Companies /Financial Services

TeraWulf Inc

NASDAQ: WULF Capital Markets
$16.49
â–² $0.52 (+3.26%) today
Markets closed · 8:10pm ET

Q3 2025 Earnings

Reported Nov 10, 2025, 4:12pm ET · SEC source
$-1.13
Miss −2,278.95%
EPS · est. $-0.05
$50.6M
Miss −0.13%
Revenue · est. $50.6M
+16.0%
Beating market
WULF vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−12%−6%0+6%Nov 10Nov 11report 4:12pm ETearnings+0.2%−9.5%
−12%−6%0+6%Nov 10Nov 11earnings+0.2%−9.5%
WULF −9.5%S&P 500 +0.2%
−12%−6%0+6%Nov 10Nov 11report 4:12pm ETearnings−0.2%−9.5%
−12%−6%0+6%Nov 10Nov 11earnings−0.2%−9.5%
WULF −9.5%NASDAQ −0.2%
−24%−16%−8%0Nov 10Nov 18report 4:12pm ETearnings−3.2%−15.3%
−24%−16%−8%0Nov 10Nov 18earnings−3.2%−15.3%
WULF −15.3%S&P 500 −3.2%
−24%−16%−8%0Nov 10Nov 18report 4:12pm ETearnings−4.5%−15.3%
−24%−16%−8%0Nov 10Nov 18earnings−4.5%−15.3%
WULF −15.3%NASDAQ −4.5%
−13.50%
Day of report
+2.18%
Next session
−2.99%
One week
+15.84%
30 days

S&P 500 over the same 30 days: −0.18%.

Did WULF Beat Earnings? Q3 2025 Results

TeraWulf delivered a <a href="https://247wallst.com/investing/2025/11/q3-earnings-coverage/">transformational but complex quarter</a> 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

“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.”

Terawulf CEO, on the earnings call

Forward Guidance & Outlook

TeraWulf reaffirmed its growth strategy targeting 250-500 MW of new contracted HPC capacity annually, supported by significant pipeline visibility and accelerating demand for low-cost, low-carbon compute capacity. The company's future capacity pipeline spans 750-1,500 MW of critical IT load, including 500 MW across owned sites (Lake Mariner expansion and Cayuga), 336 MW from incremental JV sites (Abernathy Phase II and a new Fluidstack site), and a 1 GW+ development pipeline. The Cayuga site in Lansing, NY is targeted for large-scale HPC deployment beginning in 2027 with capacity scaling to approximately 320 MW by 2029. CB-2 at Lake Mariner is anticipated to come online around year-end 2025. Bitcoin mining operations are expected to maintain approximately 7.2 EH/s in Q4 2025. The company has pro forma liquidity of approximately $4.3 billion from proceeds of the $3.2 billion Senior Secured Notes, $1.025 billion 2032 Convertible Notes, and existing cash to fund its Lake Mariner HPC buildout, Abernathy JV equity contribution, and future pipeline development.

WULF YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-40,000,000$0$40.0M$27.1M$50.6MRevenue$-57,430,168$-24,672,000Operating Income
$-40,000,000$0$40.0MRevenueOperating Income

WULF Revenue by Segment

Digital Asset Mining$43.4M+60.0%
HPC Leasing$7.2M

Figures from SEC filings and company reports. Not investment advice.