Breakeven Date Change • May 11
Forecast to breakeven in 2027 The 10 analysts covering TeraWulf expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$81.0m in 2027. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Reported Earnings • May 11
First quarter 2026 earnings released: US$1.01 loss per share (vs US$0.16 loss in 1Q 2025) First quarter 2026 results: US$1.01 loss per share (further deteriorated from US$0.16 loss in 1Q 2025). Revenue: US$34.0m (down 1.1% from 1Q 2025). Net loss: US$427.6m (loss widened US$366.2m from 1Q 2025). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Annuncio • May 01
TeraWulf Inc. to Report Q1, 2026 Results on May 08, 2026 TeraWulf Inc. announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on May 08, 2026 Annuncio • Apr 30
TeraWulf Inc., Annual General Meeting, Jun 09, 2026 TeraWulf Inc., Annual General Meeting, Jun 09, 2026. Recent Insider Transactions • Apr 30
Co-Founder recently sold €3.8m worth of stock On the 28th of April, Paul Prager sold around 217k shares on-market at roughly €17.71 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €8.4m. Paul has been a net seller over the last 12 months, reducing personal holdings by €7.8m. New Risk • Apr 19
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$661m Forecast net loss in 3 years: US$161m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$161m net loss in 3 years). Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (€12m sold). Breakeven Date Change • Apr 17
Forecast to breakeven in 2027 The 12 analysts covering TeraWulf expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 43% to 2026. The company is expected to make a profit of US$33.6m in 2027. Average annual earnings growth of 97% is required to achieve expected profit on schedule. Annuncio • Apr 16
TeraWulf Inc. has completed a Follow-on Equity Offering in the amount of $900.6 million. TeraWulf Inc. has completed a Follow-on Equity Offering in the amount of $900.6 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 47,400,000
Price\Range: $19
Discount Per Security: $0.475 New Risk • Apr 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$161m net loss in 3 years). Shareholders have been diluted in the past year (26% increase in shares outstanding). Significant insider selling over the past 3 months (€12m sold). New Risk • Apr 08
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €12m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$161m net loss in 3 years). Significant insider selling over the past 3 months (€12m sold). New Risk • Mar 17
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$661m Forecast net loss in 3 years: US$161m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$161m net loss in 3 years). Reported Earnings • Feb 27
Full year 2025 earnings released: US$1.66 loss per share (vs US$0.21 loss in FY 2024) Full year 2025 results: US$1.66 loss per share (further deteriorated from US$0.21 loss in FY 2024). Revenue: US$168.5m (up 20% from FY 2024). Net loss: US$661.4m (loss widened US$589.0m from FY 2024). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Germany. Annuncio • Feb 06
TeraWulf Inc. to Report Q4, 2025 Results on Feb 26, 2026 TeraWulf Inc. announced that they will report Q4, 2025 results on Feb 26, 2026 Annuncio • Feb 03
TeraWulf Inc. (NasdaqCM:WULF) entered into an Purchase Agreement to acquire Morgantown Generating Station in Charles County, Maryland. TeraWulf Inc. (NasdaqCM:WULF) entered into an Purchase Agreement to acquire Morgantown Generating Station in Charles County, Maryland in late 2025.
The closing of the Morgantown acquisition is subject to certain third-party consents and customary regulatory approvals, including from the Federal Energy Regulatory Commission (FERC). New Risk • Nov 13
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$564m Forecast net loss in 2 years: US$159m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$677m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$159m net loss in 2 years). Significant insider selling over the past 3 months (€531k sold). Breakeven Date Change • Nov 13
No longer forecast to breakeven The 12 analysts covering TeraWulf no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$158.5m in 2027. New consensus forecast suggests the company will make a loss of US$100.2m in 2027. Reported Earnings • Nov 11
Third quarter 2025 earnings released: US$1.13 loss per share (vs US$0.06 loss in 3Q 2024) Third quarter 2025 results: US$1.13 loss per share (further deteriorated from US$0.06 loss in 3Q 2024). Revenue: US$50.6m (up 87% from 3Q 2024). Net loss: US$455.1m (loss widened US$432.0m from 3Q 2024). Revenue is forecast to grow 49% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Annuncio • Nov 01
TeraWulf Inc. to Report Q3, 2025 Results on Nov 10, 2025 TeraWulf Inc. announced that they will report Q3, 2025 results on Nov 10, 2025 Annuncio • Oct 28
Terawulf Inc. Provides Revenue Guidance for the Third Quarter Ended September 30, 2025 TeraWulf Inc. provided revenue guidance for the third quarter ended September 30, 2025. For the period the company expects revenue for the third quarter of 2025 to be between $48 million and $52 million, representing an approximate 84% increase compared to the $27 million reported in the third quarter of 2024. New Risk • Sep 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €531k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$450m free cash flow). Shares are highly illiquid. Minor Risk Significant insider selling over the past 3 months (€531k sold). Recent Insider Transactions • Sep 24
Independent Director recently sold €497k worth of stock On the 19th of September, Catherine Motz sold around 53k shares on-market at roughly €9.40 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €584k more than they bought in the last 12 months. Reported Earnings • Aug 14
Second quarter 2025 earnings released: US$0.047 loss per share (vs US$0.032 loss in 2Q 2024) Second quarter 2025 results: US$0.047 loss per share (further deteriorated from US$0.032 loss in 2Q 2024). Revenue: US$47.6m (up 34% from 2Q 2024). Net loss: US$18.4m (loss widened 69% from 2Q 2024). Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Board Change • Aug 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. Independent Director Amanda Fabiano was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 09
Second quarter 2025 earnings released: US$0.047 loss per share (vs US$0.033 loss in 2Q 2024) Second quarter 2025 results: US$0.047 loss per share (further deteriorated from US$0.033 loss in 2Q 2024). Revenue: US$47.6m (up 34% from 2Q 2024). Net loss: US$18.4m (loss widened 65% from 2Q 2024). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Annuncio • Jul 24
TeraWulf Inc. to Report Q2, 2025 Results on Aug 08, 2025 TeraWulf Inc. announced that they will report Q2, 2025 results on Aug 08, 2025 Annuncio • May 28
TeraWulf Inc. (NasdaqCM:WULF) acquired Bicent (California) Power LLC for $54.6 million. TeraWulf Inc. (NasdaqCM:WULF) acquired Bicent (California) Power LLC for $54.6 million on May 27, 2025. The consideration consists of a cash consideration of $3 million and 5 million common equity of TeraWulf Inc. to be issued for interests of Bicent (California) Power LLC. The agreement also includes up to $19 million in contingent cash payments and up to $13 million in additional common stock, subject to the achievement of key milestones related to the expansion of TeraWulf’s data center business and project financing initiative. As part of the acquisition, 94 employees from Beowulf E&D – including Lake Mariner site staff and corporate support personnel – have transitioned to TeraWulf employment.
The Board of Directors of Bicent (California) Power LLC formed a special committee for the transaction.
Reed Smith LLP acted as legal advisor for TeraWulf Inc. Piper Sandler & Co. acted as fairness opinion provider for TeraWulf Inc.
TeraWulf Inc. (NasdaqCM:WULF) completed the acquisition of Bicent (California) Power LLC on May 27, 2025. Breakeven Date Change • May 15
Forecast breakeven date pushed back to 2027 The 10 analysts covering TeraWulf previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of US$65.9m in 2027. Average annual earnings growth of 59% is required to achieve expected profit on schedule. Annuncio • Apr 28
TeraWulf Inc. to Report Q1, 2025 Results on May 09, 2025 TeraWulf Inc. announced that they will report Q1, 2025 results on May 09, 2025 Breakeven Date Change • Apr 22
Forecast breakeven date pushed back to 2026 The 9 analysts covering TeraWulf previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 58% to 2025. The company is expected to make a profit of US$71.2m in 2026. Average annual earnings growth of 109% is required to achieve expected profit on schedule. Annuncio • Mar 28
TeraWulf Inc., Annual General Meeting, May 05, 2025 TeraWulf Inc., Annual General Meeting, May 05, 2025. Reported Earnings • Mar 01
Full year 2024 earnings released: US$0.21 loss per share (vs US$0.35 loss in FY 2023) Full year 2024 results: US$0.21 loss per share (improved from US$0.35 loss in FY 2023). Revenue: US$140.1m (up 102% from FY 2023). Net loss: US$72.4m (loss narrowed 2.6% from FY 2023). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Annuncio • Feb 21
TeraWulf Inc. to Report Q4, 2024 Results on Feb 28, 2025 TeraWulf Inc. announced that they will report Q4, 2024 results on Feb 28, 2025 Annuncio • Nov 22
TeraWulf Inc. Announces Promotion of Sean Farrell to Chief Operating Officer TeraWulf Inc. announced that Sean Farrell has been promoted to Chief Operating Officer, effective immediately. Mr. Farrell will continue to report directly to Nazar Khan, Chief Technology Officer of TeraWulf. Mr. Farrell brings over 13 years of experience in the energy sector, specializing in renewables, grid optimization, electric delivery, digitalization, and storage solutions across various business domains. Most recently, he served as Senior Vice President of Operations at TeraWulf, where he coordinated and oversaw the Company's data center operations and vertical integration strategy.Before joining TeraWulf, Mr. Farrell was the North American Head of Onshore Sales and Marketing at Siemens Gamesa Renewable Energy Inc., where he led product development, sales, and market strategy for onshore wind turbines in the U.S. and Canada. He began his career in the energy industry at Siemens Energy, progressing through roles of increasing responsibility within their Power System Sales organization, focusing on generation and electric delivery across diverse verticals for over a decade. Reported Earnings • Nov 13
Third quarter 2024 earnings released: US$0.06 loss per share (vs US$0.087 loss in 3Q 2023) Third quarter 2024 results: US$0.06 loss per share. Revenue: US$27.1m (up 43% from 3Q 2023). Net loss: US$23.0m (loss widened 19% from 3Q 2023). Revenue is forecast to grow 57% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Board Change • Nov 04
High number of new directors Independent Director Amanda Fabiano was the last director to join the board, commencing their role in 2024. 
