$WULF · TERAWULF INC.
TeraWulf reported Q3 2026 results: total revenue of $76.2M, including $63.0M HPC lease revenue (~83% of total), and net income of $709.9M, boosted by a $728.4M non-cash change in fair value of warrant liabilities. Non-GAAP Adjusted EBITDA was approximately $(12.8)M. The company ended the quarter with ~$2.4B in cash, cash equivalents and restricted cash, and completed the sale of its 50.1% Abernathy JV interest for $250M cash received, recognizing a $95M gain.
- Q3 revenue $76.2M, up from $50.6M a year earlier; HPC lease revenue $63.0M vs $7.2M prior year.
- Net income $709.9M driven by $728.4M non-cash warrant fair-value gain; operating loss was $88.2M.
- Non-GAAP Adjusted EBITDA was approximately $(12.8)M.
- Ended quarter with ~$2.4B cash, cash equivalents and restricted cash.
- Executed 20-year Anthropic lease for ~401 MW, ~$19B contracted revenue; Google credit backstop secured.
Extended-hours last trade $11.30, up +12.10% vs the $10.08 regular close, suggesting a positive after-hours reaction to the Anthropic/Google financing news and HPC growth.
TeraWulf's transformation into an AI/HPC infrastructure play is accelerating, with a $19B Anthropic lease and Google credit backstop overshadowing a still-negative core operating result.
TeraWulf's pivot from bitcoin mining to AI/HPC data centers mirrors peers like Core Scientific and IREN, with HPC now ~83% of revenue.
Net income is heavily dependent on non-cash warrant fair-value swings ($728.4M gain this quarter vs a $424.6M loss a year ago), making reported earnings highly volatile. Operating loss widened to $88.2M and interest expense rose to $53.6M.