Companies /Financial Services

TeraWulf Inc

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

Q4 2025 Earnings

Reported Feb 26, 2026, 4:07pm ET · SEC source
$-1.66
Miss −937.50%
EPS · est. $-0.16
$35.8M
Miss −18.82%
Revenue · est. $44.1M
−5.8%
Trailing market
WULF vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−8%−4%0+4%Feb 26Feb 27report 4:07pm ETearnings−0.8%−7.0%
−8%−4%0+4%Feb 26Feb 27earnings−0.8%−7.0%
WULF −7.0%S&P 500 −0.8%
−8%−4%0+4%Feb 26Feb 27report 4:07pm ETearnings−0.6%−7.0%
−8%−4%0+4%Feb 26Feb 27earnings−0.6%−7.0%
WULF −7.0%NASDAQ −0.6%
−16%−8%0Feb 25Mar 6report 4:07pm ETearnings−2.3%−19.0%
−16%−8%0Feb 25Mar 6earnings−2.3%−19.0%
WULF −19.0%S&P 500 −2.3%
−16%−8%0Feb 25Mar 6report 4:07pm ETearnings−1.4%−19.0%
−16%−8%0Feb 25Mar 6earnings−1.4%−19.0%
WULF −19.0%NASDAQ −1.4%
−9.28%
Day of report
−1.23%
Next session
−15.23%
One week
−11.04%
30 days

S&P 500 over the same 30 days: −5.20%.

Did WULF Beat Earnings? Q4 2025 Results

TeraWulf delivered a disappointing fourth quarter as <a href="https://247wallst.com/investing/2026/02/26/live-will-terawulf-shares-jump-after-q4-earnings-tonight/">investors had been watching closely</a>, 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

“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.”

Terawulf CEO, on the earnings call

Forward Guidance & Outlook

TeraWulf's 2026 priorities focus on delivering remaining contracted HPC capacity, executing the Kentucky lease, securing an additional 250-500 MW of new critical IT capacity, and advancing development at its New York and Maryland sites. The company issued 2026 fixed operating cost guidance of $100-125 million, comprising SG&A of $75-100 million and convertible interest of $24 million. Construction at Lake Mariner continues with CB-2B expected in Q1 2026, CB-3 energization in mid-May 2026, CB-4 in Q3 2026, and CB-5 in Q4 2026. The Abernathy JV targets second-half 2026 delivery. The multi-year development pipeline enables targeted annual delivery of 250-500 critical IT MW through the end of the decade, with total platform capacity expected to reach approximately 2.9 GW gross across five sites.

WULF YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$10.0M$20.0M$30.0M$35.0M$35.8MRevenue
$0$10.0M$20.0M$30.0MRevenue

WULF Revenue by Segment

Digital Asset Mining$151.6M
HPC Leasing$16.9M

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