Q3 25 EPS
$-1.13
MISS 2,278.95%
Est. $-0.05
Q3 25 Revenue
$50.6M
MISS 0.13%
Est. $50.6M
vs S&P Since Q3 25
+73.8%
BEATING MARKET
WULF +81.4% vs S&P +7.5%
Market Reaction
Did WULF Beat Earnings? Q3 2025 Results
TeraWulf delivered a transformational but complex quarter in Q3 2025, posting revenue of $50.58 million, up 86.9% year-over-year yet narrowly missing the $50.64 million consensus estimate by 0.13%, while a massive GAAP loss of $1.13 per share blew pa… Read more TeraWulf delivered a transformational but complex quarter in Q3 2025, posting revenue of $50.58 million, up 86.9% year-over-year yet narrowly missing the $50.64 million consensus estimate by 0.13%, while a massive GAAP loss of $1.13 per share blew past the $0.05 consensus loss estimate by over 2,278%, sending shares lower in after-hours trading. The headline loss, however, was almost entirely the product of a $424.64 million non-cash charge tied to the change in fair value of warrants and derivatives linked to the company's $1.00 billion convertible note offering completed during the quarter, rather than any deterioration in operating performance. The real story was structural transformation: TeraWulf brought its first HPC lease segments online, generated $7.20 million in initial HPC lease revenue, and executed multi-billion-dollar agreements with Fluidstack and Google totaling over $17 billion in long-term contracted value. Looking ahead, the company reaffirmed its target of 250-500 MW in new contracted HPC capacity annually, backed by pro forma liquidity of approximately $4.30 billion.
Key Takeaways
- • Higher average bitcoin price driving increased digital asset revenue
- • Expanded mining capacity with 11.6 EH/s end-of-period hash rate, up 53% YoY
- • Commencement of HPC lease revenue from WULF Den (July 2025) and CB-1 (August 2025)
- • Low energy cost of $0.047/kWh achieved through enhanced price responsiveness programs
- • Revenue increased 87% year-over-year and 6% quarter-over-quarter
WULF YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
WULF Revenue by Segment
With YoY comparisons, source: SEC Filings
“The third quarter into the fourth has been remarkably busy for TeraWulf. We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture. These transactions demonstrate the strength of our platform and the trust that world-class technology partners place in our ability to execute. Our portfolio of scalable, low-carbon sites provides a powerful foundation to continue expanding in both existing and new markets.”
— Paul Prager, Q3 2025 Earnings Press Release
WULF Earnings Trends
WULF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WULF EPS Trend
Earnings per share: estimate vs actual
WULF Revenue Trend
Quarterly revenue: estimate vs actual
WULF Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $-0.20 | $-1.01 | -415.31% | $34.0M | +4.39% |
| Q4 25 MISS FY | $-0.16 | $-1.66 | -937.50% | $35.8M | -18.82% |
| FY Full Year | $-1.46 | $-1.66 | -13.96% | $168.5M | -4.06% |
| Q3 25 MISS | $-0.05 | $-1.13 | -2,278.95% | $50.6M | -0.13% |
| Q2 25 BEAT | $-0.07 | $-0.05 | +26.47% | $47.6M | -2.97% |
| Q1 25 MISS | $-0.09 | $-0.16 | -84.54% | $34.4M | -17.82% |