WULF's latest clearances reduce development risk, but the operating numbers still have to catch up. The shares ended July 31 near $17.82 after federal clearance for the Maryland plant and approval of the Morgantown acquisition. The Anthropic campus is not expected to begin initial operations until the second half of 2027.
That gap keeps financing and the August 5 report in focus. Trailing revenue was down 1.1% year over year, trailing free cash flow was negative $283.34 million, and the eight-quarter record contains two earnings beats. The clearances matter. They do not settle the cash bridge.
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