TeraWulf (NASDAQ:WULF) Posts Earnings Results, Misses Expectations By $0.84 EPS

TeraWulf (NASDAQ:WULF) announced its quarterly earnings results on Friday. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.84), FiscalAI reports. TeraWulf had a negative net margin of 392.64% and a negative return on equity of 131.48%. The company had revenue of $34.01 million for the quarter, compared to analysts’ expectations of $34.49 million. During the same period in the previous year, the business earned ($0.16) EPS. The business’s revenue was down 1.1% compared to the same quarter last year.

Here are the key takeaways from TeraWulf’s conference call:

• HPC leasing is ramping: HPC lease revenue was $21 million in Q1 (up 117% QoQ), marking an early shift from Bitcoin mining toward stable, credit-backed, contracted revenue streams.
• Operational execution at Lake Mariner: 60 MW of critical IT capacity is energized and generating revenue (Core42 RFS), with CB3 scope due end of May and CB4/CB5 on track for Q3/Q4 2026.
• Strong liquidity and funding position: Cash and restricted cash totaled $3.1 billion at quarter end, with additional capital raised in April boosting parent available cash and funded build programs at WULF Compute and the Abernathy JV.
• Large non-cash and one-time financial hits: GAAP net loss was $427.6 million driven by a $216.3 million fair-value loss on Google warrants, $25.7 million PP&E impairment, and elevated interest expense, though adjusted EBITDA improved to negative $4.1 million.
• Pipeline and power-as-asset strategy: Added the Hawesville site (immediate power) and progressing the Morgantown acquisition (FERC decision expected mid-summer), emphasizing utility partnerships and on-site generation to address industry power constraints.

TeraWulf Stock Performance

Shares of NASDAQ:WULF traded down $0.63 during trading on Friday, hitting $23.39. The company’s stock had a trading volume of 36,221,810 shares, compared to its average volume of 31,936,500. The company has a 50-day moving average of $17.54 and a 200-day moving average of $15.15. TeraWulf has a 12 month low of $2.89 and a 12 month high of $25.76. The company has a debt-to-equity ratio of 33.00, a current ratio of 2.00 and a quick ratio of 2.00. The firm has a market cap of $10.18 billion, a price-to-earnings ratio of -14.35 and a beta of 3.84.

Wall Street Analyst Weigh In

WULF has been the topic of several recent research reports. Citigroup reiterated an “outperform” rating on shares of TeraWulf in a research note on Thursday. Roth Mkm reiterated a “buy” rating and issued a $32.00 price objective on shares of TeraWulf in a research note on Friday, April 17th. Cantor Fitzgerald increased their price objective on shares of TeraWulf from $24.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Arete Research initiated coverage on shares of TeraWulf in a research note on Monday, March 23rd. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $41.50 price objective on shares of TeraWulf in a research note on Monday, April 27th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.83.

More TeraWulf News

Here are the key news stories impacting TeraWulf this week:

• Positive Sentiment: TeraWulf said it is making progress on its AI infrastructure pivot, with $21 million in HPC lease revenue and a development timeline that remains on track at WULF Compute. The company also reaffirmed its strategy to add 250–500 MW of new contracted capacity annually. Article Title
• Positive Sentiment: The company closed a $250 million revolving credit facility, giving it added financial flexibility to fund development as it expands its contracted HPC and AI data center business. Article Title
• Neutral Sentiment: Analysts and media coverage noted that the stock is being supported by “AI momentum,” with some investors looking past the weak quarter because of the company’s long-term data center opportunity. Article Title
• Neutral Sentiment: The company is targeting 480 MW online in the second half of 2027 while shifting more of its revenue mix toward contracted HPC revenue, which suggests a longer path to meaningful earnings improvement. Article Title
• Negative Sentiment: Q1 EPS came in at a loss of $1.01 per share, well below the expected loss of $0.17, highlighting much steeper-than-expected losses as TeraWulf invests in its transition. Article Title
• Negative Sentiment: Revenue of $34.01 million only narrowly beat estimates and was slightly lower than a year ago, reinforcing concerns that profitability remains under pressure despite the strategic pivot. Article Title

Insiders Place Their Bets

In other TeraWulf news, CEO Paul B. Prager sold 79,200 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $20.62, for a total transaction of $1,633,104.00. Following the sale, the chief executive officer owned 884,320 shares in the company, valued at approximately $18,234,678.40. This trade represents a 8.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Patrick Fleury sold 26,414 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $16.14, for a total transaction of $426,321.96. The SEC filing for this sale provides additional information. In the last 90 days, insiders have bought 13,094 shares of company stock worth $200,392 and have sold 954,200 shares worth $16,390,854. 19.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On TeraWulf

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WULF. Advisory Services Network LLC bought a new stake in TeraWulf during the 3rd quarter worth approximately $29,000. Comerica Bank raised its stake in TeraWulf by 3,748.5% during the 1st quarter. Comerica Bank now owns 12,700 shares of the company’s stock worth $35,000 after acquiring an additional 12,370 shares during the period. Rafferty Asset Management LLC bought a new stake in TeraWulf during the 2nd quarter worth approximately $53,000. Russell Investments Group Ltd. raised its stake in TeraWulf by 34.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 14,018 shares of the company’s stock worth $61,000 after acquiring an additional 3,601 shares during the period. Finally, Sender Co & Partners Inc. bought a new stake in TeraWulf during the 2nd quarter worth approximately $67,000. Institutional investors own 62.49% of the company’s stock.

About TeraWulf

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.