TERAWULF INC. is expected to release its Q3 2026 10-Q filing in the upcoming earnings season. Last quarter: TeraWulf pivoted to HPC data center leasing in Q2 FY2026, with HPC generating 71% of revenue, but net losses widened dramatically due to one-time charges and heavy buildout spending, while post-quarter deals with Anthropic and the Abernathy divestiture highlighted its infrastructure ambitions and capital recycling.
Drawn from management commentary in the Q2 2026 10-Q:
HPC lease revenue contributed 71% of total revenue in Q2 FY2026, up from zero a year ago, driven by the Core42 and Fluidstack lease commencements at Lake Mariner, reflecting the company’s deliberate pivot away from bitcoin mining.
Bitcoin mining revenue fell 73% to $12.8 million as the company mined 179 bitcoins versus 485 a year ago; two miner buildings were repurposed for HPC, and operations were significantly curtailed.
During the six months ended June 30, 2026, the company recorded $16.9 million in demand response proceeds due to sustained low temperatures, contributing to a net negative realized cost of power for the period.
Revenue
$44.77M
-6.02% YoY
EPS (Diluted)
-$1.94
-3780.00% YoY
Gross Margin
19.9%
-26.3 pts YoY
Operating Income
-$140.45M
-800.90% YoY
Add WULF to your watchlist to get the AI analysis in your inbox within minutes of the 10-Q filing.