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TeraWulf Inc
(NASDAQ:WULF)
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
TeraWulf Inc Business Overview & Revenue Model
TeraWulf Inc Earnings Call Summary
TeraWulf Inc Financial Statement Overview
| 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 | 0.00 | -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
TeraWulf Inc Risk Analysis
TeraWulf Inc Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $6.06B | 48.37 | 5.24% | ― | 103.62% | 49.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $540.54M | 4.30 | 22.44% | ― | 9.52% | 496.04% | |
56 Neutral | $6.79B | -9.92 | -181.95% | ― | 30.58% | -752.41% | |
54 Neutral | $6.32B | -7.60 | -110.55% | ― | 35.41% | -38.08% | |
47 Neutral | $3.38B | -2.26 | 23.13% | ― | 53.51% | 112.53% | |
43 Neutral | $946.16M | -0.25 | -2.75% | ― | ― | ― |
TeraWulf Inc Corporate Events
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.
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.
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.
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.
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.
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.