TeraWulf Q3 Financial Report: HPC Leasing Revenue Accounts for Approximately 83%, Digital Asset Revenue Decreases by 69.5% Year-on-Year

TeraWulf released its Q3 2026 financial report, with total revenue of $76.23 million, a year-on-year increase of 50.7%, primarily driven by growth in HPC leasing revenue. HPC leasing revenue was $62.99 million, compared to $7.20 million in the same period last year, while revenue from digital assets such as Bitcoin mining was $13.24 million, down 69.5% year-on-year. The net profit was approximately $710 million, compared to a net loss of $455 million in the same period last year, mainly benefiting from a non-cash gain of approximately $728 million from changes in the fair value of warrants. Adjusted EBITDA was negative $12.80 million, compared to $18.13 million in the same period last year. As of September 30, cash, cash equivalents, and restricted cash totaled approximately $2.4 billion. In terms of operations, as of September 30, TeraWulf's Lake Mariner facility has 102 MW of critical IT capacity operational, with an additional 336 MW under construction. The 401 MW, 20-year contract with Anthropic, generating approximately $19 billion in revenue for the Justified facility, has received credit support from Google and is expected to be delivered in phases starting at the end of 2027. The power capacity contracted for the Muskie facility has expanded from 500 MW to 1000 MW, pending approval from the Kentucky Public Service Commission. During the quarter, TeraWulf sold its 50.1% stake in the Abernathy joint venture, recognizing a gain of $95 million.

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