TeraWulf (NASDAQ:WULF) Announces Quarterly Earnings Results, Beats Estimates By $0.15 EPS

by · The Markets Daily

TeraWulf (NASDAQ:WULF – Get Free Report) posted its quarterly earnings results on Friday. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.15, FiscalAI reports. The company had revenue of $76.23 million for the quarter, compared to analysts’ expectations of $62.49 million. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%. TeraWulf’s quarterly revenue was up 50.7% on a year-over-year basis. During the same period last year, the firm earned ($1.13) earnings per share.

Here are the key takeaways from TeraWulf’s conference call:

  • TeraWulf said Justified has approximately $19 billion of contracted revenue under its Anthropic lease, with Google credit support and a definitive Fluor EPC agreement covering all three buildings. The company says it has the required equity and expects to finance the remaining capital with project-level debt, while construction costs are estimated at $10 million–$12 million per critical IT megawatt.
  • Lake Mariner’s CB3 is online, and TeraWulf expects CB4 to add 168 critical megawatts by year-end and CB5 to add another 168 in Q1 2027. By the end of Q1, it expects about half of contracted critical IT capacity to be operating and approximately $700 million of annualized leasing revenue.
  • Third-quarter revenue rose to $76.2 million, but adjusted EBITDA remained negative at $12.8 million. Reported net income of $709.9 million was driven mainly by a non-cash Google-warrant fair-value adjustment and a gain on the Abernathy joint-venture sale, rather than underlying operating profitability.
  • TeraWulf reported $2.4 billion of cash and restricted cash at quarter-end and said existing liquidity, revolving-credit capacity, and expected Abernathy sale proceeds should fund remaining Lake Mariner commitments, Justified equity contributions, and Muskie letter-of-credit needs without accessing equity markets. WULF Compute’s estimated cost is about $8.9 million per critical IT megawatt, within its original guidance range.
  • Muskie has a contracted path to an initial gigawatt of power, including a proposed 760-megawatt gas plant that requires Kentucky regulatory approval; TeraWulf is exploring whether part of the second 500 megawatts can be accelerated. The company cited strong customer interest but gave no timing for a lease, emphasizing that it will prioritize returns and avoid shareholder dilution.

TeraWulf Stock Performance

Shares of WULF traded up $1.29 during midday trading on Friday, reaching $11.37. 105,729,831 shares of the stock were exchanged, compared to its average volume of 33,345,746. The business’s 50-day moving average price is $14.31 and its 200 day moving average price is $17.96. The company has a debt-to-equity ratio of 27.25, a current ratio of 0.75 and a quick ratio of 0.75. TeraWulf has a twelve month low of $9.51 and a twelve month high of $29.84. The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of -2.60 and a beta of 4.00.

Insider Activity at TeraWulf

In related news, Director Walter Carter sold 130,626 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $15.14, for a total value of $1,977,677.64. Following the completion of the sale, the director directly owned 229,090 shares of the company’s stock, valued at $3,468,422.60. This represents a 36.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Bucella acquired 6,085 shares of TeraWulf stock in a transaction on Tuesday, September 15th. The stock was purchased at an average price of $14.79 per share, with a total value of $89,997.15. Following the purchase, the director owned 350,789 shares of the company’s stock, valued at $5,188,169.31. The trade was a 1.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 11,968 shares of company stock valued at $189,962 in the last three months. 15.90% of the stock is currently owned by company insiders.

TeraWulf News Roundup

Here are the key news stories impacting TeraWulf this week:

  • Positive Sentiment: Third-quarter revenue increased 50.7% year over year to $76.23 million, above analyst estimates of about $62.5 million. The loss of $0.03 per share was also narrower than the consensus loss of $0.18. TeraWulf Reports Third Quarter 2026 Results
  • Positive Sentiment: HPC leases generated $63 million, roughly 83% of quarterly revenue, underscoring TeraWulf’s shift from Bitcoin mining toward AI and data-center infrastructure. TeraWulf books $63 million in Q3 HPC lease revenue
  • Positive Sentiment: The company said Google is providing a credit backstop for anticipated financing supporting its $19 billion Anthropic lease. It also outlined a target of exiting Q1 2027 at a $700 million annualized leasing revenue run rate—potentially strengthening the growth case if financing and buildout proceed as planned. TeraWulf outlines leasing revenue target and financing progress
  • Positive Sentiment: TeraWulf reported 102 MW of critical IT capacity online at Lake Mariner, with another 336 MW under construction, and said the project is progressing within cost guidance. TeraWulf Reports Third Quarter 2026 Results
  • Neutral Sentiment: Call-option trading was unusually active, with purchases about 75% above average. That signals heightened investor interest but does not establish the direction of future share performance.
  • Negative Sentiment: Bitcoin-mining revenue fell sharply as HPC leasing expanded, while adjusted EBITDA remained negative. The transition’s success depends on continued construction, project financing and converting planned capacity into revenue. Bitcoin mining revenue falls as HPC leasing surges

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Rothschild & Co Redburn initiated coverage on TeraWulf in a research report on Monday, September 21st. They set a “neutral” rating and a $15.00 price objective for the company. Northland Securities set a $22.50 target price on TeraWulf in a research report on Friday. Morgan Stanley boosted their target price on TeraWulf from $62.50 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. B. Riley Financial lowered their price target on TeraWulf from $40.00 to $26.00 and set a “buy” rating for the company in a report on Friday, October 30th. Finally, TD Cowen began coverage on shares of TeraWulf in a research note on Monday, October 12th. They issued a “buy” rating and a $21.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.68.

Check Out Our Latest Stock Analysis on WULF

About TeraWulf

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TeraWulf Inc is a digital asset infrastructure company focused primarily on developing and operating environmentally conscious data centers for bitcoin mining and other high-performance computing applications. The company emphasizes the use of low-carbon energy, including nuclear and hydroelectric power, to support energy-intensive computing operations.

TeraWulf operates mining and data center facilities in the United States, including the Lake Mariner site in New York and the Nautilus Cryptomine facility in Pennsylvania.

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