TeraWulf Shares Bounce Off One-Year Low After Results and B. Riley Defense

what happened

TeraWulf (WULF) shares climbed on Friday, lifting off a low not seen in more than a year. According to Stocktwits, the stock closed near $11, after finishing Thursday at $10 and briefly dipping to $9. The gain exceeded 12%, though the shares were still down more than 3% for the week.

Analyst Nick Giles of B. Riley reiterated his Buy rating on the stock. Citing TheFly, Stocktwits reported that Giles said the recent selloff was "in no way" justified. Third-quarter revenue reached $76.2 million, up 51% from a year earlier. HPC lease income rose to $63 million from $7.2 million, while bitcoin mining revenue fell to $13.2 million from $43.4 million. Net income of $709.9 million was driven by a non-cash gain of $728.4 million tied to warrant and derivative liabilities.

Giles named the financing for the Justified campus as the next major catalyst, saying it would ease concerns about funding and dilution.

why it matters

The miner's economics are shifting. Bitcoin mining revenue fell by more than two-thirds, while long-term data-center leases for HPC now generate most of the revenue. This reduces the company's direct exposure to the BTC price but ties its results to construction timelines and financing terms. The company said the first parts of the campus should be ready by the end of 2027.

market impact

Miners and HPC operators: analyst backing and rising lease income support WULF

• ▲TeraWulf shares (WULF) pressure up — analyst support and rising HPC lease income are lifting the stock

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