Earnings Releases·Nov 6, 2026, 7:02 AM ET

TeraWulf — Third Quarter 2026 Earnings Summary

Revenue surged to $76.2 million in Q3 2026 from $50.6 million in Q3 2025, driven by HPC lease revenue jumping to $63.0 million (83% of total) from $7.2 million, while Non-GAAP Adjusted EBITDA declined to $(12.8) million from $18.1 million.
Net income reached $709.9 million, primarily due to a non-cash change in the fair value of warrants, and the company ended the quarter with $2.4 billion in cash and cash equivalents.
Executed a 20-year lease with Anthropic for 401 MW at the Justified Data Campus ($19 billion contracted revenue) and secured a Google credit backstop, while completing the sale of its 50.1% Abernathy JV interest for a $95 million gain.
Reaffirmed annual capacity contracting targets of 250–500 MW; CB-4 at Lake Mariner is on track for Q4 2026 delivery, CB-5 for early 2027, and Muskie power capacity expanded to 1 GW.
Subsequent to quarter-end, the Revolving Credit Agreement was increased to $400 million with an additional $150 million accordion feature, and $1.2 billion was raised via common stock issuance during the nine months ended September 30, 2026.