TeraWulf Inc (NASDAQ:WULF) shares are trading lower in Tuesday’s after-hours session after the company reported preliminary results and announced a common stock offering.
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TeraWulf Reports Preliminary Q1 Results
After the market close on Tuesday, TeraWulf said it expects first-quarter revenue to be between $30 million and $35 million versus $34.41 million in the first quarter of 2025. The company also said it expects adjusted EBITDA to be between breakeven and $3 million in the first quarter.
“Our preliminary results reflect a business that has effectively transitioned to long-term, credit-enhanced revenues,” said Patrick Fleury, CFO of TeraWulf.
“With more than 50% of first quarter 2026 revenue derived from HPC hosting, and additional compute capacity expected to come online in the second quarter and throughout the remainder of the year, we expect our revenue mix to continue shifting toward stable, contracted HPC hosting revenues backed by investment-grade counterparties.”
TeraWulf Announces Offering
TeraWulf further announced that it expects to offer $800 million of its common stock in a public offering. The company plans to grant the underwriters a 30-day window to purchase up to an additional $120 million of common stock.
TeraWulf intends to use the net proceeds to finance a portion of the construction of a data center at its site in Hawesville, Kentucky.
The company had $3.1 billion of total cash, cash equivalents and restricted cash as of March 31, as well as $5.8 billion in total debt.
WULF Shares Slide After The Close
WULF Price Action: TeraWulf shares were down 7.30% in after-hours, trading at $19.42 at the time of publication on Tuesday, per Benzinga Pro.
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