Q4 25 EPS
$-1.66
MISS 937.50%
Est. $-0.16
Q4 25 Revenue
$35.8M
MISS 18.82%
Est. $44.1M
vs S&P Since Q4 25
+50.3%
BEATING MARKET
WULF +57.2% vs S&P +6.9%
Full Year 2025 Results
FY 25 EPS
$-1.66
MISS 13.96%
Est. $-1.46
FY 25 Revenue
$168.5M
MISS 4.06%
Est. $175.6M
Market Reaction
Did WULF Beat Earnings? Q4 2025 Results
TeraWulf delivered a disappointing fourth quarter as investors had been watching closely, with revenue of $35.80 million falling 16.66% short of the $42.96 million consensus estimate and EPS landing at a loss of $1.66 per share. Despite modest full-y… Read more TeraWulf delivered a disappointing fourth quarter as investors had been watching closely, with revenue of $35.80 million falling 16.66% short of the $42.96 million consensus estimate and EPS landing at a loss of $1.66 per share. Despite modest full-year revenue growth of 2.3%, the quarter exposed the turbulence of the company's fundamental transition, as digital asset revenue collapsed to $26.10 million from $43.40 million sequentially after bitcoin prices and mining output softened. The offsetting bright spot was HPC lease revenue, which climbed 35% quarter-over-quarter to $9.70 million, reflecting TeraWulf's accelerating pivot toward AI and high-performance computing infrastructure anchored by long-term lease agreements totaling 522 critical IT MW and a Google credit backstop supporting its $3.20 billion in Senior Secured Notes. Shares fell roughly 15% following results as investors weighed dilution risks against the growth runway. Looking ahead, management guided 2026 fixed operating costs of $100 to $125 million while targeting delivery of 250 to 500 new critical IT MW annually through the end of the decade.
Key Takeaways
- • Q4 digital asset revenue declined due to lower bitcoin price and higher network hash rate
- • HPC lease revenue grew 35% QoQ from higher rent and pass-through revenue
- • Q4 adjusted EBITDA impacted by increased opex from HPC ramp and scaling workforce with milestone-based compensation
- • Change in fair value of warrants and derivatives of $429.8 million significantly increased full-year net loss
WULF YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
WULF Revenue by Segment
With YoY comparisons, source: SEC Filings
“We enter 2026 with 522 critical IT MW of contracted HPC capacity and a gross 2.9-GW multi-regional platform designed for long-term expansion.”
— Paul Prager, Q4 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% |