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AI核心结论
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%.
营业收入
$34.01M
同比 -1.14%
每股收益（基本）
$-1.01
同比 -531.25%
毛利率
60.1%
同比 ++39.89%
营业利润
$-162.14M
同比 -171.92%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Terawulf (WULF) Q1 FY2026 营收 $34.01M，同比下降 1.1%。 净亏损 $427.63M，稀释每股收益 -$1.01。 毛利率 60.1%。
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.
来源: Source: 10-Q Income Statement
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.
来源: Source: 10-Q Income Statement
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.
来源: Source: 10-Q Balance Sheet
Operating loss deepened to -$162.1M from -$59.6M, and net loss ballooned to -$427.6M from -$61.4M, with EPS deteriorating to -$1.01 from -$0.16, indicating substantial non-cash charges or financing costs below the operating line.
来源: Source: 10-Q Income Statement
Investing cash outflows surged to -$712.8M from -$61.1M YoY, reflecting aggressive capital deployment, while financing inflows of $100.4M (vs. outflows of -$51.3M prior year) suggest new debt or equity issuance to fund expansion.
来源: Source: 10-Q Cash Flow Statement
WULF's stockholders' equity turned deeply negative at -$78.8M in Q1 FY2026, compared to positive $170.4M a year ago. With total liabilities of $7.09B exceeding total assets of $7.01B, the company is technically insolvent on a book-value basis, raising serious concerns about financial sustainability.
来源: Source: 10-Q Balance Sheet
Long-term debt stands at $3.10B, and the debt-to-equity ratio is deeply negative (-89.96x) due to negative equity, making traditional leverage metrics meaningless. Servicing this debt while generating negative operating cash flow of -$17.6M creates significant refinancing and liquidity risk.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
The net loss of -$427.6M in a single quarter, combined with negative operating cash flow of -$17.6M, indicates the company is consuming capital at an unsustainable rate. The gap between operating loss (-$162.1M) and net loss (-$427.6M) suggests large below-the-line charges that may recur.
来源: Source: 10-Q Income Statement & Cash Flow Statement
Revenue of $34.0M is essentially flat YoY, and with a cost structure that has shifted dramatically (cost of revenue fell 90.4%), the revenue base appears narrow and potentially exposed to single-segment volatility, likely cryptocurrency mining or HPC hosting.
来源: Source: 10-Q Income Statement
While the current ratio of 1.20x appears adequate, current liabilities of $2.38B are extremely large relative to the company's revenue base of $34M per quarter. A deterioration in asset values or inability to roll over short-term obligations could rapidly impair liquidity.
来源: Source: 10-Q Balance Sheet
Q1 FY2026 实际 EPS $-0.92，分析师一致预期 $-0.18，不及预期 -404.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $34.01M | $34.41M | -1.14% |
营业成本 | $2.36M | $24.55M | -90.38% |
毛利润 | $20.45M | $6.96M | +193.81% |
营业利润 | $-162.14M | $-59.63M | -171.92% |
净利润 | $-427.63M | $-61.42M | -596.27% |
每股收益（基本） | $-1.01 | $-0.16 | -531.25% |
每股收益（稀释） | $-1.01 | $-0.16 | -531.25% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $7.01B | $841.16M | +733.23% |
流动资产 | $2.87B | $230.05M | +1146.45% |
总负债 | $7.09B | $670.79M | +956.43% |
流动负债 | $2.38B | $120.93M | +1872.16% |
股东权益 | $-78.77M | $170.38M | -146.24% |
现金及等价物 | $2.63B | $218.16M | +1105.52% |
长期债务 | $3.1B | — | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-17.59M | $56.49M | -131.14% |
投资活动现金流 | $-712.82M | $-61.06M | -1067.34% |
筹资活动现金流 | $100.38M | $-51.33M | +295.58% |
股票回购 | $0 | $33.29M | -100.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 60.1% | 20.2% | +39.89% |
营业利润率 | -476.7% | -173.3% | -303.41% |
净利率 | -1257.3% | — | — |
净资产收益率 | 542.9% | — | — |
总资产收益率 | -6.1% | — | — |
流动比率 | $1.202 | — | — |
资产负债率 | $-89.959 | — | — |
预计发布日期、分析师预期与关注要点
WULF reported a net loss of -$427.6M in Q1 FY2026, far worse than the -$61.4M loss a year ago, while revenue was nearly flat at $34.0M. The standout positive was gross margin expanding to 60.1% from 20.2%, but this was overshadowed by a massive balance sheet expansion that pushed total liabilities to $7.09B and stockholders' equity into negative territory at -$78.8M.
WULF's net loss widened to -$427.6M from -$61.4M, with the gap between operating loss (-$162.1M) and net loss suggesting roughly $265M in additional below-the-line charges, likely interest expense or fair value losses tied to its $3.1B long-term debt. The company also saw operating cash flow turn negative to -$17.6M, compared to +$56.5M in the prior year period.
WULF's financial health is under significant stress: stockholders' equity is negative at -$78.8M, total liabilities of $7.09B exceed total assets of $7.01B, and the company is burning cash operationally. While the current ratio of 1.20x and cash balance of $2.63B provide some near-term liquidity, the scale of debt and recurring losses present serious long-term concerns.
WULF's gross margin surged to 60.1% from 20.2% because cost of revenue fell 90.4% YoY to just $2.4M, even as revenue remained roughly flat at $34.0M. This dramatic cost reduction likely reflects a change in business mix, accounting treatment, or operational efficiency, though the filing text was not available to confirm the exact driver.
Based on the financial data, the most prominent risks include negative stockholders' equity (-$78.8M), a $3.1B long-term debt burden with negative operating cash flow, and a net loss of -$427.6M in a single quarter. The company's current ratio of just 1.20x against $2.38B in current liabilities also signals potential liquidity vulnerability if asset values decline or debt cannot be rolled over.