WULF
TeraWulf Inc.12.99
+0.50+4%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Kentucky term sheets signal deal
Q&A revealed surging Kentucky demand, with hyperscaler term sheets and governor support signaling an imminent 10-15 year deal with a top-tier credit for the 480MW site. Management unpacked Maryland's bring-your-own-power model, quoting $13-14M/MW fully loaded CapEx yet lower net power costs for tenants via dispatchable gen and 0.5MW battery per MW load. Fluor EPC bolsters H2 2027 timelines; PUE sticks at 1.25 on brownfield redundancy. No walk-backs—execution risk compressed. Demand outstrips Mariner era. Q&A largely reaffirms scripted confidence. Watch Kentucky lease, Morgantown FERC.
Key Stats
Market Cap
5.44BP/E (TTM)
-Basic EPS (TTM)
-1.45Dividend Yield
0%Recent Filings
10-K
FY2025 results
TeraWulf pivoted hard to HPC hosting in FY2025 ended December 31, 2025, energizing 18 critical IT MW at Lake Mariner by year-end while running legacy bitcoin mining at 245 MW (9.3 EH/s). Total revenue hit $168M, up 20% y/y, blending $152M digital asset mining (1,496 bitcoin mined, cost $54K each vs bitcoin value $101K) with $17M new HPC lease revenue from Core42. Mining profit fell to $59M from $70M y/y due to halving and network growth, yet HPC delivered $7M profit. Q4 saw HPC ramp as construction advanced on 522 MW contracted (credit-backed by Google), funded by $5B+ debt/equity raises; $3.3B cash buoys liquidity. No annual guidance disclosed. Bitcoin volatility threatens mining margins.
8-K
522MW HPC leases secured
TeraWulf reported Q4 and full-year 2025 results on February 26, 2026, with revenue up to $168.5M yet net loss of $661.4M amid HPC ramp-up costs. Signed 522 critical IT MW leases generating over $12.8B revenue, backed by $6.5B financings; cash swelled to $3.7B. Construction advances at Lake Mariner and Abernathy JV. Delivery delays risk credits.
8-K
Acquires KY/MD sites, adds 1.5 GW
TeraWulf closed its Hawesville, Kentucky site acquisition on February 2, 2026, granting the seller a 6.8% minority equity stake in the development entity for a HPC/AI data center on 250+ acres with 480 MW power availability. It signed for Morgantown, Maryland's 210 MW generating station—expandable to 1 GW—but pending FERC approval. Portfolio doubles to 2.8 GW across five sites. Acquisitions boost grid support yet face regulatory hurdles.
8-K
Closes $1.3B notes for HPC campus
TeraWulf's JV subsidiary Flash Compute closed a $1.3 billion 7.250% senior secured notes offering due 2030 on December 29, 2025, to fund construction of the Abernathy HPC data center campus in Texas, debt reserves, and $75 million cash collateral. Notes amortize semi-annually post-completion, with covenants restricting debt and asset sales. JV Holdco backs campus completion up to $100 million. Debt fuels expansion, yet ties TeraWulf to project risks.
8-K
Flash Compute notes offering
TeraWulf's Flash Compute subsidiary launched a $1.275 billion senior secured notes offering due 2030, targeting qualified institutional buyers under Rule 144A and Reg S. The deal funds a data center campus in Abernathy, Texas, projecting $1.5B initial rent from Fluidstack while exposing TeraWulf to financing risks. Notes mature 2030.
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