Terawulf’s stock demonstrated significant upward momentum, climbing more than 10% in a single trading session. This substantial gain was primarily driven by the company’s announcement setting a definitive conversion date of December 9, 2025, for its Series A Convertible Preferred Stock. Market participants responded favorably to this strategic initiative, which is designed to streamline the corporate capital framework.
Financial Performance: A Dual Narrative
The company’s latest quarterly report, covering the third quarter of 2025, presents contrasting financial metrics:
* The organization reported a GAAP net loss of $455 million
* Conversely, the non-GAAP adjusted EBITDA showed marked improvement, increasing by 25% to reach $18.1 million
* Total revenue climbed to $50.6 million, a figure that includes initial High-Performance Computing lease payments totaling $7.2 million
Despite reporting current losses, Terawulf successfully secured long-term financing commitments exceeding $5 billion to fund its expansion strategy.
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Analyst Confidence Fuels Momentum
Market experts have reinforced the positive sentiment surrounding Terawulf. Roth Capital revised its price target upward from $24 to $26, while B. Riley significantly increased its target from $14 to $22. These substantial adjustments from prominent research firms indicate strong institutional belief in the company’s growth trajectory and future valuation potential.
Strategic Transformation Through Major Partnership
The company’s deliberate pivot toward High-Performance Computing services continues to generate value. A landmark $3.7 billion AI hosting agreement with Fluidstack, which enjoys Google’s support, will utilize over 200 MW of computing capacity at the Lake Mariner campus. This partnership represents a crucial component of Terawulf’s strategic direction. Management reaffirmed its ambitious target of securing between 250 and 500 MW in new HPC lease agreements annually.
The impending conversion of preferred shares marks a significant milestone in the evolution of Terawulf’s financial structure, potentially establishing a foundation for continued positive performance in the equity markets.
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