TeraWulf (WULF) Q3 2026 earnings summary

Executive summary

• Contracted portfolio reached 839 MW of critical IT capacity and ~$27B in contracted revenue; 102 MW was operating and 737 MW was under construction.

• HPC leasing became the primary growth driver, while bitcoin-mining infrastructure was curtailed or repurposed where it conflicted with development.

• Development advanced at Lake Mariner, Justified and Muskie, including the Anthropic lease, Google credit support and expansion of Muskie contracted power to 1 GW.

Financial highlights

• Q3 revenue was $76.2M versus $44.8M in Q2 and $50.6M YoY; gross HPC lease revenue was $63.0M, ~83% of total, while HPC rent revenue was $46.0M, ~60%.

• Net income attributable to shareholders was $709.9M; results included a $728.4M non-cash warrant and derivative fair-value gain and a $95.0M gain on the Abernathy JV sale.

• Adjusted EBITDA was a loss of $12.8M, improved from a loss of $18.3M in Q2; Q3 operating loss was $88.2M versus $24.7M YoY.

• Digital Asset Mining revenue was $13.2M versus $43.4M YoY; HPC Leasing revenue was $63.0M versus $7.2M YoY.

Outlook and guidance

• Annual target remains 250–500 MW of incremental contracted critical IT capacity, subject to customer demand, available power and regulatory approvals.

• Lake Mariner CB-4’s 168 MW is targeted for phased delivery in Nov–Dec 2026; CB-5’s 168 MW is targeted for Q1 2027. Fully ramped lease revenue is expected to exceed $700M annualized.

• Justified’s 401 MW is targeted for phased delivery from late 2027 through Q2 2028, with first delivery targeted in Q4 2027.

• Muskie’s initial 500 MW phase is targeted to ramp in Q4 2028; the additional 500 MW is targeted for 2029, subject to regulatory approval.

• WULF Compute development remains within $8M–$10M per critical IT MW guidance; current Lake Mariner estimate is $8.9M/MW.