GlobeNewswire·Nov 6, 2026, 7:00 AM ET

TeraWulf Reports Third Quarter 2026 Results

WULF

TeraWulf reported third-quarter 2026 revenue of $76.2 million, with HPC lease revenue totaling $63.0 million or ~83% of the total.
Net income for the quarter was approximately $709.9 million, driven by a non-cash change in the fair value of warrants, while Non-GAAP Adjusted EBITDA was approximately $(12.8) million.
Lake Mariner currently operates 102 MW of critical IT capacity, with an additional 336 MW under construction that remains within cost guidance of $8 million to $10 million per MW.
CB-4 at Lake Mariner is on track for phased delivery in Q4 2026, while CB-5 is targeted to begin phased delivery in early 2027.
TeraWulf executed a 20-year lease with Anthropic for ~401 MW at the Justified Data Campus, representing ~$19 billion in contracted revenue.
A Google Credit Backstop was secured for Anthropic project financing, alongside a definitive EPC agreement with Fluor Enterprises for three buildings at Justified.
Phased ready-for-service completions at Justified are expected to begin in late 2027 and continue through Q2 2028.
Muskie contracted power capacity increased to 1 GW through amended agreements with Kentucky Power Company, advancing the second 500 MW phase delivery to 2029.
The company reaffirmed its target to contract 250–500 MW of incremental critical IT capacity annually.
TeraWulf ended the quarter with approximately $2.4 billion in cash, cash equivalents, and restricted cash.
Post-quarter, the Revolving Credit Agreement commitment increased from $250 million to $400 million, with an uncommitted accordion feature allowing up to $150 million additional commitments.
The company completed the sale of its 50.1% interest in the Abernathy Joint Venture, receiving $250 million in cash consideration and recognizing a $95 million gain.
Remaining proceeds from the Abernathy sale include $150 million due by December 31, 2026, and ~$130 million due by April 30, 2027.

Company: Terawulf Inc.
Keywords: Nasdaq:WULF, Terawulf Inc., infrastructure, HPC, AI, Data Center, Power