Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 11 Mar, 26 | WULF | Buy | USD 14.77 | USD 15.5 | USD 16.5 | 5 days | Closed |
13.00%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
TeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States. The company develops, owns, and operates bitcoin mining facilities in New York and Pennsylvania. It is also involved in the provision of miner hosting services to third-party entities. The company was founded in 2021 and is headquartered in Easton, Maryland.
New HPC Lease Revenue Stream: The company generated USD 16.9 million of HPC lease revenue in FY2025 compared with USD 0 in FY2024
Revenue Expansion: FY2025 total revenue increased to USD 168.5 million in FY2025 from USD 140.1 million in FY2024
Rising Interest Expense: Interest expense increased to USD 80.2 million in FY2025 compared with USD 19.8 million in FY2024
Widening Operating Loss: Operating loss widened to USD 186.2 million in FY2025 compared with USD 76.2 million in FY2024
TeraWulf’s long-term performance is exposed to execution risk in developing large-scale HPC data-center infrastructure, dependence on sustained demand for AI compute capacity, access to reliable low-cost power, regulatory developments in digital asset mining, and continued capital requirements to fund its infrastructure expansion strategy
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 14.77 | 13.1 | 15.5 | 16.5 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strategic Transition Toward AI and HPC Infrastructure: During FY2025, TeraWulf underwent a significant strategic transformation as the company repositioned itself from a predominantly bitcoin-mining operator toward an infrastructure provider for high-performance computing (HPC) and artificial intelligence workloads. The company secured long-term data-center lease agreements totaling 522 MW of contracted critical IT load, establishing a foundation for predictable infrastructure-style revenue streams and long-term customer relationships with enterprise and hyperscale counterparties. This transition reflects the company’s strategic focus on developing energy-advantaged digital infrastructure capable of supporting next-generation AI workloads.
Revenue Growth Driven by Digital Assets and New HPC Leasing: TeraWulf reported total revenue of USD 168.5 million in FY2025 compared with USD 140.1 million in FY2024, reflecting an improvement in overall operating activity. Digital asset revenue remained the primary contributor, increasing to USD 151.6 million in FY2025 from USD 140.1 million in FY2024, supported by continued bitcoin mining operations. In addition, the company generated USD 16.9 million in HPC lease revenue in FY2025, representing the first meaningful contribution from its emerging AI-focused hosting business and marking an early stage of the company’s infrastructure monetization strategy.
Expansion of Data Center Infrastructure Platform: Operational progress during FY2025 was highlighted by the expansion of TeraWulf’s data center footprint, anchored by the Lake Mariner Data Campus in New York and the Abernathy HPC Campus in Texas. The Lake Mariner facility advanced phased expansion to support hyperscale compute workloads, while the Abernathy project was initiated through a joint venture with Fluidstack to develop a 168 MW HPC campus under a long-term lease arrangement. These developments support the company’s broader objective of building a multi-regional HPC infrastructure platform capable of scaling alongside growing AI demand.
Capital Formation and Balance Sheet Expansion: During FY2025, TeraWulf executed a large-scale capital formation strategy designed to fund the expansion of its digital infrastructure platform. The company secured approximately USD 6.5 billion in committed financing aligned with its contracted infrastructure pipeline. As a result, total assets increased significantly to USD 6.56 billion as of December 31, 2025, compared with USD 787.5 million in FY2024, reflecting substantial investments in property, plant, equipment, and infrastructure development required to support HPC capacity expansion.
Liquidity Strength and Cash Position: Liquidity strengthened considerably during FY2025 as the company raised substantial capital to support ongoing construction and development activities. Cash, cash equivalents, and restricted cash increased sharply to USD 3.72 billion in FY2025 compared with USD 274.1 million in FY2024, providing the financial flexibility necessary to execute its infrastructure expansion roadmap and deliver contracted HPC capacity to customers. The strong cash position supports construction milestones and provides a funding base for future development initiatives.
Profitability Pressure Amid Expansion Phase: Despite revenue growth, profitability remained under pressure as the company continued to invest heavily in infrastructure expansion and operational scaling. TeraWulf reported an operating loss of USD 186.2 million in FY2025 compared with USD 76.2 million in FY2024, reflecting higher operating expenses, depreciation, and development costs associated with its rapidly expanding HPC infrastructure platform. In addition, interest expense increased materially due to debt financing used to fund expansion projects.
Development Pipeline and Growth Outlook: Looking ahead, TeraWulf has established a multi-year infrastructure development pipeline designed to support the delivery of 250 MW to 500 MW of new HPC capacity annually through the end of the decade. With approximately 522 MW of contracted HPC capacity and a gross development platform approaching 2.9 GW across multiple sites, the company is positioned to scale alongside accelerating demand for AI compute infrastructure while leveraging its expertise in power-advantaged digital infrastructure development.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to TeraWulf Inc (NASDAQ: WULF) at the current market price of USD 14.77, as on Mar 11,2026 at 7:04 am PDT
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| WULF Terawulf Inc |
1.12 4.02% | 28.98 | - | 102.04 | 8.91 | 2.88 | 10.02 | 4308.98 |
| GS Goldman Sachs Group Inc |
-2.58 0.23% | 1096.56 | 17.21 | 16.00 | 4.47 | 2.26 | 11.15 | |
| MS Morgan Stanley |
-1.79 0.80% | 223.17 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| SCHW Charles Schwab Corp |
-2.81 2.97% | 91.70 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| CIIHF CITIC Securities Company Limited |
- -% | 3.50 | 12.33 | 7.94 | 0.69 | 1.13 | 7.69 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on March 11, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
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Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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