TeraWulf Inc (NAS:WULF)

Q4 2025 Terawulf Inc Earnings Call Transcript

Feb 26, 2026 / 09:30 PM GMT

Release Date Price: $17.88 (-0.22%)

Transcript 10-K8-K

Key Points

Positve

TeraWulf Inc (WULF) successfully transitioned into a scaled, power-backed AI infrastructure platform in 2025.
The company acquired 100% of Beowulf electricity and data, integrating power generation expertise into its platform.
Secured long-term site control at Cayuga with up to 400 megawatts capacity, leveraging existing grid infrastructure.
Signed a 450 megawatt lease with Fluid Stack, supported by Google's credit, validating their model and execution capability.
Added approximately 1.5 gigawatts of additional power-backed capacity in Kentucky and Maryland, enhancing growth potential.

Negative

Revenue in Q4 2025 decreased to $35.8 million from $50.6 million in Q3 2025, primarily due to lower Bitcoin production.
The company reported a GAAP net loss of $661.4 million in 2025, driven by non-cash fair value adjustments and depreciation.
Operating expenses increased significantly, rising to $8.8 million in Q4 from $4.5 million in Q3, reflecting scaling efforts.
Interest expense in Q4 was $62.4 million, a substantial increase from $9.8 million in Q3, following capital raises.
The transition from Bitcoin mining to stable contracted HPC revenue is ongoing, with volatility still impacting results.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WULF.OQ - Terawulf Inc
Q4 2025 Terawulf Inc Earnings Call
Feb 26, 2026 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to Terror Wolf 4th quarter and full year 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation.

If anyone should require operator assistance throughout the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. John Larkin, senior Vice President, director of investor relations.

Thank you. You may begin.

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Unidentified_2 [2]
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