TeraWulf Inc. (WULF) Revenues Drop amid Miner Space Optimization for HPC Operations

Terawulf Inc. (NASDAQ:WULF) is one of the crypto stocks with huge upside potential. On March 12, analysts at Keefe Bruyette & Woods reiterated an Outperform rating on Terawulf Inc. (NASDAQ:WULF) and cut the price target to $23 from $24.

Keefe Bruyette & Woods lowered their price target following Terawulf Inc.’s disappointing fourth-quarter 2025 results, which showed a 29% drop in revenue to $35.8 million, driven largely by reduced Bitcoin production. Digital revenue in the quarter dropped to $26.1 million from $43.4 million in the same quarter a year ago. The significant revenue drop was due to reduced mine output as the company continues to optimize its miner spacing for high-performance computing operations.

Nevertheless, Terawulf Inc.’s transition towards artificial intelligence and high-performance computing has been positively received. Keefe Bruyette & Woods has already raised revenue projections based on the company’s HPC lease delivery.

Cantor Fitzgerald has also raised its price target for the stock to $24 from $18, impressed by the company’s expansion in artificial intelligence. Compass Point also raised its price target of Terawulf to $28 from $17, buoyed by the company’s growth in HPC.

TeraWulf Inc. (NASDAQ:WULF) develops, owns, and operates sustainable, industrial-scale data centers for high-performance computing (HPC), artificial intelligence (AI), and cryptocurrency mining, primarily in the United States. The company uses zero-carbon energy sources, including nuclear and hydroelectric power, to provide environmentally friendly computing infrastructure.

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