TeraWulf Reports Third Quarter 2026 Results

Quarterly profit benefited from a non-cash valuation gain, while operating losses and nine-month operating cash outflows widened.

Rhea-AI Summary

TeraWulf (Nasdaq: WULF) reported third-quarter 2026 revenue of $76.230 million as high-performance computing leases became its largest revenue source. Lease revenue reached $62.986 million, approximately 83% of revenue. Net income attributable to TeraWulf was $709.912 million, aided by a $728.442 million warrant and derivative valuation gain; operating loss widened to $88.225 million.

Lake Mariner had 102 MW operating and 336 MW under construction. TeraWulf signed a 20-year Anthropic lease covering approximately 401 MW and approximately $19 billion of contracted revenue, secured Google credit support for anticipated project financing, and signed a Fluor construction agreement. Muskie's contracted power expanded to 1,000 MW, subject to regulatory approval. Quarter-end cash, cash equivalents and restricted cash totaled approximately $2.4 billion. The Abernathy interest sale brought $250 million in cash, with further payments expected.

Positive

• Q3 revenue rose to $76.230 million from $50.578 million a year earlier.
• Q3 computing lease revenue rose to $62.986 million from $7.203 million a year earlier.
• Q3 attributable net income reached $709.912 million versus a $455.050 million year-earlier loss, aided by valuation gains.
• Lake Mariner operated 102 MW of revenue-generating critical IT capacity at September 30, 2026.
• 336 MW under construction at Lake Mariner remained within $8 million–$10 million per critical IT MW cost guidance.
• CB-4 remains on track for phased delivery and rent commencement during the fourth quarter.
• CB-5 remains targeted to begin phased delivery in early 2027.
• Anthropic's 20-year lease covers approximately 401 MW and approximately $19 billion of initial-term contracted revenue.
• Google credit backstop secured for anticipated project financing supporting Anthropic's lease.
• Fluor construction agreement signed for three Justified buildings; phased service expected late 2027 through second-quarter 2028.
• Muskie contracted power expanded from 500 MW to 1,000 MW; second-phase delivery is anticipated in 2029.
• Revolving credit commitments increased from $250 million to $400 million after quarter-end.
• Abernathy 50.1% interest sale completed, delivering $250 million cash during the quarter.
• Annual contracting target reaffirmed at 250 MW to 500 MW of incremental critical IT capacity.
• Nine-month revenue increased to $155.009 million from $132.619 million a year earlier.
• Q3 interest income increased to $28.580 million from $4.094 million a year earlier.

Negative

• Q3 operating loss widened to $88.225 million from $24.672 million a year earlier.
• Q3 adjusted EBITDA, a non-GAAP earnings measure, was approximately negative $12.8 million.
• Q3 digital asset revenue declined to $13.244 million from $43.375 million a year earlier.
• Q3 diluted loss per share was $0.03, versus $1.13 a year earlier.
• Q3 interest expense increased to $53.554 million from $9.830 million a year earlier.
• Q3 cost of revenue excluding depreciation rose to $25.188 million from $17.123 million a year earlier.
• Q3 operating expenses rose to $37.742 million from $2.921 million, excluding separately reported related-party expenses.
• Q3 selling, general and administrative expenses rose to $56.781 million from $16.550 million, excluding related-party expenses.
• Q3 depreciation increased to $29.636 million from $26.502 million a year earlier.
• Q3 property and equipment impairment was $9.724 million, versus none a year earlier.
• Q3 equipment disposal losses increased to $3.894 million from $1.987 million a year earlier.
• Nine-month attributable net loss widened to $657.639 million from $534.838 million a year earlier.
• Nine-month operating cash outflow increased to $178.948 million from $35.009 million a year earlier.
• Nine-month plant and equipment purchases and deposits consumed $2,230.788 million versus $445.199 million a year earlier.
• Nine-month stock-based compensation increased to $215.376 million from $44.323 million a year earlier.
• Shares outstanding increased to 501,371,610 at September 30, 2026, from 420,065,944 at December 31, 2025.
• Muskie power expansion remains subject to Kentucky Public Service Commission approval.
• Up to $150 million additional revolving commitments are uncommitted and subject to conditions.
• Remaining Abernathy consideration is expected by December 2026 and April 2027; the latter payment remains adjustment-dependent.

News Explained

The higher outstanding share count reduces existing holders’ percentage ownership absent offsets; the additional revolver accordion is uncommitted.

In its third-quarter release, TeraWulf reports that outstanding common shares rose from 420,065,944 at December 31, 2025 to 501,371,610 at September 30, 2026; that larger share count reduces existing holders’ percentage ownership absent offsetting changes.

After quarter-end, commitments under the revolving credit agreement increased from $250 million to $400 million; a separate accordion permits up to $150 million in additional commitments subject to conditions, but remains uncommitted.

Argus 15 min delay 12 alerts

+8.53% vs previous close $10.94 last price 4.9x rel. volume Open Argus

Details

Market move: WULF +8.53% vs previous close. 3Q26 earnings report

$10.51 – $11.20 Day Range

$5.46B Mkt Cap at Last Price

On Nov 6, the day this news came out, the latest delayed price for WULF is 8.53% above the previous close. Our momentum scanner has recorded 12 alerts for this stock so far that day. The latest delayed price is $10.94. Relative volume is very high at 4.9x what this stock usually trades by this time of day.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Third-quarter revenue: $76.2 million HPC lease revenue: $63.0 million Net income: $709.9 million +5 more

Third-quarter revenue

$76.2 million

Quarter ended September 30, 2026

HPC lease revenue

$63.0 million

Third quarter 2026

Net income

$709.9 million

Third quarter 2026; benefited from a non-cash change in fair value of warrants

Adjusted EBITDA

$(12.8) million

Third quarter 2026; non-GAAP

Revenue-generating critical IT capacity

102 MW

Lake Mariner as of September 30, 2026

Capacity under construction

336 MW

Lake Mariner CB-4 and CB-5

Contracted lease revenue

Approximately $19 billion

Initial term of the Anthropic lease

Cash, cash equivalents and restricted cash

Approximately $2.4 billion

Quarter-end

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Quarterly earnings

   24h Move

   -4.3%

   Reported $44.8 million revenue, including $31.9 million in HPC lease revenue.

2. May 08

   Quarterly earnings

   24h Move

   -2.6%

   Reported $34.0 million Q1 revenue, including $21.0 million in HPC lease revenue.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, epc agreement, convertible notes, warrant liabilities

4 terms

adjusted ebitda financial

"Non-GAAP Adjusted EBITDA was approximately $(12.8) million."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

epc agreement technical

"Executed Definitive Fluor EPC Agreement at Justified Data Campus"

An EPC agreement is a single contract in which a contractor agrees to design, buy the necessary equipment and materials, and build a complete project so the owner receives a finished, working facility — like hiring one builder to deliver a turnkey house. It matters to investors because the contract allocates who bears cost overruns, delays and performance shortfalls, and often includes fixed prices, delivery dates and penalties that directly affect a project’s profitability and the owner’s financial risk.

convertible notes financial

"Short-term convertible notes"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

warrant liabilities financial

"Warrant liabilities"

Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

HPC lease revenue reaches $63.0 million, representing ~83% of third-quarter revenue

102 MW of critical IT capacity online at Lake Mariner, with an additional 336 MW under construction and progressing within cost guidance

Secured Google Credit Backstop for Anticipated Project Financing in Support of $19 Billion Anthropic Lease; Executed Definitive Fluor EPC Agreement at Justified Data Campus

Muskie contracted power expands to 1 GW; Company reaffirms target of contracting 250–500 MW of incremental critical IT capacity annually

EASTON, Md., Nov. 06, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced its financial results for the third quarter ended September 30, 2026 and provided an update on execution across its power-backed digital infrastructure platform.

Third-quarter results reflect continued growth in contracted HPC operations at Lake Mariner and significant progress across the Company’s development portfolio, including the Justified and Muskie data campuses in Kentucky.

Third Quarter 2026 and Recent Highlights

• Financial Performance: Generated third-quarter revenue of $76.2 million, including $63.0 million of HPC lease revenue, representing approximately 83% of total revenue. Net income increased to approximately $709.9 million, benefiting from a non-cash change in fair value of warrants. Non-GAAP Adjusted EBITDA was approximately $(12.8) million.
• Lake Mariner: Operated 102 MW of revenue-generating critical IT capacity as of September 30, 2026, with an additional 336 MW under construction across CB-4 and CB-5. CB-4 remains on track for phased delivery and rent commencement during the fourth quarter. CB-5 remains targeted to begin phased delivery in early 2027. WULF Compute continues to progress within the Company’s previously disclosed cost guidance of $8 million to $10 million per critical IT MW.
• Justified: Executed a 20-year lease with Anthropic for approximately 401 MW of critical IT capacity, representing approximately $19 billion of contracted revenue over the initial term. On November 4, 2026, TeraWulf announced a Google Credit Backstop for Project Financing in support of Anthropic’s lease and a definitive EPC agreement with Fluor Enterprises, Inc. covering three data center buildings. Phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028.
• Muskie: Increased contracted power capacity from 500 MW to 1,000 MW through amended electric service and transmission infrastructure agreements with Kentucky Power Company, subject to approval by the Kentucky Public Service Commission. The expansion advances the anticipated delivery of the second 500 MW phase to 2029.
• Liquidity and Financial Flexibility: Ended the quarter with approximately $2.4 billion of cash, cash equivalents and restricted cash. Subsequent to quarter-end, TeraWulf increased commitments under its Revolving Credit Agreement from $250 million to $400 million and added an uncommitted accordion feature permitting up to $150 million of additional commitments, subject to certain conditions.
• Capital Recycling: Completed the sale of the Company’s 50.1% interest in the Abernathy Joint Venture, receiving $250 million of cash consideration during the quarter with the remaining consideration expected to be received (i) $150 million on or before December 31, 2026, and (ii) approximately $130 million, subject to certain adjustments, on or before April 30, 2027. The Company recognized a $95 million gain on the sale during the quarter.
• Growth Target: Reaffirmed the Company’s target of contracting 250 MW to 500 MW of incremental critical IT capacity annually, with a continued focus on secured power, high-quality customer demand and attractive risk-adjusted returns.

Management Commentary

Paul Prager, Chairman and Chief Executive Officer of TeraWulf, commented:

“Third-quarter results reflect strong execution across the business. Lake Mariner is delivering contracted capacity and generating revenue, Justified has the customer, credit support and construction framework to move forward at scale, and Muskie gives us a contracted path to a gigawatt of power.

We remain disciplined about where we deploy capital and the returns we require. Our focus is simple: execute on our commitments, protect our economics and create long-term value for shareholders.”

Patrick Fleury, Chief Financial Officer of TeraWulf, added:

“We ended the quarter with substantial liquidity and further strengthened our financial flexibility through the Abernathy monetization and expansion of our revolving credit facility.

With Lake Mariner progressing within cost guidance and Justified supported by investment-grade credit, we remain well positioned to fund our contracted development while maintaining balance sheet flexibility.”

Investor Conference Call and Webcast

The Company will host its third quarter 2026 earnings conference call and webcast today, November 6, 2026, at 8:00 a.m. Eastern Time. The webcast can be accessed by registering online at https://viavid.webcasts.com/starthere.jsp?ei=1779327&tp_key=e1c5fd1ee8. The call will be available for replay in the “News & Events” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

About TeraWulf

TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2026 AND DECEMBER 31, 2025
(In thousands, except number of shares and par value; unaudited)

	September 30, 2026				December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1,602,127			$	3,266,389
Restricted cash		486,702				189,933
Accounts receivable		17,000				1,212
Digital assets		1,527				270
Prepaid expenses		20,232				6,272
Receivable for sale of equity in net assets of investee		272,762				—
Other current assets		26,739				14,197
Total current assets		2,427,089				3,478,273
Property, plant and equipment, net		4,580,681				1,507,699
Equity in net assets of investee		—				446,008
Goodwill		55,457				55,457
Operating lease right-of-use asset		103,530				103,975
Finance lease right-of-use asset		117,130				119,338
Restricted cash		266,491				266,453
Deferred charges		571,125				572,888
Restricted trust investments		19,434				—
Other assets		9,765				8,091
TOTAL ASSETS	$	8,150,702			$	6,558,182
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	237,710			$	65,139
Accrued construction liabilities		329,054				102,582
Accrued interest		120,229				52,775
Other current liabilities		121,041				74,170
Other amounts due to related parties		400				200
Current portion of deferred rent liability		34,503				58,184
Current portion of operating lease liability		2,195				2,015
Current portion of finance lease liability		3				2
Warrant liabilities		1,088,248				844,698
Current portion of long-term debt		81,330				46,316
Short-term convertible notes		491,544				489,767
Total current liabilities		2,506,257				1,735,848
Deferred rent liability, net of current portion		—				23,285
Operating lease liability, net of current portion		23,521				22,309
Finance lease liability, net of current portion		366				289
Long-term debt		3,032,094				3,052,240
Convertible notes		1,627,342				1,582,788
Deferred tax liabilities		160				76
Other liabilities		90,414				902
TOTAL LIABILITIES		7,280,154				6,417,737
Commitments and Contingencies (See Note 12)
EQUITY:
Preferred stock, $0.001 par value, 100,000,000 authorized at September 30, 2026 and December 31, 2025; none issued and outstanding at September 30, 2026 and December 31, 2025; aggregate liquidation preference of $0 at September 30, 2026 and December 31, 2025		—				—
Common stock, $0.001 par value, 950,000,000 authorized at September 30, 2026 and December 31, 2025; 525,340,360 and 444,534,694 issued at September 30, 2026 and December 31, 2025, respectively; 501,371,610 and 420,065,944 outstanding at September 30, 2026 and December 31, 2025, respectively		525				444
Additional paid-in capital		2,669,797				1,285,202
Treasury stock at cost, 23,968,750 and 24,468,750 at September 30, 2026 and December 31, 2025, respectively		(148,309	)			(151,509	)
Accumulated deficit		(1,651,331	)			(993,692	)
Total TeraWulf Inc. stockholders’ equity		870,682				140,445
Noncontrolling interests		(134	)			—
Total equity		870,548				140,445
TOTAL LIABILITIES AND EQUITY	$	8,150,702			$	6,558,182

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(In thousands, except number of shares and per share amounts; unaudited)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
Digital asset revenue	$	13,244			$	43,375			$	39,069			$	125,416
HPC lease revenue		62,986				7,203				115,940				7,203
Total revenue		76,230				50,578				155,009				132,619
Costs and expenses:
Cost of revenue (exclusive of depreciation shown below)		25,188				17,123				39,949				63,770
Operating expenses		37,742				2,921				68,463				6,104
Operating expenses – related party		1,713				1,582				5,632				4,805
Selling, general and administrative expenses		56,781				16,550				296,797				73,119
Selling, general and administrative expenses – related party		368				126				15,056				7,989
Depreciation		29,636				26,502				79,354				60,862
(Gain) loss on fair value of digital assets, net		(591	)			(338	)			861				(355	)
Change in fair value of contingent consideration		—				8,797				—				10,397
Impairment of property, plant, and equipment		9,724				—				35,421				—
Loss on disposals of property, plant, and equipment		3,894				1,987				4,293				5,818
Total costs and expenses		164,455				75,250				545,826				232,509
Operating loss		(88,225	)			(24,672	)			(390,817	)			(99,890	)
Interest expense		(53,554	)			(9,830	)			(177,014	)			(17,891	)
Change in fair value of warrant and derivative liabilities		728,442				(424,642	)			(243,550	)			(424,642	)
Loss on extinguishment of debt		—				—				(7,116	)			—
Interest income		28,580				4,094				86,947				7,585
Other (loss) income, net		(183	)			—				747				—
Income (loss) before income tax, equity in net loss of investee and gain on sale of equity interest in investee		615,060				(455,050	)			(730,803	)			(534,838	)
Income tax provision		(28	)			—				(84	)			—
Equity in net loss of investee, net of tax		(493	)			—				(23,104	)			—
Gain on sale of equity interest in investee		94,995				—				94,995				—
Net income (loss)		709,534				(455,050	)			(658,996	)			(534,838	)
Less: net loss attributable to noncontrolling interests		(378	)			—				(1,357	)			—
Net income (loss) attributable to TeraWulf Inc.	$	709,912			$	(455,050	)		$	(657,639	)		$	(534,838	)
Earnings (loss) per common share:
Basic	$	1.42			$	(1.13	)		$	(1.40	)		$	(1.37	)
Diluted	$	(0.03	)		$	(1.13	)		$	(1.40	)		$	(1.37	)
Weighted average common shares outstanding:
Basic		500,068,776				401,559,291				469,883,421				390,602,067
Diluted		573,606,743				401,559,291				469,883,421				390,602,067

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
(In thousands; unaudited)

	Nine Months Ended September 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(658,996	)		$	(534,838	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt issuance costs, commitment fees and accretion of debt discount		31,862				7,112
Accretion of deferred cash consideration in asset acquisition		1,033				—
Accretion of interest income from sale of equity in net assets of investee		(4,136	)			—
Related party expense settled with respect to common stock		—				2,375
Stock-based compensation expense		215,376				44,323
Stock-based charitable contribution		14,390				—
Depreciation		79,354				60,862
Accretion of asset retirement obligations		685				—
Change in asset retirement obligations estimate		(58	)			—
Amortization of right-of-use asset		5,646				2,602
Revenue recognized from digital assets mined and hosting services		(39,069	)			(125,416	)
Loss (gain) on fair value of digital assets, net		861				(355	)
Change in fair value of contingent consideration		—				10,397
Impairment of property, plant, and equipment		35,421				—
Loss on disposals of property, plant, and equipment		4,293				5,818
Change in fair value of warrant and derivative liabilities		243,550				424,642
Loss on extinguishment of debt		7,116				—
Deferred income tax provision		84				—
Other income		(747	)			—
Equity in net loss of investee, net of tax		23,104				—
Gain on sale of equity interest in investee		(94,995	)			—
Changes in operating assets and liabilities:
Increase in accounts receivable		(15,848	)			(3,052	)
Increase in prepaid expenses		(13,960	)			(3,275	)
Increase in other current assets		(21,121	)			(4,662	)
Decrease (increase) in deferred charges		1,763				(57,462	)
Decrease (increase) in other assets		215				(200	)
Increase (decrease) in accounts payable		3,996				(5,651	)
Increase in accrued interest and other current liabilities		50,009				46,957
Increase (decrease) in other amounts due to related parties		200				(620	)
(Decrease) increase in deferred rent liability		(46,966	)			86,157
Decrease in operating lease liability		(1,523	)			(299	)
(Decrease) increase in other liabilities		(487	)			9,576
Net cash used in operating activities		(178,948	)			(35,009	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and deposits on plant and equipment		(2,230,788	)			(445,199	)
Proceeds from sales of property, plant and equipment		445				8,828
Cash paid for asset acquisitions		(234,653	)			—
Acquisition of a business, net of cash acquired		—				(21,731	)
Purchase of securities by trust		(22,561	)			—
Proceeds from sale of securities by trust		1,997				—
Proceeds from sale of digital assets		37,011				125,775
Proceeds from sale of equity in net assets of investee		250,000				—
Net cash used in investing activities		(2,198,549	)			(332,327	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of short-term debt, net of issuance costs paid of $7,250 and $0		92,750				—
Repayment of short-term debt		(100,075	)			—
Proceeds from issuance of convertible notes, net of issuance costs paid of $0 and $24,671		—				975,329
Payment of debt issuance costs		(41,419	)			(1,098	)
Principal payments on finance lease		—				(9,158	)
Proceeds from issuance of common stock, net of issuance costs paid of $35,864 and $0		1,199,820				—
Proceeds from exercise of warrants		7,038				3,129
Payment for settlement of preferred stock conversion		—				(12	)
Purchase of capped calls		—				(100,600	)
Purchase of treasury stock		—				(33,292	)
Payments of tax withholding related to net share settlements of stock-based compensation awards		(148,072	)			(28,273	)
Net cash provided by financing activities		1,010,042				806,025
Net change in cash, cash equivalents and restricted cash		(1,367,455	)			438,689
Cash, cash equivalents and restricted cash at beginning of period		3,722,775				274,065
Cash, cash equivalents and restricted cash at end of period	$	2,355,320			$	712,754
Cash paid during the period for:
Interest	$	136,078			$	7,119
Income taxes	$	—			$	—

Non-GAAP Measure

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net income (loss) adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset, accretion of asset retirement obligations, related party expenses settled with respect to Common Stock and stock-based charitable contribution to The TeraWulf Charitable Foundation which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) equity in net loss of investee, net of tax, related to the Abernathy Joint Venture and the gain on sale of equity interest in investee; (iv) interest income and other (loss) income, net for which management believes are not reflective of the Company’s ongoing operating activities; (v) change in fair value of warrant liabilities, changes in fair value of contingent consideration, loss on extinguishment of debt, loss on disposals of property, plant and equipment and impairment of property, plant and equipment which are not reflective of the Company’s general business performance; and (vi) acquisition-related transaction costs which management believes are not reflective of the Company’s ongoing operating activities.

Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, management believes that Adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants.

The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net income/loss) for the periods indicated (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income (loss) attributable to TeraWulf Inc.	$	709,912			$	(455,050	)		$	(657,639	)		$	(534,838	)
Net loss attributable to non-controlling interest		(378	)			—				(1,357	)			—
Net income (loss)		709,534				(455,050	)			(658,996	)			(534,838	)
Adjustments to reconcile net income (loss) to non-GAAP Adjusted EBITDA:
Gain on sale of equity interest in investee		(94,995	)			—				(94,995	)			—
Equity in net loss of investee, net of tax		493				—				23,104				—
Income tax provision		28				—				84				—
Other loss (income), net		183				—				(747	)			—
Interest income		(28,580	)			(4,094	)			(86,947	)			(7,585	)
Loss on extinguishment of debt		—				—				7,116				—
Change in fair value of warrant and derivative liabilities		(728,442	)			424,642				243,550				424,642
Interest expense		53,554				9,830				177,014				17,891
Loss on disposals of property, plant, and equipment		3,894				1,987				4,293				5,818
Impairment of property, plant, and equipment		9,724				—				35,421				—
Change in fair value of contingent consideration		—				8,797				—				10,397
Depreciation		29,636				26,502				79,354				60,862
Accretion of asset retirement obligations		250				—				685				—
Amortization of right-of-use asset		1,901				1,167				5,646				2,602
Stock-based compensation expense		30,019				4,345				215,376				44,323
Stock-based charitable contribution		—				—				14,390				—
Related party expense settled with respect to common stock		—				—				—				2,375
Acquisition-related transaction costs		—				—				438				1,475
Non-GAAP Adjusted EBITDA	$	(12,801	)		$	18,126			$	(35,214	)		$	27,962

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were TeraWulf's third-quarter 2026 revenue and earnings?

TeraWulf reported $76.230 million in revenue and $709.912 million in net income attributable to the company. Earnings included a $728.442 million gain from changes in warrant and derivative liability values. Basic earnings per share were $1.42, while diluted loss per share was $0.03.

What are the terms of TeraWulf's Anthropic lease at Justified?

The 20-year lease covers approximately 401 MW of critical IT capacity and approximately $19 billion in contracted revenue over its initial term. Phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028.

When does TeraWulf expect the remaining Abernathy sale payments?

TeraWulf expects $150 million on or before December 31, 2026, and approximately $130 million, subject to certain adjustments, on or before April 30, 2027.