TeraWulf Inc. (WULF) Stock: Shares Slide as Mining Weakens, HPC Pipeline Targets 500 MW Annual Growth

TLDR

• WULF dips after wider Q4 loss despite AI expansion push
• $12.8B HPC contracts offset weak Bitcoin revenue
• Mining revenue falls, AI leasing gains momentum
• Pre-market slide follows earnings miss, big AI bets
• TeraWulf targets 500 MW annual AI capacity growth

TeraWulf Inc. (WULF) shares edged lower after the company reported weaker fourth-quarter mining results despite expanding its high-performance computing platform. The stock closed at $17.88, down 0.22%, and fell 3.69% in pre-market trading to $17.22. While digital asset revenue declined, the company advanced long-term AI and HPC leasing contracts totaling 522 critical IT megawatts.

TeraWulf Inc., WULF

Mining Revenue Drops as Earnings Miss Estimates

TeraWulf reported a fourth-quarter loss of $1.66 per share, wider than the prior year’s loss of $0.21. Analysts had projected a smaller quarterly loss, and revenue also fell short of expectations. As a result, shares weakened despite broader expansion updates.

Quarterly revenue reached $35.8 million, down from $50.6 million in the previous quarter. Digital asset revenue accounted for $26.1 million, reflecting lower Bitcoin production and softer pricing. In contrast, HPC lease revenue rose to $9.7 million from $7.2 million in the third quarter.

For the full year, revenue increased to $168.5 million from $140.1 million in 2024. However, non-GAAP adjusted EBITDA remained negative at $23.1 million. Cash and restricted cash totaled $3.72 billion at year-end, supporting ongoing infrastructure development.

HPC Contracts Secure $12.8 Billion Revenue Visibility

During 2025, TeraWulf executed long-term HPC lease agreements totaling 522 critical IT megawatts. These contracts represent more than $12.8 billion in potential revenue.The company strengthened multi-year cash flow visibility despite mining volatility.

The Lake Mariner campus in New York anchors the company’s HPC expansion strategy. The site secured 60 megawatts with Core42 and 380 megawatts with Fluidstack, backed by Google credit enhancement. Lake Mariner now holds more than 500 megawatts of near-term contracted capacity.

TeraWulf partnered with Fluidstack to develop the 168-megawatt Abernathy campus in Texas. The joint venture operates under a 25-year lease structure with annual escalators. Construction continues, and management targets delivery in the second half of 2026.

Development Pipeline Targets 250–500 MW Annual Delivery

TeraWulf controls a multi-regional platform spanning New York and Texas, with further expansion planned. The company also expects to acquire sites in Kentucky and Maryland. These additions would raise total gross capacity to approximately 2.9 gigawatts.

Management structured the development roadmap to support annual delivery of 250 to 500 critical IT megawatts. This pipeline extends through the end of the decade and aligns with rising AI infrastructure demand. The company completed $6.5 billion in long-term financing to fund contracted capacity.

At Lake Mariner, phased construction continues across multiple buildings. Operational capacity currently stands at 39 critical IT megawatts, with additional energizations scheduled through 2026. Upon full buildout, the campus could support up to 750 megawatts of gross HPC leasing capacity, positioning TeraWulf as a large-scale AI infrastructure operator.

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