TeraWulf Stock Is Up 95% This Year: Here’s Why
Shares of TeraWulf (NASDAQ:WULF) extended a powerful rally on Monday afternoon, separating the stock from its bitcoin-mining peers by a wide margin. WULF stock is up 4% today and up 95% year to date…
Coverage ended
7 updates · Last at 4:28pm ET
Live: Will TeraWulf Shares Jump After Q4 Earnings Tonight
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Live Updates
Newest firstNo Major Movements for WULF - Conference Call Beginning
WULF shares are holding to about a -1.5% loss after hours. The next news that could move shares is the company’s conference call.
That is beginning right now. If you’d like to join, here’s a link.
Here's the Biggest News from TeraWulf's Q4 Earnings
TICKER | TeraWulf Inc. Q4’25 Earnings Highlights:
- Adj. EPS: $-0.32 (Est. $-0.14) [❌]
- Revenue: $35.83M; (Est: $44.19M)
Outlook:
- Anticipated growth driven by increased HPC lease revenue and stabilization of digital asset revenue.
- Continued focus on expanding infrastructure and securing additional long-term contracts.
Q4 Segment Performance:
- Digital Asset Revenue: $26.1M; [DOWN] -39.9% YoY
- HPC Lease Revenue: $9.7M; [UP] +34.7% YoY
Annual Metrics
- Adj. Operating Income: $(186.2)M;
- Adj. Operating Expenses: $139.5M;
- Free Cash Flow: $(123.2)M; [DOWN] +/-X% YoY
- Cash, Cash Equivalents and Restricted Cash: $3.7B
CEO Commentary:
- Paul Prager: “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. Our focus remains on disciplined execution, transparent capital allocation, and converting energy-advantaged infrastructure into durable, long-term cash flow.”
CFO Commentary:
- Nazar Khan: “These projects reflect disciplined construction execution and close coordination with our hyperscale stakeholder and customers. Our teams are advancing build schedules, integrating tenant fit-out requirements, and optimizing cooling, electrical, and design architecture to support next-generation AI workloads at scale.”
TeraWulf Shares Are Down 3%
TeraWulf shares are now down 3% after-hours.
More on TeraWulf's Earnings
HPC revenue for Q4 was $9.7 million.
IT leased capacity up to 522 megawatts.
TeraWulf Earnings Are Out
Revenue of $168.5M for the year.
Cash at $3.722B.
$12.8 billion in long-term commitments.
Shares are initially flat on the earnings release.
TeraWulf Earnings Expected at 4:05 p.m. ET
We expect Terawulf earnings to release at about 4:05 p.m. ET. As a reminder, simply stay on this page and new updates will post automatically.
TeraWulf Down 1.5% Today
TeraWulf shares are down 1.5% before earnings tonight. That’s not a terrible drop considering the Nasdaq itself has seen a sharp drop today.
In the broader neocloud space IREN is down .9% and CoreWeave is down 1.2%.
Live coverage has ended. The full story is below.
Full Coverage
The story so farTeraWulf (Nasdaq: WULF) reports its Q4 2025 results after the market close tonight. The stock has been on a tear heading into this report, up roughly 54% year-to-date at yesterday’s close, and is currently trading around $17.75 this afternoon. That kind of run creates high expectations, and tonight’s print will either validate the momentum or test it.
The backdrop matters here. Bitcoin has pulled back sharply from its highs, sitting near $68,400 today after peaking around $106,000 in late January. Q4 2025 results, however, should reflect the stronger Bitcoin price environment from October through December, when prices were running in the $93,000 to $106,000 range.
Yet, with TeraWulf transitioning from Bitcoin mining to AI, Wall Street will be far more focused on future commentary.
What Wall Street Expects Tonight
- Revenue: $44.1 million
- Adjusted EPS: -$.16
Analysts are likely more focused on EBITDA and cash flow than GAAP earnings, particularly given that Q3’s massive net loss of $455 million was almost entirely driven by non-cash warrant fair value adjustments rather than operational weakness.
What we do know: 12 analysts cover the stock, with 3 strong buys and 9 buys, and zero sells. The average price target sits at $23.56, implying roughly 33% upside from current levels.
Last Quarter Recap
Q3 2025 was a mixed bag. Revenue came in at $50.58 million, largely matching consensus expectations.
The headline EPS miss was dramatic, reporting -$1.13 against an estimate of -$0.05, but as noted above, the gap was almost entirely non-cash. Adjusted earnings were -$.04 per share. The more encouraging number was the $7.2 million in initial HPC lease revenue, which marked the real beginning of TeraWulf’s data center hosting business.
The company also announced over $17 billion in long-term customer contracts and $5 billion in long-term financings during the quarter, which explains why the stock has continued to climb despite the headline miss.
Key Things to Watch Tonight
- HPC revenue ramp: The $7.2 million in Q3 HPC lease revenue was just the start. Watch for how much this grew in Q4 and what the forward run rate looks like. This is the metric that will define whether TeraWulf is a mining company with an AI side project or a genuine data center infrastructure business.
- Abernathy and Cayuga timelines: The Abernathy joint venture with Fluidstack and Google targets up to 600 MW of capacity. Any update on construction timelines or power contracting at either site will move the stock.
- Bitcoin mining economics: With Bitcoin now roughly 35% below its Q4 peak, management’s commentary on hash rate efficiency, energy costs, and margin sustainability in the current price environment will be critical for Q1 guidance.
- Capital deployment: TeraWulf has been aggressive with financing. How the company is putting that capital to work, and whether the growth targets of 250 to 500 MW of new contracted capacity annually remain on track, will tell investors whether the valuation is justified or getting ahead of itself.
Contact [email protected] for any questions or corrections.
Eric Bleeker
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
