Terawulf Inc. (WULF)
NASDAQ:WULF
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TeraWulf Inc
(NASDAQ:WULF)
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Rating:55Neutral
Price Target:
$26.00
▲(25.97% Upside)
Action:Reiterated
Date:06/01/26
The score is held back primarily by weak financial performance (large losses, heavy cash burn, and balance-sheet volatility/negative equity). Offsetting this, technicals indicate strong upward momentum, and the latest earnings call supports a constructive execution narrative around the shift to contracted HPC leasing with improving adjusted EBITDA. Valuation remains challenged due to negative earnings and no dividend yield data.
Positive Factors
Transition to contracted HPC leasing
The rapid ramp to contracted HPC leasing (Q1 HPC revenue +117% QoQ) signals a structural shift from volatile mining revenue toward recurring, contract-backed income. Over months, this should materially reduce revenue volatility, support more predictable cash flows, and enable higher long-term margins from leased capacity.
Negative Factors
Persistent negative cash generation
Consistently negative operating cash flow and very large free cash flow deficits indicate the core business is not self-funding. Over 2–6 months, ongoing cash burn heightens dependence on external capital, raises dilution risk, and constrains flexibility to absorb project delays or cost overruns during scale-up.
Read all positive and negative factors
Positive Factors
Negative Factors
Transition to contracted HPC leasing
The rapid ramp to contracted HPC leasing (Q1 HPC revenue +117% QoQ) signals a structural shift from volatile mining revenue toward recurring, contract-backed income. Over months, this should materially reduce revenue volatility, support more predictable cash flows, and enable higher long-term margins from leased capacity.
Read all positive factors
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.36B
Dividend YieldN/A
Average Volume (3M)27.67M
Price to Earnings (P/E)―
Beta (1Y)3.02
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. Volume26,908,956
30 Day Avg. Volume27,668,350
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 Cap1.13
Enterprise Value/Revenue96.95
Enterprise Value/Gross Profit2.67K
Enterprise Value/Ebitda-117.47
Forecast
1Y Price Target
$35.97Price Target Upside74.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)-1.35
Revenue Forecast (FY)$334.43M
TeraWulf Inc Business Overview & Revenue Model
Company Description
TeraWulf Inc., headquartered in Easton, Maryland, is a digital asset technology firm operating within the United States. The company specializes in the development, ownership, and management of infrastructure dedicated to bitcoin mining. Currently...
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 | 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
23.20
Positive
19.29
Positive
16.07
Positive
Market Momentum
1.40
Negative
64.62
Neutral
82.10
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 25.84, below the 50-day MA of 23.20, and above the 200-day MA of 16.07, indicating a bullish trend. The MACD of 1.40 indicates Negative momentum. The RSI at 64.62 is Neutral, neither overbought nor oversold. The STOCH value of 82.10 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% | |
59 Neutral | $11.94B | -13.17 | -117.65% | ― | 37.96% | -506.10% | |
56 Neutral | $10.63B | -11.26 | -28.78% | ― | 42.40% | -72.16% | |
55 Neutral | $14.36B | -11.93 | -850.44% | ― | 27.30% | -663.17% | |
50 Neutral | $5.42B | -2.65 | -52.07% | ― | 23.08% | -291.74% | |
50 Neutral | $903.99M | -6.05 | -29.72% | ― | 1310.53% | 70.57% | |
48 Neutral | $757.74M | -4.17 | -0.14% | ― | 13.14% | 4.89% |
* Financial Sector Average
WULF
TeraWulf Inc
28.98
25.24
674.87%
RIOT
Riot Platforms
28.10
18.54
193.93%
MARA
MARA Holdings
14.22
-0.10
-0.70%
ABTC
American Bitcoin Corp
0.85
-3.43
-80.14%
BTBT
Bit Digital
2.17
-0.16
-6.87%
CIFR
Cipher Mining
29.18
25.39
669.92%
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.