Live: Complete Terawulf (WULF) Q3 Earnings Coverage

Terawulf just guided to 87% revenue growth thanks to high-performance computing. Shares are now flat after falling more than 5% after the company’s earnings were first released.

Terawulf shares are off the bottom, down about 3.2% right now.

When you combined after-hours price movement with intraday gains of 2.6%, shares are very close to where they closed on Friday.

For investors hoping for big movement from the company making announcements like $17 billion in high-performance computing contracts, closing flat from Friday is probably not what they’re looking for.

Yet, as we’ve noted time and time again in this blog, more ‘speculative’ stocks have sold off significantly across the past month so its not surprising the market is taking a more cautious approach to Terawulf’s earnings.

Shares of Terawulf are now holding, down about 5%.

The company’s earnings call starts at 4:30 and should be the biggest factor where shares open up on Tuesday You can join the call from Terawulf’s website.

“In the third quarter and into the fourth quarter, the Company commenced recurring HPC lease revenue, signed more than $17 billion in long-term, credit-enhanced customer contracts, and completed over $5 billion in long-term financings to support its rapidly expanding platform.”

That’s a quote near the top of Terawulf’s earnings release, it’s the information the company wants investors to see immediately. Keep in mind that with Terawulf making the transition from digital assets to HPC, whether or not the company beat earnigns matters far less than commentary around future demand from management.

Here are all the main figures from Terawulf’s earnings that investors need to know;

TICKER | TeraWulf Q3’25 Earnings Highlights:

• Revenue: $50.6M; UP +87% YoY
• Adj. Gross Margin: 66.1%; UP +1,000 bps YoY
• Net Income: -$455.1M; DOWN -1,905% YoY
• Cash and Cash Equivalents: $712.8M
• Total Outstanding Debt: $1.5B

Q4’25 Outlook:

• • The Company reaffirms its growth strategy targeting 250–500 MW of new contracted capacity annually.
  • Continued expansion into new HPC campuses and partnerships with Fluidstack and Google are expected to drive future revenue growth.

Q3 Segment Performance:

• Digital Asset Revenue: $43.4M; UP +60.5% YoY
• HPC Lease Revenue: $7.2M; N/A YoY

Other Key Q3 Metrics:

• Adj. Operating Income: -$24.7M; DOWN -57.5% YoY
• Adj. Operating Expenses: $16.6M; UP +95% YoY
• Free Cash Flow: -$35.0M; DOWN -291% YoY
• Weighted Average Shares Outstanding: 401.6M

CEO Commentary:

• Paul Prager: “The third quarter into the fourth has been remarkably busy for TeraWulf. We expanded our partnership with Fluidstack and Google at Lake Mariner and extended that relationship into the Southwest Power Pool with the Abernathy joint venture. These transactions demonstrate the strength of our platform and the trust that world-class technology partners place in our ability to execute. Our portfolio of scalable, low-carbon sites provides a powerful foundation to continue expanding in both existing and new markets.”

CFO Commentary:

• Patrick Fleury: “Over the past several months, we have completed more than $5 billion in capital formation, underscoring investor confidence in our business model and growth trajectory. The success of our recent secured note offering provides a blueprint for how we intend to fund and scale our platform going forward. We remain committed to disciplined capital allocation and creating long-term value for our shareholders.”

Other Executives:

• Sean Farrell, Chief Operating Officer: “At Lake Mariner, execution remains our top priority. We delivered WULF Den and CB-1 in the third quarter, with CB-2 nearing completion. Construction at Akela continues to progress rapidly as we move through key HPC delivery milestones. Across the portfolio, our focus is on achieving efficient, de-risked execution for our tenants and building the reliability that defines our operating advantage.”

Shares are now falling, down 8%.

Price movement can whipsaw in the aftermath of a reclease so we’ll see if these losses hold.

Terawulf earnings are out, and here’s the headline numbers:

• EPS: -$1.13
• Revenue:$50.578 Million

As a reminder, here’s what investors expected:

Shares are not reacting much on the news – we’ll dig into this EPS number as its likely the result of one-time accounting issues.

Shares of Terawulf are up 162% in 2025 as investors have piled into neoclouds amidst a flood of deals with hyperscalers and capacity constraints across the AI space.

Still, recent weeks have had more general fear in the markets. We’ll see if this increased ‘fear’ leads to investors being more critical of tonight’s earnings. IREN shares dropped after several quotes about future demand in their call that would have caused a sharp rise in their share price earlier this year.

We expect Terawulf to report at about 4:05 p.m. ET.

As soon as the company reports, we’ll begin posting updates.