Terawulf Inc
NASDAQ:WULF

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Terawulf Inc
NASDAQ:WULF
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Price: 14.88 USD 2.76% Market Closed
Market Cap: $6.3B

Terawulf Inc
Investor Relations

Terawulf Inc., a company that has been making waves in the energy and cryptocurrency sectors, operates with a vision that combines innovative technology and clean energy solutions. Founded by a team of seasoned professionals in the energy industry, Terawulf is primarily focused on the environmentally conscious mining of Bitcoin. At its core, the company aims to bridge the gap between cryptocurrency mining and sustainable energy use by utilizing zero-carbon resources such as hydroelectric, solar, and nuclear power. By strategically positioning its operations near these energy sources, Terawulf significantly reduces its carbon footprint while maintaining a cost-effective mining process. This approach allows the company not only to produce ethical cryptocurrencies but also to potentially gain a competitive edge in an industry often scrutinized for its environmental impact.

Revenue generation for Terawulf stems from its successful Bitcoin mining operations. The company earns by effectively leveraging its energy-efficient infrastructure to mine cryptocurrencies at a lower cost compared to traditional operations. Beyond mining, Terawulf is involved in other aspects of the cryptocurrency and energy supply chain, further solidifying its business model. This vertical integration allows Terawulf to capture value at multiple stages, from energy generation to cryptocurrency transacting, thus creating a robust and diversified revenue stream. By aligning itself with sustainable practices and exploring further innovations in energy and technology, Terawulf positions itself as a forward-thinking leader in the convergence of green energy and digital currencies.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 26, 2026
AI Summary
Q4 2025

Strong Revenue Growth: Full year 2025 revenue rose 20% to $168.5 million, driven by a mix of Bitcoin mining and ramping High Performance Computing (HPC) lease revenue.

AI Infrastructure Transition: TeraWulf completed a major strategic shift to power-backed AI infrastructure, highlighted by large-scale site acquisitions, credit-backed contracts, and execution of major deals like the Google-supported Fluidstack lease.

Balance Sheet Reinforced: Secured $12.8 billion in HPC lease agreements and $6.5 billion in new debt and equity-linked financing, with strong liquidity and no near-term need for additional equity.

HPC Lease Ramp: HPC lease revenue grew 35% quarter-over-quarter in Q4 to $9.7 million, as more capacity came online; long-term guidance remains for much higher margin and recurring revenue.

Execution Focus: Management emphasized disciplined execution, with major sites like Kentucky and Maryland progressing, and all required capital for current projects in place.

Customer Demand: Demand for new sites is described as extremely strong, with significant interest from hyperscalers and AI compute platforms, and active negotiations for large-scale, long-term credit-backed leases.

Margin and Cost Pressures: Operating and SG&A expenses rose sharply due to scaling, but management described these as consistent with rapid growth and aligned with prior guidance.

Key Financials
Revenue
$168.5 million
Q4 Revenue
$35.8 million
HPC Lease Revenue (Q4)
$9.7 million
Digital Asset Revenue (2025)
$151.6 million
HPC Lease Revenue (FY 2025)
$16.9 million
Cost of Revenue (Q4)
$18.9 million
Operating Expenses (Q4)
$8.8 million
Operating Expenses (FY 2025)
$19.7 million
SG&A Expense (Q4)
$66.6 million
SG&A Expense (FY 2025)
$147.8 million
SG&A (Ex-Stock Comp, FY 2025)
$94.5 million
Adjusted SG&A (FY 2025)
$47 million
Depreciation (FY 2025)
$88.6 million
Interest Expense (Q4)
$62.4 million
Interest Expense (FY 2025)
$80.2 million
Interest Income (Q4)
$31.5 million
Interest Income (FY 2025)
$39 million
Cash and Restricted Cash (Dec 31, 2025)
$3.7 billion
Total Assets (Dec 31, 2025)
$6.6 billion
Total Liabilities (Dec 31, 2025)
$6.4 billion
Net Loss (FY 2025)
$661.4 million
Adjusted EBITDA (FY 2025)
-$23.1 million
HPC Lease Agreements Secured (2025)
$12.8 billion
Debt and Equity-Linked Financing (2025)
$6.5 billion
Earnings Call Recording
Other Earnings Calls

Management

Mr. Paul B. Prager
Co-Founder, Chairman & CEO
No Bio Available
Mr. Patrick A. Fleury
Chief Financial Officer
No Bio Available
Ms. Kerri M. Langlais
Chief Strategy Officer & Executive Director
No Bio Available
Mr. Glenn Sandgren
Chief Executive Officer at IKONICS
No Bio Available

Contacts

Address
MARYLAND
Easton
9 Federal Street
Contacts
+14107709500.0
terawulf.com
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