TeraWulf posted Q3 GAAP revenue of $50.6 million, up 6% QoQ, while reporting a larger-than-expected loss (EPS -$1.13 vs. -$0.05 expected). The company’s profitability was impacted by a 22% decline in self-mined Bitcoin production. Management plans to expand high-performance computing (HPC) capacity by 250–500 MW annually and Citizens Capital Markets reaffirmed a Market Outperform rating and $22 price target, saying the business has a clearer path to filling initial site capacity with anchor tenants.

EPS missed expectations (-$1.13 vs. -$0.05) and self-mined Bitcoin production fell 22%, which are negative concrete drivers; revenue rose 6% QoQ to $50.6M and Citizens reaffirmed Market Outperform with $22 target and noted capacity-fill prospects, which moderates the negative view.