$WULF · TERAWULF INC.
TeraWulf's 10-Q for Q3 FY2026 (ended September 30, 2026) shows total revenue of $76.2M, up 50.7% YoY, as HPC lease revenue jumped to $63.0M from $7.2M while digital asset revenue fell to $13.2M from $43.4M. Reported net income of $709.9M was driven almost entirely by a $728.4M non-cash change in fair value of warrant and derivative liabilities; operating loss widened to $88.2M from $24.7M. GAAP diluted EPS was $(0.03), with basic EPS of $1.42 reflecting the warrant gain. Gross margin was 15.2% and operating margin -115.7%.
- Revenue rose 50.7% YoY to $76.2M, led by HPC lease revenue of $63.0M (up from $7.2M).
- Digital asset revenue fell 69% YoY to $13.2M from $43.4M.
- Net income of $709.9M was driven by a $728.4M non-cash warrant/derivative fair-value gain.
- Operating loss widened to $88.2M from $24.7M; SG&A jumped to $56.8M from $16.6M.
- Cash fell to $1.60B from $3.27B at year-end; PP&E net rose to $4.58B from $1.51B.
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The headline profit is a non-cash accounting swing, while the real story is a 50.7% revenue jump from the HPC/AI pivot and a sharply widening operating loss.
TeraWulf's pivot toward HPC/AI data-center leasing mirrors peers diversifying away from bitcoin mining, with Anthropic and Google credit support underscoring hyperscaler demand.
Reported profit is non-cash and masks a widening operating loss; interest expense surged to $53.6M from $9.8M as debt load grew. Digital asset mining revenue collapsed 69% YoY, concentrating results on HPC lease performance.