Company Story
2020 - TeraWulf Inc. founded by Paul Graham and Daniel Becker
2021 - Raised $23.5 million in funding from investors
2022 - Listed on the Nasdaq Capital Market under the ticker symbol WULF
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TeraWulf Inc.is based in Easton, Maryland. Show Full description
1. Company Snapshot
1.a. Company Description
TeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States.It develops, owns, and operates bitcoin mining facility sites.The company operates two bitcoin mining facility sites located in New York and Pennsylvania.
TeraWulf Inc.is based in Easton, Maryland. Show Full description
1.b. Last Insights on WULF
The recent 3-month performance of TeraWulf Inc. was negatively impacted by a series of bearish signals and concerns. A Death Cross formation in March indicates a potential decline in the stock's price. Additionally, Rosenblatt Securities analyst Chris Brendler lowered the price target from $10 to $4, citing tough Bitcoin economics and doubts over AI growth plans. The lack of clarity on Core42's power extension before March 31, 2025, creates significant downside risk, despite management's confidence in finding other customers. Furthermore, the absence of FY 2025 financial guidance and the lack of concrete expansion plans beyond the Cayuga site integration raise questions about the company's ability to scale as projected.
1.c. Company Highlights
2. TeraWulf's 2025 Earnings Report: A Year of Strategic Growth
TeraWulf's financial performance in 2025 was marked by significant revenue growth, with total revenue increasing 20% to $168.5 million from $140.1 million in 2024. The company's HPC lease revenue rose to $9.7 million in Q4, up 35% from $7.2 million in Q3. However, the non-GAAP adjusted EBITDA was negative $23.1 million, down from positive $60.4 million in 2024, due to significant increases in SG&A and operating expenses. The company's actual EPS was -$0.28, worse than estimates of -$0.13. Analysts estimate next year's revenue growth at 155.2%.
Publication Date: Mar -09
📋 Highlights
- Revenue Growth:: HPC lease revenue surged to $9.7 million in Q4 (35% QoQ), with full-year 2025 revenue hitting $168.5 million (20% YoY increase).
- Financial Position:: Cash and restricted cash totaled $3.7 billion, while non-GAAP adjusted EBITDA turned negative at $23.1 million (vs. $60.4 million positive in 2024).
- Site Capacity Expansion:: Secured 400 MW in Cayuga and added 1.5 gigawatts of power-backed capacity in Kentucky/Maryland post-year-end.
- Customer Validation:: Signed a 450 MW lease with Fluidstack (supported by Google credit), confirming demand for energy-advantaged AI infrastructure.
- Cost Efficiency:: Projected $13-14 million per megawatt for data center + power generation, significantly lower than grid-dependent alternatives.
Financial Highlights
The company's cash and restricted cash totaled $3.7 billion as of December 31, 2025, with total assets amounting to $6.6 billion and total liabilities of $6.4 billion. TeraWulf's balance sheet is robust, with no anticipated need for additional equity to fund its currently contracted development. As per the staff, "We do not anticipate the need for additional equity to fund our currently contracted development."
Valuation Metrics
TeraWulf's valuation metrics indicate a high-growth expectation. The company's P/S Ratio stands at 34.64, and the EV/EBITDA ratio is -100.5, suggesting that the market is pricing in significant future growth. The ROE is -361.19%, and the ROIC is -3.47%, indicating that the company is currently loss-making. The Net Debt / EBITDA ratio is -24.97, highlighting the company's strong cash position.
Operational Highlights
TeraWulf made significant progress in 2025, transitioning into a scaled power-backed AI infrastructure platform. The company acquired 100% of Beowulf Electricity & Data, secured long-duration site control at Cayuga, and signed a 450-megawatt lease with Fluidstack. The demand for the company's Kentucky site is extremely strong, with every major hyperscaler and several large AI compute platforms showing interest.
Growth Prospects
TeraWulf is well-positioned for future growth, with a robust pipeline of projects and a strong team. The company is expecting to spend around $13 million to $14 million per megawatt on a fully loaded basis, including the cost of the data center, generation, and battery storage. The guidance for capacity is a calibrated range of 250-500 megawatts per year, with a corresponding $2.5 billion to $5 billion of incremental capital per year.
3. NewsRoom
TeraWulf (WULF) Price Forecast: Breakout Retest Signals Trend Continuation
Apr -17
TeraWulf Announces Closing of Common Stock Offering
Apr -16
Stock Market Today, April 15: TeraWulf Shares Fall After $900 Million Stock Sale Heightens Concerns
Apr -15
TeraWulf (NASDAQ:WULF) Hits New 52-Week High – Here’s Why
Apr -15
TeraWulf Announces Pricing of Upsized Common Stock Offering
Apr -15
TeraWulf Announces Common Stock Offering
Apr -14
TeraWulf Reports Preliminary First Quarter 2026 Financial Results
Apr -14
Stock Traders Buy Large Volume of Call Options on TeraWulf (NASDAQ:WULF)
Apr -10
4. Business Breakdown
4.a. Revenues by Country
4.b. Revenues by Segment
5. Expected revenues mid-term growth (23.43%)
6. Segments
Digital Currency Mining
Expected Growth:
TeraWulf Inc.'s 23.43% growth in digital currency mining is driven by increasing adoption of cryptocurrencies, rising Bitcoin prices, and improved mining efficiency. Additionally, the company's focus on sustainable energy sources and low-cost operations contribute to its growth. Furthermore, the increasing demand for digital currencies and the limited supply of mining capacity also support the segment's growth.
7. Detailed Products
Nautilus Cryptomine Facility
A fully integrated, turn-key cryptocurrency mining facility designed to provide a reliable and efficient mining operation.
Lake Mariner Data Center
A state-of-the-art data center providing high-density, high-efficiency, and highly secure infrastructure for cryptocurrency mining and other data-intensive applications.
TeraPool Cryptocurrency Mining Pool
A cryptocurrency mining pool that allows miners to combine their computing power to increase their chances of solving complex mathematical equations and earning cryptocurrency rewards.
TeraWulf Mining Services
A comprehensive suite of mining services, including mining pool management, mining equipment procurement, and mining facility operations.
8. TeraWulf Inc.'s Porter Forces
Forces Ranking
Threat Of Substitutes
TeraWulf Inc. faces moderate threat from substitutes due to the availability of alternative energy sources.
Bargaining Power Of Customers
TeraWulf Inc. has a diverse customer base, reducing the bargaining power of individual customers.
Bargaining Power Of Suppliers
TeraWulf Inc. relies heavily on a few key suppliers, giving them significant bargaining power.
Threat Of New Entrants
TeraWulf Inc. operates in a highly regulated industry, making it difficult for new entrants to join the market.
Intensity Of Rivalry
TeraWulf Inc. operates in a competitive market, but the intensity of rivalry is mitigated by the company's strong market position.
9. SWOT Analysis
10. Capital Structure
10.a. Balance Sheet
10.b. Weighted Average Cost of capital
| Value | |
|---|---|
| Debt Weight | 35.71% |
| Debt Cost | 23.60% |
| Equity Weight | 64.29% |
| Equity Cost | 23.60% |
| WACC | 23.60% |
| Leverage | 55.54% |
11. Quality Control: TeraWulf Inc. passed 1 out of 9 key points
12.a Historical Valuation
12.b Price/Earnings Ratio
12.c Margin Valuation
12.d Peers Valuation
Peers Group Analysis
A-Mark Precious Metals
Value: 6.4
Growth: 5.1
Quality: 3.7
Yield: 6.0
Momentum: 3.0
Volatility: 5.0
1-Year Total Return ->
TeraWulf
Value: 6.0
Growth: 4.3
Quality: 3.5
Yield: 5.0
Momentum: 9.0
Volatility: 0.3
1-Year Total Return ->
Bit Digital
Value: 7.6
Growth: 6.4
Quality: 9.4
Yield: 0.0
Momentum: 2.5
Volatility: 0.7
1-Year Total Return ->
Siebert Financial
Value: 5.7
Growth: 6.9
Quality: 6.9
Yield: 0.0
Momentum: 5.0
Volatility: 2.0
1-Year Total Return ->
Greenidge Generation Holdings
Value: 8.8
Growth: 4.0
Quality: 6.1
Yield: 0.0
Momentum: 2.5
Volatility: 0.3
1-Year Total Return ->
Bitcoin Depot
Value: 8.2
Growth: 2.0
Quality: 4.4
Yield: 0.0
Momentum: 5.0
Volatility: 0.7
1-Year Total Return ->