source avatarKarol Kozicki

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$WULF ​TeraWulf dropped a double miss, sending the stock down about 1.5% AH. The headline EPS miss is ugly, driven by a massive $661M net loss tied to infrastructure scale-up and non-cash derivative hits. ​Print: ​EPS: -$1.66 vs. -$0.14 expected 🔴 ​Revenue: $35.8M vs. $44.1M expected 🔴 ​Infrastructure Reality: The short-term pain is buying them long-term scale. $WULF moving aggressively from Bitcoin mining into High-Performance Computing (HPC). • ​2.4 GW of power controlled across 5 sites. • ​522 MW fully contracted for AI compute. • ​Targeting 250–500 MW of new critical IT capacity annually. ​The immediate cash burn is steep, but locking in $12.8B in long-term AI leases provides a massive backlog. The narrative now shifts entirely to 2026 execution.

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