TeraWulf Posts Q3 Revenue Miss; Shifts Focus From Bitcoin To HPC

Author: Priya Nigam | November 11, 2025 10:56am

Shares of TeraWulf Inc (NASDAQ:WULF) dived in early trading on Tuesday, after the company Monday reported downbeat third-quarter results.

Here are some key analyst takeaways:

• Needham analyst John Todaro reaffirmed a Buy rating and price target of $21.
• Rosenblatt Securities analyst Chris Brendler reiterated a Buy rating and price target of $24.

Check out other analyst stock ratings.

Needham: TeraWulf reported revenues of $51 million and adjusted EBITDA of $18 million, "in-line with our estimates," Todaro said. The company's lower-than-expected mining revenues were offset by higher-than-anticipated HPC (high performance computing) revenues, he added.

Mining efficiency improved sequentially, with electricity costs declining from 5.3 cents per kilowatt-hour (kWh) in the second quarter to Q2’25 to 4.7 cents per kWh in the third quarter, the analyst stated. Mining utilization is declining as sites are converted to HPC capacity and the bitcoin price estimate for the fourth quarter has been lowered to "$105k per coin on avg. for the quarter," he further wrote.

Rosenblatt Securities: TeraWulf is prioritizing HPC, while bitcoin mining has taken a backseat, Brendler said. During the third quarter, the company began shifting power capacity towards HPC initiatives, he added.

"As a result, effective uptime fell to 70%, driving average operating hashrate down to 8.5 EH/s, well below our 10.4 EH/s estimate," the analyst wrote. Despite this, the company's gross margins improved to 65%, from 54% in the previous quarter, and came in better than expected, he further stated.

WULF Price Action: Shares of TeraWulf had declined by 11.64% to $12.64 at the time of publication on Tuesday.

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Posted In: WULF