TeraWulf (NASDAQ:WULF) Announces Earnings Results, Misses Expectations By $1.70 EPS

TeraWulf (NASDAQ:WULF) released its earnings results on Wednesday. The company reported ($1.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($1.70), FiscalAI reports. The company had revenue of $44.77 million during the quarter, compared to analysts’ expectations of $46.00 million. TeraWulf had a negative net margin of 1,179.94% and a negative return on equity of 512.60%. TeraWulf’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.05) earnings per share.

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

• Lake Mariner execution advanced: CB3 is online and generating lease revenue, bringing operating critical IT capacity to 102 megawatts. CB4 remains on track for first-hall revenue in late September, while CB5 is expected to begin energization in early January.
• TeraWulf signed a 401-megawatt, 20-year lease with Anthropic at the Justified Data campus, representing approximately $19 billion of contracted revenue and expanding its direct customer relationships.
• The acquisition of the gigawatt-scale Muskie campus adds a utility-supported Kentucky development platform with contracted electric service expected in late 2028, while demand discussions could support expansion to as much as 2 gigawatts.
• TeraWulf agreed to sell its 50.1% Abernathy interest for approximately $530 million, including $250 million received in July, allowing it to recycle capital into projects it directly controls. Management said current liquidity and expected proceeds can fund Lake Mariner commitments, Muskie equity, Chesapeake, and other near-term opportunities without issuing additional equity.
• Second-quarter revenue rose to $44.8 million, but adjusted EBITDA was negative $18.3 million and GAAP net loss widened to $939.9 million, primarily because of a $755.7 million non-cash loss on Google warrants. Electrical labor constraints, evolving customer designs, and higher project costs lifted the estimated WULF Compute cost to approximately $9.1 million per critical megawatt.

TeraWulf Trading Down 2.5%

NASDAQ WULF opened at $17.61 on Friday. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of -4.03 and a beta of 3.76. The company has a debt-to-equity ratio of 33.00, a quick ratio of 1.20 and a current ratio of 1.20. TeraWulf has a one year low of $4.67 and a one year high of $29.84. The company’s 50 day moving average price is $22.72 and its 200 day moving average price is $19.46.

TeraWulf News Summary

Here are the key news stories impacting TeraWulf this week:

• Positive Sentiment: Analysts remain bullish: Rosenblatt Securities reaffirmed its “Buy” rating and set a $30 price target, implying substantial upside from the referenced $17.61 level. Benzinga analyst rating report
• Positive Sentiment: Chardan Capital also reaffirmed its “Buy” rating and raised or maintained a $32 price target, signaling confidence in TeraWulf’s longer-term growth prospects. Benzinga analyst rating report
• Positive Sentiment: TeraWulf said 102 megawatts of revenue-generating critical IT capacity is operating at Lake Mariner, while another 336 MW is under construction and expected to be delivered within its cost and schedule guidance. This supports the company’s strategy of serving growing AI and high-performance-computing demand. TeraWulf Reports Second Quarter 2026 Results
• Neutral Sentiment: Management described the business as moving toward “scaled execution,” with access to power becoming increasingly important in the AI infrastructure race. The outlook depends on completing construction and converting capacity into sustained revenue and profitability. TeraWulf CEO comments on scaled execution
• Negative Sentiment: Quarterly results disappointed: TeraWulf reported a loss per share far worse than analyst expectations, while revenue of $44.77 million fell short of the $45.32 million consensus estimate and declined 6% year over year. The earnings miss, alongside continued negative margins, is the primary near-term pressure on WULF. TeraWulf quarterly earnings report

Insider Transactions at TeraWulf

In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $26.60, for a total transaction of $3,657,500.00. Following the completion of the sale, the chief executive officer directly owned 3,945,052 shares in the company, valued at $104,938,383.20. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 15.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TeraWulf

Hedge funds and other institutional investors have recently made changes to their positions in the business. Advisory Services Network LLC acquired a new stake in TeraWulf in the 3rd quarter valued at $29,000. Comerica Bank lifted its stake in shares of TeraWulf by 3,748.5% during the first quarter. Comerica Bank now owns 12,700 shares of the company’s stock worth $35,000 after purchasing an additional 12,370 shares in the last quarter. Rafferty Asset Management LLC acquired a new position in shares of TeraWulf during the second quarter worth about $53,000. Russell Investments Group Ltd. boosted its position in shares of TeraWulf by 34.6% in the second quarter. Russell Investments Group Ltd. now owns 14,018 shares of the company’s stock worth $61,000 after buying an additional 3,601 shares during the period. Finally, Sender Co & Partners Inc. acquired a new stake in shares of TeraWulf in the second quarter valued at about $67,000. Institutional investors and hedge funds own 62.49% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on WULF shares. Jefferies Financial Group assumed coverage on shares of TeraWulf in a report on Thursday, May 14th. They issued a “buy” rating and a $28.00 price target on the stock. Morgan Stanley upped their price objective on TeraWulf from $66.50 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $37.00 target price on shares of TeraWulf in a research report on Wednesday, July 15th. Compass Point set a $40.00 target price on TeraWulf in a report on Monday, July 6th. Finally, Northland Securities set a $30.00 target price on TeraWulf in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.74.

TeraWulf Company Profile

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.