Revenue Essentially Flat Amid Business Transformation
Revenue declined marginally by 1.1% YoY to $34.0M in Q1 FY2026 from $34.4M, suggesting the top line remained stable even as the company underwent a dramatic balance sheet restructuring.
TERAWULF INC. is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: WULF reported a dramatic deterioration in Q1 FY2026, with net loss widening to -$427.6M (vs. -$61.4M prior year) and negative stockholders' equity of -$78.8M, driven by massive balance sheet expansion and surging liabilities, even as gross margin improved sharply to 60.1%.
Drawn from management commentary in the Q1 2026 10-Q:
Revenue declined marginally by 1.1% YoY to $34.0M in Q1 FY2026 from $34.4M, suggesting the top line remained stable even as the company underwent a dramatic balance sheet restructuring.
Gross profit nearly tripled to $20.4M (from $7.0M), with gross margin expanding from 20.2% to 60.1%, primarily due to a 90.4% collapse in cost of revenue from $24.6M to $2.4M — a significant shift in cost structure.
Total assets surged 733.2% YoY to $7.01B, while total liabilities exploded 956.4% to $7.09B, resulting in negative stockholders' equity of -$78.8M. Cash & equivalents grew to $2.63B, suggesting large-scale debt-financed capital raises.
Revenue
$34.01M
-1.14% YoY
EPS (Basic)
$-1.01
-531.25% YoY
Gross Margin
60.1%
++39.89% YoY
Operating Income
$-162.14M
-171.92% YoY
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