TeraWulf Inc (WULF)
NASDAQ:WULF
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TeraWulf Inc
(NASDAQ:WULF)
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Rating:50Neutral
Price Target:
$19.00
▲(0.69% Upside)
Action:ReiteratedDate:03/17/26
The score is held down primarily by weak financial performance—persistent losses, negative cash generation, and extremely high leverage—despite improving scale. Offsetting factors include a technically positive longer-term price trend and a constructive earnings-call outlook driven by large contracted HPC agreements and financing progress, while traditional valuation support is limited due to negative earnings and no dividend.
Positive Factors
Large, Credit‑Backed HPC Contracts & Financing
A $12.8B contracted backlog plus $6.5B of executed financing materially increases multi‑year revenue visibility and lowers revenue volatility versus pure mining. Credit‑backed leases provide durable cashflow anchors, support project financing and de‑risk the transition to HPC leasing over several years.
Negative Factors
Extreme Leverage / Stressed Balance Sheet
A debt‑to‑equity ratio near 37x indicates the company is heavily reliant on borrowed capital. This elevated leverage heightens refinancing, covenant and interest‑rate risks, limits strategic flexibility, and makes growth and operations sensitive to capital‑market conditions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, Credit‑Backed HPC Contracts & Financing
A $12.8B contracted backlog plus $6.5B of executed financing materially increases multi‑year revenue visibility and lowers revenue volatility versus pure mining. Credit‑backed leases provide durable cashflow anchors, support project financing and de‑risk the transition to HPC leasing over several years.
Read all positive factors
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.00B
Dividend YieldN/A
Average Volume (3M)28.99M
Price to Earnings (P/E)―
Beta (1Y)2.98
Revenue Growth30.58%
EPS Growth-752.41%
CountryUS
Employees12
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.30
Shares Outstanding424,068,100
10 Day Avg. Volume28,819,351
30 Day Avg. Volume28,994,228
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 Cap1.24
Enterprise Value/Revenue58.96
Enterprise Value/Gross Profit115.76
Enterprise Value/Ebitda-128.55
Forecast
1Y Price Target
$26.25Price Target Upside39.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-0.76
Revenue Forecast (FY)$379.18M
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:May 18, 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
24
Negative
Balance Sheet
12
Very Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 168.46M | 140.05M | 69.23M | 15.03M | 0.00 |
| Gross Profit | 85.79M | 77.44M | 41.91M | 3.95M | -52.00K |
| EBITDA | -75.76M | -17.41M | 161.00K | -38.83M | -43.35M |
| Net Income | -661.42M | -72.42M | -73.42M | -90.79M | -95.68M |
Balance Sheet | |||||
| Total Assets | 6.56B | 787.51M | 378.11M | 317.69M | 264.91M |
| Cash, Cash Equivalents and Short-Term Investments | 3.27B | 274.06M | 54.44M | 1.28M | 46.45M |
| Total Debt | 5.20B | 491.25M | 124.47M | 129.31M | 95.71M |
| Total Liabilities | 6.42B | 543.07M | 155.62M | 199.93M | 141.73M |
| Stockholders Equity | 140.44M | 244.44M | 222.49M | 117.75M | 123.18M |
Cash Flow | |||||
| Free Cash Flow | -1.18B | -292.36M | -70.91M | -106.92M | -133.17M |
| Operating Cash Flow | -123.18M | -24.42M | 4.26M | -34.07M | -24.10M |
| Investing Cash Flow | -1.37B | -91.16M | -78.01M | -94.05M | -201.41M |
| Financing Cash Flow | 4.94B | 335.21M | 119.87M | 89.98M | 271.97M |
TeraWulf Inc Technical Analysis
Positive
18.87
Price Trends
15.53
Positive
14.42
Positive
11.93
Positive
Market Momentum
0.66
Negative
65.45
Neutral
89.33
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 18.87 is above the 20-day moving average (MA) of 15.92, above the 50-day MA of 15.53, and above the 200-day MA of 11.93, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 65.45 is Neutral, neither overbought nor oversold. The STOCH value of 89.33 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 41 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% | |
53 Neutral | $6.70B | -1.92 | -107.05% | ― | 35.41% | -38.08% | |
50 Neutral | $8.00B | -9.02 | -361.19% | ― | 30.58% | -752.41% | |
49 Neutral | $6.29B | -6.51 | -21.05% | ― | 103.62% | 49.48% | |
46 Neutral | $3.63B | ― | -30.59% | ― | 53.51% | 112.53% | |
46 Neutral | $447.41M | -60.68 | -11.98% | ― | 9.52% | 496.04% | |
44 Neutral | $1.01B | -9.98 | -2.75% | ― | ― | ― |
* Financial Sector Average
WULF
TeraWulf Inc
18.87
16.40
663.97%
RIOT
Riot Platforms
16.60
9.59
136.80%
MARA
MARA Holdings
9.54
-3.41
-26.33%
ABTC
American Bitcoin Corp
0.95
0.15
19.00%
BTBT
Bit Digital
1.37
-0.48
-25.95%
CIFR
Cipher Mining
16.53
14.09
577.46%
TeraWulf Inc Corporate Events
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...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
TeraWulf Highlights 2025 Results and HPC Transition Strategy
Positive
Feb 26, 2026
On February 26, 2026, TeraWulf reported fourth-quarter and full-year 2025 results, highlighting a pivot toward high-performance computing leasing as its primary growth engine while continuing legacy bitcoin mining opportunistically. The company se...
Business Operations and StrategyM&A Transactions
TeraWulf Expands Data Center Capacity with New Site Acquisitions
Positive
Feb 2, 2026
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 p...
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.