Earnings summaries and quarterly performance for TERAWULF.
Executive leadership at TERAWULF.
Board of directors at TERAWULF.
Research analysts who have asked questions during TERAWULF earnings calls.
Bill Papanastasiou
Keefe, Bruyette & Woods (KBW)
4 questions for WULF
Also covers: ARBK, BITF, BLSH +11 more
Brett Knoblauch
Cantor Fitzgerald & Co.
4 questions for WULF
Also covers: APLD, AVPT, BITF +18 more
Mike Grondahl
Lake Street Capital Markets
4 questions for WULF
Also covers: ABL, ACCS, APLD +34 more
Darren Aftahi
Roth Capital Partners
3 questions for WULF
Also covers: ALRM, ANTA, APLD +17 more
John Todaro
Needham & Company
3 questions for WULF
Also covers: APLD, BTDR, CAN +12 more
Martin Toner
ATB Capital Markets
3 questions for WULF
Also covers: BITF, DCBO, GLXY +3 more
Nick Giles
B. Riley Securities
3 questions for WULF
Also covers: AA, AMR, APLD +25 more
Brian Dobson
Chardan Capital Markets
2 questions for WULF
Also covers: ABTC, BITF, BTBT +8 more
Chris Brendler
Rosenblatt Securities
2 questions for WULF
Also covers: ABTC, BLSH, BULL +6 more
Joseph Flynn
Compass Point Research & Trading, LLC
2 questions for WULF
Also covers: BITF, CMPO, CORZ +3 more
Kevin Cassidy
Rosenblatt Securities
2 questions for WULF
Also covers: ADEA, AMBA, BTDR +13 more
Brian Dodson
Clear Street LLC
1 question for WULF
Also covers: AMBR
Dillon Heslin
ROTH MKM
1 question for WULF
Also covers: IREN, MB, MCHX +1 more
Ed Engel
Compass Point
1 question for WULF
Also covers: AMBR
Lucas Pipes
B. Riley Securities
1 question for WULF
Also covers: AA, AMR, AMRK +21 more
Stephen Glagola
JonesTrading
1 question for WULF
Also covers: BITF, CLSK, CORZ +5 more
Steven Glagola
Jones Trading
1 question for WULF
Also covers: CORZ
Recent press releases and 8-K filings for WULF.
TeraWulf Reports Transformational Q3 2025 with Major HPC Contracts, Financing, and Increased Growth Targets
WULF
Debt Issuance
New Projects/Investments
Guidance Update
- TeraWulf signed a 10-year agreement with FluidStack, backed by Google, for approximately 360 megawatts of IT load at its Lake Mariner campus, projected to generate average annual revenue of about $670 million and net operating income exceeding $565 million.
- The company secured $3.2 billion in senior secured financing for the Lake Mariner HPC buildout and, in October, closed over $4.2 billion in capital markets transactions, resulting in pro forma liquidity exceeding $1 billion.
- TeraWulf announced a joint venture with FluidStack and Google to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new HPC capacity with expansion potential up to 600 megawatts, replicating the credit-enhanced structure.
- The annual target for new HPC signings has been increased from 100-150 megawatts to 250-500 megawatts per year.
- For Q3 2025, TeraWulf reported a GAAP net loss of $455 million, primarily due to a $424.6 million loss from the change in fair value of warrant and derivative liabilities, while non-GAAP adjusted EBITDA improved 25% quarter over quarter to $18.1 million.
Nov 10, 2025, 9:30 PM
TeraWulf Secures Major HPC Agreements and Financing, Reports Q3 2025 Results
WULF
New Projects/Investments
Debt Issuance
Revenue Acceleration/Inflection
- TeraWulf signed a 10-year agreement for approximately 360 MW of IT load with FluidStack, backstopped by Google, at its Lake Mariner Campus, representing average annual revenue of approximately $670 million and average annual net operating income of more than $565 million. The company also expanded its partnership with FluidStack and Google through a joint venture to develop the Abernathy HPC Campus in Texas, adding 168 MW of new HPC capacity with expansion potential up to 600 MW.
- The company secured over $5.2 billion in financing in the second half of 2025, including $3.2 billion in senior secured financing for the Lake Mariner HPC buildout and $4.2 billion in October capital markets transactions, resulting in pro forma liquidity exceeding $1 billion. Reflecting this, TeraWulf increased its annual target for new HPC signings from 100-150 MW to 250-500 MW per year.
- For Q3 2025, GAAP revenues increased 6% quarter-over-quarter to $50.6 million, including $7.2 million in HPC lease revenue. The company reported a GAAP net loss of $455 million, primarily due to a $424.6 million loss from the change in fair value of warrant and derivative liabilities. Non-GAAP adjusted EBITDA improved 25% quarter-over-quarter to $18.1 million.
Nov 10, 2025, 9:30 PM
WULF Reports Q3 2025 Results and Secures $3.2 Billion Green Notes Offering
WULF
Earnings
Debt Issuance
New Projects/Investments
- WULF reported Q3 2025 revenue of $50.6 million, a net loss of $(455.050) million, and Non-GAAP Adjusted EBITDA of $18.1 million.
- The company secured a $3.2 billion Senior Secured Green Notes offering due 2030 with a 7.750% coupon on October 16th, 2025, to finance 522.5 MW of AI/High-Performance Computing (HPC) Data Centers.
- WULF has 594 MW of HPC colocation contracted, including 60 MW to Core42 (online 2025/2026), 366 MW to Fluidstack (expected online 2026), and 168 MW for the Abernathy JV (expected online 2026). The HPC leasing segment generated $7.2 million in revenue with a ~72% profit margin in Q3 2025.
- Bitcoin mining operations include approximately 130 MW in current operation and are expected to maintain ~7.2 EH/s in Q4 2025, achieving an energy cost of $0.047/kWh in Q3 2025.
Nov 10, 2025, 9:30 PM
TeraWulf Reports Q3 2025 Results, Secures Billions in HPC Agreements and Financing
WULF
Earnings
New Projects/Investments
Debt Issuance
- TeraWulf reported Q3 2025 GAAP revenues of $50.6 million, a 6% increase quarter-over-quarter, including $7.2 million from new HPC lease revenues. Non-GAAP adjusted EBITDA improved by 25% to $18.1 million.
- The company secured over $16 billion in HPC lease agreements and executed over $5.2 billion in financings in the second half of 2025, including a $3.2 billion senior secured financing backed by Google for the Lake Mariner HPC buildout.
- TeraWulf expanded its partnership with FluidStack and Google to develop the Abernathy HPC campus in Texas, adding 168 megawatts of new capacity with expansion potential up to 600 megawatts.
- The annual target for new HPC signings has been increased from 100-150 megawatts to 250-500 megawatts per year, reflecting strong demand and pipeline progress.
- As of September 30, 2025, TeraWulf held $712.8 million in cash and restricted cash, with pro forma liquidity exceeding $1 billion after recent capital market transactions.
Nov 10, 2025, 9:30 PM
TeraWulf Reports Third Quarter 2025 Results
WULF
Earnings
Debt Issuance
New Projects/Investments
- TeraWulf reported $50.6 million in revenue for the third quarter ended September 30, 2025, representing an 87% increase year-over-year, and included $7.2 million in initial HPC lease revenue.
- The company completed over $5 billion in long-term financings and signed more than $17 billion in long-term, credit-enhanced customer contracts during and subsequent to the third quarter of 2025.
- Strategic expansion included the formation of the Abernathy Joint Venture in Texas with Fluidstack and Google, initially designed for 240 MW of HPC capacity with potential expansion to 600 MW, in which TeraWulf holds up to a 51% controlling interest.
- As of September 30, 2025, TeraWulf held $712.8 million in cash, cash equivalents, and restricted cash.
Nov 10, 2025, 9:12 PM
TeraWulf Inc. announces closing of convertible notes offering
WULF
Debt Issuance
New Projects/Investments
Convertible Preferred Issuance
- TeraWulf Inc. closed a private offering of $1.025 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032 on October 31, 2025.
- The offering generated approximately $999.7 million in net proceeds, which the company intends to use for the construction of a data center campus in Abernathy, Texas, and for general corporate purposes.
- The notes are convertible into common stock at an initial conversion rate of 50.1567 shares per $1,000 principal amount, corresponding to an initial conversion price of approximately $19.94 per share.
- The notes will mature on May 1, 2032, and are not redeemable by the company prior to May 6, 2029.
Oct 31, 2025, 8:11 PM
TeraWulf announces upsize and pricing of $900 million convertible notes offering
WULF
Debt Issuance
New Projects/Investments
Convertible Preferred Issuance
- TeraWulf Inc. announced the upsize and pricing of a $900 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032 in a private offering.
- The company granted initial purchasers a 13-day option to purchase up to an additional $125 million aggregate principal amount of the Convertible Notes.
- The offering is expected to close on October 31, 2025, with estimated net proceeds of approximately $877.6 million (or $999.7 million if the option is fully exercised).
- The net proceeds will be used to fund a portion of the construction cost for a data center campus in Abernathy, Texas, and for general corporate purposes.
- The initial conversion price is approximately $19.9375 per share, representing a 37.5% premium to the common stock's $14.50 closing price on October 29, 2025.
Oct 30, 2025, 1:55 AM
TeraWulf announces proposed private offering of convertible notes
WULF
Debt Issuance
New Projects/Investments
- TeraWulf Inc. announced its intention to offer $500 million aggregate principal amount of convertible senior notes due 2032 in a private offering.
- The company expects to grant the initial purchasers an option to buy up to an additional $75 million aggregate principal amount of the Convertible Notes.
- The net proceeds from the offering are intended to fund a portion of the cost of construction for a data center campus in Abernathy, Texas and for general corporate purposes.
- The Convertible Notes will be senior unsecured obligations, will not bear regular interest, and will mature on May 1, 2032.
Oct 29, 2025, 11:07 AM
TeraWulf Forms AI Compute Joint Venture and Reports Preliminary Q3 2025 Results
WULF
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- TeraWulf Inc. has entered into a joint venture with Fluidstack to develop and operate a 168 MW AI Compute project at its Abernathy, Texas campus, with TeraWulf holding a 51% majority stake.
- This 25-year hosting commitment represents approximately $9.5 billion in contracted revenue to the joint venture, and Google is backing approximately $1.3 billion of Fluidstack’s long-term lease obligations to support project debt.
- As a result of this transaction, TeraWulf's contracted High-Performance Computing (HPC) platform now exceeds 510 MW of critical IT load, supporting an upwardly revised growth strategy targeting an additional 250–500 MW of new contracted capacity annually.
- For the third quarter ended September 30, 2025, TeraWulf expects preliminary revenue to be between $48 million and $52 million, representing an approximate 84% increase compared to Q3 2024, and preliminary adjusted EBITDA between $15 million and $19 million.
Oct 28, 2025, 12:08 PM
Oppenheimer Initiates Coverage on TeraWulf with Outperform Rating
WULF
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Oppenheimer has initiated coverage on TeraWulf (WULF) with an "Outperform" rating and a target price of $20.
- TeraWulf is strategically transitioning from bitcoin mining to providing high-performance computing (HPC) infrastructure for AI applications, leveraging its ownership of premium land with low-cost renewable energy and fiber networks.
- The company reported preliminary Q3 2025 revenue estimates between $48 million and $52 million and has secured over 510 MW of contracted critical IT load, with plans to contract an additional 250 to 500 MW per year.
Oct 28, 2025, 12:05 PM
Quarterly earnings call transcripts for TERAWULF.
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