Patrick Herrmann
@RotoPatMB
For those who missed the $WULF Q3 earnings fireworks—revenue hit $50.6M (+87% YoY), with $7.2M from HPC leases kicking in. EPS whiffed big (-$1.13 vs. -$0.04 est.) due to non-cash warrants, but adj. EBITDA jumped 25% to $18.1M. Real story? TeraWulf’s pivot to AI/HPC colossus: $17B+ contracts locked (Google-backed), Abernathy JV (240-600 MW Texas beast, $9.5B+ rev over 25 yrs), and CFO teasing 1-2 more mega-sites by year-end, each mirroring that scale (82%+ margins, 200-500 MW).
Quick clarity: They can’t commit to “two” definitively ‘cause one might be Cayuga (80-yr lease secured, HPC ramp 2027)—but Lansing’s proposed 1-yr moratorium on large-scale builds could delay it. Nov 5 meeting: Vote to scrap the moratorium failed (3-2), so it’s alive. Public hearing Nov 19—last comments due Nov 12. TeraWulf’s pushing back hard, alleging transparency violations and demanding resignations/withdrawal. If moratorium passes, Cayuga slows by ~1 yr; if not, full steam. The other deal? Mystery site, but “very close.”
We’re not here for today’s noise . If one or two (more) deals land
THIS YEAR, it means massive expansion in HPC capacity, margins, and pipeline strength. Buy the vision, not the miss. $WULF #AI #HPC $BTC