$15.12—Stale · unknown old
9/28/26
TeraWulf (WULF)
Monday
6:04 PM
ThesisTeraWulf: the setup is constructive — Bitcoin spot price (primary driver: 80%+ correlation, with $10,000 BTC move impacting annual revenue by ~$80-100M…
Revenue Outlook
Why Revenue Could Explode
- 01Bitcoin spot price (primary driver: 80%+ correlation, with $10,000 BTC move impacting annual revenue by ~$80-100M at current hashrate)
- 02Network hashrate growth and mining difficulty adjustments (affects BTC production per EH/s deployed)
- 03Hashrate expansion announcements and energization timelines (market prices in 12-18 month forward capacity)
- 04Power cost structure and capacity utilization rates (operational efficiency directly impacts breakeven levels)
- 05Bitcoin halving cycle positioning (next halving April 2024 reduced block rewards, affecting unit economics)
FY2025 Snapshot
- Revenue
- $168M
- Rev. Growth
- +20.3%
- Gross Margin
- 50.9%
- Op. Margin
- -101%
- Net Margin
- -393%
- Net Income
- $-661M
- NI Growth
- -813%
- EPS
- $-1.66
- 1Y Return
- +38.1%
WULF Chart
My Notes
- momentum/growth - Stock exhibits extreme beta to Bitcoin price with 248.8% one-year return driven by crypto bull market.
- High sensitivity through multiple channels: (1) Bitcoin valuation compression as rates rise reduces present value of future mining rewards…
- Watch on earnings: Bitcoin spot price (BTCUSD) and 30-day realized volatility, Bitcoin network hashrate and mining difficulty adjustments (published bi-weekly by blockchain explorers), Natural gas prices (NGUSD) as proxy for marginal power costs and grid electricity pricing.
One Sentence Summary:
The bull case is simple: analysts see revenue climbing from $265M to $865M as bitcoin spot price (primary driver: 80%+ correlation, with $10,000 btc move impacting annual revenue by ~$80-100m.
Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.
Explore More
52-Week Highs Breakout
Stocks breaking to new annual highs
52-Week Lows Oversold
S&P 500 oversold value screener
Trending Momentum
Relative strength momentum leaders
Earnings Calendar
Upcoming earnings dates & reports
S&P 500 Screener
Filter and sort all 500 stocks
Strategy Focus List
Continuous multi-factor scoring & catalyst forensics
Market Movers
Today's biggest gainers and losers