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Terawulf

Terawulf (WULF) Q2 2026 Earnings

Reported Aug 5, 2026 at 7:00 AM ET · SEC Source

Q2 26 EPS

$-1.94

MISS 618.52%

Est. $-0.27

Q2 26 Revenue

$44.8M

MISS 11.33%

Est. $50.5M

vs S&P Since Q2 26

-10.7%

TRAILING MARKET

WULF -10.3% vs S&P +0.5%

Market Reaction

Did WULF Beat Earnings? Q2 2026 Results

TeraWulf Inc. Delivered a deeply disappointing second quarter, missing consensus estimates by a wide margin as its complex transformation from bitcoin miner to AI infrastructure provider weighed heavily on reported results. The company posted an EPS … Read more TeraWulf Inc. Delivered a deeply disappointing second quarter, missing consensus estimates by a wide margin as its complex transformation from bitcoin miner to AI infrastructure provider weighed heavily on reported results. The company posted an EPS loss of $1.94 against a consensus estimate of negative $0.27, a 618.52% miss, while revenue of $44.77 million fell 11.33% short of the $50.49 million analysts had expected and declined 6.0% from the year-ago period. The staggering GAAP net loss of $939.92 million was driven overwhelmingly by a $755.67 million non-cash charge from warrant fair value changes and $83.94 million in stock-based compensation, distorting what is otherwise a company rapidly reshaping its revenue base, with HPC lease revenue surging to $31.93 million and now accounting for over 70% of the revenue mix. The 20-year Anthropic lease at its Kentucky campus, representing up to $33.00 billion in contracted revenue with extensions, has energized investor sentiment around the long-term thesis, though initial delivery won't begin until late 2027, leaving near-term execution and funding risks firmly in focus.

Key Takeaways

  • • HPC lease revenue now represents over 70% of total revenue, up from zero a year ago
  • • 52% increase in HPC revenue quarter-over-quarter
  • • 102 MW of revenue-generating critical IT capacity online at Lake Mariner
  • • Delivery of CB-3 unlocked $600 million of Google credit support for Fluidstack's lease obligations
  • • Digital asset mining revenue declined as capacity is repurposed for HPC

WULF Forward Guidance & Outlook

TeraWulf reaffirms its target of contracting 250 to 500 MW of incremental critical IT capacity annually, pursuing growth selectively with a focus on secured power, clear customer demand, scalable infrastructure and attractive risk-adjusted returns. CB-4 phased delivery and rent commencement expected during H2 2026, CB-5 targeted to begin phased delivery in early 2027. The Anthropic lease at Justified is expected to begin initial delivery in H2 2027 with full delivery in early 2028. Muskie Data Campus initial service expected Q4 2028. WULF Compute construction continues within previously disclosed cost guidance of $8-10 million per critical IT MW. The company targets approximately $1.5 billion in average annual NOI at stabilization, with approximately $27 billion or more in total contracted revenue across its platform.

24/7 Wall St

WULF YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

WULF Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“The second quarter demonstrates that TeraWulf is moving from platform formation to scaled execution. At Lake Mariner, we delivered additional contracted capacity and converted it into recurring lease revenue. In Kentucky, we established the next phase of growth through the Anthropic lease at Justified and the acquisition of the gigawatt-scale Muskie Data Campus.”

— Paul Prager, Q2 2026 Earnings Press Release

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