TeraWulf (WULF) Q3 2026: Revenue Surges 51% as HPC Leasing Takes Over
As seen on the 24/7 Wall St. homepage on November 6, 2026.
HPC leasing supplied roughly 83% of revenue, beating revenue expectations, as bitcoin mining shrank to $13.2 million. Rent from Lake Mariner's CB-4 starts flowing this quarter, ahead of a 401 MW Anthropic lease backstopped by Google.
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TeraWulf reported Q3 2026 revenue of $76.23 million, topping the $63.34 million consensus by roughly 20% and growing 51% year over year. The beat was driven almost entirely by high-performance computing leasing, which now accounts for about 83% of total revenue at $63.0 million, up 97% from Q2 2026. Bitcoin mining, once the company's core business, contributed just $13.2 million.
The GAAP loss per share of $0.03 came in dramatically better than the consensus estimate of negative $0.375, a beat of 92%. Investors should understand that the headline GAAP figure was heavily influenced by a $728.4 million non-cash gain from the change in fair value of warrant and derivative liabilities, as well as a $95 million gain on the sale of its Abernathy Joint Venture stake. Adjusted EBITDA remained negative at $(12.8) million, though that was an improvement from $(18.3) million in Q2 2026.
The near-term revenue catalyst is Lake Mariner's CB-4 building, which the company expects to begin generating rent in November and December 2026. CB-5, another 168 MW facility at the same campus, is targeted to begin phased delivery in Q1 2027. With 102 MW of critical IT capacity already operational across five buildings at Lake Mariner, the leasing ramp is well underway.
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The bigger story on the horizon is the 401 MW lease with Anthropic at the Justified campus, backstopped by a Google credit facility and with Fluor Enterprises signed as EPC contractor. That project is targeted for phased delivery from late 2027 through mid-2028. TeraWulf has also expanded its Muskie contracted power from 500 MW to 1,000 MW under amended agreements with Kentucky Power Company, targeting initial ramp in Q4 2028.
The balance sheet carries meaningful leverage, with total debt of approximately $5.8 billion including $2.5 billion of convertible notes and $3.2 billion of senior secured notes. Interest expense reached $53.6 million in the quarter, compared with $9.8 million a year earlier, and the operating loss widened to $(88.2) million. The warrant liability of approximately $1.09 billion on the balance sheet means GAAP earnings will remain volatile quarter to quarter depending on the company's stock price movements.
Mentioned: WULF