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TeraWulf Inc
(NASDAQ:WULF)
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Rating:51Neutral
Price Target:
$12.50
▼(-23.41% Downside)
Action:Reiterated
Date:10/16/26
Overall score is held back primarily by weak financial performance (deep losses, thin/unclear equity support, and significant negative free cash flow) and a bearish technical backdrop (price below all major moving averages with negative MACD). These are partially offset by a strong earnings-call setup featuring sizable long-duration contracted revenue (Anthropic), clear buildout milestones, and reported liquidity to fund near-term expansion, though execution and profitability risks remain meaningful.
Positive Factors
Long-term contracted HPC demand
The Anthropic lease provides unusually long-duration contracted demand and ties future revenue to a major AI customer. This backlog can improve visibility, support infrastructure utilization, and reduce reliance on spot bitcoin economics as HPC capacity is delivered.
Negative Factors
Severe and deteriorating profitability
Recent revenue contraction alongside an extremely negative net margin shows that gross profit is not yet covering the company’s operating and non-operating cost structure. Persistent losses could weaken retained capital and make profitable scaling dependent on successful execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term contracted HPC demand
The Anthropic lease provides unusually long-duration contracted demand and ties future revenue to a major AI customer. This backlog can improve visibility, support infrastructure utilization, and reduce reliance on spot bitcoin economics as HPC capacity is delivered.
Read all positive factors
TeraWulf Inc (WULF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.37B
Dividend Yield24.63%
Average Volume (3M)33.51M
Price to Earnings (P/E)―
Beta (1Y)2.75
Revenue Growth14.65%
EPS Growth-1179.58%
CountryUS
Employees141
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-4.40
Shares Outstanding498,968,700
10 Day Avg. Volume44,630,052
30 Day Avg. Volume33,511,664
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 Cap2.27
Enterprise Value/Revenue87.61
Enterprise Value/Gross Profit126.49
Enterprise Value/Ebitda-16.39
Forecast
1Y Price Target
$31.44Price Target Upside92.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)-3.15
Revenue Forecast (FY)$263.84M
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 deploys and operates ASIC mining machines at its data center sites; these machines perform computations (hashing) to validate Bitcoin transactions and, in return, earn bitcoin through block subs...
TeraWulf Inc Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call emphasizes strong execution milestones, meaningful contracted revenue growth (notably the 401 MW Anthropic lease representing ~$19B), improved liquidity and project-level economics (FluidStack amendments, pro forma capitalization moving toward more equity). At the same time, the company faces near-term headwinds including large noncash GAAP losses from warrant revaluation, negative adjusted EBITDA driven by pre-revenue costs, elevated cash interest payments, and execution constraints around skilled electrical labor and tenant-driven design changes. On balance, the operational progress, sizable contracted backlog, solid liquidity and constructive financing posture outweigh the near-term accounting and execution challenges.Positive Updates
CB-3 Delivery and Operating Capacity
CB-3 fully delivered and generating lease revenue, bringing total revenue-generating critical IT capacity at Lake Mariner to 102 MW; completion satisfied conditions making $600M of Google credit support effective. CB-4 is in commissioning (Level 2) with first data hall expected to hit Level 4 and begin revenue late September; CB-5 first data hall expected to begin energizing in very early January.
Negative Updates
Large GAAP Net Loss Driven by Noncash Warrant Revaluation
GAAP net loss attributable to TeraWulf was $939.9M in Q2 versus $427.6M in Q1, primarily driven by a $755.7M noncash loss from the change in fair value of Google warrants (Q1 loss was $216.3M). The change had no liquidity impact but materially increased reported net loss.
Read all updates
Q2-2026 Updates
Positive
Negative
CB-3 Delivery and Operating Capacity
CB-3 fully delivered and generating lease revenue, bringing total revenue-generating critical IT capacity at Lake Mariner to 102 MW; completion satisfied conditions making $600M of Google credit support effective. CB-4 is in commissioning (Level 2) with first data hall expected to hit Level 4 and begin revenue late September; CB-5 first data hall expected to begin energizing in very early January.
Read all positive updates
Company Guidance
Management reaffirmed a target to contract an incremental 250–500 MW of critical IT capacity per year and provided detailed operational and financial guidance: Lake Mariner entered Q3 with 102 operating critical MW (CB‑3 online), CB‑4 is in Level‑2 commissioning (Level‑3 mid‑August, Level‑4 late September) and CB‑5 is expected to begin energizing its first data hall in very early January; the Anthropic lease is ~401 MW (~$19 billion over an initial 20‑year term) and the Abernathy JV sale is ~ $530 million (with $250M received, ~$150M due by 12/31/26 and ~$130M by 4/30/27). Liquidity and project finance targets: cash and restricted cash $3.0B (parent unrestricted cash ~$1.2B, pro forma ~$1.45B including Abernathy), WULF Compute gross cash ~$1.9B (~$1.5B net), ~$2.3B of project capex completed and ~$1.7B remaining, pro forma capitalization ~32% equity / 68% debt (vs ~26%/74% at financing), and estimated total project cost ~ $9.1M per critical IT MW (within prior $8–10M guidance). Financial cadence and margins: Q2 revenue $44.8M with HPC lease revenue $31.9M (+52% QoQ, ~71% of revenue), reported HPC leasing margin ~28% (adjusted to ~80% after removing tenant fit‑out, pre‑revenue and development items) vs a long‑term target of ~85%; TeraWulf will contribute ~$150M of tenant fit‑out costs (expected to generate >$300M incremental lease revenue over 10 years and, together with capacity increases from 162→168 MW, >$500M incremental lease revenue over initial terms). Other guidance items: peak electrician workforce scaled to ~1,000 to meet schedules, full‑year adjusted SG&A expected $75–100M, adjusted EBITDA was negative $18.3M in Q2, and management expects existing liquidity plus Abernathy proceeds to fund Lake Mariner commitments, Justified equity, Muskie LOCs, the Chesapeake acquisition and near‑term growth without returning to the equity markets.TeraWulf Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 165.19M | 168.46M | 140.05M | 69.23M | 15.03M | 0.00 |
| Gross Profit | 114.42M | 85.79M | 77.44M | 41.91M | 3.95M | -52.00K |
| EBITDA | -882.82M | -483.91M | -17.41M | 161.00K | -38.83M | -43.35M |
| Net Income | -1.95B | -661.42M | -72.42M | -73.42M | -90.79M | -95.68M |
Balance Sheet | ||||||
| Total Assets | 8.05B | 6.56B | 787.51M | 378.11M | 317.69M | 264.91M |
| Cash, Cash Equivalents and Short-Term Investments | 2.62B | 3.27B | 274.06M | 54.44M | 1.28M | 46.45M |
| Total Debt | 5.24B | 5.20B | 491.25M | 124.47M | 129.31M | 95.71M |
| Total Liabilities | 7.90B | 6.42B | 543.07M | 155.62M | 199.93M | 141.73M |
| Stockholders Equity | 147.28M | 140.44M | 244.44M | 222.49M | 117.75M | 123.18M |
Cash Flow | ||||||
| Free Cash Flow | -2.50B | -1.18B | -292.36M | -70.91M | -106.92M | -133.17M |
| Operating Cash Flow | -279.16M | -123.18M | -24.42M | 4.26M | -34.07M | -24.10M |
| Investing Cash Flow | -2.84B | -1.37B | -91.16M | -78.01M | -94.05M | -201.41M |
| Financing Cash Flow | 6.06B | 4.94B | 335.21M | 119.87M | 89.98M | 271.97M |
TeraWulf Inc Technical Analysis
Negative
16.32
Price Trends
15.29
Negative
18.75
Negative
18.13
Negative
Market Momentum
-1.06
Positive
41.32
Neutral
49.78
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 16.32 is above the 20-day moving average (MA) of 13.91, above the 50-day MA of 15.29, and below the 200-day MA of 18.13, indicating a bearish trend. The MACD of -1.06 indicates Positive momentum. The RSI at 41.32 is Neutral, neither overbought nor oversold. The STOCH value of 49.78 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% | |
51 Neutral | $6.37B | -2.90 | -1708.70% | 24.63% | 14.65% | -1179.58% | |
50 Neutral | $8.51B | -13.46 | -39.50% | ― | 129.50% | -441.42% | |
48 Neutral | $5.26B | -3.81 | -48.36% | 12.20% | 24.51% | -842.33% | |
48 Neutral | $2.89B | -0.83 | -110.39% | ― | 0.73% | -642.27% | |
47 Neutral | $2.25B | -2.34 | -75.24% | 0.70% | 7.49% | -468.86% | |
44 Neutral | $339.72M | -1.10 | -46.72% | ― | 23.36% | -150.86% |
* Financial Sector Average
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TeraWulf Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
TeraWulf Doubles Muskie Data Campus Power Capacity
Positive
Oct 5, 2026
On October 5, 2026, TeraWulf announced that subsidiary DB Long Hunts Data LLC had executed amended and restated transmission and energy service agreements with Kentucky Power, boosting contracted power capacity at the Muskie Data Campus in eastern...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
TeraWulf Highlights Anthropic Deal in Q2 Update
Positive
Aug 5, 2026
On August 5, 2026, TeraWulf reported second-quarter 2026 results, highlighting $44.8 million in revenue, of which $31.9 million came from high-performance computing leases, and ending the period with about $3.0 billion in cash and restricted cash ...
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.