business Operations and StrategyM&A Transactions
TeraWulf Secures Major Long-Term AI Infrastructure Lease
Positive
Jul 6, 2026
On July 6, 2026, TeraWulf announced that subsidiary Raylan Data LLC has signed a 20-year lease with Anthropic for approximately 401 MW of high-performance computing capacity at its Justified Data campus in Hawesville, Kentucky. The phased build-ou...
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...
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.