Earnings Analysis November 6, 2026

TeraWulf ($WULF) Q3 2026 Earnings Analysis: Revenue Beats Estimates · Adjusted EPS Not Disclosed

Earnings Report

Revenue: $76.23 million (Q3 2026, +50.7% YoY, vs. $63.80 million expected) ✅ Beat

EPS (Earnings Per Share): GAAP diluted -$0.03, basic $1.42 (Q3 2026). Direct comparison is not possible due to different basis from the adjusted expectation of -$0.36

Guidance: Maintained · Annual target for new core computing facility contracts is 250-500 megawatts; revenue and EPS outlook not provided

Stock Reaction: After-hours +9.42% ($11.03, as of 11-06 21:05 KST)

Highlights

Expansion of Leasing Business: High-performance computing leasing revenue for Q3 2026 was $62.986 million, accounting for 83% of the total.

Facility Delivery Progress: 102 megawatts of computing facilities are operational as of late September 2026, with an additional 336 megawatts under construction.

Liquidity Secured: Cash, cash equivalents, and restricted cash were approximately $2.35532 billion as of late September 2026.

TeraWulf is converting part of its Bitcoin mining facilities into data centers for artificial intelligence. The next confirmation point for the business transition is whether additional facilities at Lake Mariner are delivered as scheduled and begin generating rental income.

Lowlights

Adjusted Operating Loss: Adjusted EBITDA for Q3 2026 was a loss of $12.801 million.

Increased Interest Burden: Interest expense for Q3 2026 was $53.554 million, approximately 5.4 times that of the same period last year.

Operating Cash Outflow: Cash outflow from operating activities from January to September 2026 was $178.948 million.

This quarter's net income included a non-cash valuation gain of $728.442 million from warrants and derivative liabilities, as well as a $94.995 million gain from the sale of a stake in a joint venture. The accounting profit must be read separately from the core business's cash generation capability.

What the Company Said

CEO Paul Prager emphasized capital allocation and investment profitability while explaining facility operations and construction progress. As the target for expanding existing contracts has been maintained, future focus should be on contract scale along with actual delivery schedules and construction cost management performance.

Market Reaction and Future Outlook

After-hours shares rose. Positive catalysts identified in the press release include expanded rental revenue and construction progress, while net income included a significant non-cash valuation gain.

It remains to be confirmed whether the fourth building of Lake Mariner will be phased in and begin collecting rent in Q4 2026.

It is necessary to monitor whether the phased delivery schedule for the fifth building in early 2027 remains on track.

It must be verified whether the increase in new rental revenue leads to a reduction in adjusted operating losses and operating cash outflows.

Earnings Call Key Summary

Once the earnings call concludes and the company script is released, the key takeaways from the call will be added here. We will select and summarize only the most important points, such as how management explained performance and outlook, and what questions analysts asked.