TeraWulf (WULF) Stock Falls on Q4 Mining Shortfall Despite Massive $12.8B HPC Contract Pipeline

TLDR

• Stock retreats following expanded Q4 loss amid AI pivot
• AI infrastructure contracts worth $12.8B balance weak crypto earnings
• Bitcoin operations decline while datacenter leasing accelerates
• Early trading selloff trails earnings disappointment despite AI momentum
• Company aims for 500 MW yearly AI infrastructure additions

Shares of TeraWulf Inc. (WULF) declined following the release of disappointing fourth-quarter mining performance, even as the firm advances its high-performance computing infrastructure. The equity finished regular trading at $17.88, slipping 0.22%, before tumbling an additional 3.69% to $17.22 in early pre-market activity. Although cryptocurrency-related income weakened, the organization secured extended-term AI and HPC leasing commitments covering 522 critical IT megawatts.

TeraWulf Inc., WULF

Cryptocurrency Earnings Decline Amid Earnings Disappointment

TeraWulf disclosed a fourth-quarter deficit of $1.66 per share, significantly larger than the year-earlier loss of $0.21. Wall Street forecasts anticipated a narrower shortfall, and top-line figures similarly underperformed projections. Consequently, the stock retreated despite encouraging infrastructure announcements.

Quarterly sales came in at $35.8 million, representing a decline from the prior quarter’s $50.6 million. Cryptocurrency-derived income totaled $26.1 million, influenced by reduced Bitcoin output and weaker market conditions. Meanwhile, HPC lease income climbed to $9.7 million compared to $7.2 million in the preceding three-month period.

Full-year sales grew to $168.5 million versus $140.1 million in 2024. Nevertheless, non-GAAP adjusted EBITDA posted a negative $23.1 million result. The firm maintained cash and restricted cash holdings of $3.72 billion at fiscal year-end, providing capital for continued infrastructure investments.

AI Datacenter Agreements Provide $12.8 Billion Revenue Pipeline

Throughout 2025, TeraWulf finalized extended-term HPC lease arrangements encompassing 522 critical IT megawatts. These commitments translate to over $12.8 billion in prospective income. The organization enhanced multi-year cash flow predictability despite cryptocurrency market fluctuations.

The Lake Mariner facility in New York serves as the cornerstone of the firm’s HPC growth initiative. This location obtained 60 megawatts through Core42 and 380 megawatts via Fluidstack, supported by Google credit backing. Lake Mariner currently maintains more than 500 megawatts of near-term committed capacity.

TeraWulf collaborated with Fluidstack to establish the 168-megawatt Abernathy facility in Texas. This partnership functions under a 25-year lease framework featuring yearly price adjustments. Development work progresses, with management expecting completion during the latter half of 2026.

Expansion Strategy Plans 250–500 MW Yearly Rollout

TeraWulf manages a geographically diversified platform across New York and Texas, with additional growth initiatives underway. The firm anticipates acquiring properties in Kentucky and Maryland. These incorporations would elevate aggregate gross capacity to roughly 2.9 gigawatts.

Leadership designed the development schedule to facilitate yearly deployment of 250 to 500 critical IT megawatts. This portfolio stretches through decade-end and corresponds with expanding AI infrastructure requirements. The organization secured $6.5 billion in extended-term capital to finance committed capacity.

At Lake Mariner, staged development advances across numerous structures. Active capacity presently reaches 39 critical IT megawatts, with supplementary activations planned through 2026. Following complete construction, the site could accommodate up to 750 megawatts of gross HPC leasing capacity, establishing TeraWulf as a substantial AI infrastructure provider.

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