"Q3 2025 was a mixed bag. Revenue came in at $50.58 million, largely matching consensus expectations. The headline EPS miss was dramatic, reporting -$1.13 against an estimate of -$0.05, but as noted above, the gap was almost entirely non-cash. Adjusted earnings were -$.04 per share. The more encouraging number was the $7.2 million in initial HPC lease revenue, which marked the real beginning of TeraWulf's data center hosting business."
"The company also announced over $17 billion in long-term customer contracts and $5 billion in long-term financings during the quarter, which explains why the stock has continued to climb despite the headline miss."
"Yet, with TeraWulf transitioning from Bitcoin mining to AI, Wall Street will be far more focused on future commentary. Analysts are likely more focused on EBITDA and cash flow than GAAP earnings, particularly given that Q3's massive net loss of $455 million was almost entirely driven by non-cash warrant fair value adjustments rather than operational weakness."
TeraWulf is reporting Q4 2025 earnings after market close with the stock trading around $17.75, up 54% year-to-date. Wall Street expects $44.1 million in revenue and adjusted EPS of -$0.16. The company is transitioning from Bitcoin mining to AI data center hosting, with Q3 showing $50.58 million in revenue and $7.2 million in initial HPC lease revenue. A massive Q3 net loss of $455 million was driven by non-cash warrant adjustments rather than operational issues. TeraWulf announced over $17 billion in long-term customer contracts and $5 billion in financing during Q3. All 12 analysts covering the stock rate it as buy or strong buy with an average price target of $23.56, implying 33% upside.
#terawulf-earnings #bitcoin-mining-to-ai-transition #data-center-hosting #long-term-contracts #stock-momentum
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