Capacity and Infrastructure - The company has contracted 522 MW of critical IT load across its two primary HPC campuses, providing long-dated revenue visibility[18]. - The Cayuga Site in New York has the potential to support up to 400 MW of gross capacity, representing approximately 320 MW of contractual critical IT load[19]. - The company targets the contraction of approximately 250 MW to 500 MW of new critical IT HPC capacity annually, aligned with customer demand and power availability[20]. - The Lake Mariner Data Campus is designed for scalable expansion, with a near-term gross capacity of approximately 500 MW and potential expansion to 750 MW[35]. - As of December 31, 2025, the Lake Mariner Data Campus operated 245 MW of legacy bitcoin mining capacity and had 18 MW of critical IT HPC capacity[35]. - The company has entered into long-term data center lease agreements to deliver 60 MW of critical IT load and 378 MW of critical IT load at the Lake Mariner Data Campus[39][40]. - The Abernathy HPC Campus is designed for 168 MW critical IT load, fully pre-leased to Fluidstack USA III under a 25-year lease[44]. - TeraWulf's Lake Mariner Data Campus operates 245 MW of legacy bitcoin mining capacity and 18 MW of HPC capacity, with plans for expansion to approximately 500 MW in the near term[172]. - The Abernathy HPC Campus is designed for 240 MW gross capacity, fully pre-leased to Fluidstack USA III, backed by Google's credit support[174]. - The Cayuga Site has a long-term ground lease for 183 acres, with potential to support up to 400 MW of gross capacity and approximately 320 MW of critical IT load[177][202]. - The Lake Mariner Data Campus has the potential to scale to approximately 750 MW, subject to additional approvals[208]. - The Company's contracted HPC platform represents 522 MW of critical IT load, including the Abernathy HPC Campus[209]. - The development of the Abernathy HPC Campus provides meaningful regional diversification, reducing concentration risk in power markets[210]. - The Company's power strategy emphasizes reliability and efficiency, leveraging in-house expertise in power generation and infrastructure[212]. Financial Performance and Risks - The company is subject to risks related to the volatility of bitcoin prices, which significantly impacts profitability[82]. - The company has a history of operating losses and may report additional losses in the future, particularly from bitcoin mining activities where costs have exceeded revenues[119]. - Future market prices of bitcoin remain difficult to predict, and demand for HPC hosting services may not develop as anticipated, impacting revenue generation[119]. - Bitcoin mining operations are highly dependent on bitcoin prices, which have historically been volatile and influenced by various external factors[120]. - The company may face significant liabilities from contracts with HPC data center customers, which could adversely affect its financial condition[98]. - Future strategic growth initiatives may require additional capital, which could be dilutive or subject to restrictive terms[102]. - The company depends on significant customers for its HPC data centers, and downturns in their businesses could impact payment collectability[95]. - Strategic acquisitions are part of the company's growth strategy, but integration challenges could negatively affect financial results[104]. - Increased costs for power procurement and outages may adversely affect the company's financial performance and results of operations[92]. - The company has financed strategic growth through at-the-market (ATM) offerings, which may lead to dilution of existing shareholders[158]. - The trading price of the company's common stock has been volatile, influenced by various external factors and market conditions[153]. - The company does not currently intend to pay cash dividends, meaning shareholders will not receive returns unless they sell their shares[160]. Operational Challenges - TeraWulf's HPC and AI-focused data center campuses are critical for future revenue, but construction risks include delays and increased costs[85]. - TeraWulf's ability to complete data center projects on time is affected by global supply chain challenges and labor market conditions[86]. - The company faces challenges in securing interconnection facilities and transmission systems, which could complicate project planning and increase financial risks[93]. - The Abernathy HPC Campus development is subject to a joint venture agreement, potentially limiting the company's control over strategic decisions[94]. - The company relies on third parties for sufficient power supply, and any limitations could negatively impact its bitcoin mining and HPC data center operations[91]. - The company is making considerable investments in IT systems, which may lead to operational disruptions if difficulties arise[112]. Cybersecurity and Insurance - TeraWulf has developed a cybersecurity risk management program to protect critical systems and information, integrating it into overall enterprise risk management[162]. - The company has not identified any known cybersecurity threats that have materially affected its operations or financial condition, but acknowledges potential risks[164]. - TeraWulf maintains property and casualty insurance for its facilities, with bitcoin mining assets insured for approximately $50 million per occurrence[70]. - The company has separate cyber liability insurance with an aggregate limit of approximately $15 million[72]. Employee and Corporate Governance - TeraWulf has a comprehensive benefits program for employees, including a 401(k) retirement plan and flexible work hours[63]. - The company offers equity awards under its 2021 Omnibus Incentive Plan to attract and retain employees[64]. - The company is committed to fostering a diverse and inclusive workforce, enhancing organizational culture and innovation[66]. Regulatory Environment - Increasing regulatory scrutiny may result in new costs and operational changes, potentially affecting the utility of bitcoin[135]. - The company may inadvertently become classified as an investment company if digital assets exceed 40% of total assets, which could impose significant regulatory burdens[147]. - Regulatory changes could impose significant operational restrictions, affecting the company's business and financial condition[133]. - Potential bans on bitcoin mining in certain jurisdictions could adversely affect the company's operations and business prospects[136]. - The company faces potential compliance costs from new and changing regulations, which could adversely affect operations and financial condition[142]. - The company participates in energy demand response programs in New York to manage operations during extreme weather events, receiving funds to offset lost mining revenue[139]. - The company believes it is advantageously positioned due to its use of predominantly zero-carbon power, which may mitigate potential regulatory costs related to climate change[140]. - The company may be subject to heightened regulatory scrutiny and litigation risks due to the nature of the cryptocurrency industry, which could adversely impact its financial condition[146].

Key Takeaways TeraWulf reported a Q4 adjusted loss of 28 cents per share, wider than estimates, on revenues of $35.8M.WULF's digital asset revenues fell Q/Q, while HPC lease revenues rose to $9.7M as capacity came online.TeraWulf secured 522 MW under long-term leases backing $12.8B in contracts, boosting AI-focused growth.TeraWulf Inc.’s (WULF) fourth-quarter 2025 adjusted loss of 28 cents per share came much wider than the Zacks Consensus Estimate of a loss of 13 cents. The company posted a loss of 8 cents ...

Core Insights - TeraWulf (WULF) reported a significant miss on Q4 earnings and revenue, with a loss of $0.28 per share and revenue of $35.84 million, which was 17% below expectations [1] - Despite the revenue miss, the company saw a 35% sequential increase in HPC lease revenue, reaching $9.70 million, indicating a strategic pivot towards high-performance computing [1] - TeraWulf secured $12.8 billion in contracted long-term revenue across 522 MW of HPC capacity, backed by Google credit, showcasing strong future revenue potential [1] Financial Performance - Q4 revenue was $35.84 million, a 2.3% year-over-year increase but a 17.71% miss on expectations [1] - The reported net loss for the quarter was $661.42 million, primarily due to a $429.79 million non-cash charge related to changes in fair value of warrants and derivatives [1] - Full-year 2025 revenue reached $168.46 million, reflecting a 20% year-over-year growth [1] Strategic Outlook - CEO Paul Prager emphasized the company's aggressive growth strategy, entering 2026 with 522 MW of contracted HPC capacity and a multi-regional platform designed for long-term expansion [1] - Key capacity delivery milestones are scheduled throughout 2026, with significant revenue contributions expected from design optimizations on upcoming projects [1] - All 12 analysts covering TeraWulf maintain a buy rating, with a consensus price target of $23.56, indicating strong market confidence despite recent performance [1]

Q4 earnings are in for TeraWulf Inc. ( WULF ), and if you have been following WULF, it is easy to see that Q4 was the quarter that was never going to look good on paper.I started out as a crypto investor a decade ago and remain deeply active in the crypto space. I cover Bitcoin miners, digital asset treasuries, and crypto ETFs majorly, but I also seek alpha in tech equities, especially in emerging sectors like quantum computing and orbital intelligence. I have initiated coverage as a first analyst here on S ...

TeraWulf Inc. (WULF) came out with a quarterly loss of $0.28 per share versus the Zacks Consensus Estimate of a loss of $0.13. This compares to a loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -110.05%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.07, delivering a surprise of -75%.Over the last four quarters, the company has not been ...

TeraWulf, Inc. (NASDAQ:WULF) shares dropped in Thursday's extended trading after the company released its fourth-quarter earnings report, missing estimates on the top and bottom lines. Here's a look at the details from the report   WULF stock is moving. Watch the price action here.The Details: TeraWulf reported quarterly losses of 29 cents per share, which missed the Street estimate for a loss of 13 cents.Quarterly revenue of $35.84 million missed the consensus estimate of $45.78 million by 21.73%, accordin ...

TeraWulf (NasdaqCM:WULF) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsBrett Knoblauch - Managing Director and Head of Digital Asset ResearchJohn Larkin - Senior Vice President and Director of Investor RelationsMartin Toner - Managing Director, Institutional Equity ResearchNazar Khan - Co-Founder and Chief Technology OfficerPatrick Fleury - Chief Financial OfficerPaul Prager - Co-Founder, Chairman, and CEOConference Call ParticipantsChris Brendler - Senior Research AnalystDarren Af ...

TeraWulf (NasdaqCM:WULF) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsBrett Knoblauch - Managing Director and Head of Digital Asset ResearchJohn Larkin - Senior Vice President and Director of Investor RelationsMartin Toner - Managing Director, Institutional Equity ResearchNazar Khan - Co-Founder and Chief Technology OfficerPatrick Fleury - Chief Financial OfficerPaul Prager - Co-Founder, Chairman, and CEOConference Call ParticipantsChris Brendler - Senior Research AnalystDarren Af ...

TeraWulf (NasdaqCM:WULF) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Speaker9Welcome to TeraWulf's fourth quarter and full year 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance throughout the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your ...

TeraWulf (NASDAQ: WULF) released its full-year 2025 earnings on Thursday, reporting $168.5 million in revenue, up 20% from $140.1 million in 2024. The annual results included the company’s first full year of HPC lease revenue, which contributed $16.9 million to the total. TeraWulf posted a net loss of $661.4 million for the year, compared to a net loss of $72.4 million in 2024, driven largely by a $429.8 million swing in the fair value of warrant and derivative liabilities. Non-GAAP adjusted EBITDA came i ...