Q1 26 EPS
$-1.01
MISS 415.31%
Est. $-0.20
Q1 26 Revenue
$34.0M
BEAT +4.39%
Est. $32.6M
vs S&P Since Q1 26
+12.7%
BEATING MARKET
WULF +12.1% vs S&P -0.6%
Market Reaction
Did WULF Beat Earnings? Q1 2026 Results
TeraWulf posted a deeply bifurcated first quarter for fiscal 2026, beating revenue expectations while delivering an earnings miss of striking magnitude. The company reported Q1 revenue of $34.01 million, edging past the $32.58 million consensus by 4.… Read more TeraWulf posted a deeply bifurcated first quarter for fiscal 2026, beating revenue expectations while delivering an earnings miss of striking magnitude. The company reported Q1 revenue of $34.01 million, edging past the $32.58 million consensus by 4.39%, though total sales were essentially flat, slipping 1.1% from a year ago as surging HPC lease revenue of $21.02 million offset a collapse in digital asset revenue to $12.99 million from $34.41 million in the prior-year period. On the bottom line, TeraWulf posted a GAAP loss of $1.01 per share, missing the $0.20 consensus estimate by 415.31%, as a $216.32 million non-cash charge from warrant revaluation, $101.42 million in stock-based compensation, and $67.07 million in interest expense inflated losses dramatically. The company recently closed a $1 billion equity raise to fund its Hawesville, Kentucky campus buildout, underscoring the pace of its bitcoin-to-HPC transformation. With CB-4 and CB-5 targeted for 2026 delivery and total contracted revenue exceeding $13.00 billion, management expects recurring lease income to increasingly define results going forward.
Key Takeaways
- • HPC lease revenue contributed over 60% of total Q1 2026 revenue, reflecting intentional transition to contracted compute infrastructure
- • 60 MW of critical IT capacity energized and generating revenue at Lake Mariner for Core42
- • 117% increase in HPC revenue quarter-over-quarter partially offset by 50% decrease in mining revenue
- • Adjusted EBITDA improved approximately $47M from prior quarter driven by normalized SG&A and segment margin expansion
- • HPC segment margin expanded 152% quarter-over-quarter
WULF YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
WULF Revenue by Segment
With YoY comparisons, source: SEC Filings
“The first quarter of 2026 was defined by execution. We entered the year with a fully established platform, including sites, contracts, and capital, and are now converting that foundation into operating performance and recurring revenue.”
— Paul Prager, Q1 2026 Earnings Press Release
WULF Earnings Trends
WULF vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WULF EPS Trend
Earnings per share: estimate vs actual
WULF Revenue Trend
Quarterly revenue: estimate vs actual
WULF Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 MISS | $-0.20 | $-1.01 | -415.31% | $34.0M | +4.39% |
| Q4 25 MISS FY | $-0.16 | $-1.66 | -937.50% | $35.8M | -18.82% |
| FY Full Year | $-1.46 | $-1.66 | -13.96% | $168.5M | -4.06% |
| Q3 25 MISS | $-0.05 | $-1.13 | -2,278.95% | $50.6M | -0.13% |
| Q2 25 BEAT | $-0.07 | $-0.05 | +26.47% | $47.6M | -2.97% |
| Q1 25 MISS | $-0.09 | $-0.16 | -84.54% | $34.4M | -17.82% |