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About

TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding WULF

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	3.13M	$45.2M	0.06%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used strong language like 'transformative agreements', 'game-changer', 'extraordinary vote of confidence', and provided specific figures ($3.7B contracted revenue, $1.8B Google backstop, 85% NOI margins, 200+ MW), showing clear conviction and precision.

Q3 2025

Confident Specific

Management uses definitive language such as 'truly transformational', 'milestone for the broader industry', and 'executed beyond our expectations'. They provide specific figures (360 MW, $3.2B financing, $670M annual revenue) and concrete progress updates (CV3 >50% directed, Abernathy JV details).

Q4 2025

Confident Specific

Management repeatedly used definitive language like 'we did', 'we are building, delivering, and contracting simultaneously', 'the strategy is clear, the sites are secured, the capital is in place'. They provided granular details on capacity, revenue, and design optimizations, and answered most questions with concrete numbers and timelines.

Q1 2026 latest

Confident Specific

Management repeatedly emphasized execution, provided specific figures (e.g., $21M HPC revenue, $3.1B cash), and gave concrete timelines for Lake Mariner (CB3 by end of May) and Kentucky customer (Q2). Paul Prager stated 'we are locked and loaded' and 'remain highly confident' on Kentucky, reflecting a confident and data-backed tone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. TeraWulf has demonstrated tangible progress in shifting from volatile Bitcoin mining to stable, contracted HPC revenue, with HPC leasing now the majority of revenue. The $3.1 billion cash balance and fully funded development pipeline de-risk execution. The upcoming Kentucky customer announcement (expected Q2) and FERC decision on Morgantown (mid-summer) are key catalysts. However, the call highlighted that reported HPC margins are still below the long-term target due to transitional costs, and the company did not provide explicit revenue guidance for the next quarter. Investors should watch for the Kentucky customer signing, the timing of Lake Mariner CB3 energization, and progress on the 250 MW interconnect. Overall, the transition is on track, but execution on new sites remains critical for the 2027 delivery targets.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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3-Statement Financial Model

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED TeraWulf Q1 2026: HPC lease revenue $21M, 117% QoQ; transition to contracted AI infrastructure accelerates.

Revenue & Profitability

Q1 2026 revenue was $34 million, down from $35.8 million in Q4 2025, primarily due to lower bitcoin production but with HPC leasing revenue rising to $21 million from $9.7 million. GAAP net loss was $427.6 million (including a $216.3 million non-cash loss on Google warrants) compared to a net loss of $126.6 million in Q4. Non-GAAP adjusted EBITDA improved from negative $50.9 million to negative $4.1 million. HPC segment profit margin was reported at approximately 50%, but adjusted for tenant fit-out, pre-revenue costs, and development costs it reaches about 85%.

Outlook

Management sees AI build-out accelerating but increasingly constrained by power – not GPUs. CEO Paul Prager stated, 'Demand is real' and expects continued upward pressure on lease rates and terms given the lack of available prompt power. The market is moving toward integrated campuses where generation, storage, and compute are designed together, and utilities are looking for partners with experience, credibility, and capital to deliver projects. Interconnection queue delays and transmission limitations are key headwinds that favor scaled operators.

Growth Drivers

Key growth levers include the 60-megawatt HPC platform at Lake Mariner (with CB3 on track for May 2026, CB4 and CB5 in Q3 and Q4 2026), the recently acquired Hawesville, Kentucky site targeting 480 megawatts online in H2 2027, and the pending Morgantown, Maryland acquisition (subject to FERC decision mid-summer). Management also highlighted advanced negotiations for Kentucky and active engagement with hyperscalers across the portfolio, targeting 250–500 MW of new capacity per year.

Balance Sheet & CapEx

As of March 31, 2026, WULF Compute had $2.2 billion of remaining CapEx spend (out of total $3.7 billion budget), and the Abernathy JV had $0.9 billion remaining (out of $1.3 billion). The company raised approximately $1.2 billion of equity year-to-date, a portion of which will fund TeraWulf's equity contribution to the Kentucky project. Construction at Lake Mariner remains on schedule, with $1.5 billion of CapEx complete at WULF Compute and $0.4 billion complete at the Abernathy JV.

Margins

The HPC leasing segment reported a quarterly segment profit margin of approximately 50% as reported, but adjusted for tenant fit-out revenue/costs ($2.1 million), pre-revenue operating costs at WULF Compute ($3.5 million), and development costs on uncontracted sites ($2.1 million), the margin is about 85%. Management expects this to normalize as operations come online and costs are properly allocated. SG&A (excluding stock-based compensation) was $26.3 million in Q1, in line with prior guidance of $75–$100 million for full-year 2026.

Key Risks

Risks flagged include regulatory and community opposition (NIMBY) for large-scale sites, with management noting they engage transparently to mitigate. The Morgantown acquisition is subject to FERC approval, expected mid-summer. Technology evolution (hardware changes) requires design refinements that can cause coordination delays. Counterparty creditworthiness is paramount, and non-cash fair value adjustments (e.g., Google warrants) can significantly affect GAAP net income. Power availability and interconnection delays are structural industry headwinds.

Generated by AI · Q1 2026 results · Not investment advice

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Q2 saw strong execution with CB-3 online, a $19B Anthropic lease, and Muskie acquisition. Revenue rose to $44.8M, with 71% from HPC leasing. Liquidity is robust, supporting all near-term projects, and guidance for 250-500 MW annual contracting is reaffirmed.

Q1 2026 Q1 2026 2026-05-08

Q1 2026 saw a major shift toward stable HPC leasing revenue, with $21 million generated and strong liquidity of $3.1 billion. The business is transitioning away from volatile mining, focusing on contracted, credit-backed growth and disciplined capital deployment.

Q4 2025 Q4 2025 2026-02-26

2025 marked a strategic shift to power-backed AI infrastructure, with major site acquisitions, a Google-backed lease, and $12.8B in HPC agreements. Revenue grew 20% year-over-year, while net loss widened due to non-cash items. Strong liquidity and fully funded projects support ambitious growth targets.

Q3 2025 Q3 2025 2025-11-10

A transformational quarter marked by a major 10-year, $670M/year HPC agreement, $3.2B in financing, and a new JV with Google and FluidStack. Revenue rose 6% QoQ, adjusted EBITDA improved 25%, and annual HPC targets doubled to 250-500 MW, reflecting robust demand and execution.

Q2 2025 Q2 2025 2025-08-14

Announced major AI hosting and infrastructure deals, including a $3.7B Fluidstack agreement with Google’s $1.8B backstop, boosting platform capacity above 1 GW. Q2 revenue rose 38% with improved margins, and guidance was raised for HPC growth.

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