TeraWulf (WULF) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a transition to a recurring, contracted revenue model, with HPC leasing representing 62% of total revenue and $21 million generated from 60 MW of energized capacity at Lake Mariner.

• The platform controls 2.3 GW of HPC capacity, with 522 MW leased and a diversified five-site pipeline, supporting multi-year, credit-backed growth.

• Major developments include the acquisition of Beowulf E&D, expansion at Lake Mariner, new ground leases, and joint ventures for regional diversification.

• Expansion includes new capacity at Hawesville, Kentucky, and progress on the Morgantown, Maryland acquisition, pending regulatory approval.

• Closed a $250 million revolving credit facility to support growth and maintain strong liquidity of $3.1 billion.

Financial highlights

• Q1 2026 revenue was $34 million, with $21 million from HPC leasing (up 117% QoQ) and $13 million from digital asset mining, while net loss widened to $427.6 million due to non-cash charges.

• Adjusted EBITDA improved to negative $4.1 million from negative $50.9 million in Q4, with normalized SG&A and margin expansion.

• Cash and restricted cash at quarter end: $3.1 billion; total assets: $7 billion; total liabilities: $7.1 billion.

• HPC segment margin expanded 152% QoQ, with non-GAAP segment margin at $23.7 million in Q1 2026.

• Cost of revenue (excl. depreciation) dropped 88% to $2.4 million, aided by $14.1 million in demand response proceeds.

Outlook and guidance

• Revenue mix will continue shifting toward stable, contracted HPC revenue as more buildings come online throughout 2026.

• Targeting 250–500 MW of new contracted HPC capacity annually, with a multi-year development runway supporting 1.8–3.0 GW of future capacity.

• Guidance for SG&A expenses in 2026 remains $75–100 million.

• Construction at Abernathy JV (168 MW) progressing, with delivery targeted for Q4 2026.

• Capital deployment will focus on contracted HPC projects and disciplined expansion of the development pipeline.