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Terawulf Reporting at 4:05 p.m. ET.
Nov 10, 2025 3:59 PM
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We expect Terawulf to report at about 4:05 p.m. ET.
As soon as the company reports, we’ll begin posting updates.
TeraWulf (NASDAQ: WULF) will report third-quarter 2025 results after the close today. The Bitcoin miner and high-performance computing (HPC) operator is coming off a transformative summer, having announced a landmark 10-year, 200+ megawatt AI hosting agreement with Fluidstack — a deal backed by Google with a $1.8 billion lease guarantee and 8% equity stake in TeraWulf. The partnership fundamentally changes WULF’s credit profile and positions the company as a key player in AI data infrastructure, a move CEO Paul Prager called “a cornerstone for next-generation compute.”
Consensus Estimates
| Metric | Q3 2025 (Est.) | Q4 2025 (Est.) | FY 2025 (Est.) | FY 2026 (Est.) |
|---|---|---|---|---|
| Revenue | $50.64M | $60.05M | $192.43M | $448.49M |
| EPS (GAAP) | –$0.05 | –$0.10 | –$0.35 | –$0.41 |
Key Areas to Watch
1. Fluidstack and Google Partnership Execution
The 10-year AI hosting deal at Lake Mariner could deliver $350M in annual revenue with site-level margins of roughly 85%. Deployment starts in early 2026, and investors will look for early progress updates and financing structure clarity.
2. Core42 Ramp and HPC Transition
Core42’s WULF Den and CB-1 are now revenue-generating, with CB-2 on track for Q4. CFO Patrick Fleury noted Q2 adjusted EBITDA of $14.5M, a turnaround from a $4.7M loss in Q1, marking a major inflection in profitability as hosting grows.
3. Financing Path and Balance Sheet Flexibility
With Google’s credit support, management plans to pursue “low-cost, scalable capital solutions.” Investors will listen for detail on the timing and structure of new capital market transactions under the improved credit regime.
4. Bitcoin Mining Economics
TeraWulf self-mined 485 Bitcoin in Q2, up 30% sequentially. Power prices normalized at $0.05/kWh, and management expects the mining segment to contribute positively to EBITDA in the second half of 2025.
5. Capacity Growth and Tenant Mix
The Cayuga development adds long-term optionality, with 130MW planned for 2027. The company continues to evaluate additional tenants and has indicated that demand from AI and hyperscale clients “feels almost urgent” heading into 2026.
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