TeraWulf (NASDAQ:WULF – Get Free Report) posted its quarterly earnings data on Friday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.15, FiscalAI reports. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%. The firm had revenue of $76.23 million for the quarter, compared to the consensus estimate of $62.49 million. During the same quarter in the previous year, the business earned ($1.13) EPS. The company’s quarterly revenue was up 50.7% compared to the same quarter last year.
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 Up 12.8%
NASDAQ WULF traded up $1.29 during trading hours on Friday, hitting $11.37. 105,729,831 shares of the company were exchanged, compared to its average volume of 33,345,746. The company has a 50 day moving average of $14.31 and a two-hundred day moving average of $17.96. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 27.25. TeraWulf has a 52-week low of $9.51 and a 52-week high of $29.84. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of -2.60 and a beta of 4.00.
Analyst Ratings Changes
Several equities analysts have weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 target price on shares of TeraWulf in a research report on Friday, August 21st. Morgan Stanley increased their price target on shares of TeraWulf from $62.50 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, October 9th. Freedom Capital raised shares of TeraWulf to a “strong-buy” rating in a research note on Tuesday, September 8th. Northland Securities set a $22.50 price objective on shares of TeraWulf in a report on Friday. Finally, HC Wainwright reaffirmed a “buy” rating on shares of TeraWulf in a research note on Friday, August 21st. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, TeraWulf currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.68.
Get Our Latest Report on TeraWulf
Key TeraWulf News
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
Insider Buying and Selling at TeraWulf
In other news, Director Walter Carter sold 130,626 shares of TeraWulf 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 transaction, the director owned 229,090 shares in the company, valued at approximately $3,468,422.60. This trade represents a 36.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul Prager sold 137,500 shares of TeraWulf stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.06, for a total value of $2,345,750.00. Following the completion of the transaction, the chief executive officer owned 3,807,552 shares of the company’s stock, valued at $64,956,837.12. The trade was a 3.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have purchased 11,968 shares of company stock valued at $189,962 in the last quarter. Corporate insiders own 15.90% of the company’s stock.
TeraWulf Company Profile
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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