Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
vs S&P Since Q2 26
+12.7%
BEATING MARKET
WULF +12.1% vs S&P -0.6%
Market Reaction
Did WULF Beat Earnings? Q2 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 Forward Guidance & Outlook
TeraWulf reaffirms its growth strategy targeting 250–500 MW of new contracted HPC capacity annually. CB-3 construction at Lake Mariner is nearing completion with energization aligned to customer hardware deployment; CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026. The Abernathy joint venture (168 MW) targets Q4 2026 delivery. A Kentucky tenant is expected in Q2 2026. The company expects the business to be increasingly driven by recurring, contracted revenue, reducing exposure to bitcoin mining volatility. Total platform capacity of 2.3 GW of critical IT provides a multi-year development runway, with Chesapeake Data acquisition subject to FERC and other regulatory approvals.
WULF YoY Financials
Q2 2026 vs Q2 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, Q2 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% |