TeraWulf — Third Quarter 2026 Earnings Summary

TeraWulf reported third-quarter 2026 revenue of $76.2 million, with $63.0 million derived from HPC lease revenue representing approximately 83% of the total. The company achieved net income of approximately $709.9 million, driven largely by a non-cash change in the fair value of warrants, while operating 102 MW of critical IT capacity at Lake Mariner with an additional 336 MW under construction. Significant portfolio progress includes a 20-year, $19 billion lease agreement with Anthropic for 401 MW at the Justified campus and an expansion of contracted power capacity to 1 GW at the Muskie campus. Liquidity remained strong with $2.4 billion in cash and equivalents, supported by the sale of a 50.1% interest in the Abernathy Joint Venture and an increase in revolving credit facility commitments.