TeraWulf Inc (WULF) AI Stock Analysis

• Market Cap: $6.79B
• Dividend Yield: N/A
• Average Volume (3M): 33.64M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.16
• Revenue Growth: 30.58%
• EPS Growth: -752.41%
• Country: US
• Employees: 12
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -0.30
• Shares Outstanding: 418,681,900
• 10 Day Avg. Volume: 27,920,220
• 30 Day Avg. Volume: 33,639,688
• PEG Ratio: -0.01
• Price to Book (P/B): 32.53
• Price to Sales (P/S): 27.12
• P/FCF Ratio: -37.09
• Enterprise Value/Market Cap: 1.28
• Enterprise Value/Revenue: 51.77
• Enterprise Value/Gross Profit: 101.65
• Enterprise Value/Ebitda: -19.23
• 1Y Price Target: $25.00
• Price Target Upside: 54.13% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.43
• Revenue Forecast (FY): $388.55M

• Rating: 54 Neutral
• Price Target: $16.50 ▲(1.73% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held down primarily by weak financial performance (persistent losses, negative cash flow, and very high leverage). Technicals are a meaningful positive with price above major moving averages and supportive momentum. The earnings call adds optimism from large contracted HPC agreements and financing/liquidity progress, but near-term profitability pressures and expense growth remain key risks, while valuation is constrained by ongoing losses.

Positive Factors

HPC Long-term Contracts

The 360 MW, Google‑backed IT load agreement creates multi‑year, high‑margin lease revenue that materially diversifies revenue away from volatile self‑mining. Contracted cash flows and credit‑enhanced counterparties improve revenue visibility and lower commodity exposure over time.

Secured Project Financing

Access to $3.2B of project financing meaningfully de‑risks Lake Mariner build‑out, funds capex without diluting equity, and preserves execution runway. This durable liquidity source reduces near‑term capital uncertainty and supports scaling of contracted HPC capacity.

Large Capacity Expansion

Adding ~1.5 GW via brownfield acquisitions deepens site inventory, accelerates time‑to‑market and access to power. Greater geographic and grid diversity supports higher annual leasing targets (250–500 MW), strengthening the company’s structural ability to supply AI/HPC demand.

Negative Factors

Very High Leverage

Extremely elevated leverage amplifies refinancing, interest and covenant risk, limiting strategic flexibility. Heavy reliance on debt increases vulnerability to rising rates or tighter credit, making sustained capital access and project completion dependent on continued external financing.

Negative Cash Generation

Persistent negative operating and free cash flows mean the business cannot self‑fund growth or service debt from operations. Continued reliance on external capital raises execution risk if financing markets or sponsor support weaken over the medium term.

Ongoing Large GAAP Losses

Substantial GAAP losses and negative adjusted EBITDA indicate current operations and transition costs overwhelm gross margins. Until high‑NOI HPC leases scale and offset mining volatility and depreciation, profitability and return metrics will remain impaired.

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

Despite rapid revenue growth and healthy gross margin, results are dominated by persistent losses, negative operating/free cash flow, and a highly stressed balance sheet with extremely high leverage (debt-to-equity ~37x), increasing financial risk.

Income Statement

Revenue has scaled rapidly from 2022–2024, with 2025 revenue up ~51% year-over-year, and gross margin remains healthy (~51% in 2025). However, profitability is the core issue: net losses persist across the period and 2025 shows an extremely large loss versus revenue (net margin deeply negative), indicating costs/charges that overwhelm the otherwise solid gross profit profile. Overall, strong top-line trajectory is outweighed by the inability to convert revenue into earnings.

Balance Sheet

Leverage is the major red flag. Total debt is very high relative to equity in 2025 (debt-to-equity ~37x), a sharp deterioration versus prior years, and equity remains comparatively small versus the asset base. Returns on equity are consistently negative, and the 2025 loss drives an especially weak return profile. The balance sheet looks highly stressed and dependent on debt financing, which materially raises financial risk.

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow is negative in most years (including 2024 and 2025), and free cash flow is negative throughout the series, with 2024 showing a particularly large cash burn. While 2025 free cash outflow is smaller than 2024, the business is still not self-funding and remains reliant on external capital to cover ongoing cash needs.

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	-77.26M	-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	-123.18M	-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

• Technical Analysis Sentiment: Positive
• Last Price: 16.22
• 50DMA: Positive
• 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 Positive. The current price of 16.22 is above the 20-day moving average (MA) of 15.52, above the 50-day MA of 14.05, and above the 200-day MA of 10.24, indicating a bullish trend. The MACD of 0.82 indicates Negative momentum. The RSI at 54.00 is Neutral, neither overbought nor oversold. The STOCH value of 72.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$6.06B	48.37	5.24%	―	103.62%	49.48%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	61 Neutral	$540.54M	4.30	22.44%	―	9.52%	496.04%
WULF	54 Neutral	$6.79B	-9.77	-343.69%	―	30.58%	-752.41%
CIFR	54 Neutral	$6.32B	-7.60	-110.55%	―	35.41%	-38.08%
MARA	47 Neutral	$3.38B	-2.26	―	―	53.51%	112.53%
ABTC	43 Neutral	$946.16M	-0.25	-2.75%	―	―	―

TeraWulf Inc Corporate Events

TeraWulf Highlights 2025 Results and HPC Transition Strategy

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 secured long-term data center lease agreements for 522 critical IT MW, underpinning more than $12.8 billion in contracted revenue and supporting a multi-year development pipeline.

For 2025, TeraWulf generated $168.5 million in revenue, a non-GAAP adjusted EBITDA loss of $23.1 million, and ended the year with $3.72 billion in cash and restricted cash. Digital asset revenue fell sequentially in the fourth quarter to $26.1 million due to weaker bitcoin production and prices, while HPC lease revenue rose to $9.7 million, underscoring the transition toward contracted AI and HPC workloads.

The flagship Lake Mariner campus in New York and the Abernathy HPC Campus joint venture in Texas anchor the 522 MW contracted platform, with Google credit enhancement supporting major leases and more than $6.5 billion in long-term financing secured in 2025. Lake Mariner’s phased buildout, targeting up to 750 MW of gross HPC capacity, achieved key construction milestones, with additional buildings scheduled for energization through late 2026.

TeraWulf is also expanding geographically, controlling the Cayuga site in New York and, subsequent to year-end, moving to add brownfield sites in Kentucky and Maryland, bringing gross platform capacity to about 2.9 GW across five locations. Management framed 2025 as an inflection year that establishes revenue visibility, enhances counterparty credit quality, and positions the company as a leading provider of sustainable AI and HPC infrastructure with a pathway to deliver 250–500 critical IT MW annually through the end of the decade.

The most recent analyst rating on (WULF) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on TeraWulf Inc stock, see the WULF Stock Forecast page.

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.